reuters-012.json

{"12001":{"title":"REPUBLIC SAVINGS AND LOAN <RSLA> SETS DIVIDEND","body":"Qtly div 30 cts vs 30 cts prior\n    Pay April 27\n    Record April 13\n    NOTE: Company's full name is Republic Savings and Loan\nAssociation of Wisconsin.\n Reuter\n\u0003","date":" 1-APR-1987 11:04:07.01","topics":["earn"],"places":["usa"]},"12002":{"title":"SHULTZ USSR TRIP FUELS TALK OF EEP WHEAT OFFER","body":"Speculation the United States will\noffer subsidized wheat to the Soviet Union appears to have\nreached a new level of intensity in the run-up to Secretary of\nState George Shultz' visit later this month to Moscow.\n    Rumors of an impending deal have coursed through wheat\nmarkets since officials from the two countries held their\ncustomary, semi-annual grain talks in February. Moscow's\ndecision at that time to reenter the U.S. corn market\nstrengthened the perception of warming farm trade prospects.\n    Shultz is set to arrive in Moscow April 13.\n    Shultz' statement two weeks ago that he would not stand in\nthe way of a wheat subsidy offer under the Export Enhancement\nProgram, EEP, coupled with the announcement of his visit to\nMoscow, was interpreted by many grain trade representatives\nhere as a clear signal that the Reagan administration was\npreparing an offer.\n    Administration officials -- in and out of the U.S.\nAgriculture Department -- have been extremely tight-lipped\nabout the prospects of a subsidy offer.\n    But USDA officials for the most part have abandoned the\ncontention the proposal is dormant, suggesting that an offer,\nwhile not a \"done deal,\" is a live possibility.\n    Prominent U.S. grain trade representatives -- many of whom\nasked not to be identified -- continue to maintain that an\noffer to subsidize four mln tonnes of wheat is imminent.\n    Others, who one month ago claimed a deal was not possible,\nare saying they would not rule one out.\n    Rep. Pat Roberts, R-Kan., yesterday went so far as to\npredict a subsidy offer would be made within the next ten days\nto two weeks.\n    Aides to Roberts said he had spoken to Republican leaders\nwho had been in contact with administration officials.\n    Richard Fritz, director of international marketing at U.S.\nWheat Associates, said he was confident an export enhancement\noffer would be made by the middle of this month.\n    Fritz also said he thought the value of the bonus would end\nup being close to the offer Washington made Peking earlier this\nyear when USDA approved subsidies to China of around 36 dlrs\nper tonne on one mln tonnes of wheat.\n    Some grain trade representatives say a four-mln-tonne wheat\nsubsidy offer might help stimulate more Soviet purchases of\nU.S. corn and open the door to U.S. sales of soybeans.\n    As ever, one of the crucial sticking points in a wheat deal\nwould appear to be price.\n    Last summer the administration took the controversial step\nof offering the Soviets subsidized wheat -- but were\nembarrassed when Moscow spurned the proposal on the grounds\nthat the 15-dlr-per-tonne subsidy still left U.S. wheat prices\nfar above world market prices.\n    The administration's decision to set the subsidy level up\nfront instead of accepting bids from exporters appeared to be a\nmeans of controlling the price while attempting to dampen\ncriticism, grain trade sources said.\n    Nonetheless, the pricing procedure did not prevent Shultz\nfrom saying the Soviets were \"chortling\" because Washington was\noffering Soviet housewives cheaper grain than that available to\nU.S. housewives.\n    The conventional wisdom among grain trade representatives\nhere is that a general warming of relations between the two\ncountries since last summer, combined with continued hard times\nin the U.S. grain belt, would favor a subsidy offer.\n    In addition, the USSR has made it clear it would consider\nbuying U.S. wheat if it were priced more competitively.\n    However, observers have not forgotten the circumstances\nsurrounding the administration's announcement of the wheat\nsubsidy offer last summer.\n    Up until the time of the announcment, congressional and\nindustry leaders were led to believe the White House had\ndecided to expand the Export Enhancement Program to include not\nonly the Soviets, but also a much broader list of countries.\n    Instead, the administration scaled back the offer to\ninclude only the Soviets.\n    That last-minute change of heart adds a measure of\nuncertainty even to the predictions of those most convinced\nthat the administration will not now pass up the opportunity to\nsell four mln tonnes of wheat to the Soviet Union.\n Reuter\n\u0003","date":" 1-APR-1987 11:04:40.35","topics":["wheat","corn","soybean","grain","oilseed"],"places":["usa","ussr"]},"12003":{"title":"KAINES CONFIRMS WHITE SUGAR SALES TO INDIA","body":"London-based sugar operator Kaines Ltd\nconfirmed it sold two cargoes of white sugar to India out of an\nestimated overall sales total of four or five cargoes in which\nother brokers participated.\n    The sugar, for April/May and April/June shipment, was sold\nat between 214 and 218 dlrs a tonne cif, it said.\n Reuter\n\u0003","date":" 1-APR-1987 11:05:07.78","topics":["sugar"],"places":["uk","india"]},"12004":{"title":"LUXTEC <LUXT> CUTS WARRANT EXERCISE PRICE","body":"Luxtec Corp said it has\nreduced the exercise price of its Class B common stock purchase\nwarrants to one dlr from two dlrs from today through June 30.\n Reuter\n\u0003","date":" 1-APR-1987 11:09:07.45","places":["usa"]},"12005":{"title":"<THL HOLDINGS INC> YEAR JAN 31 NET","body":"Oper net 94.4 mln vs 74.1 mln\n    Revs 1.3 bilion vs 1.2 billion\n    NOTE: THL is parent to SCOA Industries Inc, acquired in a\nleveraged buyout in December 1985.\n Reuter\n\u0003","date":" 1-APR-1987 11:09:11.43","topics":["earn"],"places":["usa"]},"12006":{"title":"GUARDIAN ROYAL SEES EXPANSION IN LIFE ASSURANCE","body":"Insurance group Guardian Royal Exchange\nPlc <GREX.L> said it would expand its life assurance business\nand push further into European markets, but that U.K.\nUnderwriting losses remained a heavy drag on profits.\n    Earlier, the group had announced sharply increased pre-tax\nprofits of 143.8 mln stg for calendar 1986, versus 3.5 mln the\nprevious year.\n    \"We are anxious to develop our life assurance business,\"\ngroup managing director Peter Dugdale told a news conference.\n\"If we have a thrust for the coming years, it is probably best\nto spend more time on life in the U.K. And abroad,\" he said.\n Reuter\n\u0003","date":" 1-APR-1987 11:09:19.56","places":["uk"]},"12007":{"title":"MOUNTAIN STATES ADDS TWO MINERALS PROPERTIES","body":"Mountain States Resources Corp\nsaid it acquired two properties to add to its strategic\nminerals holdings.\n    The acquisitions include a total of 5,100 acres of\ntitanium, zirconium and rare earth resources, the company said.\n    Both properties, located in southern Utah, consist of\napproximately 1,430 acres of unpatented mining claims and one\nstate lease, it said.\n    The company also announced the formation of Rare Tech\nMinerals Inc, a wholly-owned subsidiary.\n Reuter\n\u0003","date":" 1-APR-1987 11:09:50.05","topics":["acq","strategic-metal"],"places":["usa"]},"12008":{"title":"RESTORATION OF COFFEE EXPORT QUOTAS BEFORE\n OCTOBER SEEMS UNLIKELY - ICO PRODUCER DELEGATES\n","date":" 1-APR-1987 11:10:45.38","topics":["coffee"],"organisations":["ico-coffee"]},"12009":{"title":"SHULTZ USSR TRIP FUELS TALK OF EEP WHEAT OFFER","body":"Speculation the United States will\noffer subsidized wheat to the Soviet Union appears to have\nreached a new level of intensity in the run-up to Secretary of\nState George Shultz' visit later this month to Moscow.\n    Rumors of an impending deal have coursed through wheat\nmarkets since officials from the two countries held their\ncustomary, semi-annual grain talks in February. Moscow's\ndecision at that time to reenter the U.S. corn market\nstrengthened the perception of warming farm trade prospects.\n    Shultz is set to arrive in Moscow April 13.\n Reuter\n\u0003","date":" 1-APR-1987 11:11:41.60","topics":["wheat","grain"],"places":["usa","ussr"]},"12010":{"title":"FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES","body":"The Federal Home Loan Mortgage Corp\nadjusted the rates on its short-term discount notes as follows:\n   MATURITY   RATE       OLD RATE  MATURITY\n    32 days   6.00 pct   6.10 pct   1 day\n  \n Reuter\n\u0003","date":" 1-APR-1987 11:11:46.21","topics":["interest"],"places":["usa"]},"12011":{"title":"ICO QUOTAS BEFORE OCTOBER UNLIKELY - DELEGATES","body":"The restoration of coffee export quotas\nbefore the end of the current 1986/87 coffee year (Oct 1/Sept\n30) now seems unlikely, given reluctance by International\nCoffee Organization, ICO, producers and consumers to resume\nnegotiations on an interim quota accord, producer delegates\ntold reporters.\n    Consumers and most producers see no point in reopening the\nquota dialogue while Brazil's position remains unchanged, they\nsaid.\n    Brazil's refusal to accept a reduction in its previous 30\npct share of the ICO's global export quota effectively\ntorpedoed talks here last month aimed at restoring quotas\nbefore October, the delegates noted.\n    Disappointment at the lack of progress on quotas forced\ncoffee futures in London and New York to new lows today,\ntraders here said. Near May in New York fell below one dlr in\nearly trading at around 99.10 cents per pound, traders said.\n    Producer delegates said that while the possibility of\nreimposing quotas before October remained on the ICO agenda, in\npractice the idea had effectively been discarded.\n    The ICO's executive board session here this week has so far\nbarely touched on the quota debate, demonstrating general\nunwillingness to revive talks while chances of success are\nstill remote, producer delegates said.\n    Some producers are in no hurry to see quotas restored,\ndespite the price collapse seen since the failure of last\nmonth's negotiations, they said.\n    \"With Brazil's frost season approaching, who wants to\nnegotiate quotas,\" one leading producer delegate said.\n    Coffee prices normally rise during Brazil's frost season\n(mainly June-August) as dealers and roasters build up stocks as\ninsurance against possible severe frost damage to Brazil's\ncrop.\n    Many producers are more interested in working towards\nreimposing quotas from October 1, based on a new system of\nquota allocations valid until the International Coffee\nAgreement expires in 1989, they said.\n    Guatemala has already proposed the \"other oilds\" producer\ngroup should meet in the next two months to begin talks on how\nto allocate quota shares.\n    Producers still seem divided on how to overhaul the quota\ndistribution system, with some producer delegates reporting\ngrowing support for a radical reallocation, based on the\nprinciple of \"objective criteria\" favoured by consumers.\n    At last month's council session a splinter group of small\nproducers backed consumer demands for new quota shares based on\nexportable production and stocks, while Brazil, Colombia and\nthe rest of the producers favoured leaving quota allocations\nunchanged, except for some temporary adjustments.\n    A delegate from one of the eight said more producers now\nsupported their cause.\n    The delegate said unless major producers like Brazil showed\nreadiness to negotiate new quota shares, prospects for a quota\naccord in October also looked bleak.\n    The U.S. and most other consumers are still determined to\nmake reimposition of quotas conditional on a redistribution of\nquota shares based on \"objective criteria.\"\n    ICO observers remained sceptical that Brazil would be\nprepared to accept a quota reduction when the ICO council meets\nin September.\n    Brazil has adopted a tough stance with banks on external\ndebt negotiations and is likely to be just as tough on coffee,\nthey said.\n    They said Brazil's reluctance to open coffee export\nregistrations might reflect fears this would provoke another\nprice slide and force an emergency ICO council session, which\nwould most likely end in failure.\n    Producers met this afternoon to review the market situation\nbut had only a general discussion about how further\nnegotiations should proceed, a producer delegate said.\n    Producers plan to hold consultations on quotas, and then\nmay set a date for a formal producer meeting, but plans are not\nfixed, he said.\n    The ICO executive board reconvened at 1650 hours local time\nto hear a report from consultants on ICO operations. The board\nmeeting looks set to end today, a day earlier than scheduled,\ndelegates said.\n Reuter\n\u0003","date":" 1-APR-1987 11:12:00.71","topics":["coffee"],"organisations":["ico-coffee"],"places":["uk","brazil","guatemala","colombia"]},"12012":{"title":"AMERICAN MOTORS MARCH U.S. CAR OUTPUT DOWN TO 2,578 FROM\n5,922\n","date":" 1-APR-1987 11:13:10.37","places":["usa"]},"12013":{"title":"YUGOSLAVIA WINS TIME IN PARIS CLUB REFINANCING","body":"Yugoslavia has won breathing space from\nits major official creditors through yesterday's Paris Club\nrefinancing agreement but it will take time for it to resolve\nits economic crisis, economists at western embassies said.\n    Yugoslav delegation chief Finance Minister Svetozar\nRikanovic said a refinancing was agreed for 475 mln dlrs of\ndebt falling due between May 16 this year and May 31, 1988.\n    The agreement was the second multi-year Yugoslav debt\nrefinancing, based on a protocol signed last May which ushered\nin \"enhanced monitoring\" of Yugoslavia's economy by the IMF.\n    Western economists who follow Yugoslav financial affairs\nsaid a similar deal would probably emerge from talks with\ncommercial creditors at the end of this month. But they said\nthe refinancings would only provide a breathing space, because\nYugoslavia has to repay 5.5 billion dlrs in 1987.\n    And the country is still struggling to reverse a dramatic\ndecline in export earnings, which have fallen 12.5 pct so far\nthis year, continuing a downward spiral of the past 18 months.\n    The Yugoslav hard currency debt has grown from 1.2 billion\ndlrs in 1965 to stand at 19.7 billion dlrs at the end of 1986\nand is one of the country's most dire economic problems.\n    The debt began to snowball in the 1960s and 1970s due to an\nexcessive investment rate exceeding the growth of the Gross\nSocial Product and necessitating additional foreign borrowing.\n    Rising international oil prices in the 1970s proved to be a\nserious blow to the country's balance of payments.\n    Deputy Prime Minister Milos Milosavljevic said this month\nthat Yugoslavia had repaid 640 mln dlrs of principal and 325\nmln dlrs of interest so far this year.\n    According to official Yugoslav figures, Yugoslavia repaid a\nrecord 5.97 billion dlrs in capital and interest in 1986,\nreducing overall indebtedness by 996 mln dlrs.\n    Mikulic is trying to rein in rampant retail inflation of\nalmost 100 pct a year through price and incomes controls.\n    Janez Zemljaric, also a Deputy Prime Minister, said\nrecently Yugoslavia expected a \"definite measure of\nunderstanding\" from its 16 major western creditor nations.\n    Western economists said Yugoslavia has had its way with the\nParis Club creditors but that not all creditors were satisfied\nwith its economic performance last year. They said the Paris\ndiscussions were heated and emotional.\n    \"Economic factors were balanced by political realities,\" an\neconomist at one of the main embassies here said, but added\nthat creditors had no complaints regarding Yugoslavia's\nrepayment record because it had so far always repaid debts on\ntime.\n    Yugoslavia has refinanced its debt regularly since 1983.\n    In December 1985, it signed a deal with the International\nCoordinating Committee of 600 commercial banks to refinance\nmaturities arising between January 1, 1985 and end-1988.\n    It had signed bilateral refinancing agreements in March of\nthat year for maturities arising from January 1, 1985 to March\n25, 1986, following an agreement in Paris on March 25, 1985.\n    Government ministers told Reuters this month that\nYugoslavia had made too great an effort to repay its debts in\n1986, at great cost to the economy, and that this was\nregretted.\n    Mikulic has said Yugoslavia is unlikely to follow Brazil's\nlead and suspend its debt repayments \"but we have understanding\nfor what that country did.\"\n    Western economists said, however, that Mikulic's remarks,\ntaken with those of his ministers, could be a signal that some\nproblems were seen ahead in refinancing debt repayments.\n    Before the Paris talks, some Yugoslav officials had hinted\nthat Yugoslavia could start to look to the Soviet Bloc for\nfinancial support if Belgrade failed to secure the necessary\nrefinancing from western creditors.\n    Sources close to the western creditors, however, said they\ndid not view the threat as serious.\n REUTER\n\u0003","date":" 1-APR-1987 11:16:02.05","places":["yugoslavia"]},"12014":{"title":"(GEOFFRION LECLERC INC) SIX MTHS NET","body":"Shr 39 cts vs 26 cts\n    Net 3,466,000 vs 1,913,000\n    Revs 27.7 mln vs 19.4 mln\n    Note: period ended February 28. REUTER\n Reuter\n\u0003","date":" 1-APR-1987 11:16:55.25","topics":["earn"],"places":["usa"]},"12015":{"title":"ALLIED SUPERMARKETS <ASU> FILES FOR OFFERING ","body":"Allied Supermarkets Inc said it filed\nwith the Securities and Exchange Commission a registration\nstatement covering 240 mln dlrs of debt securities.\n    The company plans to offer 140 mln dlrs of senior\nsubordinated discount debentures and 100 mln dlrs of\nsubordinated debentures.\n    Proceeds will be used to finance Allied's acquisition of\nVons Cos Inc.\n    Allied named Drexel Burnham Lambert Inc and Donaldson,\nLufkin and Jenrette Securities Corp as co-underwriters of both\nofferings.\n Reuter\n\u0003","date":" 1-APR-1987 11:19:36.90","places":["usa"]},"12016":{"title":"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES","body":"The Federal Home Loan Bank Board\nadjusted the rates on its short-term discount notes as follows:\n    MATURITY   NEW RATE  OLD RATE  MATURITY\n                         5.00 pct    30-69 days\n                         5.92 pct    70-88 days\n  30-123 days  5.00 pct  5.00 pct   89-123 days\n 124-150 days  5.93 pct  5.93 pct  124-150 days\n 151-349 days  5.00 pct  5.00 pct  151-349 days\n 350-360 days  5.98 pct  5.98 pct  350-360 days\n Reuter\n\u0003","date":" 1-APR-1987 11:19:44.38","topics":["interest"],"places":["usa"]},"12017":{"title":"TOWLE MANUFACTURING CO <QTOW> YEAR LOSS","body":"Oper shr loss 4.71 dlrs vs loss 14.09 dlrs\n    Oper loss 22 mln vs loss 67.2 mln\n    NOTE: 1986 loss excludes gain on the sale of Gold Lance\nCorp of 12.1 mln dlrs. Company is operating under chapter 11.\n Reuter\n\u0003","date":" 1-APR-1987 11:20:01.59","topics":["earn"],"places":["usa"]},"12018":{"title":"DELTA AIR LINES COMPLETES ACQUISITION OF WESTERN AIR\n","date":" 1-APR-1987 11:21:36.73","topics":["acq"]},"12019":{"title":"TREASURY'S BAKER SAYS HE HOPES PRIME RATE INCREASES\nTEMPORARY\n","date":" 1-APR-1987 11:22:14.20","topics":["interest"]},"12020":{"title":"NEW MONTREAL NEWSPAPER FOLDS","body":"Le Matin, the French-language tabloid\nlaunched here in February, said it is shutting down its\noperations because it can no longer get financing.\n    The paper, launched by private investors, was Montreal's\nfourth French-language newspaper and was aimed at readers with\nabove average incomes and educations. It had a daily\ncirculation of about 20,000 copies.\n    Le Matin was printed and distributed by (Southam Inc)'s\nMontreal Gazette newspaper. A Gazette spokesman said his\nnewspaper is Le Matin's biggest creditor but he declined to\nreveal the amount of debt\n    Acting publisher Jean-Pierre Bordua said the newspaper's\nbank blocked its lines of credit after three of the paper's\nsenior managers resigned Friday.\n Reuter\n\u0003","date":" 1-APR-1987 11:23:07.19","places":["canada"]},"12021":{"title":"TOWLE <QTOW> STOCK MAY BE DILUTED, CANCELED","body":"Towle Manufacturing Co, in Chapter\n11 of the U.S. bankruptcy code, said any plan of reorganization\nwould likely lead to a dilution or cancellation of its common\nand preferred stock.\n    The company also said claims for subordinated debentures\nwould likely be paid at less than their 100 pct of their face\nvalue, and general unsecured claims would likely be paid\nwithout interest. The company has not yet filed a plan of\nreorganization.\n    The company said it lost 22 mln dlrs from operations in\n1986 against a loss of 67.2 mln dlrs a year ago.\n    The company also said its independent accountants\ndisclaimed an opinion on the financial statements for 1986\nbecause of questions about its contination as a going concern.\n    The company said, however, it substantially restructured\nits business, reducing borrowings on an outstanding credit line\nto 16.5 mln dlrs in 1986 from 57 mln dlrs a year ago. The\ncompany also cut its staff to 820 employees at the end of 1986\nfrom 2,500 a year earlier.\n Reuter\n\u0003","date":" 1-APR-1987 11:24:00.34","places":["usa"]},"12022":{"title":"SOUTH ATLANTIC FINANCIAL CORP <SOAF> 4TH QTR","body":"Shr 12 cts vs 33 cts\n    Net 699,037 vs 1,349,077\n    Year\n    Shr 54 cts vs 55 cts\n    Net 2,748,280 vs 1,833,766\n    NOTE: Per shr amounts reported after preferred stock\ndividend requirements.\n Reuter\n\u0003","date":" 1-APR-1987 11:24:06.95","topics":["earn"],"places":["usa"]},"12023":{"title":"AMERICAN MOTORS <AMO> MARCH OUTPUT FALLS","body":"American Motors Corp said it\nproduced 2,578 U.S. cars in March, down from 5,922 in the same\n1986 month.\n    The automaker's March U.S. Jeep output was 21,390, up from\n16,215 in the same month last year.\n    Year-to-date U.S. car production by American Motors through\nthe end of March was 8,647 vehicles compared to 12,553 in the\nsame 1986 period. Year-to-date Jeep output was 58,597 compared\nto 56,801.\n                                     \n Reuter\n\u0003","date":" 1-APR-1987 11:25:07.00","places":["usa"]},"12024":{"title":"CYPRUS LOWERS COPPER PRICE 1.25 CTS TO 67 CTS","body":"Cyprus Minerals Company said it is\ndecreasing its electrolytic copper cathode price by 1.25 cents\nto 67.0 cents a pound, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 11:26:18.58","topics":["copper"],"places":["usa"]},"12025":{"title":"TOSHIBA COULD BE FIRST TO FEEL U.K. TRADE ANGER","body":"Toshiba Corp <TSBA.T>, the Japanese\nelectronics group which plans to enter Britain's liberalised\ntelecommunications equipment market, risks becoming the first\ncasualty in the current war of words over trade between Japan\nand the U.K., Government and industry sources said.\n    U.K. Authorities have lost patience with Japanese trading\npractices and said they are seeking ways to retaliate without\nunleashing a damaging trade war. \"Toshiba's timing seems most\nunfortunate for the company, as it comes exactly when we are\nlooking for someone to punch,\" one official told Reuters.\n    Earlier, <Toshiba Information Systems (U.K.) Ltd> said it\nwanted to enter the British business facsimile and key\ntelephone market. A facsimile machine sends printed data over\ntelephone lines, while a key telephone system is used for\nswitching calls within a business, industry sources said.\n    The move by Toshiba comes in the middle of a dispute over\nJapan's refusal to open up its telecommunications market to\nforeign companies. \"Toshiba's timing is most extraordinary,\" one\nofficial at the Department of Trade and Industry (DTI) said.\n    Tomorrow, the U.K. Government will consider what legal\naction it can possible take to press for Japanese reform.\n    Prime Minister Margaret Thatcher has given notice that the\nU.K. Would fight the Japanese government's attempt to prevent\nCable and Wireless Plc <CAWL.L> from taking a significant\nposition in a new Japanese international telecommunications\nventure. \"We regard this as a test case,\" she told Parliament.\n    But while the U.K. Is keen to see some movement on the\nissue by Japan, it is also worried that recent anti-Japanese\nrhetoric may cause developments to get out of hand, officials\nsaid.\n    Japanese officials in Tokyo today reiterated that Japan had\nno plans to bow to U.K. And U.S. Pressure to give foreign\ntelecommunications firms a bigger role there.\n    The government, for which competition and the deregulation\nof markets are major political themes, is unlikely to make\nfinal decisions tomorrow on how to act against Japan, officials\nsaid.\n    Detailed consideration of the issue has been shelved during\nThatcher's official visit to the Soviet Union, which ends\ntoday.\n    \"We are waiting for the Prime Minister to decide what to do.\nThe DTI will pass the ball to her as soon as she returns\ntonight,\" a DTI official said.\n    He said Toshiba's application would be considered by the\nOffice of Telecommunications (OFTEL). An OFTEL spokeswoman said\n\"a decision on this application will take weeks, maybe months.\"\n    Asked whether Toshiba's bid would fall victim to British\nretaliation, the OFTEL spokeswoman said: \"Who knows what's going\nto happen given the current situation!\"\n    A Toshiba executive, who asked not to be named, told\nReuters: \"We do not anticipate any special problems.\"\n    Some analysts queried by Reuters questioned the basis of\nBritain's strong stand on the Cable and Wireless bid. One said\nthat the company's proposal was equivalent to a Japanese\ncompany wanting to take a stake in Mercury International, the\nsubsidiary of Cable and Wireless that is the only real\ncompetitor of British Telecommunications Plc <BTY.L>.\n    British Corporate Affairs minister Michael Howard leaves\nfor Japan on Saturday.\n    The minister will seek a clear timetable from Japan for\neasier access for British institutions to Japanese financial\nmarkets, reciprocating the easy access Japanese securities\nhouses and banks have to the City of London.\n    Britain has threatened to use its new Financial Services\nAct to revoke or deny licences to Japanese brokerage houses if\nit does not get satisfaction.\n    But British authorities would be far from happy if forced\nto use that weapon, government sources said.\n    Sir Nicholas Goodison, Chairman of the London Stock\nExchange, said in New York yesterday that sanctions against\nJapanese financial institutions operating in the U.K. Would set\nback London's ambition to become a leading centre for corporate\nfinancing and securities trading.\n    Chancellor of the Exchequer Nigel Lawson also warned\nyesterday of the negative effects that a trade war could have\non the British economy. Such a development could hit U.K.\nExports and sharply alter the outlook for the next general\nelection in which economic recovery will be one of the\ngovernment's main themes, political analysts said.\n REUTER\n\u0003","date":" 1-APR-1987 11:27:55.71","places":["uk","japan"]},"12026":{"title":"DOLLAR EUROBONDS END EASIER ON PRIME RATE RISES","body":"The dollar straight sector of the\neurobond market ended easier after a subdued day's trading as\nU.S. Banks began to match yesterday's surprise 1/4 point prime\nrate hikes by Citibank and Chase Manhattan Bank, dealers said.\n    The prime rates were raised to 7-3/4 from 7-1/2 pct and the\ntiming of the moves puzzled many dealers. However, reaction\nhere was limited, with shorter dated paper ending steady to 1/4\npoint easier, while longer dates dipped by 1/4 to 1/2 point.\n    In the primary market, activity again centred on currencies\nother than the U.S. Dollar, dealers noted.\n    One dollar straight dealer at a U.S. Securities house\ncommented \"There was, in fact, the odd retail buyer today, but\nonly in small sizes.\" He added that, ironically, the prime rate\nrises may help the market to stabilise since the dollar rose on\nthe back of the news.\n    The only U.S. Dollar deal launched during the day was, as\nhas been the case recently, equity linked. The 15-year\nconvertible bond was for the Bank of Tokyo Ltd and has an\nindicated coupon of two pct. One source at a house involved in\nthe deal said, \"It's got to be a blow-out. With a name like this\nyou're talking about Japan Inc.\"\n    The lead manager was the Bank of Tokyo International (BOTI)\nand the deal ended far above the par issue price at 108 109\npct. A BOTI official said \"We've had worldwide interest in the\ndeal.\"\n    She noted the Tokyo stock market had experienced a mild\ncorrection at the beginning of the week but that bank stocks\nwere hardly affected.\n    The yen sector edged slightly firmer and one new straight\ndeal was launched, a 20 billion yen bond for France's Caisse\nNationale des Telecommunications. The state guaranteed five\nyear bond pays 4-3/8 pct and was priced at 101-1/2 pct.\n    The issue was lead managed by IBJ International Ltd and was\nquoted on the grey market at less 1-7/8 less 1-3/4 pct compared\nwith the total fees of 1-7/8 pct. One syndicate official at a\nfirm not involved in the deal said \"It's tight, but overall I\nwould say its fairly priced.\"\n    Also launched was a five-year zero coupon bond with a total\nredemption amount of 19 billion yen for Rural Banking and\nFinance Corp of New Zealand. It was priced at 81.22 pct and\nlead managed by Nomura International.\n    In the Australian dollar sector, GMAC (Australia) Finance\nLtd issued a 50 mln Australian dlr bond.\n    Hambros Bank Ltd was lead manager for the four-year deal\nwhich pays 14-1/4 pct and was priced at 101 pct. It was\nguranteed by General Motors Acceptance Corp and was quoted on\nthe 1-3/4 pct fees at less 1-3/4 pct bid.\n    McDonalds Corp issued a 75 mln Canadian dlr bond paying\n8-1/2 pct over five years and priced at 101-5/8 pct. It was\nquoted around the 1-7/8 pct fees at less two less 1-3/4 and was\nled by Morgan Guaranty Ltd.\n    The European Investment Bank launched a 300 mln Danish\nCrown, seven-year, bond withan 11 pct coupon and pricing of 101\npct. It was lead managed by Den Danske Bank.\n    The floating rate note sector basically ended easier\nfollowing the increase in period eurodollar deposit rates\nprompted by the prime rate increases, dealers said. But they\nnoted that mis-match deals - issues whereby the coupon is\nre-fixed on a monthly basis - were firmer.\n REUTER\n\u0003","date":" 1-APR-1987 11:28:34.96","places":["uk"]},"12027":{"title":"TREASURY'S BAKER HOPES PRIME RATE RISE TEMPORARY","body":"Treasury Secretary James Baker said\nhe hopes yesterday's small increase in two major money center\nbanks' prime rate was a temporary phenomenon.\n    \"I hope it was a temporary blip upward,\" he told a House\nAppropriations subcommittee.\n    He said the decline in interest rates since President\nReagan took office remains \"one of the significant\naccomplishments, in the economic area, of this administration.\"\n Reuter\n\u0003","date":" 1-APR-1987 11:30:48.69","topics":["interest"],"places":["usa"]},"12028":{"title":"DELTA <DAL> COMPLETES WESTERN AIR <WAL> BUY","body":"Delta Air Lines Inc said it completed\nthe acquisition of Western Air Lines Inc this morning.\n    The action follows U.S. Supreme Court Justice Sandra Day\nO'Connor's overnight granting of Delta and Western's request to\nstay an earlier injunction against the deal issued by the U.S.\nCourt of Appeals for the Ninth Circuit.\n More\n\u0003","date":" 1-APR-1987 11:31:43.99","topics":["acq"],"places":["usa"]},"12029":{"title":"NATIONAL DISTILLERS AND CHEMICAL <DR> EXPANDING","body":"National Distillers and Chemical Corp\nsaid its board approved a modernization and expansion program\nfrom its petrochemical division, USI Chemical Co, its\npolyethylene producer.\n    The program will add 600 mln pounds per year to USI's\nexisting capacity of 3.2 billion pounds, the company said. The\nincrease will result from the addition of two linear reactors\nbased on fluid bed gas phase technology for the production of\nlinear low density or high density polyethylene at locations in\nthe Midwest and Gulf Coast, it said.\n    Plans are in the engineering stage with completion expected\nin mid 1989, the company said. In addition, USI is presently\nconstructing a 300 mln pound linear low density polyethylene\nfacility, scheduled to come on stream in early 1988 at its Port\nAuthor, Texas, plant.\n Reuter\n\u0003","date":" 1-APR-1987 11:33:36.12","places":["usa"]},"12030":{"title":"BALDWIN PIANO <BPAO> FILES FOR SECONDARY","body":"Baldwin Piano and Organ Co said it\nhas filed for a secondary offering of 630,000 common shares,\nincluding 490,000 to be sold by General Electric Co <GE> and\n140,000 by other shareholders.\n    Lead underwriters are William Blair and Co and McDonald and\nCo Investments <MDD>.\n Reuter\n\u0003","date":" 1-APR-1987 11:34:07.33","places":["usa"]},"12031":{"title":"AMERICAN OIL AND GAS CORP <AOG> 4TH QTR LOSS","body":"Shr loss 34 cts vs loss 2.14 dlrs\n    Net loss 2,275,000 vs loss 9,560,000\n    Revs 17.0 mln vs 19.9 mln\n    Year\n    Shr loss 49 cts vs loss 2.11 dlrs\n    Net loss 2,661,000 vs loss 9,283,000\n    Revs 73.5 mln vs 93.6 mln\n\n    NOTE: Results have been restated to reflects equity\ninvestment in WellTech Inc for one month ended Dec 31, 1986 and\nits investment in American Well Servicing for the 11 months\nended Nov 30, 1986 and full year 1985.\n    1986 and 1985 net include loss of 3,512,000 dlrs and\n5,944,000 dlrs, respectively, for equity in WellTech and\npredecessor operations.\n Reuter\n\u0003","date":" 1-APR-1987 11:34:12.41","topics":["earn"],"places":["usa"]},"12032":{"title":"MACANDREWS/FORBES UNIT BEGINS OFFER TO BUY ALL REVLON\nGROUP NOT ALREADY OWNED\n","date":" 1-APR-1987 11:35:12.00","topics":["acq"]},"12033":{"title":"<NEWPARK RESOURCES INC> YEAR ENDED DEC 31 LOSS","body":"Oper shr loss 1.99 dlr vs loss 4.88 dlrs\n    Oper net loss 29.1 mln vs 70.8 mln\n    Revs 34.8 mln vs 84.8 mln\n    NOTE: 1986 and 1985 oper net excludes a loss of 5.5 mln\ndlrs or 37 cts a share and 64.6 mln dlrs or 4.43 dlrs a share,\nrespectively, for discontinued operations.\n    1986 net also excludes a gain of 66.4 mln dlrs or 4.50 dlrs\na share for credit on debt restructuring.\n Reuter\n\u0003","date":" 1-APR-1987 11:36:11.38","topics":["earn"],"places":["usa"]},"12034":{"title":"CARDIS <CDS> EXPECTS SIGNIFICANT YEAR LOSS","body":"Cardis Corp said it\nanticipates reporting a loss from continuing operations of\napproximately 17.7 mln dlrs on revenues of 228 mln dlrs for\nfiscal year 1986.\n    In addition, the company said it expects to report a\nyear-end loss on the discontinued operations of its engine\nrebuilding divisions of approximately 1,100,000 mln dlrs.\n    Cardis also said it expects to report a loss in excess of\nfive mln dlrs for its first fiscal quarter ended Jan 31, 1987,\non approximate revenues of 58 mlns dlrs.\n    For fiscal 1985 Cardis reported operating income of\n8,680,000 and net income of 1,150,000 dlrs, and in the first\nquarter of fiscal 1986, it reported a 495,000 dlr loss from\ncontinuing operations.\n    The company said its auditor, Touche Ross and Co, has\nindicated to it that any opinion it issues on the company's\nsoon-to-be completed year-end audit will be qualified.\n    The company also said it expects to conclude soon its\ncurrent negotiations with its primary lenders for extension of\nits loan agreements and expansion of its credit lines.\n Reuter\n\u0003","date":" 1-APR-1987 11:36:30.26","places":["usa"]},"12035":{"title":"TIERCO GROUP INC <TIER> YEAR ENDED DEC 31 LOSS","body":"Shr loss 72 cts vs loss 1.57 dlr\n    Net loss 1,526,359 vs loss 3,315,834\n    Revs 8,032,798 vs 7,276,517\n Reuter\n\u0003","date":" 1-APR-1987 11:36:57.32","topics":["earn"],"places":["usa"]},"12036":{"title":"MICRODYNE CORP <MCDY> SETS PAYOUT","body":"Semi div three cts vs three cts prior\n    Pay June 12\n    Record May 15\n Reuter\n\u0003","date":" 1-APR-1987 11:37:00.45","topics":["earn"],"places":["usa"]},"12037":{"title":"U.S. TREASURY'S BAKER SAYS JAPAN TARIFF ACTION NOT START\nOF TRADE WAR\n","date":" 1-APR-1987 11:37:26.62","places":["usa"]},"12038":{"title":"BRAZIL CONFIRMS RENEWAL OF SHORT-TERM CREDIT LINES","body":"Brazilian economic officials confirmed\na renewal of short-range credit lines by commercial creditors,\nbringing optimism that renegotiation of the 109 billion dlrs\nforeign debt is possible.\n    Finance Ministry sources said a \"large majority\" of foreign\nbanks had accepted to extend Brazil's credit lines before the\nmidnight deadline of March 31 for payment of 15 billion dlrs\nservicing expired.\n    Finance Minister Dilson Funaro told reporters all short\nrange credit lines were renewed, \"without exception.\"\n    Central Bank sources, although incapable of confirming that\n100 pct of the banks had renewed the credit lines, said that\nthere was a massive affirmative reply.\n    The credit lines were extended in their majority by 30\ndays, but there were banks which renewed the deadline by 90\ndays and, sometimes, by 180 days, Funaro told reporters.\n    Brazil is pledging for an extension of the deadlines for an\nindefinite period, until its economic officials seek a global\nrenegotiation of the debt.\n    Last week Brazil had suggested to creditors an extension of\nthe deadline for another two months, until May 31.\n REUTER\n\u0003","date":" 1-APR-1987 11:37:46.98","places":["brazil"]},"12039":{"title":"TOSHIBA COULD BE FIRST TO FEEL U.K. TRADE ANGER","body":"Toshiba Corp <TSBA.T>, the Japanese\nelectronics group which plans to enter Britain's liberalised\ntelecommunications equipment market, risks becoming the first\ncasualty in the current war of words over trade between Japan\nand the U.K., Government and industry sources said.\n    U.K. Authorities have lost patience with Japanese trading\npractices and said they are seeking ways to retaliate without\nunleashing a damaging trade war. \"Toshiba's timing seems most\nunfortunate for the company, as it comes exactly when we are\nlooking for someone to punch,\" one official told Reuters.\n    Earlier, <Toshiba Information Systems (U.K.) Ltd> said it\nwanted to enter the British business facsimile and key\ntelephone market. A facsimile machine sends printed data over\ntelephone lines, while a key telephone system is used for\nswitching calls within a business, industry sources said.\n    The move by Toshiba comes in the middle of a dispute over\nJapan's refusal to open up its telecommunications market to\nforeign companies. \"Toshiba's timing is most extraordinary,\" one\nofficial at the Department of Trade and Industry (DTI) said.\n    Tommorrow, the U.K. Government will consider what legal\naction it can possible take to press for Japanese reform.\n    Prime Minister Margaret Thatcher has given notice that the\nU.K. Would fight the Japanese government's attempt to prevent\nCable and Wireless Plc <CAWL.L> from taking a significant\nposition in a new Japanese international telecommunications\nventure. \"We regard this as a test case,\" she told Parliament.\n    But while the U.K. Is keen to see some movement on the\nissue by Japan, it is also worried that recent anti-Japanese\nrhetoric may cause developments to get out of hand, officials\nsaid.\n    Japanese officials in Tokyo today reiterated that Japan had\nno plans to bow to U.K. And U.S. Pressure to give foreign\ntelecommunications firms a bigger role there.\nreuter^M\n\u0003","date":" 1-APR-1987 11:38:11.26","places":["uk","japan"]},"12040":{"title":"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES","body":"The Federal Home Loan Bank Board\nadjusted the rates on its short-term discount notes as follows:\n    MATURITY   NEW RATE  OLD RATE  MATURITY\n                                                               \n                              30-123 days  5.00 pct  5.00 pct  \n30-123 days\n 124-150 days  5.90 pct  5.93 pct  124-150 days\n 151-349 days  5.00 pct  5.00 pct  151-349 days\n 350-360 days  5.96 pct  5.98 pct  350-360 days\n Reuter\n\u0003","date":" 1-APR-1987 11:38:19.87","topics":["interest"],"places":["usa"]},"12041":{"title":"BRAZIL CONFIRMS RENEWAL OF SHORT-TERM CREDIT LINES","body":"Brazilian economic officials confirmed\na renewal of short-range credit lines by commercial creditors,\nbringing optimism that renegotiation of the 109 billion dlrs\nforeign debt is possible.\n    Finance Ministry sources said a \"large majority\" of foreign\nbanks had accepted to extend Brazil's credit lines before the\nmidnight deadline of March 31 for payment of 15 billion dlrs\nservicing expired.\n    Finance Minister Dilson Funaro told reporters all short\nrange credit lines were renewed, \"without exception.\"\n    Central Bank sources, although incapable of confirming that\n100 pct of the banks had renewed the credit lines, said that\nthere was a massive affirmative reply.\n    The credit lines were extended in their majority by 30\ndays, but there were banks which renewed the deadline by 90\ndays and, sometimes, by 180 days, Funaro told reporters.\n    Brazil is pledging for an extension of the deadlines for an\nindefinite period, until its economic officials seek a global\nrenegotiation of the debt.\n    Last week Brazil had suggested to creditors an extension of\nthe deadline for another two months, until May 31.\n Reuter\n\u0003","date":" 1-APR-1987 11:39:28.49","places":["brazil"]},"12042":{"title":"CROWNAMERICA INC <CRNA> 2ND QTR ENDED FEB 28","body":"Shr two cts vs 29 cts\n    Net 23,000 vs 338,000\n    Revs 20.2 mln vs 21.5 mln\n    Six mths\n    Shr 64 cts vs 97 cts\n    Net 741,000 vs 1,113,000\n    Revs 43.2 mln vs 44.3 mln\n    NOTE: 1986 2nd qtr and six mths ended March one.\n Reuter\n\u0003","date":" 1-APR-1987 11:40:15.71","topics":["earn"],"places":["usa"]},"12043":{"title":"QUANTUM DIAGNOSTICS <QTMCU> GETS PATENT","body":"Quantum Diagnostics Ltd said it\nhas been granted a patent for a new imaging technology it has\ndeveloped that uses electrmagnetic radiation.\n    It said it sees applications in airport security screening\ndevices, medical diagnostic imaging systems and quality control\ndevices.\n Reuter\n\u0003","date":" 1-APR-1987 11:40:30.77","places":["usa"]},"12044":{"title":"DIAMOND SHAMROCK <DIA> SEES BETTER 1987 EARNINGS","body":"Diamond Shamrock Corp, which will split\nthis month into two separate companies, expects to show\nimproved earnings in 1987 over last year, executives of the new\ncompany told Reuters.\n    Charles Blackburn, president and chief executive officer of\nDiamond Shamrock and the new company, which will emphasize\nexploration and production, said, \"Earnings wil be better than\nin 1986.\" He declined to say how much better.\n    In 1986 Diamond Shamrock reported a loss of 115.6 mln dlrs\non total revenues of 2.543 billion dlrs. Exploration and\nproduction lost 18.5 mln dlrs on revenues of 593.5 mln dlrs.\n    Roger Hemminghaus, Diamond Shamrock vice president and\nsoon-to-be chief executive of the spin-off Diamond Shamrock\nRefining and Marketing Co, said, \"Refining and marketing is a\nmargin business. The margins will return and this will be a\nbetter year than 1986.\"\n    In 1986, refining and marketing showed operating profits of\n40.1 mln dlrs on revenues of 1.636 billion dlrs.\n    \"We are also expecting to be in the black in the first\nquarter (1987),\" Heminghaus added. In the first quarter of 1986,\nthe refining and marketing segment showed a loss of 27.1 mln\ndlrs on revenues of 492.1 mln dlrs.\n   \n    The executives were in New york for meetings with\ninstitutional investors aimed at increasing interest in the\ncompany's stock.\n    On the New York Stock Exchange, Diamond Shamrock was\ntrading at 16-1/4, down 1/4.\n    Earlier this year, T. Boone Pickens offered 15 dlrs a share\nfor Diamond Shamrock, and management countered with an offer at\n17 dlrs and a decision to split off the refining and marketing\noperation to its shareholders.\n    \"Our advisors convinced us the market would give higher\nmultiples for pure plays,\" Blackburn said.\n Reuter\n\u0003","date":" 1-APR-1987 11:45:57.96","topics":["earn"],"places":["usa"]},"12045":{"title":"VMS STRATEGIC <VLANS> SETS INITIAL DIVIDEND","body":"VMS Strategic Land Trust said it\ndelcared an initial quarterly cash dividend of 30 cts a share,\npayable May 15 to shareholders of record April 20.\n    The company also said that effective today it will be\ntrading on the NASDAQ system under the symbol <VLANS>.\n Reuter\n\u0003","date":" 1-APR-1987 11:46:53.00","topics":["earn"],"places":["usa"]},"12046":{"title":"BETHLEHEM STEEL <BS> SETS PLATE PRICE INCREASES","body":"Bethlehem Steel Corp said its\nbase price for carbon plates and high-strength and low-alloy\nplates will be increased by 25 dlrs to 405 dlrs a short ton,\neffective July one.\n    The company said its composite prices for alloy plates will\nalso be increased 25 dlrs per ton on the same date, adding it\ndoes not publish its prices for this product.\n    Bethlehem Steel said its composite prices for strip mill\nplates will be increased 15 dlrs a ton.\n Reuter\n\u0003","date":" 1-APR-1987 11:47:47.24","topics":["iron-steel"],"places":["usa"]},"12047":{"title":"TRREASURY'S BAKER SEES NO TRADE WAR OVER TARIFFS","body":"Treasury Secretary James Baker said\nthe U.S. imposition of tariffs on Japanese goods over\nsemiconductor trade does not signal the start of a trade war.\n    He also played down the significance of the precipitous\nstock market decline earlier this week.\n    \"I don't think this action should be interpreted in any way\nas the start of a trade war,\" he said in response to a question\nfrom a House Appropriations subcommittee.\n    He said a drop in stock market prices of the magnitude\nexperienced Monday was not so unusual.\n    \"I don't think it is particularly unusual to see those kinds\nof days\" on Wall Street, Baker said.\n    Since Monday, he added, \"The stock market has rebounded\nrather vigorously.\"\n    He urged lawmakers to move cautiously on trade legislation\nto avoid overly protectionist moves which might aggravate world\ntrade tensions.\n    \"You're not going to legislate this (trade) deficit away,\" he\ntold the panel.\n\n Reuter\n\u0003","date":" 1-APR-1987 11:48:38.72","places":["usa","japan"]},"12048":{"title":"EQUICOR SEES YEAR REVENUES TO TOP TWO BILLION","body":"Equicor, Equitable HCA Corp,\nsaid that the company will likely attain revenues in excess of\ntwo billion dlrs in its first year of operations.\n    The company, created last October with initial equity of\n400 mln dlrs, is owned equally by the Equitable Life Assurance\nSociety of the U.S. and Hospital Corp of America <HCA>.\n    Financial results for the first six months of the company's\noperations were not disclosed. Equicor provides employee group\nplans to 1,500 corporations nationwide. It said it aims to\ndouble its marketshare in five years from the about 3.5 pct of\nthe employee benefits industry it controls.\n Reuter\n\u0003","date":" 1-APR-1987 11:50:44.93","topics":["earn"],"places":["usa"]},"12049":{"title":"MACANDREWS/FORBES BEGINS REVLON <REV> OFFER","body":"MacAndrews and Forbes Group Inc said it\nbegan an 18.50-dlr-a-share cash offer for all common stock of\nRevlon Group Inc it does not already own.\n    The offer, which is being made by a wholly owned\nsubsidiary, Revmac Acquisition Corp, is subject to financing\nand at least 28.5 mln shares being tendered, the company said.\n    MacAndrews and Forbes, wholly owned by Ronald Perelman,\nchairman of Revlon Group, held about 31.8 pct of the voting\npower of Revlon as of March 27, a spokesman said. The stake\nincludes about 15.1 pct of Revlon common and 95 pct of its\nseries A preferred stock, he said.\n More\n\u0003","date":" 1-APR-1987 11:50:55.18","topics":["acq"],"places":["usa"]},"12050":{"title":"ARCO <ARC> UP ON HIGHER EARNINGS ESTIMATE","body":"Atlantic Richfield Co's stock rose\nsharply after analyst Eugene Nowak of Dean Witter Reynolds Inc\nraised his earnings estmates of the company, traders said.\n    ARCO jumped 1-3/4 to 81-3/4.\n    Nowak said that based on an average oil price of 17 dlrs a\nbarrel in 1987, the company should earn about 4.50 dlrs a\nshare. Next year, based on an average oil price of 18 dlrs a\nbarrel, ARCO should earn about five dlrs a share. The company\nearned 3.38 dlrs a share in 1986. \"If oil prices should rise to\nan average of 20 dlrs a barrel,\" he said, \"ARCO could record\nearnings of 6.50 dlrs a share.\n    Nowak said his increased estimates come after the company\ntold analysts yesterday that its first quarter earnings will\ncomfortably cover its quarterly dividend requirement of one dlr\na share.\n    Nowak said, \"The company has done an outstanding job\nreducing expenses, and ARCO is poised to generate greater\nearnings power.\" He said first quarter earnings will likely\nexceed the company's expectations stated yesterday and be in\nthe 1.15-1.20 dlr-a-share range.\n Reuter\n\u0003","date":" 1-APR-1987 11:51:56.55","topics":["earn"],"places":["usa"]},"12051":{"title":"SENATE UPHOLDS REAGAN'S VETO BUT WILL REVOTE","body":"The Senate voted to sustain President\nReagan's veto of an 88 billion dlr highway and mass transit\nfunding bill, but Senate Democratic leader Robert Byrd of West\nVirginia called for a second vote to reconsider the outcome.\n    The first vote ended with 65 Senators voting for the bill\nand 35 voting to sustain the veto, two short of the two-thirds\nmajority needed to override. One of those voting to sustain the\nveto was North Carolina Democrat Terry Sanford.\n Reuter\n\u0003","date":" 1-APR-1987 11:53:49.16","places":["usa"]},"12052":{"title":"U.S. SAID PROMISED BULK OF MAIZE EXPORT TO SPAIN","body":"The U.S. Has been promised a near\nmonopoly of maize exports to Spain from third countries\nguaranteed under an agreement with the European Community, an\nEC official said.\n    The official, who asked not to be named, told Reuters that\nthe guarantee was given in an unpublished clause of the\nagreement.\n    Under the accord, which began in January, third countries\nwere guaranteed access for the next four years for two mln\ntonnes a year of maize to the Spanish market, as well as\n300,000 tonnes of sorghum.\n    However, the official said the U.S. Had been assured that\nalmost all the exports would be reserved for its traders.\n    The EC Commission is to ask member states to agree either a\ntender system to fix reduced import levies for the maize or to\nauthorise direct imports by the Spanish intervention board.\n    EC sources noted that under a tender system maize from\noutside the U.S. Would sometimes be offered on more favourable\nterms than that from the U.S.\n    No Commission spokesman was immediately available for\ncomment.\n Reuter\n\u0003","date":" 1-APR-1987 11:53:59.16","topics":["corn","sorghum","grain"],"organisations":["ec"],"places":["usa","belgium","spain"]},"12053":{"title":"DEAK INTERNATIONAL BUYS JOHNSON MATTHEY","body":"Deak International, a foreign currency\nand precious metals firm, announced the acquisition of Johnson\nMatthey Commodities of New York from Minories Finance Limited,\na unit of the Bank of England.\n    The purchase valued at 14.8 mln dlrs follows the recent\nacquisition of London's Johnson Matthey Commodities Limited,\nDeak said.\n    The New York firm will be known as Deak International\nTrading Ltd, the company said.\n    Arkadi Kuhlmann, president and chief executive officer of\nDeak International said the purchase will expand Deak's\noperations into the precious metals and wholesale non-ferrous\nmetals trading arenas.\n Reuter\n\u0003","date":" 1-APR-1987 11:54:45.49","topics":["acq"],"places":["usa","uk"]},"12054":{"title":"WALL STREET STOCKS/PUROLATOR COURIER <PCC>","body":"Purolator Courier Corp stock jumped\n5-3/8 on a 40 dlr per share takeover offer from Emery Air\nFreight Corp <EAF>, traders said.\n    Purolator was trading at 40-1/4, 1/4 above the offer price.\nThe Emery offer tops a 35 dlr per share buyout agreement E.F.\nHutton LBO Inc reached with Purolator February 27.\n    That offer was to have expired today. Neither Hutton nor\nPurolator had any immediate comment.\n    \"There's probably some speculation out there that there\nmight be another offer,\" said one analyst.\n Reuter\n\u0003","date":" 1-APR-1987 11:56:02.30","topics":["acq"],"places":["usa"]},"12055":{"title":"ARGENTINE CORN SALES TO USSR LOWER - USDA REPORT","body":"Total corn sales by Argentina to the\nSoviet Union are only 1.5 to 1.8 mln tonnes, with delivery\nspread out from March to June, the U.S. Agriculture\nDepartment's Counselor in Buenos Aires said in a field report.\n    The report, dated March 27, said many sources have stated\nthat the Soviet Union was initially interested in purchasing\n2.3 mln tonnes lof corn from Argentina.\n    However, Soviet purchases from the United States have\ntended to displace additional Argentine purchases, the report\nsaid.\n    The USDA has to date reported USSR purchases of 2.6 mln\ntonnes of U.S. corn for delivery in the current U.S.-USSR grain\nagreement year, which ends this September 30, it said.\n Reuter\n\u0003","date":" 1-APR-1987 11:57:09.82","topics":["corn","grain"],"places":["usa","argentina","ussr"]},"12056":{"title":"GPU'S <GPU> THREE MILE ISLAND POWER REDUCED","body":"General Public Utilities corp\nsaid its Three Mile Island Unit One's power output has been cut\nto 81 pct of reactor power, or 730 megawatts of electricity,\ndue to mineral deposits on the secondary or non-nuclear side of\nits two steam generators.\n    The company said the deposits do not affect the safe\noperation of the plant but interfere with the production of\nsteam.\n    It said the unit was similarly limited in power in late\n1985. \n Reuter\n\u0003","date":" 1-APR-1987 11:57:23.68","places":["usa"]},"12057":{"title":"CYPRUS MINERALS <CYPM> WINS COAL CONTRACT","body":"Cyprus Minerals Co said it was awarded a\nfive year contract to supply 360,000 tons of steam coal to\nNiagara Mohawk Power Co <NMK>.\n    The company is currently shipping 240,000 tons of steam\ncoal a year to Niagara Mohawk under a contract signed in 1985.\nThe coal comes from the Emerald mine in Southwestern\nPennsylvania.\n\n Reuter\n\u0003","date":" 1-APR-1987 11:58:09.69","places":["usa"]},"12058":{"date":" 1-APR-1987 11:58:19.48","places":["usa"]},"12059":{"title":"BARNES GROUP <B> EXPECTS SALES TO GROW MODESTLY","body":"Barnes Group said it expects\nsales and net income for 1987 will be up slightly over 1986.\n    Without supplying specific figures, Barnes told\nshareholders at its annual meeting it expected net income to\nimprove at a rate exceeding its growth in sales, which was two\npct higher than 1985.\n    The company said it recorded income from continuing\noperations of 16.6 mln dlrs, or 2.57 dlrs per share, on sales\nof 440 mln dlrs in 1986. It said it recorded income from\ncontinuing operations of 16.4 mln dlrs, or 2.27 dlrs per share,\nin the previous year.\n Reuter\n\u0003","date":" 1-APR-1987 11:58:27.08","topics":["earn"],"places":["usa"]},"12060":{"title":"UNITED CITIES <UCIT> PRIVATELY PLACES BONDS","body":"United Cities Gas Co said it placed\nprivately on March 18 20 mln dlrs of 8.69 pct first mortgage\nbonds.\n    Proceeds will be used to retire short-term debt and fund\nthe company's current construction program, United Cities said.\n    The company said more than 30 lending institutions\nparticipated in the bidding for the bonds and that 25 pct of\nthe issue was placed with the U.S. unit of a Canadian firm.\n Reuter\n\u0003","date":" 1-APR-1987 11:58:33.10","places":["usa"]},"12061":{"title":"ROADWAY MOTOR PLAZAS INC 3RD QTR JAN 31","body":"SHr two cts vs one cts\n    Net 116,843 vs 41,400\n    Revs 17.3 mln vs 12.3 mln\n    Nine months\n    SHr 15 cts vs 10 cts\n    Net 639,448 vs 301,000\n    REvs 37.6 mln vs 35.8 mln\n Reuter\n\u0003","date":" 1-APR-1987 11:58:37.72","topics":["earn"],"places":["usa"]},"12062":{"title":"AKZO UNIT CONCLUDES LICENCE AGREEMENT WITH BASF","body":"Enka BV, a subsidiary of\nAkzo NV <AKZO.AS> said it has concluded a licence agreement\nwith the fibres division of <BASF Corp> of Delaware, a unit of\nBASF AG <BASF.F> of West Germany in the U.S. On the Colback\nindustrial non-woven fibres.\n    Enka will supply know-how on the production of non-woven\nfibres and Basf will also purchase the right for production and\nsale of the Colback products. BASF will start non-woven fibre\nproduction in the U.S. In 1988, Enka said.\n    A spokesman for Enka declined to comment on the financial\ndetails of the deal.\n REUTER\n\u0003","date":" 1-APR-1987 11:58:45.20","places":["usa","netherlands","west-germany"]},"12063":{"title":"DIONICS INC <DION> YEAR NET","body":"Shr seven cts vs 10 cts\n    Net 127,000 vs 168,100\n    Revs 2,807,400 vs 3,042,900\n Reuter\n\u0003","date":" 1-APR-1987 11:58:47.94","topics":["earn"],"places":["usa"]},"12064":{"title":"WINN-DIXIE STORES INC <WIN> SETS MONTHLY PAYOUT","body":"Mthly div 15 cts vs 15 cts prior\n    Pay April 30, May 29, June 24\n    Record April 15, May 15, June 10\n Reuter\n\u0003","date":" 1-APR-1987 11:58:51.65","topics":["earn"],"places":["usa"]},"12065":{"title":"TREASURY'S BAKER SAYS FOREIGN DEBT SITUATION HAS IMPROVED\nSINCE 1982\n","date":" 1-APR-1987 12:02:46.92"},"12066":{"title":"ALASKA HOUSING FINANCE GETS CREDIT, EURO-CP PACT","body":"Alaska Housing Finance Corp signed a 150\nmln dlr revolving credit facility and a 150 mln dlr\neuro-commercial paper program, Merrill Lynch Capital Markets\nsaid.\n    The borrower is a state backed, public corporation which\nprovides 70 to 85 pct of the single-family residential\nmortgages in Alaska. It is the first U.S. Municipality to\narrange these types of facilities in the international capital\nmarkets.\n    The seven-year revolving credit has a commitment fee of\n0.10 pct per annum, under which drawings will be at 5/16 pct\nover the London Interbank Offered Rate (Libor).\n    The facility also incorporates a swing-line facility, which\nwould allow for same day drawings in the U.S. Market for up to\nthree business days at the floating U.S. Prime rate. Credit\nLyonnais is acting as coordinator for this facility.\n    Merrill Lynch is agent for the revolving facility, which\nwas lead managed by Swiss Bank Corporation (San Francisco\nbranch).\n    The facility will allow the borrower to issue direct\nunsecured advances in U.S. Dlrs with maturities of up to six\nmonths. It also will be able to issue on an uncommitted basis\neuronotes with maturities of up to six months, which will be\npriced under the issuer-set margin system.\n    Although Alaska Housing Finance will set the interest rates\nrelative to Libor for the euronotes, Merrill Lynch noted that\nit would not seek to issue the notes with a margin in excess of\n0.2125 pct per annum.\n    The euro-commercial paper program allows for the issuance\nof notes with maturities of up to 183 days. Merrill was the\narranger for that program and will act as one of the dealers\nalong with Salomon Brothers International Ltd and Swiss Bank\nCorporation International Ltd.\n REUTER\n\u0003","date":" 1-APR-1987 12:03:20.01","places":["uk","usa"]},"12067":{"title":"WAXMAN INDUSTRIES INC <WAXM> REGULAR PAYOUT","body":"Qtly div class A two cts vs two cts prior\n    Qtly div class B one ct vs one ct prior\n    Pay April 17\n    Record April 10\n Reuter\n\u0003","date":" 1-APR-1987 12:04:51.99","topics":["earn"],"places":["usa"]},"12068":{"title":"DEAK BUYS JOHNSON MATTHEY COMMODITIES","body":"Deak International, a foreign currency\nand precious metals firm, announced the acquisition of Johnson\nMatthey Commodities of New York from Minories Finance Limited,\na unit of the Bank of England.\n    The purchase valued at 14.8 mln dlrs follows the recent\nacquisition of London's Johnson Matthey Commodities Limited,\nDeak said.\n    The New York firm will be known as Deak International\nTrading Ltd, the company said.\n    Arkadi Kuhlmann, president and chief executive officer of\nDeak International, said the purchase will expand Deak's\noperations in the precious metals and wholesale non-ferrous\nmetals trading arenas.\n Reuter\n\u0003","date":" 1-APR-1987 12:05:38.97","topics":["acq"],"places":["usa","uk"]},"12069":{"title":"LOUVEM PLANS OPTION TO BUY BACK OWN SHARES","body":"<Societe Miniere Louvem Inc> said its\nboard of directors has offered to buy an option to buy back its\nowns shares from provincially-owned SOQUEM, its major\nshareholder.\n    Louvem said the option to buy the 3.1 mln shares would be\nvalid until December 15 at a purchase price of 3.15 dlrs a\nshare. Louvem said it could exercise the option for itself or \nfor a third party.\n    The company said SOQUEM is considering the offer.\n Reuter\n\u0003","date":" 1-APR-1987 12:06:26.37","places":["canada"]},"12070":{"title":"TREASURY'S BAKER SAYS BRAZIL NOT IN CRISIS","body":"Treasury Secretary James Baker said\nhe did not believe Brazil was currently in a crisis because of\nits debt situation and hoped the country would resolve its\ndifferences with commerical banks through direct negotiations.\n    Answering questions before a House appropriations\nsubcommittee, Baker told a questioner, \"I disagree with your\ncrisis characterization\" regarding Brazil.\n    He said that while the U.S. Treasury regretted Brazil's\ninterest payment moratorium on commercial bank debt, \"We hope\nand believe they'll resolve this through direct negotiations\n(with the banks).\"\n    Baker said the financial community around the world\nbelieves it imperative that Brazil come up with a comprehensive\nprogram to adjust its economy.\n    In other comments on foreign debt, Baker said the situation\nhas improved since mid-1982 because the banks are in much\nbetter shape and have rebuilt reserves.\n    He also noted interest rates are considerably lower today\nthan they were when the crisis broke out and the rate of\nincrease in debt has slowed considerably.\n    In addition, Baker noted a number of debtors are making\nreasonably good economic progress, and he cited Mexico in\nparticular.\n    He pointed out that Venezuela, Chile and the Philippines\nhave all reached agreement with commercial banks on debt\nrescheduling and Argentina was in the midst of negotiations.\n    But he rejected calls for \"overnight solutions\" to the debt\ncrisis. \"There is no chance they can get out (of the debt\ncrisis),\" Baker said, unless debtor countries generate economic\ngrowth.\n    Baker said the U.S. initiative to shore up debtor nations\ndepends on that concept, and he rejected calls for debt\nforgiveness, which, he said, would cut debtor nations off from\naccess to private credit.\n    Baker noted that even though Sen. Bill Bradley (D-N.J.) was\nurging debt relief in his strategy for dealing with the debt\nsituation, \"More and more now, he bases this on the concept of\ngrowth.\"\n    Other indicators of progress include, Baker said, debtor\nnations negotiating better and better terms with commercial\nbanks. \"The points over LIBOR are much less,\" he said.\n Reuter\n\u0003","date":" 1-APR-1987 12:08:12.11","places":["usa","brazil"]},"12071":{"title":"UAL INC OFFERING 5.5 MLN SHARES OF COMMON STOCK AT 56.50\nDLRS PER SHARE\n","date":" 1-APR-1987 12:12:38.40"},"12072":{"title":"ALASKA HOUSING FINANCE GETS CREDIT, EURO-CP PACT","body":"Alaska Housing Finance Corp signed a 150\nmln dlr revolving credit facility and a 150 mln dlr\neuro-commercial paper program, Merrill Lynch Capital Markets\nsaid.\n    The borrower is a state backed, public corporation which\nprovides 70 to 85 pct of the single-family residential\nmortgages in Alaska. It is the first U.S. Municipality to\narrange these types of facilities in the international capital\nmarkets.\n    The seven-year revolving credit has a commitment fee of\n0.10 pct per annum, under which drawings will be at 5/16 pct\nover the London Interbank Offered Rate (Libor).\n    The facility also incorporates a swing-line facility, which\nwould allow for same day drawings in the U.S. Market for up to\nthree business days at the floating U.S. Prime rate. Credit\nLyonnais is acting as coordinator for this facility.\n    Merrill Lynch is agent for the revolving facility, which\nwas lead managed by Swiss Bank Corporation (San Francisco\nbranch).\n    The facility will allow the borrower to issue direct\nunsecured advances in U.S. Dlrs with maturities of up to six\nmonths. It also will be able to issue on an uncommitted basis\neuronotes with maturities of up to six months, which will be\npriced under the issuer-set margin system.\n    Although Alaska Housing Finance will set the interest rates\nrelative to Libor for the euronotes, Merrill Lynch noted that\nit would not seek to issue the notes with a margin in excess of\n0.2125 pct per annum.\n    The euro-commercial paper program allows for the issuance\nof notes with maturities of up to 183 days. Merrill was the\narranger for that program and will act as one of the dealers\nalong with Salomon Brothers International Ltd and Swiss Bank\nCorporation International Ltd.\n Reuter\n\u0003","date":" 1-APR-1987 12:13:37.26","places":["uk","usa"]},"12073":{"title":"IIF EXECUTIVE SEES INTEREST RATES DECLINING","body":"Institute of International Finance\nManaging Director Horst Schulmann said that his orgnaization\nhas been forecasting further declines of interest rates in the\nfirst half this year and then a levelling off and there is no\nreason to change that.\n    Speaking to reporters, the bank research group said that\nthe increase in interest rates announced yesterday and other\nactivity in the foreign exchange markets did not indicate a\nfundamental change in the outlook.\n    Schulmann, speaking broadly about the global debt problem,\nsaid that the International Monetary Fund should increase its\nassistance to third world countries.\n    The remarks come just before next week's meeting of the\nIMF's Interim Committee and the Joint Development Committee of\nthe IMF and World Bank.\n    In a letter to the committee's, the bank group said,\n\"Commercial banks cannot be the dominant supplier of balance of\npayments finance.\"\n    Schulmann said that IMF exposure peaked in 1985 and has\ndeclined a bit since then.\n Reuter\n\u0003","date":" 1-APR-1987 12:15:11.01","topics":["interest"],"places":["usa"]},"12074":{"title":"BROWN GROUP <BG> DEBT DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it\nlowered 128 mln dlrs of Brown Group Inc's senior debt to\nA-minus from A and commercial paper to A-2 from A-1.\n    The agency said a decline in sales and profits were little\noffset from the company's retail business. Also, foreign\nproducers eroded Brown's assets by gaining market share.\n    Brown's debt ratio increased to 49.8 pct by year-end 1986\nas higher inventories, and a four-year stock repurchase program\nhas required additional financing, S and P said.\n    Restructuring efforts should improve productivity but not\nin the forseeable future, the agency added.\n Reuter\n\u0003","date":" 1-APR-1987 12:15:26.41","places":["usa"]},"12075":{"title":"PROVINSBANKEN INCREASES EURO-CP PROGRAM","body":"A euro-commercial paper program for\nProvinsbanken A/S of Denmark has been increased to 250 mln dlrs\nfrom the original 100 mln, Merrill Lynch Capital Markets said.\n    The program allows the Danish bank to issue\neuro-certificates of deposit with maturities of up to 365 days.\n    Merrill Lynch will continuue to act as dealer for the\nprogram, with Shearson Lehman Brothers International and S.G.\nWarburg and Co Ltd as co-dealers.\n REUTER\n\u0003","date":" 1-APR-1987 12:15:41.89","places":["uk","denmark"]},"12076":{"title":"JAPANESE CRUSHERS BUY CANADIAN RAPESEED","body":"Japanese crushers bought 5,000 to 6,000\ntonnes of Canadian rapeseed for May shipment in export business\novernight, trade sources said.\n Reuter\n\u0003","date":" 1-APR-1987 12:16:29.46","topics":["rapeseed","oilseed"],"places":["japan","canada"]},"12077":{"title":"WALKER TELECOMMUNICATIONS CORP <WTEL> 4TH QTR","body":"Shr loss 58 cts vs loss nil\n    Net loss 2.9 mln vs loss 17,818\n    Revs 5.0 mln vs 7.4 mln\n    Year\n    Shr loss 45 cts vs profit four cts\n    Net loss 2.0 mln vs profit 174,562\n    REvs 28.5 mln vs 25.2 mln\n   \n    NOTE:1986 4th qtr loss includes loss of 2.2 mln dlrs from\ndiscontinuance of operations. 1985 4th qtr includes loss of\n79,395 dlrs from discontinued operations.\n    1986 4th qtr includes 3.5 mln dlr provision for costs\nanticipated in connection with disposal of division and 500,000\ndlrs in adjustments related to write-downs. 1985 4th qtr\nincludes gain of 178,000 dlrs for exchange of telephone\ninventory for barter credits.\n Reuter\n\u0003","date":" 1-APR-1987 12:17:31.85","topics":["earn"],"places":["usa"]},"12078":{"title":"BROKERS SECURITIES INC <BKRS> 4TH QTR LOSS","body":"Shr loss 16 cts vs profit 23 cts\n    Net loss 97,600 vs profit 91,980\n    Revs 302,745 vs 359,699\n    Avg shrs 621,036 vs 388,536\n    Year\n    Shr profit seven cts vs profit 36 cts\n    Net profit 36,400 vs profit 140,980\n    Revs 1,610,286 vs 763,071\n    Avg shrs 512,235 vs 388,536\n   \n    Note: Year-ago net includes extraordinary gains of 33,654\nfor qtr and 42,654 for the year.\n Reuter\n\u0003","date":" 1-APR-1987 12:17:51.33","topics":["earn"],"places":["usa"]},"12079":{"title":"FIRST WORLD CHEESE INC <FWCH> 4TH QTR LOSS","body":"Shr loss 15 cts vs profit nil\n    Net loss 392,428 vs profit 1,255\n    Revs 6,371,092 vs 3,031,091\n    Avg shrs 2,544,000 vs 1,440,000\n    Year\n    Shr loss 13 cts vs profit seven cts\n    Net loss 274,951 vs profit 100,534\n    Revs 18.1 mln vs 10.8 mln\n    Avg shrs 2,072,153 vs 1,440,000\n Reuter\n\u0003","date":" 1-APR-1987 12:18:02.19","topics":["earn"],"places":["usa"]},"12080":{"title":"YUGOSLAV RETAIL PRICES UP 7.0 PCT IN MARCH","body":"Yugoslav retail prices in March rose\n7.0 pct from February, to stand 93.2 pct higher than in March\n1986, Federal Statistics Office (FSO) figures show.\n    In February, retail prices rose 7.2 pct from January to\nstand 91.6 pct higher than in February 1986.\n    The cost of living, which includes rents and costs such as\nutilities and transport, was up 7.8 pct in March from February\nto stand 94.8 pct higher than in March 1986, the FSO said.\n    In February the cost of living increased 7.3 pct from\nJanuary and stood 93.6 pct higher than in February 1986.\n REUTER\n\u0003","date":" 1-APR-1987 12:20:34.53","topics":["cpi"],"places":["yugoslavia"]},"12081":{"title":"GRAIN SHIPS WAITING AT NEW ORLEANS","body":"Ten grain ships were loading and 18\nwere waiting to load at New Orleans elevators, trade sources\nsaid.\n ELEVATOR                     LOADING  WAITING\n Continental Grain, Westwego     1      3\n Mississippi River, Myrtle Grove 2      0\n ADM Growmark                    1      4\n Bunge Grain, Destrehan          1      0\n    ELEVATOR                LOADING  WAITING\n ST CHARLES DESTREHAN         1      3\n RESERVE ELEVATOR CORP        0      1\n PEAVEY CO, ST ELMO           1      2\n CARGILL GRAIN, TERRE HAUTE   1      4\n CARGILL GRAIN, PORT ALLEN    1      0\n ZEN-NOH                      1      1\n reuter\n\u0003","date":" 1-APR-1987 12:20:40.01","topics":["grain","ship"],"places":["usa"]},"12082":{"title":"UAL<UAL> OFFERING 5.5 MLN SHARES OF COMMON STOCK","body":"UAL Inc said it is offering 5.5 mln\nshares of its common stock at 56.50 dlrs a share for a total\naggregate value of 310.8 mln dlrs.\n    UAL said it made the move principally to broaden its equity\nbase, thereby making additional borrowing for ongoing capital\nrequirements easier.\n    UAL said it will add the offering's net proceeds to general\ncorporate funds, adding that it expects to invest the money in\nshort term cash instruments initially.\n    UAL said Morgan Stanley and Co Inc and Merrill Lynch\nCapital Markets have underwritten the issue in the U.S., where\nfour mln shares are being offered.\n    The remaining one mln shares is being offered overseas\nthrough underwriters Morgan Stanley International and Merrill\nLynch Capital Markets, UAL said.\n    It added that an additional 500,000 shares is for\noverallotments.\n Reuter\n\u0003","date":" 1-APR-1987 12:23:43.43","places":["usa"]},"12083":{"title":"J.C. PENNEY <JCP> TO BUY EQUITY IN BEEBA'S","body":"J.C. PEnney Co Inc said it signed a\nletter of intent to acquire one mln shares, or a 20 pct equity\ninterest, of Beeba's Creations Inc <BEBA> for 18.75 dlrs a\nshare.\n    Penney said the agreement also calls for Beeba's, a major\nsupplier of junior sportswear, to work with Penny in the\nestablishment of junior specialty shops to be created in about\n100 Penney stores in early 1988.\n    Freestanding stores are also being planned, the company\nsaid. Beeba's will be the principal source of merchandise to\nthe shops, it said.\n    For the six months ended February 28, Beeba's reported net\nincome of 1.2 mln dlrs on sales of 39.4 mln dlrs.\n    Penney said it will establish an independent merchandising\nand marketing organization to manage and support the shops\nwhich will be staffed by personnel both from within and outside\nthe company.\n    The company said the new agreement would have no impact on\nits current supplier base and it will continue to work with as\nbraod base of suppliers of junior sportswear as it does in its\nother merchandise areas.\n Reuter\n\u0003","date":" 1-APR-1987 12:27:23.89","topics":["acq"],"places":["usa"]},"12084":{"title":"AUSTRIAN BANKS DIVIDED OVER INTEREST RATE CUT","body":"Calls for a cut in Austrian interest\nrates have grown in recent days but bank chiefs are divided\nover the issue.\n    Karl Vak, General Director of the Zentralsparkasse und\nKommerzialbank, Wien, called today for a cut of up to half a\npercentage point in interest rates across the board. But Hannes\nAndrosch, head of Creditanstalt-Bankverein <CABV.VI> told\nReuters he opposed a cut because it would hurt small savers.\n    Vak told a news conference that last January's cut in\nlending rates for commercial customers and for all depositors\nby a quarter point had been insufficient.\n    The January cut followed the National Bank's lowering of\nits discount and Lombard rates by half a point in line with a\nsimilar Bundesbank move. Prime lending rate is now 8.75 pct and\ndeposit rates vary between 3.25 and 5.75 pct.\n    Yesterday Hellmuth Klauhs, head of the Genossenschaftliche\nZentralbank AG, said rates could fall at least a quarter of a\npoint, or even half a point if German rates dropped further.\n    Vak noted that inflation had fallen below one pct. A\nwidening gap between Austrian rates and cheaper West German\ncredit along with forecasts of slow Austrian economic growth\nthis year also justified a further interest drop, he said.\n    Karl Pale, head of Girozentrale und Bank der\noesterreichischen Sparkassen AG [GIRV.VI] has also called for\nlower deposit rates but said lending rates should remain\nunchanged at the moment. Interest margins were too small,\nparticularly when compared with other West European countries.\n    But Hans Haumer, head of the Erste Oesterreichische\nSpar-Casse-Bank told Reuters that no cut should be made unless\nWest German rates came down first.\n    Banking sources said no bank seemed ready to lower rates\nalone and supporters of a cut would have difficulty overcoming\nopposition from Creditanstalt, Austria's biggest bank.\n REUTER\n\u0003","date":" 1-APR-1987 12:27:48.50","topics":["interest"],"places":["austria"]},"12085":{"title":"A.G. EDWARDS INC <AGE> 4TH QTR FEB 28 NET","body":"Shr 81 cts vs 63 cts\n    Net 16,900,000 vs 13,100,000\n    Revs 152.5 mln vs 118.1 mln\n    Year\n    Shr 2.59 dlrs vs 1.85 dlrs\n    Net 53,700,000 vs 38,100,000\n    Revs 526.3 mln vs 404.3 mln\n    NOTE: Prior year earnings reflect a three-for-two stock\nsplit distributed in May, 1986\n Reuter\n\u0003","date":" 1-APR-1987 12:28:13.20","topics":["earn"],"places":["usa"]},"12086":{"title":"GRUMMAN <GQ> WINS 28 MLN DLR CONTRACT","body":"Grumman Corp said it was awarded\na 28 mln dlr contract by McDonnell Douglas Corp <MD> to develop\nflight control surfaces for the United States Air Force's new\nC-17 transport aircraft.\n    Grumman said it will design, develop and build the \nailerons, rudders and elevators for the transport.\n    The company said the production phase of the contract has a\npotential value of about 300 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 12:36:11.20","places":["usa"]},"12087":{"title":"PERIPHERAL SYSTEMS <PSIX> AGRESS TO BUY COMPANY","body":"Peripheral Systems Inc said it\nagreed in principle to acquire the outstanding shares of\n<Nucell Inc>.\n    The agreement calls for an exchange of one share of\nPeripheral for each share of Nucell, subject to approval by\nboth companies' boards, it said.\n    Peripheral said its increased involvement in the\ndevelopment of Nucell's nuclear battery technology made the\nmerger practical.\n Reuter\n\u0003","date":" 1-APR-1987 12:36:20.70","topics":["acq"],"places":["usa"]},"12088":{"title":"TEXAS EASTERN <TET> UNIT TO REDEEM DEBENTURES","body":"Texas Eastern Transmission Corp, a unit\nof Texas Eastern Corp, said it plans to redeem on April 30 its\noutstanding 100 mln dlrs of 13 pct debentures due 2009 and 100\nmln dlrs of 12-3/4 pct debentures of 2008.\n    It will buy back the 13 pct issue at 111.70 pct of the\nprincipal amount, plus accrued interest. It will redeem the\n12-3/4s at 110.52 pct of principal plus accrued interest.\n    The unit will use part of the proceeds from the recent sale\nof units of Petrolane Partners L.P. to finance the early\nredemptions.\n Reuter\n\u0003","date":" 1-APR-1987 12:36:28.25","places":["usa"]},"12089":{"title":"U.S., JAPAN CHIP TALKS TO START NEXT WEEK","body":"U.S. and Japanese negotiators will\nhold emergency meetings next week to try to resolve their row\nover semiconductors, but a U.S. official said it was not likely\nthe talks would delay the planned American sanctions.\n    Officials said the talks, which were announced yesterday by\nU.S. Trade Representative Clayton Yeutter, were being held\nunder the emergency provisions of the U.S.-Japanese\nsemiconductor agreement.\n    A spokesman for Yeutter said officials of the Japanese\nMinistry of International Trade and Industry (MITI) would hold\ntechnical talks with U.S. officials next Monday and Tuesday.\n    The spokesman, Gary Holmes, said that on Thursday and\nFriday Deputy U.S. Trade Representative Michael Smith would\nmeet with MITI vice president Makoto Kuroda.\n    But Holmes added \"do not expect the problem to be resolved\nor the sanctions not to go into effect.\"\n    The 300 mln dlrs in tariffs on Japanese exports is set to\ngo into effect on April, following public hearings which begin\nin Washington on April 13.\n reuter\n\u0003","date":" 1-APR-1987 12:39:47.89","places":["usa","japan"]},"12090":{"title":"PACKARD <HWP> CUTS PERSONAL COMPUTER PRICES","body":"Hewlett-Packard Co said it\nreduced prices by up to 15 pct on two models of its HP Vectra\nPC, an International Business Machines Corp PC/AT-compatible\npersonal computer.\n    The company said the move reflects lower material costs,\nstreamlined production processes and reduced manufacturing\ncosts.\n    Hewlett-Packard said it cut the price for its Vectra PC\nModel 50 to 3,995 dlrs from 4,695 dlrs and lowered the price\nfor its Model 60 to 4,795 dlrs from 5,495 dlrs.\n    In addition, the company said it reduced prices by up to 29\npct for pre-configured HP Vectra systems used in specific\napplications.\n Reuter\n\u0003","date":" 1-APR-1987 12:40:17.48","places":["usa"]},"12091":{"title":"MANUFACTURERS NATIONAL <MNTL> UNIT LIFTS RATE","body":"Manufacturers National Corp's\nManufacturers Bank-Wilmington said it increased the interest\nrate on its no-fee variable rate MasterCard to 13.6 pct from\n13.3 pct.\n    The new interest rate applies to the second quarter. The\nrate on the card is set quarterly.\n Reuter\n\u0003","date":" 1-APR-1987 12:41:40.28","topics":["interest"],"places":["usa"]},"12092":{"title":"U.S. TREASURY SECRETARY SAYS NO BRAZIL CRISIS","body":"U.S. Treasury Secretary James Baker\nsaid he did not believe Brazil was currently in a crisis\nbecause of its debt situation and hoped the country would\nresolve its differences with commerical banks through direct\nnegotiations.\n    Answering questions before a House appropriations\nsubcommittee, Baker told a questioner \"I disagree with your\ncrisis characterization\" regarding Brazil.\n    He said that while the U.S. Treasury regretted Brazil's\ninterest payment moratorium on commercial bank debt, \"We hope\nand believe they'll resolve this through direct negotiations\n(with the banks).\"\n    Baker said the financial community around the world\nbelieves it is imperative that Brazil comes up with a\ncomprehensive program to adjust its economy.\n    In other comments on foreign debt, Baker said that the\nsituation has improved since mid-1982 because the banks are in\nmuch better shape and have rebuilt reserves.\n    He also noted interest rates are considerably lower today\nthan they were when the crisis broke out and the rate of\nincrease in debt has slowed considerably.\n    In addition, Baker noted a number of debtors are making\nreasonably good economic progress, and he cited Mexico in\nparticular.\n Reuter\n\u0003","date":" 1-APR-1987 12:42:04.15","places":["usa","brazil"]},"12093":{"title":"FIRST CHICAGO <FNB> UNIT BUYS BANKS","body":"First Chicago Corp's American National\nBank unit said it completed the acquisition of four suburban\nChicago banks with combined assets of about 231 mln dlrs.\n    The banks are National Bank of North Evanston, Elgin\nNational bank, First National Bank of Schiller Park and\nMerchants and Manufacturers State Bank in Melrose Park.\n    American National now owns nine banks.\n Reuter\n\u0003","date":" 1-APR-1987 12:42:22.69","topics":["acq"],"places":["usa"]},"12094":{"title":"CENTERRE <CTBC> ACQUIRES BENEFIT PLAN SERVICES","body":"Centerre Bancorp said it completed the\nacquisition of Benefit Plan Services Inc, Maryland Heights,\nMo., which specializes in designing and administering small and\nmoderately sized pension plans.\n    Terms were not disclosed.\n Reuter\n\u0003","date":" 1-APR-1987 12:42:29.17","topics":["acq"],"places":["usa"]},"12095":{"title":"DIAMOND-STAR MOTORS NAMES ADDITIONAL SUPPLIERS","body":"Diamond-Star Motors Corp, the\njoint-venture company owned by Chrysler Corp <C> and Mitsubishi\nMotors, named additional production suppliers for the new\nvehicle to be produced at the company's plant under\nconstruction in Bloomington, Ill.\n    It said Amtex Inc, Sidney, Ohio, was selected to supply\ntrunk floor carpets and Bluewater Plastics Inc, Marysville,\nMich., duct assemblies and column covers.\n Reuter\n\u0003","date":" 1-APR-1987 12:43:09.50","places":["usa"]},"12096":{"title":"LAWSON TELLS PANEL  HE WANTS STERLING TO STAY AROUND 1.60\nDLRS, 2.90 MARKS.\n","date":" 1-APR-1987 12:45:05.95","topics":["stg"]},"12097":{"title":"NASD DENIES APPLICATION","body":"The National Association of\nSecurities Dealers Inc. denied Kirk Knapp's application to\nbecome a registered member of the firm.\n    NASD's board of governors said it denied the application of\nKnapp to become registered with K.A. Knapp and Co, located in\nGrand Rapids, Mich. The board said it based its decision on two\nstatutory disqualifications.\n    In the first case, the board said it found Knapp failed to\nmaintain rquired net capital, filed inaccurate Focus Part 1\nreports and inaccurately calculated the amount required to be\non deposit in the Special Reserve Account.\n    The second case involved Knapp being enjoined from\nviolations of sections of the Securities Exchange Act, the NASD\nsaid.\n Reuter\n\u0003","date":" 1-APR-1987 12:45:14.85","places":["usa"]},"12098":{"title":"CONOLOG CORP <CNLG> 2ND QTR JAN 31 NET","body":"Shr two cts vs two cts\n    Net 69,831 vs 107,773\n    Revs 1,068,905 vs 2,401,518\n    Six mths\n    Shr three cts vs three cts\n    Net 129,649 vs 155,089\n    Revs 2,673,141 vs 4,666,104\n Reuter\n\u0003","date":" 1-APR-1987 12:45:26.48","topics":["earn"],"places":["usa"]},"12099":{"title":"FIRST OF AMERICA <FABK>, MICHIGAN BANK AFFILIATE","body":"First of America Bank Corp said\nit completed its affiliation with Lewiston State Bank of\nLewiston, Mich.\n    The Lewiston bank, which has been renamed First of America\nBank-Lewiston, has assets of 54.9 mln dlrs. First of America\nhas assets of more than 7.9 billion dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 12:45:33.19","places":["usa"]},"12100":{"title":"REYNOLDS AND REYNOLDS <REYNA> TO FIGHT SUIT","body":"The Reynolds and Reynolds Co said\nit will fight a suit filed against it by <Advanced Voice\nTechnologies> alleging misappropriation of trade secrets.\n    The company reiterated its denial of the charges, stating\nthere was no merit for the suit. The company said it will file\na response to the suit with Federal court in Detroit by April\n7.\n Reuter\n\u0003","date":" 1-APR-1987 12:46:11.92","places":["usa"]},"12101":{"title":"BANKERS TRUST <BT> RAISES PRIME LENDING RATE","body":"Bankers Trust Co said it has raised its\nprime lending rate to 7-3/4 pct from 7-1/2, effective\nimmediately.\n    This move is the latest in a series of similar actions by\nleading U.S. money center banks, including Citibank NA and\nChase Manhattan Bank NA, over the last 24 hours.\n    AmeriTrust Corp of Ohio also raised its prime lending rate\nto 7-3/4 pct from 7-1/2, effective tomorrow.     \n Reuter\n\u0003","date":" 1-APR-1987 12:46:51.68","topics":["interest"],"places":["usa"]},"12102":{"title":"BOATMEN'S NATIONAL BANK <BOAT> RAISES PRIME","body":"Boatmen's Bancshares said its\nBoatmen's National Bank raised the prime rate to 7-3/4 pct from\n7-1/2 pct, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 12:47:18.24","topics":["interest"],"places":["usa"]},"12103":{"title":"HOMESTEAD <HFL> BEGINS PUBLIC SHARE OFFERING","body":"Homestead Financial Corp said\nit began a public offering of 3,500,000 shares of its class A\ncommon at 10.875 dlrs per share, through an underwriting group\nmanaged by Drexel Burnham Lambert Inc and Merrill Lynch Capital\nMarkets.\n Reuter\n\u0003","date":" 1-APR-1987 12:47:44.02","places":["usa"]},"12104":{"title":"S/P UPGRADES TEXAS AIR <TEX> UNIT'S CERTIFICATES","body":"Standard and Poor's Corp said it raised\nto B from CCC 268.9 mln dlrs of equipment trust certificates of\nTexas Air Corp's Eastern Air Lines Inc unit.\n    S and P cited its new policy on rating secured airline debt\nwith special protection under Section 1110 of the Bankruptcy\nCode. But the agency cautioned this did not reflect a change in\nthe unit's underlying credit strength.\n    The certificates and 225.9 mln dlrs of CC subordinated debt\nremain on S/P creditwatch with positive implications. Eastern\nlost 130.8 mln dlrs in 1986 because of competition and customer\nuncertainty over its future, S and P noted.\n Reuter\n\u0003","date":" 1-APR-1987 12:48:35.09","places":["usa"]},"12105":{"title":"FINNAIR TO BUY TWO MCDONNELL DOUGLAS AIRCRAFTS","body":"McDonnell Douglas Corp <MD>\nsaid Finnair, the national airline of Finland, will purchase\ntwo McDonnell Douglas MD-11 advanced long-range tri-jets with\noptions for two more.\n    Terms were not immediately disclosed.\n    The first of the aircraft will be delivered in October 1990\nand the second in May 1991.\n Reuter\n\u0003","date":" 1-APR-1987 12:49:21.94","places":["usa","finland"]},"12106":{"title":"UNICORP VOTING STAKE HIKED IN UNION ENTERPRISES","body":"<Union Enterprises Ltd> said holders of\n7.2 mln or 80 pct of its class A series one preferred shares\nrequested to retract their shares under terms of the issue,\nthus raising <Unicorp Canada Corp>'s voting stake in Union to\n58 pct from 50.\n    Union said it paid about 90 mln dlrs on April 1 for the\nretraction, using existing credit lines.\n Reuter\n\u0003","date":" 1-APR-1987 12:50:44.36","topics":["acq"],"places":["canada"]},"12107":{"title":"U.S., JAPAN CHIP TALKS TO START NEXT WEEK","body":"U.S. and Japanese negotiators will\nhold emergency meetings next week to try to resolve their row\nover semiconductors, but a U.S. official said it was not likely\nthe talks would delay the planned American sanctions.\n    Officials said the talks, which were announced yesterday by\nU.S. Trade Representative Clayton Yeutter, were being held\nunder the emergency provisions of the U.S.-Japanese\nsemiconductor agreement.\n    A spokesman for Yeutter said officials of the Japanese\nMinistry of International Trade and Industry (MITI) would hold\ntechnical talks with U.S. officials next Monday and Tuesday.\n    The spokesman said that on Thursday and Friday Deputy U.S.\nTrade Representative Michael Smith would meet with MITI vice\npresident Makoto Kuroda.\n Reuter\n\u0003","date":" 1-APR-1987 12:51:00.40","places":["usa","japan"]},"12108":{"title":"PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC","body":"The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n    Southeast Banking Corp <STB> - Offering of 50 mln dlrs of\nconvertible subordinated capital notes due 1999 through Lazard\nFreres and Co.\n    Burlington Industries Inc <BUR> - Offering of 100 mln dlrs\nof sinking fund debentures due 2017 through Kidder, Peabody and\nCo Inc and an offering of 75 mln dlrs of convertible\nsubordinated debentures due 2012 through an underwriting group\nled by Kidder, Peabody.\n Reuter\n\u0003","date":" 1-APR-1987 12:51:17.43","places":["usa"]},"12109":{"title":"AMERICAN MOTORS<AMO> EXTENDS INCENTIVE PROGRAM","body":"American Motors Corp said it\nis extending and enhancing its buyer-incentive programs on\nRenault Alliance, Encore and GTA models and Jeep Comanche,\nCherokee and Wagoneer to April 10. The incentives were to have\nexpired March 31.\n    New to the April program is the combination of a\nlow-interest annual percentage financing program and 1986 and\n1987 Renault vehicles and a 500 dlr rebate.\n    It said buyers of 1986 and 1987 Jeep Cherokee, Wagoneer and\nComanche vehicles have a choice of the financing program or a\nrebate.\n\n Reuter\n\u0003","date":" 1-APR-1987 12:51:47.36","places":["usa"]},"12110":{"title":"STARRETT HOUSING CORP <SHO> 4TH QTR NET","body":"Oper shr 20 cts vs eight cts\n    Oper net 1,869,000 vs 957,000\n    Revs 41.0 mln vs 22.9 mln\n    Year\n    Oper shr 52 cts vs 53 cts\n    Oper net 5,386,000 vs 5,147,000\n    Revs 116.8 mln vs 98.3 mln\n    Note: Oper excludes extraordinary reserves related to\narbitration of Iranian claims of 2,062,000 vs 3,200,000 for qtr\nand year.\n Reuter\n\u0003","date":" 1-APR-1987 12:52:01.29","topics":["earn"],"places":["usa"]},"12111":{"title":"DAMSON OIL <DAM> CONVERTS MORTGAGE BONDS","body":"Damson Oil Corp said that beginning\ntoday any holder of its 15 pct dual convertible mortgage bonds\ndue 1997 has the right to convert up to one half of the\nprincipal amount into common stock during a 30-day special\nconversion period.\n    The holder may convert the remaining half of the principal\namount beginning May one at a conversion price calculated\naccording to terms of the indenture, Damson said.\n    The company added that any holder choosing not to convert\nthe bonds during either of the two special conversion periods\nwill receive no interest on bonds still held after May one.\n Reuter\n\u0003","date":" 1-APR-1987 12:53:23.90","places":["usa"]},"12112":{"title":"FIRST WISCONSIN NAT'L BANK<FWB> HIKES PRIME RATE","body":"First Wisconsin National Bank said it\nhas raised its prime rate to 7-3/4 pct from 7-1/2 pct,\neffective today.\n Reuter\n\u0003","date":" 1-APR-1987 12:53:49.81","topics":["interest"],"places":["usa"]},"12113":{"title":"CENTRAL AND SOUTH <CSR> UNIT TO REDEEM STOCK","body":"Central and South West Corp said it\nSouthwestern Electric Power Co subsidiary will redeem all\n300,000 shares outstanding of its 8.16 pct preferred stock, par\nvalue 100 dlrs per share, on May one.\n    It said the redemption price is 103.72 dlrs a share plus\naccrued and unpaid dividends from April one to May one of 68\ncts per share for a total of 194.40 dlrs a share paid to\nshareholders.\n Reuter\n\u0003","date":" 1-APR-1987 12:53:57.90","places":["usa"]},"12114":{"title":"GAC LIQUIDATING TRUST <GACTZ> SETS CASH PAYOUT","body":"Unit distribution one dlr vs 1.75 dlrs prior\n    pay June one\n    Record May one\n    Note: Prior distribution declared in April 1986.\n Reuter\n\u0003","date":" 1-APR-1987 12:54:09.87","topics":["earn"],"places":["usa"]},"12115":{"title":"WRATHER CORP <WCO> 4TH QTR LOSS","body":"Shr loss 53 cts vs loss 55 cts\n    Net loss 3,865,000 vs 3,963,000\n    Revs 24.2 mln vs 26.8 mln\n    Year\n    Shr loss 1.21 dlrs vs profit 56 cts\n    Net loss 8,758,000 vs profit 4,040,000\n    Revs 108.5 mln vs 113.8 mln\n\n    Note: Prior qtr figures include income from discontinued\noperations of 10,000 dlrs, gain on disposal of discontinued\noperations of 269,000 dlrs, or four cts per share, and\noperating loss carryforward gain of 936,000 dlrs, or 13 cts per\nshare.\n    Prior year figures include income from discontinued\noperations of 164,000 dlrs, or two cts per share, gain on\ndisposal of discontinued operation of 3.9 mln dlrs, or 54 cts\nper share, and operating loss carryforward gain of 3.7 mln\ndlrs, or 48 cts per share.\n Reuter\n\u0003","date":" 1-APR-1987 12:54:22.85","topics":["earn"],"places":["usa"]},"12116":{"title":"KRAFT <KRA> SEES HIGHER CAPITAL SPENDING","body":"Kraft Inc said in its annual\nreport it expects 1987 capital expenditures to be between 250\nmln dlrs and 300 mln dlrs.\n    The company said it invested 209 mln dlrs in property,\nplant and equipment in 1986, up from 181 mln dlrs in 1985.\n    Kraft also said its advertising expenditures for 1987 are\nexpected to match the five-year compounded 15 pct rate of\nincrease recorded in 1986, when such expenditures totaled 433\nmln dlrs.\n    Kraft said research and development expenditures rose 12\npct in 1986 to 66.7 mln dlrs, and a greater increase in seen in\n1987.\n    It cited a continued emphasis on new product development,\nadvances in cheese and edible-oil technologies, further\nadaptation of tamper-evident packaging and continued\ndevelopment of consumer battery technologies.\n Reuter\n\u0003","date":" 1-APR-1987 12:54:46.22","places":["usa"]},"12117":{"title":"EC SUGAR IMPORT LEVIES","body":"The following import levies for white\nand raw sugar are effective tomorrow, in European currency\nunits (ecu) per 100 kilos.\n    White sugar, denatured and non-denatured 51.94 versus 51.36\npreviously.\n    Raw sugar, denatured and non-denatured 44.05 versus 43.69\npreviously.\n    The rate for raws is based on 92 pct yield.\n Reuter\n\u0003","date":" 1-APR-1987 12:55:23.81","topics":["sugar"],"organisations":["ec"],"places":["belgium"]},"12118":{"title":"WEATHERFORD INT'L <WII> GETS DEBT AGREEMENT","body":"Weatherford International Inc said it\nreached an agreement to restructure about 41 mln dlrs of debt\nheld by bank and insurance company lenders.\n    Under the agreement, the oil drilling equipment and oil\nservices company will pay reduced quarterly interest payments\non part of its bank revolving credit loans and industrial\nrevenue bonds. Remaining interest will be deferred until Jan 1,\n1991.\n    Principal payments will be deferred, with semi-annual\npayments of 1.75 mln dlrs to start on Dec 31, 1989 and all\nremaining principal due Jan 1, 1991.\n    Additional interest and principal payments may be due on\nthe bank revolving credit lines if the company generates more\ncash than it needs for operations.\n    Term of the debt held by insurance company lenders will be\nextended by one year until December 1990 by reducing the\nprincipal due last year and this year. Otherwise, interest and\nprincipal payments will continue to be made as scheduled in the\nexisting agreements.\n    The proposed restructuring will reduce Weatherford's cash\nrequirements by about three mln dlrs in 1987 and 2.5 mln dlrs\nin 1988, it said.\n    The company, which is still in default, said it expects to\ncompleted amended loan agreements during the next few months.\n    The company also said the recently announced sale of a\nnon-core production equipment unit and a Mexican subsidiary\nwill not have a material impact on future revenues and will\neliminate exposure to future losses.\n    It has consolidated other U.S. and foreign manufacturing\noperations to reduce costs and written down certain inventories\nto better reflect their value, it added.\n Reuter\n\u0003","date":" 1-APR-1987 12:56:00.96","places":["usa"]},"12119":{"title":"MURPHY OIL CORP <MUR> SETS REGULAR DIVIDEND","body":"Qtly div 25 cts vs 25 cts prior\n    Pay June one\n    Record May 15\n Reuter\n\u0003","date":" 1-APR-1987 12:58:05.78","topics":["earn"],"places":["usa"]},"12120":{"title":"TREASURY'S BAKER BACKS HOUSE PANEL'S FSLIC BILL","body":"Treasury Secretary James Baker said\nthe administration backs the Federal Savings and Loan Insurance\nCorp (FSLIC) recapitalization bill approved by the House\nBanking Committee and opposes the Senate-passed version.\n    Baker told a House Appropriations Subcommittee the 15\nbillion dlr recapitalization plan approved by the House panel\nwas sufficient while the 7.5 billion dlr plan in the\nSenate-passed bill was \"inadequate.\"\n    He also urged the House to reject loophole-closing\nprovisions in the Senate bill that would restrict banking\nactivities.\n Reuter\n\u0003","date":" 1-APR-1987 12:59:08.88","places":["usa"]},"12121":{"title":"LAWSON WANTS STERLING AROUND 1.60 DLRS, 2.90 MKS","body":"U.K. Chancellor of the Exchequer Nigel\nLawson said he wanted sterling to stay roughly where it was,\nspecifying a rate of around 2.90 marks and 1.60 dlrs.\n    He told the National Economic Development Council that the\nrecent Paris meeting of major industrialised nations had agreed\non the need for exchange rate stability. There was now a\n\"reasonable alignment of currencies\" and the U.K. Government\nintended to keep sterling at about its present level, he said.\n    That meant around 2.90 marks, which is the single most\nimportant rate to concentrate on, and 1.60 dlrs, Lawson said.\n    His disclosure of two of the key targets for sterling was\nhighly unusual, foreign exchange market analysts said.\n    In the past he has preferred to be less definite about the\nGovernment's exchange rate policy, lest it give foreign\nexchange markets set limits to test.\n    Lawson told the committee, which is a tripartite forum of\ngovernment, unions and industry, that the pound would be kept\nnear its present level by a mixture of interest rates and\nintervention in the foreign exchange markets.\n    The pound finished trading here today at 1.6040/50 dlrs and\n2.9210/45 marks.\n    His disclosure of two of the key targets for sterling was\nhighly unusual, foreign exchange market analysts said.\n    In the past he has preferred to be less definite about the\nGovernment's exchange rate policy, lest it give foreign\nexchange markets set limits to test.\n    Lawson told the committee, which is a tripartite forum of\ngovernment, unions and industry, that the pound would be kept\nnear its present level by a mixture of interest rates and\nintervention in the foreign exchange markets.\n    The pound finished trading here today at 1.6040/50 dlrs and\n2.9210/45 marks.\n Reuter\n\u0003","date":" 1-APR-1987 13:00:29.95","topics":["stg","money-fx"],"places":["uk"]},"12122":{"title":"NEW VENEZUELA DEBT INTEREST RATE GOES INTO EFFECT","body":"The new interest rate of 7/8 pct over\nLibor on Venezuelan public sector debt payments goes into\neffect today, Finance Minister Manuel Azpurua said .\n    Azpurua told reporters yesterday the reduction from the\nprevious margin of 1-1/8 pct above Libor will save the country\nsome 50 mln dollars in debt servicing.\n    The new rate is among changes agreed last month to the 20.3\nbillion dlr public sector debt rescheduling. Under the new\nagreement, Venezula was also able to extend the term from 12 to\n14 years and to lower debt payments in the 1987-89 period by 64\npct.\n    Azpurua said that according to the agreement, the new\ninterest rate will be retroactive to April 1, provided the\naccord is approved before October 1.\n    He told reporters the term sheet detailing the changes in\nthe rescheduling has already been endorsed by the 13-member\ndebt steering committee and is now being sent to the country's\n460 creditor banks for their approval.\n    The new agreement replaces a rescheduling accord signed in\nFebruary 1986, which Venezuela asked to revise to reflect a 45\npct drop in oil revenues.\n REUTER\n\u0003","date":" 1-APR-1987 13:03:21.77","topics":["interest"],"places":["venezuela"]},"12123":{"title":"TEXTRON'S <TXT> 1.4 BILLION DLR CONTRACT FINAL","body":"Textron Inc's Avco Lycoming Textron\nsubsidiary said it finalized a 1.4 billion dlr five-year\ncontract with the U.S. Army for M1 Abrams main battle tank gas\nturbine engines.\n    Under the contract, Avco said the army will procure 3,299\ninstalled engines plus spare engines and a combination of\nmodules and gear boxes.\n    It also said the agreement includes an initial purchase of\n173 engines by the U.S. Marines under a program that will\nresult in a fleet of 560 M1 tanks.\n Reuter\n\u0003","date":" 1-APR-1987 13:03:59.62","places":["usa"]},"12124":{"title":"MOODY'S DOWNGRADES NIAGARA MOHAWK'S 2.2 BILLION DLRS OF\nDEBT\n","date":" 1-APR-1987 13:05:43.21"},"12125":{"title":"SUNTRUST BANKS <STI> RAISES PRIME TO 7-3/4 PCT","body":"SunTrust Banks said that Sun Banks in\nFlorida and Trust Co banks in Georgia have raised their prime\nrate to 7-3/4 pct from 7-1/2 pct.\n    The company said the action is effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 13:07:30.08","topics":["interest"],"places":["usa"]},"12126":{"title":"ATT <T> OFFERS DOCUMENT SOFTWARE PRODUCT","body":"American Telephone and\nTelegraph Co said it has a new version of docuFORUM, a software\nproduct used to review, revise and transfer documents\nelectronically.\n    The software if being offered for a one-time setup charge\nof 1,000 dlrs. ATT also charges 40 dlrs per hour for on-line\nusage fees, with a monthly minimum of 250 dlrs.\n More\n\u0003","date":" 1-APR-1987 13:07:39.98","places":["usa"]},"12127":{"title":"HORN/HARDART <HOR> UNIT DISPOSES 33 RESTAURANTS","body":"Horn and Hardart Co said it\ndisposed of 33 Bojangles' Chicken 'N Biscuits restaurants in\nFlorida as part of its previously announced retrenchment of its\nBojangles' subsidiary.\n    Terms were not disclosed.\n    The company said the restaurants in Orlando, Tampa and\nJacksonville markets have incurred the majority of Bojangles'\noperating losses over the last two years.\n    Due to the transaction, Horn and Hardart is projecting a\npositive cash flow for the unit for the remainder of fiscal\n1987.\n    A spokesman said the disposition consists of a combination\nof sale, lease and re-franchise agreements.\n    The transaction involves one-quarter of the company-owned\nBojangles' restaurants and is in accordance with its\nrestructuring program announced in October 1986.\n    A spokesman said the company is considering the sale or\nspinoff of the 91-company owned additional restaurants, which\nare profitable.\n    The company said the disposition will result in no profit\nor loss for the company because the costs were anticipated in a\n34-mln-dlr reserve taken in the third quarter of 1986.\n    The foodservice division, which includes Burger King,\nArby's and Tony Roma's, had a pre-tax operating loss of 29.6\nmln dlrs in 1986, including the 34.0 mln dlr charge to\nrestructure Bojangles. Excluding Bojangles', the group had\nrevenues of 43.8 mln dlrs.\n    The company said that, pursuant to the restructuring, it\nhas cut general and administrative expenses attributable to\nBojangle' by 35 pct.\n    \n Reuter\n\u0003","date":" 1-APR-1987 13:08:45.46","topics":["acq"],"places":["usa"]},"12128":{"title":"MULTIBANK FINANCIAL CORP <MLTF> IN PAYOUT","body":"Qtly div 13 cts vs 13 cts prior\n    Pay April 20\n    Record April 10\n Reuter\n\u0003","date":" 1-APR-1987 13:09:31.32","topics":["earn"],"places":["usa"]},"12129":{"title":"FRENCH GOVERNMENT NAMES ADVISERS FOR SOC GEN SHARE SALE","body":"Frances  Finance Ministry said it named\nCredit Commercial de France, CCF, and Goldman Sachs as its\nadvisers in the privatisation of Societe Generale <SGEN.PA>.\n    A Ministry statement said accountants Guy Barbier had been\nchosen to audit the Societe Generale accounts ahead of the\nprivatision share offering later this year.\n    State-owned Societe Generale, one of the three leading\nfrench banks, with a share capital of 1.375 billion francs and\nconsolidated assets of 738 billion, was added to the list of\nthis years privatisations in February. CCF, one of the top\nseven banks, is also being sold by the government this year.\n Reuter\n\u0003","date":" 1-APR-1987 13:10:17.77","places":["france"]},"12130":{"title":"EHRLICH BOBER <EB> STARTS TRADING ON AMEX","body":"Ehrlich Bober Financial Corp said its\ncommon stock has started trading on the <American Stock\nExchange>.\n    The stock had been traded on the NASDAQ system.\n Reuter\n\u0003","date":" 1-APR-1987 13:11:09.44","places":["usa"]},"12131":{"title":"FIRST BANK SYSTEMS <FBS> UNITS HIKE RATE","body":"First Bank Minneaplois and First\nBank Saint Paul, both units of First Bank Systems Inc, said\nthey raised their reference rates to 7-3/4 pct from 7-1/2 pct.\n Reuter\n\u0003","date":" 1-APR-1987 13:11:58.10","topics":["interest"],"places":["usa"]},"12132":{"title":"CHEMICAL FABRICS <CMFB> AGREEMENT TERMINATED","body":"Chemical Fabrics Corp said an\nagreement in principle under which OC Birdair Inc would have\npurchased assets related to the architectural structures\nbusiness of Dow Corning corp's ODC Inc division has been\nterminated.\n    Under that agreement, Chemical Fabrics would also have\nbecome distributor of Dow Corning's Vestar silicone-coated\nfiberglass architecural fabrics.\n    OC Birdair is a joint venture of Chemical Fabrics and Owens\nCorning Fiberglas Corp <OCF> and Down Corning a venture of Dow\nChemical Co <DOW> and Corning Glass Works <GLW>.\n    Chemical Fabrics said once the current project backlog of\nDow Corning's ODC division is completed, Dow Corning plans to\ndiscontinue its design-engineering, fabrication and\ninstallation services.\n    Chemical Fabrics said the companies will cooperate on the\ndevelopment of new products for architectural and industrial\napplications and may supply architectural materials to each\nother.\n Reuter\n\u0003","date":" 1-APR-1987 13:13:09.39","topics":["acq"],"places":["usa"]},"12133":{"title":"SIS <SISB> COMPLETES WENDY'S <WEN> UNIT BUY","body":"SIS Corp said it has completed\nthe acquisition of its franchisor Sisters International Inc\nfrom Wendy's International Inc for 14.5 mln dlrs in stock.\n    It said the purchase includes 35 restaurants in Ohio\noperates by Sisters, giving SIS a total of 55 restaurants, and\nfranchise relationships in six Midwestern and Southern states.\n Reuter\n\u0003","date":" 1-APR-1987 13:13:39.99","topics":["acq"],"places":["usa"]},"12134":{"title":"NIAGARA MOHAWK <NMK> DEBT DOWNGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\ndowngraded Niagara Mohawk Power Corp's 2.2 billion dlrs of debt\nsecurities and preferred stock.\n    Moody's cited cost increases at the utility's Nine Mile\nNuclear Unit 2 and an unfavorable rate decision by the New York\nPublic Service Commission.\n    Cut were the company's first mortgage bonds and secured\npollution control issues to Baa-2 from Baa-1, and Eurobonds,\nunsecured pollution control debt, unsecured medium-term notes\nand preferred stock to Baa-3 from Baa-2. Niagara Mohawk's\nPrime-2 commercial paper was left unchanged.\n    Moody's said the rate decision last month by the Public\nService Commission would significantly pressure Niagara\nMohawk's coverage of fixed charges.\n    Moreover, cost increases associated with the in-service\ndelay of the 41 pct owned Nine Mile Unit 2 from September 1987\nto early 1988, along with prospective delays, are unlikely to\nbe recovered under the cost-settlement agreement for the\nnuclear unit, Moody's noted.\n    The potential write-off would sharply reduce Niagara\nMohawk's common equity and may impair financial flexibility,\nthe agency said.\n Reuter\n\u0003","date":" 1-APR-1987 13:16:04.45","places":["usa"]},"12135":{"title":"BRITISH SUGAR SOWINGS OFF TO SLOW START","body":"Drilling of this year's British sugar\nbeet crop got off to a slow start due to poor weather\nconditions with only around one pct sown so far, a spokesman\nfor British Sugar Plc said.\n    This compares with two pct at the same stage last year,\nthree pct in 1985 and 38 to 39 pct in 1984.\n    There is little cause for concern with better weather\nforecast and the capacity available to drill the contracted\narea of around 200,000 hectares in about 10 days. Seed beds\nlook good and farmers are advised to wait for soil temperatures\nto rise, the spokesman said.\n    \"If the crop can be drilled by the third week in April we\nwill be delighted,\" he said. Last year a large proportion of the\ncrop was not drilled until May but it still turned out to be\nthe equal second largest on record.\n Reuter\n\u0003","date":" 1-APR-1987 13:16:42.57","topics":["sugar"],"places":["uk"]},"12136":{"title":"CURRENCY INTERVENTION TIMING CRUCIAL - ANALYSTS","body":"The dollar's recent decline, despite\nmassive central bank purchases, is a forceful reminder that\nofficial intervention in the foreign exchanges can work only if\nit is well-timed to coincide with shifts in market fundamentals\nor sentiment, dealers and analysts said.\n    Central banks may succeed in slowing a trend, but, without\naccompanying policy changes, they stand little chance of\nreversing the direction of an ever-growing global market in\nwhich more than 200 billion dlrs is traded every day, the\nsources said.\n    \"Timing and psychology are the key to successful\nintervention,\" said Jim O'Neill, a financial markets economist\nwith Marine Midland Banks Inc. The importance of complementary\nchanges in economic fundamentals was underlined yesterday when\na change in interest rates boosted the dollar, instantly\nachieving what the central banks had tried in vain to do for a\nweek through open market intervention.\n    After Citibank raised its prime rate by a quarter-point to\n7-3/4 pct, the first change in the rate since last August, the\ndollar started to advance and reached a high in Tokyo of 147.50\nyen, up two yen from Tuesday's New York low.\n    By contrast, monetary authorities spearheaded by the Bank\nof Japan are estimated to have bought as much as 10 billion\ndlrs in the last 10 days of March but could not prevent the\ndollar from skidding through 150 yen and plumbing a 40-year low\nMonday of 144.70 yen. Some experts worry the central banks have\nlost more than just a temporary battle to prop up the dollar.\nThe market is wary of being caught wrong-footed by a central\nbank foray, but is no longer mesmerized.\n    \"They've lost their credibility. The market feels it can\ntake on the central banks and win,\" said Michael Snow, head of\ntreasury operations at Union Bank of Switzerland in New York.\n    The relative failure of recent intervention stands in sharp\ncontrast to the success that central banks scored when they\njoined forces to drive the dollar down following the September\n22, 1985, Plaza accord.\n    Then, however, central banks had an easy time of it,\nbecause the markets and the Treasuries of the major industrial\npowers were agreed that the dollar needed to head lower to\nredress massive worldwide trade imbalances.\n    Now, there is no such consensus. The market is saying that\nthe dollar must fall further because the U.S. trade deficit is\nshowing little sign of improvement, while Japan is resisting in\na bid to protect its export industries.\n    For its part, the United States is apparently content to\nlet the dollar fall gradually further and is paying little more\nthan lip service to the February Paris agreement of the Group\nof Five plus Canada to foster stability, dealers say.\n    Specifically, they said the Fed's dollar-buying\nintervention has been half-hearted, designed more as a\npolitical gesture to Japan than to strike fear into the\nmarkets. \"It's been pro-forma intervention,\" said Francoise\nSoares-Kemp, chief corporate trader at Credit Lyonnais.\n    Because of this discord and the market's momentum for a\nlower dollar, analysts said intervention looks doomed to fail.\n    \"It's going to take a lot more than the central banks to\nhold the dollar (at these levels),\" said Snow, who predicts\nanother 10 to 15 pct depreciation.\n    \"There have to be structural changes that occur to make the\nmarket stop selling dollars,\" added \"Buying six billion dollars\nin three weeks is not going to do it.\"\n    Late last decade during the presidency of Jimmy Carter,\nwhen the dollar was last under heavy speculative attack,\ncentral banks sometimes intervened to the tune of six billion\ndlrs in a single day but still failed to stop the dollar\nfalling to a record low of 1.70 marks, analysts said.\n    Snow said purchases on that scale now are unlikely. \"I\ndon't think anybody has the stomach for it, because they saw\nthe futility of it in the seventies.\"\n    Indeed, because the market has grown in leaps and bound\nsince then, intervention on an even greater scale would\nprobably be needed to impress the market.\n    Trading volume in London, New York and Tokyo alone last\nyear averaged nearly 188 billion dlrs a day, according to a\njoint central bank study, about double the previous estimate\nmade just two years earlier by the Group of Thirty private\nresearch group.\n    There are signs that central banks, too, realize the\nfutility of swimming against the tide.\n    Bank of Japan sources told Reuters in Tokyo earlier this\nweek that they believed the limits of currency market\nintervention are perhaps being reached and that other methods\nfor bolstering the dollar, such as invoking currency swap\nagreements with other central banks, are being considered.\n    \"In this era of financial liberalization, it's almost\nimpossible to control the flow of capital in and out of Japan,\"\none senior official in Tokyo said.\n Reuter\n\u0003","date":" 1-APR-1987 13:20:07.33","topics":["dlr","money-fx"],"places":["usa"]},"12137":{"title":"MICHAELS STORES <MKE> MARCH SALES RISE","body":"Michaels Stores Inc said March\nsales were up 19.2 pct to 7,823,000 dlrs from 6,564,000 dlrs a\nyear earlier, with same-store sales up 2.7 pct.\n    The company noted that Easter sales fell in March last year\nand are falling in April this year.\n Reuter\n\u0003","date":" 1-APR-1987 13:21:32.53","places":["usa"]},"12138":{"title":"CANADIAN TIRE MAJOR HOLDERS NOT EXTENDING PACT","body":"CTC Dealer Holdings Ltd said <Canadian\nTire Corp Ltd> controlling shareholders Alfred, David and\nMartha Billes did not extend an agreement expiring yesterday to\ntender their shares only to CTC's previously reported offer for\n49 pct of Canadian Tire common shares.\n    CTC, which already holds 17.4 pct of Canadian Tire common,\nsaid it would therefore not take up any shares tendered under\nits offer unless they totaled at least 1.1 mln or another 32.7\npct of Canadian Tire common. The Billes control 60 pct of\nCanadian Tire common. It added that it extended its offer to\nMay 11 at a fixed price of 165.36 dlrs a share.\n    CTC, a group of Canadian Tire dealers, said it expected to\nknow by May 11 if it would obtain approval to appeal a\npreviously reported Ontario court ruling upholding a regulatory\ndecision to block CTC's offer.\n    The dealers' bid was previously blocked by the Ontario\nSecurities Commission because the offer excluded holders of\nCanadian Tire class A non-voting shares, which make up about 96\npct of company equity.\n Reuter\n\u0003","date":" 1-APR-1987 13:22:33.74","topics":["acq"],"places":["canada"]},"12139":{"title":"HUTTON LBO EXTENDS EXPIRATION FOR 35 DLR/SHR OFFER FOR\nPUROLATOR TO APRIL 6 FROM TODAY\n","date":" 1-APR-1987 13:25:21.69","topics":["acq"]},"12140":{"title":"CONRAC SAYS IT IS MULLING RESTRUCTURING OR BUYOUT AS\nALTERNATIVES\n","date":" 1-APR-1987 13:26:46.11","topics":["acq"],"places":["usa"]},"12141":{"title":"GENERAL HYDROCARBONS DISTRIBUTION DELAYED","body":"General Hydrocarbons Inc said\nclaims aggregating over one mln dlrs related to liens and\nalleging title deficiencies have been made against the escrow\nfund holding its assets for distribution.\n    It said the record date for the distribution will be\ndelayed until the claims are resolved.\n    The company said it believes many of the claims are\noverstated or without merit. It said the resolution may not\noccur before April 30.\n    General Hydrocarbons' assets now consist of cash and\nMontana Power Co <MTP> shares.\n Reuter\n\u0003","date":" 1-APR-1987 13:29:33.84","places":["usa"]},"12142":{"title":"MORRISON-KNUDSEN <MRN> GETS ARMY CONTRACT","body":"Morrison-Knudsen Corp said Black\nRiver Constructors, a joint venture with Martin Eby and a\nsubsidiary of Hunt Corp, has received a 517-mln-dlr\nconstruction contract from the U.S. Army Corp of Engineers.\n    The work includes the construction of more than 70\nbuildings and associated infrastructure to accommodate the\nArmy's new 10th Mountain Division.\n    In a press release, Rep. David O'B. Martin, N.Y., said the\nawarding of the contract is subject to Congressional review.\nMorrison-Knudsen said the contract represents the largest Army\nconstruction in this country since World War II.\n    Congress has authorized and appropriated 610 mln dlrs for\nthe project, the company said.\n    If everything continues on schedule, work on the Ft. Drum,\nN.Y. site is expected to begin later this month and is\nscheduled for completion by early 1991, the company said.\n    Martin said that an additional 50 mln dlrs in contracts to\nsmall and disadvantaged businesses will be announced later.\n\n Reuter\n\u0003","date":" 1-APR-1987 13:30:35.15","places":["usa"]},"12143":{"title":"TALKS WILL NOT DELAY TRADE CURBS AGAINST JAPAN","body":"President Reagan's move to impose\nstiff tariffs on Japanese goods stems from deep U.S.\nfrustration over Japan's trade policy, and he has no intention\nof calling off the sanctions, trade analysts said.\n    U.S. officials put down any idea of delaying imposing the\n300 mln dlrs in tariffs, despite seemingly contradictory\ncomments by some Administration aides.\n    And, they add, a visit here next week by Japanese trade\nofficials and a visit to Tokyo by a senior State Department\nofficial will likely do nothing to change U.S. minds.\n    \"Do not expect the problem to be resolved or the sanctions\nnot to go into effect,\" said a senior U.S. trade official.\n    Reagan last Friday announced that on April 17 he would\nraise tariffs on certain Japanese exports to penalize Japan for\nbreaking a 1986 pact governing trade in semiconductors.\n    The United States says the Japanese have not lived up to\ntheir pledge to stop dumping semiconductors in third country\nmarkets at less than production costs or to open their home\nmarket to U.S. semiconductors. Semiconductors - tiny silicon\nmemory chips - are integral components of modern electronic\ngoods ranging from television sets and personal computers to\nguidance systems on aircraft.\n    Some U.S. officials had hinted that the United States and\nJapan might come to terms on their semiconductor dispute in\ntime to cancel the planned tariffs, but this has now been\ndismissed by other senior officials.\n    They noted that negotiations over compliance with the pact\nhad been going on for several months, with little success.\n    Japanese firms this week announced plans to cut chip output\nand increase U.S. chip imports, but U.S. officials said Japan's\nmove was too late to stave off the American tariffs.\n    The tariffs are to be imposed after a period of public\ncomment, but Commerce Secretary Malcolm Baldrige and other\nofficials have said neither the comment period or the U.S. and\nJapanese trade talks will serve to delay the tariffs.\n    Baldrige predicted the dispute would be resolved, but said\n\"I'm sure the sanctions will go in before we work it out.\"\n    White House spokesman Marlin Fitzwater said that while he\nhoped something could be done to hold off the sanctions, \"it\nprobably is not likely.\"\n    And U.S. Trade Represenative Clayton Yeutter predicted that\nJapan would not be able to comply with the pact in time to hold\noff the new tariffs on goods including personal computers,\ntelevision sets, power tools and electric motors.\n    Trade analysts said that in any case, the U.S.-Japanese\nsemiconductor dispute was only one of many and trade frictions\nthat will continue until Japan ended a policy of predatory\npricing and opened its home market to foreign goods.\n    Other disputes include Japanese prevention of U.S. firms\nfrom taking part in building a new eight billion dlr airport\nnear Osaka and selling a wide variety of goods in Japan,\nincluding many agriculture products.\n    A new trade row has now arisen over a Japanese decision to\nlimit foreign participation in its telecommunication market.\n    U.S. officials have said the American telecommunications\nmarket is open to foreign firms and it was only fair trade to\nopen the Japanese market to 33 per cent foreign participation,\nas Japan had previously agreed.\n    Britain has also protested the Japanese limitations.\n    American and Japanese negotiators are meeting to try to\nresolve the issue, officials said, but there was no sign of any\nearly settlement.\n Reuter\n\u0003","date":" 1-APR-1987 13:30:47.42","places":["usa","japan"]},"12144":{"title":"A AND W BRANDS FILES INITIAL PUBLIC OFFERING","body":"A and W Brands Inc said it\nfiled a registration statement with the Securities and Exchange\nCommission for a proposed public offering of 3,400,000 shares\nof common.\n    The company anticipates that the price of the offering will\nrange between 13 dlrs and 15 dlrs a share.\n    It said the offering is expected in mid May through a group\nof underwriters managed by First Boston Corp and Montgomery\nSecurities.\n    It said it will use the proceeds to repay its debt.\n Reuter\n\u0003","date":" 1-APR-1987 13:33:32.43","places":["usa"]},"12145":{"title":"CHIRAC SAYS FRANCE RESOLVED TO SUPPORT CURRENCY PACT","body":"French Prime Minister Jacques Chirac\nsaid that on financial issues, the United States and France had\n\"very close\" views, and he said Treasury Secretary James Baker\nwas determined to support the February 22 Paris agreement on\nstabilizing foreign exchange parities.\n    \"I was very reassured by the determination of Mr. Baker to\nsupport this agreement,\" he said.\n    He described the dollar's sharp fall against the yen at the\nstart of the week as a \"passing incident\" and added, \"Everyone is\nresolved to support the Paris accord.\"\n    Questioned about his plan to help the world's poorest\ncountries, Chirac said he did not envisage any large-scale debt\nwrite-offs.\n    \"I don't think we can talk of write-offs - even the poorest\ncountries have not asked for that,\" he said.\n    Chirac said he wanted commercial banks to give third world\ncountries better terms in rescheduling their debts, and for the\nInternational Monetary Fund to soften its conditions.\n    \"One cannot pity the banks - they bear a lot of\nresponsibility due to the encouragement they gave to these\ncountries to take on debts. Now the banks are complaining but I\ndo not weep for them.\"\n Reuter\n\u0003","date":" 1-APR-1987 13:34:43.83","topics":["money-fx","dlr","yen"],"organisations":["imf"],"places":["usa","france"]},"12146":{"title":"CONRAC <CAX> EXPLORING RESTRUCTURING, BUYOUT","body":"Conrac Corp, whose board has\nrejected a 25 dlr a share tender offer from Mark IV Industries\nInc <IV>, said it is exploring alternatives such as a\nrestructuring, leveraged buyout or takeover of the company.\n     In a filing with the Securities and Exchange Commission,\nConrac said its board of directors authorized its financial and\nlegal advisors to explore a several alternatives to the Mark IV\noffer, which it said it considers inadequate.\n    The alternatives being explored include a restructuring,\nleveraged buyout or a takeover of the company by another\ncompany, Conrac said.\n    Conrac, which said its board discussed the alternatives at\nspecial meetings on March 26 and 30, said that its decision on\nwhether to adopt any of the alternatives would hinge on \"the\nfuture actions of Mark IV\" and its unsolicitied tender offer.\n    Putting into effect any of the alternatives being explored\ncould hurt or defeat the Mark IV offer, it said.\n    Board members were also instructed to keep confidential the\nterms of any transaction that might be entered into until it\nbecomes final, the company said.\n    The board also took other defensive steps, including\ngranting severance agreements to some officers, it said.\n    At a board meeting yesterday, Concac's directors deleted a\nprovision allowing the holder of at least one-third of of all\nclasses of its voting stock to call a special shareholders\nmeeting and deleted another provision allowing shareholders to\nremove directors without cause, the company said.\n    The defensive moves were taken because Mark IV had said it\nplanned to elect a majority of its designees as directors at a\nspecial holders meeting if it succeeded in acquring a majority\nof the company's common stock in the offer, Conrac said.\n    Conrac's president, vice president and treasurer were given\nseverance agreements, or \"golden parachutes,\" it said.\n    Under the agreements, Conrac President Paul Graf would get\na cash payment of twice his annual salary, which was 209,906\ndlrs last year, if there were a change of control in the\ncompany, including acquisition of 30 pct or more of the\ncompany's voting stock, Conrac said.\n    Treasurer Joseph Smorada and Vice President Joseph\nO'Donnell, who made 143,325 dlrs last year, would get\none-and-a-half times his salary if there were a change in\ncontrol. Smorada's salary was not listed in the SEC filing.\n    The executives would also get cash settlements of options\nplans and continuation of insurance and other benefits.\n Reuter\n\u0003","date":" 1-APR-1987 13:36:38.72","topics":["acq"],"places":["usa"]},"12147":{"title":"MORE U.S. BANKS JOIN IN PRIME RATE CUT","body":"Chemical Bank, the main bank subsidiary\nof Chemical New York Corp, and Marine Midland Banks Inc said\nthey were raising the prime lending rate to 7-3/4 pct from\n7-1/2 pct, effective immediately.\n    In St Louis, Mercantile Bancorp said its Mercantile Bank\nN.A. was also raising its prime rate to 7-3/4 pct from 7-1/2\npct, effective immediately.\n    The changes follow similar cuts yesterday by Citicorp and\nChase Manhattan.\n Reuter\n\u0003","date":" 1-APR-1987 13:36:59.86","topics":["interest"],"places":["usa"]},"12148":{"title":"WEBCOR <WER> SAYS BANK DEMANDS PAYMENT","body":"Webcor Electronics Inc said\nits principal creditor, its bank, has demanded payment of all\nWebcor obligations to it.\n    Webcor said as previously announced it has failed to make\npayments to the bank and is also in technical default of loan\nagreement covenants.\n    It said to date it has been unable to restructure its\nobligations to the bank and is now evaluating its options.\n    Webcor said the <American Stock Exchange> is evaluating\nWebcor's continued listing eligibility.\n Reuter\n\u0003","date":" 1-APR-1987 13:37:05.15","places":["usa"]},"12149":{"title":"CONVEST ENERGY PARTNERS LTD <CEP> 4TH QTR LOSS","body":"Shr loss 2.65 dlrs vs loss 2.31 dlrs\n    Net loss 14.3 mln vs loss 12.5 mln\n    Revs 2,887,000 vs 5,321,000\n    Year\n    Shr loss 4.38 dlrs vs loss 2.50 dlrs\n    Net loss 23.7 mln vs loss 13.5 mln\n    Revs 13.2 mln vs 22.4 mln\n    NOTE: 1986 net includes oil and natural gas writedowns of\n12.1 mln dlrs in quarter and 19.0 mln dlrs in year.\n Reuter\n\u0003","date":" 1-APR-1987 13:37:50.80","topics":["earn"],"places":["usa"]},"12150":{"title":"<DYLEX LTD> YEAR JAN 31 NET","body":"Shr 51 cts vs one dlr\n    Net 25.1 mln vs 46.8 mln\n    Sales 1.21 billion vs 1.08 billion\n    Note: 1986 excludes extraordinary gain of 1.1 mln dlrs, or\ntwo cts per share, from public issue of affiliate's shares.\n Reuter\n\u0003","date":" 1-APR-1987 13:39:51.84","topics":["earn"],"places":["canada"]},"12151":{"title":"CALLON PETROLEUM <CLNP> GETS QUALIFIED AUDIT","body":"Callon Petroleum Co said its\nauditors will qualify their opinion on 1986 financial\nstatements due to questions about Callon's ability to continue\nas a going concern.\n    The company said negotiations to restructure its debt and\nallow for continued operations are proceeding.\n    Today it reported a loss for 1986 of 4.20 dlrs per share,\ncompared with a year earlier loss of 4.71 dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 13:40:00.16","places":["usa"]},"12152":{"title":"ICO TALKS SET TO END WITH NO QUOTA DEBATE","body":"The International Coffee Organization\nexecutive board meeting will end tomorrow without any move to\nreopen the debate on restoring coffee export quotas, delegates\nsaid.\n    Talks have focused on administrative matters and\nverification of stocks in producer countries, they said.\n    Producers met briefly today to exchange views on the market\nsituation but there seems little chance discussion on quotas\nwill begin much before the ICO's annual council session in\nSeptember, they said.\n    Delegates earlier thought the meeting would end tonight,\nbut a further session is scheduled tomorrow at 1030 GMT to\ncomplete reports on stock verification.\n    Meantime, the executive board will meet May 12 to discuss\npossible action on the consultancy report on the ICO presented\ntoday to the board, consumer delegates said.\n Reuter\n\u0003","date":" 1-APR-1987 13:41:13.96","topics":["coffee"],"organisations":["ico-coffee"],"places":["uk"]},"12153":{"title":"INTERNATIONAL SEAWAY TRADING CORP <INS> YEAR","body":"Oper shr 64 cts vs 97 cts\n    Oper net 845,000 vs 1,285,000\n    Revs 20.0 mln vs 23 mln\n    NOTE: 1986 and 1985 oper net excludes gain of 315,000 dlrs\nand 585,000 dlrs, respectively, for extraordinary item.\n Reuter\n\u0003","date":" 1-APR-1987 13:41:20.88","topics":["earn"],"places":["usa"]},"12154":{"title":"CALLON PETROLEUM CO <CLNP> 4TH QTR LOSS","body":"Shr loss 40 cts vs loss 4.72 dlrs\n    Net loss 3,321,000 vs loss 42.0 mln\n    Revs 4,002,000 vs 7,788,000\n    Avg shrs 9,168,522 vs 8,974,355\n    Year\n    Shr loss 4.20 dlrs vs loss 4.71 dlrs\n    Net loss 37.2 mln vs loss 41.1 mln\n    Revs 18.4 mln vs 34.1 mln\n    Avg shrs 9,168,522 vs 8,991,184\n Reuter\n\u0003","date":" 1-APR-1987 13:41:41.61","topics":["earn"],"places":["usa"]},"12155":{"title":"COUNTY SAVINGS BANK <CSBA> SETS STOCK DIVIDEND","body":"County Savings Bank said\nits board declared a five pct stock dividend, payable April 10\nto shareholders of record today.\n Reuter\n\u0003","date":" 1-APR-1987 13:43:04.38","topics":["earn"],"places":["usa"]},"12156":{"title":"E.F.HUTTON <EFH> EXTENDS PUROLATOR <PCC> OFFER","body":"E.F. Hutton Group's E.F. Hutton LBO Inc\nunit said it extended the expiration date for its 35 dlr per\nshare tender offer for Purolator Courier corp to midnight EST\nApril six from midnight April one.\n    E.F. Hutton lbo inc said its wholly owned PC Acquisition\nInc subsidiary, which is the entity making the offer, extended\nboth expiration date and the withdrawal rights period for its\npending tender for 6.3 mln shares or 83 pct of Purolator\ncommon.\n    Hutton's offer was topped today by a 40 dlr per share bid\nfor 83 pct of the stock from Emery Air Frieght Corp <EAF.>\n    Both offers would pay shareholders a package of securities\nfor the balance of their shares, valued at the respective\ntender offer prices.\n    Hutton said as of the end of the day yesterday, about\n880,000 shares of Purolator common stock repesenting 11.5 pct\nof outstanding shares had been validly tendered and not\nwithdrawn.\n    Manhattan supreme court justice Lewis Grossman today\nadjourned until Monday a hearing on a stockholder suit seeking\nto block the Hutton LBO transaction. The judge told attorneys\nhe needed time to hear other cases.\n    Plaintiffs cited their belief that a superior offer would\nbe forthcoming, however one company mentioned in an affadavit,\nInterlink Express plc, denied that it was interested.\n    Yesterday, Frank Hoenemeyer, a retired vice chairman of\nPrudential Insurance Co and currently a Purolator board member,\nsaid an initial offer from Hutton was rejected by the board of\ndirectors February third.\n    Hoenemeyer testified that by the next meeting of the board,\nFebruary 17, Hutton submitted a revised proposal which was\naccepted.\n    He also testified a committee of directors had hired\nGoldman Sachs and Co to consider alternatives to the Hutton\noffer and also to consider a discussion of possible mergers\nwith other companies including Emery and Federal Express Corp\n<FDX>.\n Reuter\n\u0003","date":" 1-APR-1987 13:44:39.75","topics":["acq"],"places":["usa"]},"12157":{"title":"BANK OF NOVA SCOTIA TO APPLY FOR TOKYO LISTING","body":"<Bank of Nova Scotia> said it would\napply for a common share listing on the Tokyo Stock Exchange.\n    The bank, Canada's fourth largest, said it expected its\nlisting to occur later this year. It said Nomura Securities Co\nLtd, of Tokyo, would sponsor its application.\n\n Reuter\n\u0003","date":" 1-APR-1987 13:46:12.78","places":["canada","japan"]},"12158":{"title":"U.S. FARM REORGANIZATIONS PROVING COSTLY - GAO","body":"U.S. farmers who reorganize their\noperations to circumvent a cap on federal payments could add\n2.3 billion dlrs to the cost of the government's agricultural\nprograms by 1989, the General Accounting Office, GAO, said.\n    \"We estimate that should the trend in farm reorganizations\ncontinue, reorganizations since 1984 could be adding almost 900\nmln dlrs annually to program costs by 1989,\" GAO Senior\nAssociate Director Brian Crowley said.\n    \"Cumulative costs for the six-year period, 1984 to 1989,\ncould approach 2.3 billion dlrs,\" he said.\n    Between 1984 and 1986, reorganizations added almost 9,000\nnew persons to U.S. Agriculture Department payment rolls,\nCrowley told the House Agriculture Subcommittee on Wheat,\nSoybeans and Feedgrains.\n    The GAO said at least part of the recent proliferation of\nreorganizations was attributable to farmers' efforts to avoid\npayment limits, although exactly how many subdivisions were\nprompted by that concern were impossible to determine.\n    Crowley said the two areas of primary concern were the\nformation of corporations and the renting of farmland for cash\nby individuals, partnerships or joint ventures with a large\nnumber of participants.\n    Subcommittee Chairman Dan Glickman, D-Kan., said evidence\nthat a \"few bad apples\" were using imaginative techniques to\nskirt the payment limit jeopardized the \"political credibility\"\nof U.S. farm programs.\n    Without elaborating, Glickman said the committee would\nconsider legislation to \"ensure than no one is tarnishing the\ngood name and the political support and popular support which\nAmerican agriculture so richly deserves.\"\n    To improve the effectiveness of payment caps, Congress\ncould require that payments made to corporations, limited\npartnerships or trusts be attributed to the individual payment\nlimitation of persons who are shareholders, members or\nbeneficiaries of those entities, Crowley said.\n    \"Attribution could be made at some specified level of\nownership interest such as five or ten pct,\" Crowley said.\n    Currently, such entities qualify for an individual 50,000\ndlr payment as long as no stockholder owns or controls more\nthan 50 pct of the stock.\n    Crowley also suggested that payments could be restricted to\npersons actively engaged in farming in some manner other than\njust supplying financing.\n    The Reagan administration proposed similar changes in\nlegislation it sent to Congress last month.\n    Crowley said the GAO investigation uncovered problems with\nUSDA's administration of the payment limitation that\ncontributed to \"the creation of new persons through\nreorganization that are of questionable validity.\"\n    Specifically, USDA county offices have inconsistently\napplied a regulation requiring a reorganization to involve a\n\"substantive\" change in the farming operation in order for any\nnew persons to qualify for payments.\n    In addition, GAO found USDA officials in California were\nincorrectly interpreting regulations relating to financing of\ngeneral partnership operations.\n    Crowley also reported that in 401 U.S. counties having\nabout 90 pct of all foreign-owned cropland for all major crops,\ntotal farm payments to foreign owners were 6.2 mln dlrs in 1984\nand 7.7 mln in 1985.\n    However, payments in 1985 represented only about 0.4 pct of\nall payments made in the 401 counties, he said.\n Reuter\n\u0003","date":" 1-APR-1987 13:48:23.15","places":["usa"]},"12159":{"title":"BANKAMERICA <BAC> TO POST GAIN ON UNIT SALE","body":"BankAmerica Corp said it completed\nthe sale of its Consumer Trust Services division to Well Fargo\nand Co <WFC>, a transaction that will result in a second\nquarter pre-tax gain of more than 75 mln dlrs.\n    The sale will not affect the services the bank will\ncontinue providing to institutional customers through its\nEmployee Benefit Trust Services Division, BankAmerica also\nsaid.\n    In a separate announcement, Wells Fargo said the\nacquisition will increase the amount of personal trust assets\nit administers to 25 billion dlrs.\n    Last December BankAmerica and Wells Fargo announced a\ndefinitive agreement on the sale at a price of about 100 mln\ndlrs, subject to adjustment.\n Reuter\n\u0003","date":" 1-APR-1987 13:49:45.79","topics":["earn"],"places":["usa"]},"12160":{"title":"HEAVY RAINS DAMAGE ARGENTINE COARSE GRAINS CROP","body":"Fresh, heavy rains caused further\ndamage to the Argentine 1986/87 coarse grains crop in the week\nto yesterday, particularly in Buenos Aires province, trade\nsources said.\n    They said the sunflower, maize, soybean and sorghum crops\nwere damaged and yield estimates affected. New production\nforecasts were made for all these crops.\n    The rains over the weekend and up to yesterday registered\nmore than 200 mm on average in western Buenos Aires and\nworsened the flooding in various parts of the province.\n    The weather bureau said the rains, which in Buenos Aires\nhave surpassed 750 mm in the last 30 days, could continue.\n    The northeast of the country was also hit by heavy rains.\n    In Corrientes province the rains also passed an average of\n200 mm in some parts, notably the Paso de los Libres area\nbordering on Uruguay.\n    In Santa Fe and Entre Rios provinces they were over 100 mm\nin places, in Misiones and San Luis 90 mm and in Cordoba 80 mm.\n    The rains were less intense in Chaco and Formosa.\n    Harvesting in areas not actually under water could also be\nfurther delayed due to dampness in the earth, the sources said.\n    The excessive humidity might also produce rotting of the\ncrops, further dimishing the yield, the sources added.\n    Sunflower harvesting before the weekend rains reached 26 to\n30 pct of the area sown in Santa Fe, Cordoba, La Pampa and\nBuenos Aires provinces.\n    The production forecast for 1986/87 sunflowerseed has been\nlowered to between 2.2 and 2.4 mln tonnes, against 2.3 to 2.6\nmln tonnes the previous week, making it 41.5 to 46.3 pct lower\nthan the record 4.1 mln tonnes produced last season.\n    The area sown was two to 2.2 mln hectares, down 29.9 to\n36.3 pct on the record 3.14 mln hectares in 1985/86.\n    The maize harvest advanced to within 26 to 28 pct of the\narea sown in Cordoba, Santa Fe and northern Buenos Aires. It\nwill begin in La Pampa within about 10 days, weather\npermitting.\n    Maize yield this season is now estimated at 9.6 to 9.9 mln\ntonnes, against last week's 9.9 to 10.1 mln tonnes, down 21.4\nto 22.6 pct on the 12.4 to 12.6 mln tonnes at which private\nproducers put 1985/86 production.\n    The new forecast is 22.7 to 25 pct down on the official\nfigure of 12.8 mln tonnes for last season's production.\n    The grain sorghum harvest reached 17 to 19 pct of growers'\ntargets, against 14 to 16 pct the previous week.\n    The production forecast was reduced to between three and\n3.3 mln tonnes, against 3.2 to 3.5 mln tonnes last week, 21.4\nto 26.8 pct down on last season's 4.1 to 4.2 mln tonnes.\n    The area sown with sorghum in 1986/87 was 1.23 to 1.30 mln\nhectares, down 10.3 to 15.2 pct on the 1.45 mln in 1985/86.\n    The forecast for soybean yield this season was the least\nchanged in relation to last week. It was put at a record 7.5 to\n7.7 mln tonnes, against the previous 7.5 to 7.8 mln tonnes.\n    These figures are 4.2 to 5.5 pct higher than last season's\nrecord of 7.2 to 7.3 mln tonnes, according to private sources,\nand 5.6 to 8.5 pct up on the official 7.1 mln tonnes.\n    The adjustment to the production forecast is due to the\nrains and overcast conditions which have greatly reduced the\nsunlight needed for this crop, sources said.\n    Producers fear estimates may yet have to be adjusted down\nfurther.\n    The humidity could induce rotting and growers are still\nfinding more empty pods due to excessively dry weather earlier\nin the season.\n    Soybean harvesting is due to start in mid-April in southern\nCordoba and Santa Fe and northern Buenos Aires.\n Reuter\n\u0003","date":" 1-APR-1987 13:51:17.24","topics":["grain","oilseed","sunseed","corn","soybean","sorghum"],"places":["argentina"]},"12161":{"title":"LONDON GRAIN FREIGHT ENQUIRIES","body":"Rio Grande/Azores and Leixoes 26,000 mt\nhss 14 dlrs basis one to two 4,000/1,500 Azores and 3,500\nLeixoes 25/4-5/5.\n    Paranagua/one-two ports Spanish Med 35,000 mt hss 11.50\ndlrs basis one to one 10 days all purposes 20-30/4.\n    USG/Taiwan 54,000 mt hss 10,000 shex/4,000 shex 20/4-5/5.\n    USG/ARA-Ghent option Seaforth 40,000/45,000 long tons hss\n10 days all purposes 9-15/4 try later.\n    Dieppe/one-two ports Italian Adriatic 9,500/11,000 mt bulk\nwheat 3,000/2,000 6-12/4.\n    St Lawrence/one-three ports Marseilles-Manfredonia range\n20,000/35,000 mt bulk wheat 5,000/222,500 10-15/4.\n    Chimbote/Kaohsiung 9,500 mt bulk/bagged fishmeal 250 ph/200\nph 20/4-5/5.\n    Immingham or Foynes/Red Sea 25,000 mt bulk barley\n4,000/3,000 10-15/4 alternatively try t/c.\n    USG/Maracaibo 10,000 mt wheat (three grades) three\ndays/1,000 1-15/4.\n Reuter\n\u0003","date":" 1-APR-1987 13:51:51.15","topics":["grain","ship"],"places":["uk"]},"12162":{"title":"LONDON METAL FREIGHTS","body":"Rotterdam/Karachi\n20,000/21,000 mt shredded scrap 7,000/1,100 15-30/4.\n    Bin Qasim/Shanghai 25,000 mt pig iron 1,500 fhex/1,200 shex\n1-10/4.\n    Chungjin/Manila 4,200 mt steel coils 800/liner discharge\n23-30/4.\n    Bilbao/one port Vietnam 5,000 mt steels fio 1,000/500 end\nApril\n    Singapore/Mizushima 6,000/10,000 mt steel scrap fiot\n1,200/3,00 2-12/4.\n Reuter\n\u0003","date":" 1-APR-1987 13:52:51.77","topics":["ship"],"places":["uk"]},"12163":{"title":"CIRO INC <CIRI> YEAR","body":"Shr loss three cts vs profit 16 cts\n    Net loss 119,000 vs profit 637,000\n    Revs 17.5 mln vs 15.8 mln\n Reuter\n\u0003","date":" 1-APR-1987 13:53:02.25","topics":["earn"],"places":["usa"]},"12164":{"title":"LONDON ORE ENQUIRIES/FIXTURES","body":"South Africa/Salvador, Brazil\n15,000 long tons manganese ore 2,500/1,500 end April.\n    Callao/Crotone 5,000 mt minerals 4,000/2,000 spot.\n    Geraldton/Tampico 13,500 mt bulk mineral sands fio\n10,000/2,000 1-10/5.\n    Itea/Dunkirk 20,000 mt bauxite seven days all purposes\n10-13/4.\n    Tampico/North Spain 15,000 mt ore two days shinc/3,000 shex\n5-25/4.\n    One port German North Sea/USG 10,500 mt bulk ore\n2,500/4,000 7-13/4.\n Reuter\n\u0003","date":" 1-APR-1987 13:53:15.61","topics":["ship"],"places":["uk"]},"12165":{"title":"COURT TO APPOINT TRUSTEE FOR NP ENERGY <NPEEQ>","body":"NP Energy Corp said its bankruptcy\ncourt will appoint a trustee to oversee the company's\ntwo-year-old bankruptcy proceedings.\n    A spokesman for the company said the trustee, who has yet\nto be named, will also look into the conflict of interest\nproblems that have arisen during the proceedings.\n    He said both NP Energy and its unsecured creditors had\nrequest that a trustee be appointed.\n    In addition, the spokesman said the company had put into\nproduction an oil well in the Altamont Bluebell Field, Utah.\nThe well is producing 300 barrels a day, he said.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:10.80","places":["usa"]},"12166":{"title":"HELM RESOURCES INC <H> 4TH QTR LOSS","body":"Oper shr loss two cts vs loss 13 cts\n    Oper net loss 236,000 vs loss 1,131,000\n    Revs 26.6 mln vs 26.3 mln\n    Year\n    Oper shr profit two cts vs loss 15 cts\n    Oper net profit 286,000 vs loss 1,292,000\n    Revs 105.3 mln vs 95.3 mln\n    NOTE: Net excludes discontinued operations gain 20,000 dlrs\nvs loss 1,291,000 dlrs in quarter and gain 60,000 dlrs vs loss\n1,590,000 dlrs in year.\n    Net excludes extraordinary loss 38,000 dlrs vs gain\n1,941,000 dlrs in quarter and gains 162,000 dlrs vs 1,941,000\ndlrs in year.\n    1986 net both periods includes writedowns of 290,000 dlrs\nof oil-related seismic data.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:29.71","topics":["earn"],"places":["usa"]},"12167":{"title":"AYDIN <AYD> GETS AIR FORCE CONTRACT","body":"Aydin Corp said it has received a\nfive-year 54 mln dlr contract from the U.S. Air Force for\nproduction of nine An/MST-T1A Multiple Threat Emitter System\nground-based emitter simulators.\n    It said if all options are exercised, the contract will be\nworth a total of 78 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:38.00","places":["usa"]},"12168":{"title":"SARLEN <SALNU> COMPLETES PRIVATE PLACEMENT","body":"Sarlen and Associates Inc\nsaid it completed its private placement of 12.5 mln dlrs of\nfive-year eight pct senior subordinated notes with warrants to\npurchase common and 2.5 mln dlrs of 12 pct series A preferred\nwith warrants to purchase common.\n    It said a portion of the proceeds was used to finance its\nacquisition of Gleason Security Services Inc and Gleason Plant\nSecurity Inc.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:46.70","places":["usa"]},"12169":{"title":"<SASCO PRODUCTS INC> YEAR LOSS","body":"Shr loss eight cts vs profit four cts\n    Net loss 365,430 vs profit 165,508\n    Revs 5,577,244 vs 4,643,803\n    NOTE: 1986 net includes nonrecurring expenses of 408,518\ndlrs.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:51.35","topics":["earn"],"places":["usa"]},"12170":{"title":"NUCLEAR METALS <NUCM> GETS ARMY CONTRACT","body":"Nuclear Metals Inc said it has\nreceived a 6,300,000 dlr U.S. Army contract for 105 millimeter\ndepleted uranium penetrators used as ammunition for the M-1\ntank.\n Reuter\n\u0003","date":" 1-APR-1987 13:54:57.73","places":["usa"]},"12171":{"title":"AUSIMONT COMPO <AUS> SELLS UNIT","body":"Ausimont Compo NV said it has\nsold the assets of its Equipment and Machinery Division for\nabout six mln dlrs to an investment group including the unit's\nmanagement, resulting in a modest pretax gain that will be\nincluded in first quarter results.\n    The unit had sales of five mln dlrs in 1986.\n Reuter\n\u0003","date":" 1-APR-1987 13:55:27.20","topics":["acq"],"places":["usa"]},"12172":{"title":"ATLANTIC RESEARCH <ATRC> COMPLETES ACQUISITION","body":"Atlantic Research corp said it\nhas completed the acquisition of professional services firm ORI\nGroup for 1,414,313 common shares on a pooling of interests\nbasis.\n Reuter\n\u0003","date":" 1-APR-1987 13:55:31.38","topics":["acq"],"places":["usa"]},"12173":{"title":"PEABODY HOLDING COMPLETES ACQUISITION","body":"<Peabody Holding Co Inc> said it has\ncompleted its acquisition of substantially all Eastern Gas and\nFuel Associate's <EFU> coal properties for 15.01 pct of Peabody\nHolding's stock.\n    Peabody said the purchase includes seven underground mines\nand seven coal preparation plants currently operated by\nEastern, as well as coal properties being mined by several\ncontractors in West Virginia.\n    The acquisition also involves about 800 mln tons of coal\nreserves, mostly in West Va., and includes Eastern's coal\nreserves and inactive Powderhorn operations near Palisade,\nColo, Peabody said.\n    Peabody added that it expects to announce within the next\nweek how it will staff and operate the properties and offices\nit has acquired from Eastern.\n Reuter\n\u0003","date":" 1-APR-1987 13:55:41.63","topics":["acq"],"places":["usa"]},"12174":{"title":"LONDON SUGAR FREIGHTS","body":"Delfzyl/India 14,700 mt\nbagged sugar about 30 dlrs 750/1,000 ppt a/c Benham.\n    Antwerp/Lagos 12,000 mt bagged sugar 750/750 try liner\ndischarge 5-20/4 a/c E D and F Man.\n    T/C single or tweendecker 16,000/19,000 tonnes dw del\nQueensland mid-April/early-May for trip with bulk sugar redel\nChina duration about 30 to 40 days a/c Kawasaki.\n    One port A-H range/Dubai 6,800 mt bagged sugar 750/750\n10-15/4 a/c unnamed charterer.\n    enquiries - Rouen-Hamburg/India 14,000 mt bagged sugar\n750/1,000 15-25/4 a/c Woodhouse, Drake and Carey.\n    Flushing/Hodeidah and Mokha 16,800 mt bagged sugar 750/750\n9-15/4 Genoc.\n    Santos/Hodeidah 10,000 mt bagged sugar about 30 dlrs\n750/750 20-30/4 a/c Dutch charterer.\n    Cargill is reported to have withdrawn its enquiries for\ncargoes from South Korea to India, from Constanza to India and\nfrom Buenaventura to the U.S.\n Reuter\n\u0003","date":" 1-APR-1987 13:55:48.84","topics":["sugar","ship"],"places":["uk"]},"12175":{"title":"U.S. LABOR SECRETARY SEES STRONG JOB GROWTH","body":"U.S. Labor Secretary William Brock said he\nexpects to see healthy employment growth through the beginning\nof next year.\n    \"I expect we'll have continued strong job creation through\n1987 and into early 1988,\" Brock told reporters prior to a\nspeech here.\n    Brock cited yesterday's strong rise in the February index\nof leading economic indicators as a signal for further strong\nemployment gains.\n    January non-farm payroll jobs grew by 319,000 and February\nwas up 337,000 jobs. March data will be released Friday.\n Reuter\n\u0003","date":" 1-APR-1987 13:56:28.17","places":["usa"]},"12176":{"title":"PENTA SYSTEMS INTERNATIONAL INC <PSLI> 4TH QTR","body":"Shr loss six cts vs loss 76 cts\n    Net loss 343,748 vs loss 4.0 mln\n    Revs 5.1 mln vs 4.8 mln\n    Year\n    Shr profit 12 cts vs loss 1.45 dlr\n    Net profit 611,784 vs loss 7.7 mln\n    Revs 21.6 mln vs 19.7 mln\n Reuter\n\u0003","date":" 1-APR-1987 13:56:34.48","topics":["earn"],"places":["usa"]},"12177":{"title":"FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY\nTHROUGH SEPT 24 MATURITY\n","date":" 1-APR-1987 13:58:40.78","topics":["money-fx"]},"12178":{"title":"CHIRAC SEES QUICK DECISION ON CGCT","body":"French Prime Minister Jacques Chirac\ntold U.S. congressmen France would announce a decision in two\nto three weeks on which group is to control its second largest\ncommunications firm, Compagnie Generale de Construction\nTelphoniques, French sources said.\n    They said Chirac promised that France's decision would be\nbased on financial, economic and technical criteria, and not on\npolitical grounds.\n    U.S. and German companies are the leading contenders to\ntake control of CGCT.\n    The Reagan administration has warned France and Germany\nthat it may retaliate if control of the company is awarded on\npolitical grounds.\n    Jacques Delors, President of the European Community's\nExecutive Commission, called last month for control to go to\nWest Germany's Siemens AG in order to strengthen European\nindustry.\n    The other leading contender is a consortium of American\nTelephone and Telegraph Co <T> with Philips NV of the\nNetherlands.\n    Chirac said France would make public its reasons for\nawarding control, the sources said. He was asked about the\ncompany's fate on two occasions, in meetings with leaders of\nthe Senate and House of Representatives.\n Reuter\n\u0003","date":" 1-APR-1987 13:59:24.80","topics":["acq"],"places":["usa","france"]},"12179":{"title":"AGENCY REPORTS 41 SHIPS WAITING AT PANAMA CANAL","body":"The Panama Canal Commission, a U.S.\ngovernment agency, said in its daily operations report that\nthere was a backlog of 41 ships waiting to enter the canal\nearly today. Over the next two days it expects --              \n             4/01  4/02\n                       Due: 34    34\n      Scheduled to Transit: 41    39\n           End-Day Backlog: 34    29\n\n    Average waiting time tomorrow --\n         Super Tankers  Regular Vessels\n North End:  25 hrs      11 hrs\n South End:  24 hrs      31 hrs\n Reuter\n\u0003","date":" 1-APR-1987 14:00:24.37","topics":["ship"],"places":["usa"]},"12180":{"title":"AUSTRALIA STOCK EXCHANGES ENTER NEW ERA","body":"The Australian Stock Exchange Ltd (ASX)\ntoday took up the responsibility for administering a new\ncoordinated market made up of Australia's six former exchanges,\nnow operating as subsidiary trading floors.\n    At the same time, rules prohibiting corporations and\nnon-stock-exchange members from holding more than 50 pct of\nAustralia's 101 brokerage firms were abolished, leaving brokers\nexposed to greater deregulation.\n    Industry sources said the moves will smooth the changeover\nto screen-based trading and give the equities market one voice.\n    Westpac Banking Corp <WSTP.S> was one of the first to take\nadvantage of the changes by announcing today it would double\nits stake in the Sydney firm <Ord Minnett Ltd> to 100 pct.\n    Brokers have been introduced to creeping deregulation over\nthe past three years after legislation passed in 1984 to end\nrestrictive trade practices forced the traditional partnerships\nto open themselves at first to partial ownership by outside\ninstitutions, and eventually to full ownership.\n    The phase-in period has ended, and several major banks and\noffshore financial institutions are investigating taking larger\nstakes in Australian broking houses, industry sources said.\n    Though deregulation was all but forced on brokers, most now\nacknowledge that the influx of capital and contacts from\nnon-member shareholders has benefited the industry, they said.\n    \"Deregulation has brought an infusion of additional capital\nand a broader base of products,\" ASX chairman Ian Roach told\nReuters.\n    Roach said fears that major bank shareholders would impose\na restrictive and conservative \"bank culture\" on the dynamic\nsharebroking industry were unfounded.\n    \"So far the banks have been mindful of the importance of\npreserving the entrepreneurial aspect of sharebroking,\" he said.\n    But some brokers said others are sceptical and expect that\nthe expiration of \"golden handcuff\" pacts, which tied partners to\ntheir firms for a period after incorporation, could cause a\nmassive talent drain.\n    Several leading brokers have already announced plans to\nleave their firms and establish new private client businesses,\nwhile others plan public floats.\n    While bank shareholders have enjoyed dabbling in broking\nduring Australia's record two-and-a-half year bull run, they\ncould find themselves without the expertise they need during\nmore difficult times, some brokers said.\n    Rene Rivkin, head of Sydney brokerage house <Rivkin James\nCapel Ltd>, said many brokers will resist anything that\nrestricts their individuality and entrepreneurial spirit, and\nthis could leave new entrants into the business short-staffed.\n    \"If I were a bank I'm not sure I would have gone into\nbroking.... What's going to happen when a lot of these golden\nhandcuffs come to an end?\" Rivkin said.\n    \"Only then will the banks know what they've got,\" he said.\n    Rivkin's firm is 50 pct owned by Hongkong and Shanghai\nBanking Corp <HKBH.HK> unit <Wardley Australia Ltd> and plans a\npublic float of between 25 and 30 pct.\n    \"My relationship with the Hong Kong bank is wonderful. They\nleave me alone and give me all the support I need.... Maybe if\nwe weren't doing so well there wouldn't be that support, but\nthat hasn't happened,\" he said.\n    Other firms might not be so lucky, he said, and they could\nfind it difficult to preserve their independence when the bull\nmarket ends.\n    In the last two years, the value of the Australian\nsharemarket has leapt 118 pct with turnover value up 152 pct to\n31.24 billion dlrs in the year to June 30, 1986.\n    That growth put existing trading systems and clearing\nhouses under pressure, and unification of the six sovereign\nexchanges should accelerate the development of screen-based\ntrading and a single clearing house, industry sources said.\n    From July this year 30 leading stocks will be traded in a\npilot of the ASX's screen trading system which, depending on\nits reception by brokers, is expected to replace trading floors\nover the next four years, industry sources said.\n REUTER\n\u0003","date":" 1-APR-1987 14:00:34.46","places":["australia"]},"12181":{"title":"WALL STREET STOCKS/PACIFIC GAS <PCG>","body":"Pacific Gas and Electric Co's plan\nto change its accounting methods for nuclear plant revenues,\ntogether with the prospect of higher higher domestic interest\nrates, helped push the company's stock price down 2-1/8 to 22,\nutility analysts and company executives said.\n    Pacific Gas said yesterday that a change in the method for\naccounting for its Diablo Canyon Nuclear power plant revenues\nwill result in a 470 mln dlr reduction in 1987 earnings.\n    The company also said it intends to continue paying its\ncommon stock dividend at the current annual rate of 1.92 dlrs\nper share.\n    But the move also means that the company is not likely to\nincrease its dividend for perhaps as long as three years, said\nMark Luftig, an analyst at Salomon Brothers Inc.\n    \"Anybody looking for a dividend increase has been\ndissapointed (by the announcement),\" Luftig said.\n    Pacific Gas has raised its common stock dividend on a\nregular basis for the past 10 years, a company spokeswoman\nsaid.\n    In addition, she also pointed out that prospects for higher\ninterest rates may also be affecting Pacific Gas trading\nactivity.\n    Citicorp <CCI> and Chase Manhattan Corp <CMB> yesterday\nincreased their prime lending rates to 7-3/4 pct from 7-1/2\npct. It was the first rate increase by the big banks in nearly\nthree years.\n    Utility earnings are sensitive to interest rate increases\nbecause of the high levels of borrowings needed to finance\nongoing construction projects.\n    Despite the market reaction, First Boston Corp analyst\nArlene Barnes applauded the Pacific Gas decision.\n    \"This is a very prudent move on management's part,\" said\nBarnes.\n    Rather than using accounting tools to reflect income it is\nnot taking in, the company will now account for only the 40 pct\nof the cost of owning and operating the plant that regulators\nare allowing in the form of interim rate relief, Barnes said.\n    Pacific Gas had been carrying the other 60 pct as a\ndeferred cash receivable and accounted for the non-cash item as\nincome.\n    \"They'll take the hit this year, but at least we'll be\nlooking at an honest earnings picture,\" Barnes also said.\n Reuter\n\u0003","date":" 1-APR-1987 14:02:08.78","places":["usa"]},"12182":{"title":"CONTROL RESOURCE INDUSTRIES INC <CRIX> 4TH QTR","body":"Shr loss five cts vs profit eight cts\n    Net loss 152,000 vs profit 214,000\n    Revs 6.2 mln vs 2.4 mln\n    Year\n    Shr profit 22 cts vs profit 33 cts\n    Net profit 809,000 vs 853,000\n    Revs 22.4 mln vs 7.9 mln\n Reuter\n\u0003","date":" 1-APR-1987 14:03:08.12","topics":["earn"],"places":["usa"]},"12183":{"title":"FED BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER","body":"The Federal Reserve bought about 550\nmln dlrs of U.S. Treasury bills for a customer, a spokeswoman\nsaid.\n    She said the Fed bought bills maturing from May through\nSeptember 24 for regular delivery tomorrow.\n    Federal funds were trading at 6-3/16 pct when the Fed\nannounced the operation.\n Reuter\n\u0003","date":" 1-APR-1987 14:05:48.02","topics":["money-fx","interest"],"places":["usa"]},"12184":{"title":"AMERICAN WATER WORKS CO INC <AWK> SETS PAYOUT","body":"Qtly div 32 cts vs 32 cts prior\n    Pay May 15\n    Record May One\n Reuter\n\u0003","date":" 1-APR-1987 14:06:39.22","topics":["earn"],"places":["usa"]},"12185":{"title":"HUNT MANUFACTURING CO <HUN> SETS PAYOUT","body":"Qtrly div 11 cts vs 11 cts\n    Pay April 21\n    Record April 10\n Reuter\n\u0003","date":" 1-APR-1987 14:07:13.11","topics":["earn"],"places":["usa"]},"12186":{"title":"ITEL <ITEL> BUYS CASTLE/COOKE <CKE> UNIT ASSETS","body":"Itel Corp said it has completed the\npreviously-announced acquisition of the container fleet and\nrelated assets of Castle and Cooke Inc's Flexi-Van Leasing Inc\nsubsidiary for about 130 mln dlrs in cash and marketable\nsecurities, 30 mln dlrs in notes, three mln common shares and\nthe assumption of liabilities.\n    The company said it has obtained 150 mln dlrs in financing\nfrom a bank group for the deal, and the common shares are\nsubject to a 10-year restriction on their sale and voting.\n Reuter\n\u0003","date":" 1-APR-1987 14:08:04.87","topics":["acq"],"places":["usa"]},"12187":{"title":"PITTSBURGH AND WEST VIRGINIA RAILROAD <PW> NET","body":"4th qtr\n    Shr 14 cts vs 14 cts\n    Net 210,000 vs 211,000\n    Revs 230,000 vs 229,000\n    Year\n    Shr 56 cts vs 56 cts\n    Net 838,000 vs 841,000\n    Revs 919,000 vs 919,000\n Reuter\n\u0003","date":" 1-APR-1987 14:09:36.30","topics":["earn"],"places":["usa"]},"12188":{"title":"U.S.-JAPAN TALKS SEEN NO DELAY TO TARIFFS","body":"President Reagan's move to impose\nstiff tariffs on Japanese goods stems from deep U.S.\nfrustration over Japan's trade policy, and he has no intention\nof calling off the sanctions, trade analysts said.\n    U.S. officials put down any idea of delaying imposing the\n300 mln dlrs in tariffs, despite seemingly contradictory\ncomments by some Administration aides.\n    A visit here next week by Japanese trade officials and a\nvisit to Tokyo by a senior State Department official will\nlikely do nothing to change the U.S. decision, they added.\n    \"Do not expect the problem to be resolved or the sanctions\nnot to go into effect,\" said a senior U.S. trade official.\n    Reagan last Friday announced that on April 17 he would\nraise tariffs on certain Japanese exports to penalize Japan for\nbreaking a 1986 pact governing trade in semiconductors.\n    Some U.S. officials had hinted the United States and Japan\nmight settle their dispute in time to hold off the tariffs, but\nthis has now been dismissed by other senior officials.\n    They noted that negotiations over compliance with the pact\nhad been going on for several months, with little success.\n    Japanese firms this week announced plans to cut chip output\nand increase U.S. chip imports, but U.S. officials said Japan's\nmove was too late to stave off the American tariffs.\n    The tariffs are to be imposed after a period of public\ncomment, but Commerce Secretary Malcolm Baldrige said any\nsettlement would probably come too late to delay the tariffs.\n    U.S. Trade Represenative Clayton Yeutter predicted Japan\nwould not be able to comply with the pact in time to hold off\nthe new tariffs on goods including personal computers,\ntelevision sets, power tools and electric motors.\n    Trade analysts said that in any case the U.S.-Japanese\nsemiconductor dispute was only one of many, and trade frictions\nwill continue until Japan ended a policy of predatory pricing\nand opened its home market to foreign goods.\n    Other disputes include Japanese prevention of U.S. firms\nfrom taking part in building a new eight billion dlr airport\nnear Osaka and selling a wide variety of goods in Japan,\nincluding an array of agricultural products.\n    A new row has now arisen over Japan's decision to severely\nlimit foreign participation in its telecommunication market.\n    U.S. officials have said the American telecommunications\nmarket is open to foreign firms and it was only fair trade to\nopen the Japanese market to 33 pct foreign participation, as\nJapan had previously agreed.\n    Britain has also protested the Japanese limitations.\n Reuter\n\u0003","date":" 1-APR-1987 14:11:06.13","places":["usa","japan"]},"12189":{"title":"<TOPPS CO INC> FILES FOR INITIAL OFFERING","body":"Topps Co Inc said it has filed for an\ninitial public offering of 4,500,000 common shares, including\n3,500,000 shares to be sold by shareholders.\n    It said lead underwriters are <Goldman, Sachs and Co> and\nAlex. Brown and Sons Inc <ABSB> and the underwriting group has\nbeen granted an option to buy up to 675,000 more shares to\ncover overallotments.  The initial offering price is expected\nto be 15 to 18 dlrs a share, and proceeds will be used for debt\nreduction, it said.\n    Topps had been public once before but went private in a\nleveraged buyout in 1984.\n Reuter\n\u0003","date":" 1-APR-1987 14:12:12.50","places":["usa"]},"12190":{"title":"DIGITAL COMM <DCAI> WINS FAVORABLE RULING","body":"Digital Communications Associates Inc\nsaid the U.S. District Court issued a ruling prohibiting\n<Softklone Distributing Corp> from selling a software product\nthat Digital claimed violates one of its copyrights.\n    The company said no damages were set in the court's ruling.\n    \"The court has validated our contention that the user\ninterface and the appearnace of a product is a vital element of\nthe product and is protectable by U.S. copyright law,\" the\ncompany said.\n    Digital said the ruling involved a copyright infringement\nsuit filed against Softklone by Microstuf Inc, which Digital\nacquired in October 1986.\n    The suit charged that Softklone's Mirror software product\nviolated the copyright of Microstuf's CrossTalk program,\nDigital said.\n Reuter\n\u0003","date":" 1-APR-1987 14:12:46.99","places":["usa"]},"12191":{"title":"DYNALECTRON <DYN> BUYS AVIATION FACILITY","body":"Dynalectron Corp said it purchased\ncertain assets of Standard Aero Inc including leasehold rights\nto its aircraft modification and maintenance facility in\nPhoenix, Ariz.\n    Terms were not released.\n    The facility consists of 285,000 square feet of hangar and\nshop space. Dynalectron will operate the plan as Dynair Tech\nInc and is offering continued employment to about 460 former\nstandard Aero employees.\n Reuter\n\u0003","date":" 1-APR-1987 14:13:03.73","topics":["acq"],"places":["usa"]},"12192":{"title":"U.S. FARM REORGANIZATIONS PROVING COSTLY - GAO","body":"U.S. farmers who reorganize their\noperations to circumvent a cap on federal payments could add\n2.3 billion dlrs to the cost of the government's agricultural\nprograms by 1989, the General Accounting Office, GAO, said.\n    \"We estimate that should the trend in farm reorganizations\ncontinue, reorganizations since 1984 could be adding almost 900\nmln dlrs annually to program costs by 1989,\" GAO Senior\nAssociate Director Brian Crowley said.\n    \"Cumulative costs for the six-year period, 1984 to 1989,\ncould approach 2.3 billion dlrs,\" he said.\n    Between 1984 and 1986, reorganizations added almost 9,000\nnew persons to U.S. Agriculture Department payment rolls,\nCrowley told the House Agriculture Subcommittee on Wheat,\nSoybeans and Feedgrains.\n Reuter\n\u0003","date":" 1-APR-1987 14:14:10.74","topics":["grain","wheat","soybean","oilseed"],"places":["usa"]},"12193":{"title":"CHEVRON <CHV> UNIT ACCEPTS AMERICAN EXPRESS","body":"Chevron Corp's domestic oil and\ngas unit, Chevron USA, said it will honor American Express\ncards at all of the company's Chevron outlets but only some of\nits Gulf branded outlets.\n    Chevron USA, with more than 15,000 Chevron and Gulf outlets\nnationwide, predicted all of its independent dealers will elect\nto honor the cards. Because of recent divestitures, Chevron USA\nsaid the agreement does not cover Gulf brand outlets in\nAlabama, Florida, Georgia, Kentucky, Mississippi, North\nCarolina, South Carolina and Tennessee, as well as Delaware,\nNew Jersey, New York, Pennsylvania and New England.\n Reuter\n\u0003","date":" 1-APR-1987 14:16:12.50","places":["usa"]},"12194":{"title":"U.S. ATTORNEY GIULIANI SAYS HE OFFERED SEC POST","body":"U.S. Attorney for Manhattan Rudolph\nGiuliani, who has been leading a major probe into government\ncorruption and the Mafia, said he was offered a top job at the\nSecurities and Exchange Commission.\n    But added he had no plans to take that job.\n    Newspaper reports have said Giuliani was offered the\nchairmanship of the SEC, but he declined to say what position\nhe was offered at the federal agency.\n    Speaking to reporters after a press conference called to\nannounce the corruption indictment of a former city official,\nGiuliani said he had talks at the White House with chief of\nstaff Howard Baker last month about the SEC.\n    \"Right now I am still here. I have no intention of\nleaving....This is not a good time for me to leave. I have a\nfew more months of work to do and I don't think they should\nhold a job open for me,\" Giuliani said in a reference to the\nongoing probes his office is conducting into New York city\ncorruption and the Mafia.\n    He added that he also had feelers from two people as to\nwhether he would be interested in the FBI director's post and\nsaid he informed them that he was not interested.\n Reuter\n\u0003","date":" 1-APR-1987 14:17:09.54","places":["usa"]},"12195":{"title":"TALKING POINT/PUROLATOR COURIER <PCC>","body":"Emery Air Freight Corp topped a\nleveraged buyout offer for Purolator Courier Corp by about 40\nmln dlrs, but Wall Street is reacting as though another offer\nmay surface.\n    Purolator's stock climbed 5-3/8 today, to 40-1/8, 1/4 over\nEmery's 40 dlr per share offer. Emery topped a 35 dlr per share\nor 268 mln dlr offer from E.F. Hutton LBO Inc.\n    Some analysts said the latest, 306 mln dlr offer for\nPurolator exceeded their expectations.\n    Several analysts previously had said they saw takeover\nvalues for the package delivery company in the 35 dlr per share\nrange. At least one, however, estimated the company could be\ntaken over in a range of 38 to 42 dlrs per share.\n    Analysts today would not venture to say whether another\noffer could be made, but some arbitragers still held to the\nbelief that the bidding could go higher.\n    \"They have no choice to seek out the best possible offer.\nEmery has shown the courage to go forth,\" said one arbitrager,\nwho speculated other courier companies may also emerge as\nbidders.\n    \"It makes sense,\" said James Parker of Robinson Humphrey.\nBut \"It won't make out as well as they think. They won't get a\n100 pct of the synergies.\"\n    Analysts said the acquisition could cost Emery earnings in\nthe short term, but long term, after eliminating redundancies\nand selling other Purolator assets, it should boost Emery's\nprofitability.\n    Parker said a combined Purolator and Emery would rival\nUnited Parcel Service as the second largest U.S. package\ndelivery company after Federal Express Corp <FDX>, which has 47\npct of the market.\n    Parker speculated that the combined Emery-Purolator would\nhave about 24 pct of the six to seven billion dlr delivery\nbusiness.\n    \"This will make Emery a bigger factor in the light weight\n(delivery) business, but it will not make them a power house,\"\nsaid Douglas Arthur of Kidder, Peabody and Co.\n    Purolator today declined comment on the Emery offer, and\nits chairman Nicholas Brady did not return a phone call.\n    E.F.Hutton LBO also declined comment on the Emery offer,\nbut said it extended the expiration and withdrawal period on\nits offer to April six at midnight from today at midnight EST.\n    One analyst speculated the extension makes it more likely\nHutton will attempt another offer. However, he was skeptical a\ncompany outside the package delivery industry would want to\noutbid 40 dlrs per share because it would not have the same \nsynergies as a courier company.\n    Since Purolator agreed in late February to a buyout by some\nof its management and the E.F. Hutton Group <EFH> subsidiary,\nspeculation has arisen that more bidding was to come.\n    The buyout was surrounded by controversy since a Purolator\nboard member, Doresy Gardner resigned in March. Gardner said he\nbelieved a better offer could be made by another entity.\n    A spokesman for Gardner today said the former director had\nno contact with Emery, nor did he have any other buyers lined\nup for Purolator.\n    Purolator's deal with Hutton was also called into question\nby a shareholder suit filed earlier this week, which attempted\nto stop the tender offer to allow another bidder to come forth.\nHearings in a New York state court were delayed until Monday.\n    Arbitragers had said they believed the Hutton offer could\nbe bettered because the Wall Street firm was not planning to\nkeep its cash tied up in Purolator. Hutton is providing a 279\nmln dlr \"bridge\" loan that would later be replaced with other\ndebt. Hutton would maintain a majority interest in Purolator.\n    Hutton sources have said the firm was in fact facing risk n\nits investment since it did not know when it could reclaim its\n279 mln dlr loan.\n    Emery last year lost 5.4 mln dlrs on revenues of 887.5 mln\ndlrs. Purolator lost 57.6 mln dlrs on 841.4 mln dlrs in\nrevenues.\n Reuter\n\u0003","date":" 1-APR-1987 14:18:34.85","topics":["acq"],"places":["usa"]},"12196":{"title":"SENEGAL PROMISED 1.8 BILLION DLRS AID","body":"Aid donors have promised Senegal 1.8\nbillion dlrs in soft loans over the next three years, to be\nsplit between project investment and balance of payment\nrequirements, the World Bank said in a statement.\n    The aid was to support the second phase, running to\nmid-1990, of Senegal's \"courageous and far-reaching\" medium and\nlong-term adjustment programme.\n    Senegal's Plan and Cooperation Minister Cheikh Hamidou Kane\nsaid the country achieved positive growth of 4.2 pct over the\nlast two years, against negative growth of four pct in 1984,\nliquidated its debt arrears and laid the basis of a sound\nrecovery strategy.\n    Aims over the coming years include giving the private\nsector a more dynamic role in the economy and rationalising\npublic sector enterprises.\n    He said Senegalese businessmen would make three \"regional\ntrips\" to Saudi Arabia, the United States, and Paris, to discuss\nthe Senegal's \"new environment\" with western investors.\n    Finance Minister Mamoudou Toure said Senegal's global\nforeign debt excluding short-term commercial debt came to 800\nbillion francs cfa (2.67 billion dlrs).\n    Citing figures for the budgetary year ending mid-1987 he\ndeplored the fact debt servicing absorbed 50 pct of Senegal's\nbudgetary resources, and 27 pct of export revenues.\n Reuter\n\u0003","date":" 1-APR-1987 14:18:48.15","organisations":["worldbank"],"places":["france","senegal"]},"12197":{"title":"CANADIAN IMPERIAL BANK LOWERING VISA RATES","body":"<Canadian Imperial Bank of Commerce>\nsaid it was lowering the interest rate on its Visa credit card\nto 15.9 pct from 18.6 pct, effective with the May billing\nstatement.\n    The bank said it was also halving its yearly Visa card user\nfee to six dlrs, but would retain its 15 ct fee for each\ntransaction.\n    A bank spokesman said the previously reported call by the\nCanadian Parliament's finance committee on March 20 for a\nsubstantial cut in credit card rates \"was a factor\" in the\nmove, but he would not elaborate.\n    Canada's minister of state for finance Thomas Hockin had\nthreatened legislation to reduce the rates, which apply to\nunpaid balances, if the financial institutions did not\nvoluntarily act.\n    The Canadian Imperial Bank spokesman said \"the bank card\nmarket is a very competitive one and we have to move to stay\ncompetitive.\"\n    Canadian Imperial's new rates match those of <Toronto\nDominion Bank>, which lowered its rates before the finance\ncommittee report.\n    Canadian Imperial Bank added that cardholders will be\nallowed to choose between the 15 ct transaction fee or the six\ndlr yearly card fee.\n    It will also eliminate the 50 ct minimum monthly\ntransaction fee, it said.\n    Minister of State for Finance, Tom Hockin, said in the\nHouse of Commons today he was \"delighted\" with the bank's cut\nin its credit card rate.\n    \"I would hope retail stores and other financial\ninstitutions will look to their rates as well,\" Hockin said\nduring the daily question period.\n Reuter\n\u0003","date":" 1-APR-1987 14:19:04.39","topics":["interest"],"places":["canada"]},"12198":{"title":"PLATTE RIVER AUTHORITY SELLS TAXABLE MUNI BONDS","body":"First Boston Corp, acting as sole\nmanager, said it placed 29.4 mln dlrs of taxable power revenue\nbonds due 2005 of Platte River Power Authority of Colorado.\n    First Boston won the bonds in competitive bidding. It bid\nthem at an 8-3/8 pct coupon. As the bonds will not be publicly\noffered, First Boston declined to give their price and yield.\n    The bonds have an average life of 11.5 years and are rated\nA-1 by Moody's and A by S/P. Underwriters said 22 firms bid for\nthem, far more than the number of managers who typically bid\nfor corporate debt as Wall Street houses are trying to boost\ntheir share of the young taxable municipal debt market.\n        \n Reuter\n\u0003","date":" 1-APR-1987 14:23:23.54","places":["usa"]},"12199":{"title":"QUEBEC 91-DAY T-BILL YIELD RISES","body":"This week's Quebec government auction\nof 85 mln dlrs worth of 91-day treasury bills yielded an\naverage 7.03 pct, up from 6.85 pct last week, a finance\ndepartment spokesman said.\n    The average price was 98.277.\n    This month's government auction of 50 mln dlrs worth of\nsix-month treasury bills yielded an average 7.32 pct, down from\n7.56 pct last month, the spokesman said. The average price was\n97.480.\n Reuter\n\u0003","date":" 1-APR-1987 14:23:48.07","places":["canada"]},"12200":{"title":"TELECOM PLUS <TELE> TO CHANGE NAME","body":"Telecom Plus International Inc\nsaid it has received all regulatory approvals needed to change\nits name to TPI Enterprises Inc.\n Reuter\n\u0003","date":" 1-APR-1987 14:24:14.87","places":["usa"]},"12201":{"title":"NISSAN MOTOR <NSANY> SEES SECOND HALF PROFIT","body":"Nissan Motor Co Ltd of Japan said it\nexpects that it was profitable in the second half ended\nyesterday after a first half operating loss of 17 billion yen.\n    Nissan chief financial officer Atsushi Muramatsu, in a\nspeech before an automotive seminar, said he attributed the\nimprovement to cost reductions and rationalizations of\noperations.\n    He said if exchange rates stabilize, Nissan will have a\nstrong profit recovery in fiscal 1988 and profits for fiscal\n1989 better than those before the yen started advancing.\n    Muramatsu said Nissan is studying the possibility of\nsetting up its own finance company to improve access to U.S.\nand European capital markets.\n Reuter\n\u0003","date":" 1-APR-1987 14:25:12.41","topics":["earn"],"places":["japan","usa"]},"12202":{"title":"GEOFFRION LECLERC FORECASTS RESULTS","body":"(Geoffrion Leclerc Inc), in reporting\nsharply higher earnings for the six months ended February 28,\nsaid it expects third quarter results to continue at a strong\npace and approximate the preceding quarters.\n    The brokerage firm earlier reported six month profit rose\nto 3.5 mln dlrs from 1.9 mln dlrs last year. It did not detail\nsecond quarter profit.\n Reuter\n\u0003","date":" 1-APR-1987 14:26:03.58","topics":["earn"],"places":["canada"]},"12203":{"title":"WALL STREET STOCKS/POLAROID <PRD>","body":"Rumors that New York investor Asher\nEdelman has acquired a stake in Polaroid Corp and optimism\nabout tomorrow's status hearing on the patent infringement suit\npending with Eastman Kodak Co <EK> sent Polaroid's stock\nhigher, traders said.\n    Polaroid rose 1-1/8 to 74-1/2.\n    \"Speculation that Edelman was going to take a stake in\nPolaroid was kicking around a few months ago, and resurfaced\ntoday,\" one trader said.\n    Edelman had no comment on the rumors.\n    A spokesman for Polaroid said the company had not been\ncontacted by Edelman and no filing had been made with the\nSecurities and Exchange Commission about a stake in the\ncompany.\n    \"There is some hope among investors that there will some\nprogress in the status hearing tomorrow on the patent\ninfringement suit with Kodak,\" analyst Michael Ellmann of\nWertheim and Co said.\n    Traders said it is conceivable that a trial date could be\nset or some progress made on an out-of-court settlement.\n    The suit, filed by Polaroid in April 1976, charges that\nKodak infringed upon Polaroid's instant camera patent. In\nOctober 1985, the court barred Kodak from selling cameras or\nfilm that infringe upon the patent, the Polaroid spokesman\nsaid.\n    Ellmann said he feels it is highly unlikely that any\nprogress will be made in tomorrow's hearing.\n    Ellmann said the stock may have also gotten a boost today\nfrom some optimism concerning new products the company is\ncurrently working on.\n    \"Polaroid's announcement that a particularly senior company\nexecutive had been chosen to work on a major unidentified new\nproduct spurred some speculation about their products,\" he\nsaid. \"I am speculating that the new product could be an\nelectronic still camera,\" referring to a camera that records\nits images on magnetic disks as opposed to conventional film.\n    Ellmann said the stock may have also gotten a boost today\nfrom some optimism concerning new products the company is\ncurrently working on.\n    \"Polaroid's announcement that a particularly senior company\nexecutive had been chosen to work on a major unidentified new\nproduct spurred some speculation about their products,\" he\nsaid. \"I am speculating that the new product could be an\nelectronic still camera,\" referring to a camera that records\nits images on magnetic disks as opposed to conventional film.\n Reuter\n\u0003","date":" 1-APR-1987 14:29:00.47","topics":["acq"],"places":["usa"]},"12204":{"title":"KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET","body":"Shr 41 cts vs 17 cts\n    Net 8,824,000 vs 4,555,000\n    Revs 301.9 mln vs 196.4 mln\n    Avg shrs 17,644,000 vs 16,085,000\n Reuter\n\u0003","date":" 1-APR-1987 14:30:45.92","topics":["earn"],"places":["usa"]},"12205":{"title":"ITEL <ITEL> COMPLETES FLEXI-VAN ACQUISITION","body":"Itel Corp said it completed the\npreviously announced purchase of the container fleet and\ncertain related assets of Flexi-Van Leasing Inc for about 130\nmln dlrs cash and marketable securities, 30 mln dlrs in notes,\nthree mln shares of newly issued Itel common and assumption of\ncertain liabilities.\n    The company said it obtained financing from a syndicate of\nmajor banks for 150 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 14:31:06.88","topics":["acq"],"places":["usa"]},"12206":{"title":"AID DONORS PROMISE SENEGAL 1.8 BILLION DOLLARS","body":"Aid donors have promised Senegal 1.8\nbillion dollars in soft loan aid over the next three years, to\nbe split between project investment and balance of payment\nrequirements, the World Bank said in a statement.\n    It said after a two-day meeting of the Consultative Group\nfor Senegal held here under its auspices the aid was to support\nthe second phase, running to mid-1990, of Senegal's \"courageous\nand far-reaching\" medium and long-term adjustment programme.\n   \n Reuter\n\u0003","date":" 1-APR-1987 14:32:55.49","organisations":["worldbank"],"places":["france","senegal"]},"12207":{"title":"KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET","body":"Shr 41 cts vs 17 cts\n    Net 8,824,000 vs 4,555,000\n    Revs 301.9 mln vs 196.4 mln\n    NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a\nyear earlier.\n Reuter\n\u0003","date":" 1-APR-1987 14:33:15.47","topics":["earn"],"places":["usa"]},"12208":{"title":"NY ANALYSTS SEE COFFEE FUTURES FALLING FURTHER","body":"New York coffee futures prices will\nprobably fall to about 85 cents a lb in the next month before a\nconsolidation trend sets in, according to market analysts.\n    Yesterday, prices for the spot May contract fell below 1.00\ndlr a lb for the first time since August 1981 after the\nInternational Coffee Organization did not place new export\nquota discussions on its current agenda.\n    Talks aimed at renegotiating ICO export quotas, after five\nyears of price-supporting agreements, broke down in February.\n    \"Short-term, it looks like a definite test of 90 cents,\nperhaps 85 cents,\" said William O'Neill, coffee analyst with\nElders Futures. \"But the additional downside may not be all\nthat great from current levels.\"\n    \"At this price level the market is very vulnerable to\nbullish developments,\" O'Neill added. \"Rather than us having a\nmarket that will plummet we'll kind of see prices erode --\nprobably to around 85 cents.\"\n    \"I definitely see 90 cents and would not rule out a brief\ndrop to 85 cents,\" said Debra Tropp, a coffee analyst with\nPrudential Bache. But she said by June worries about a freeze\nin Brazil growing areas will become more of a market factor,\nwith prices likely to consolidate ahead of that time.\n    A trader at a major international trade house, who asked\nnot to be named, said he expects a 10 cent drop near term but\nbelieves if Brazil opens May registrations at a relatively high\nexport price and requires a high contribution quota from\nexporters the market could steady at the lower levels.\n    Longer term, he added, producer pressure will mount on\nBrazil to agree to consumers' export quota terms, and a new\ninternational agreement could come into force next fall.\n    Since the February talks broke down, the market has fallen\nfrom about 130.00 cents a lb to a low of 98.10 cents a lb\ntoday, as buyers and sellers sought to reassess supply and\ndemand.\n    Generally, analysts say, producers have a large buildup of\nstocks, but U.S. roasters have drawn down supplies and will\nneed to do some buying soon.\n    \"Most producing nations have just completed or are about to\ncomplete their annual harvests and exportable supplies are at\ntheir seasonal peak. Exports remain behind year ago and\nwarehouses in producer nations are becoming increasingly\noverburdened,\" said Sandra Kaul, coffee analyst for Shearson\nLehman, in that firm's forthcoming quarterly coffee report.\n    Kaul said producers' need to procure hard currency to\nservice foreign debt will put further pressure on them to sell,\nand \"this should keep substantial pressure on exporters to\nundertake sales despite the drop in prices to six year lows.\"\n    Kaul believes the market will drop to 80 cents a lb before\nBrazil's frost season begins in June.\n    Accurate assessments of roaster demand are hard to come by,\nthough analysts note the peak winter consumption period is\npassed and demand usually slows this time of year.\n    Shearson's Kaul estimated U.S. roaster ending stocks as of\nJanuary 31, including soluble and roasted, at 6.3 mln bags\ncompared with 6.9 mln at end-September 1986, a small drawdown\nfor the usually busy winter roasting season.\n    But Elders O'Neill said, \"The roasters are not overstocked\nby any means.\"\n    Analysts said picking a bottom to the market is difficult,\ngiven the fact prices have fallen into uncharted territory\nbelow the long-term support at 1.00 dlr per lb, and several\ntraders said the sidelines might be preferable for the short\nterm.\n Reuter\n\u0003","date":" 1-APR-1987 14:35:07.74","topics":["coffee"],"places":["usa"]},"12209":{"title":"ENERGY/U.S. REFINING","body":"U.S. refiners said they are worried\nthat growing supplies of imports, proposed federal\nenvironmental regulations, and the marketing of a third grade\nof unleaded gasoline would cost them dearly and at a time when\nthe industry is recovering from a recent slump.\n     \"We have to look at national security and cut the amount\nof products and crude coming into the country if it hurts the\nindustry,\" said Archie Dunham, vice president of petroleum\nproducts at Conoco, subsidiary of DuPont Corp (DD).\n    U.S. oil imports account for about 38 pct of U.S.\nconsumption but are expected to rise to 50 pct by the mid\n1990s, according to the Department of Energy.\n    \"Can we afford to import 60 or 70 pct of our oil\nrequirements 15 or so years from now?\" asked John Swearingen,\nchairman of the board of Continental Illinois Corp <CIL> and\nformer chief executive of Amoco Corp <AN>. \"If your answer to\nthat question raises doubt, then it behooves us to do all that\nwe can now to cope with this situation and improve our\nposition.\"\n    But Swearingen said he opposed the idea of an import fee, a\nview echoed by others attending this week's National Petroleum\nRefiners Association meeting in San Antonio, Texas.\n    \"Talk of an import surcharge or controls is not encouraging\nbecause those things won't solve our problems and could well\ncompound them,\" said Swearingen. \"Once the government affects\nvalues, once an import quota or license has value, it's going\nto be subverted by government,\" he added.\n     William Martin, deputy Energy Secretary, said the costs of\nan import fee outweigh its benefits and suggested, as Energy\nSecretary John Herrington has, depletion tax credits to\nencourage domestic production and limit oil imports. He also\nsaid altnerative energy sources should be encouraged.\n     Restoration of the depletion allowance for a 27 pct\ndeduction from the taxable income of oil companies is \ncontroversal but might work, said Dunham.\n    Dunham and other officials opposed the idea of a fee on oil\nimports but said if one is enacted it must tax crude and\nproduct imports.\n    \"Why would companies import crude when they could import\nproducts for a smaller cost if there were only a fee on crude?\"\nasked Henry Rosenberg, chairman of Crown Central Petroleum\n<CNP>.\n     An import fee would raise the costs of U.S. petrochemical\nproducts and make them noncompetive on the world market, Dunham\nsaid.\n     \"The energy security issue should be considered when\nenvironmental issues are considered,\" Martin said.\n    \"The level of investment for the proposed lowering of\nsulfur level of diesel to 0.05 pct by weight, for example, is\nunacceptable,\" Dunham said. \"Most companies cannot afford it.\"\n    George Unzelman, president of HyOx, Inc., said these\nproposals \"will place pressure on small refining operations and\npromote further industry consolidation.\"\n     An NPRA survey of of 139 refineries, which was released at\nthe conference, said reducing sulphur content to 0.05 pct\nweight and aromatics to 20 volume pct aromatics in highway\ndiesel fuel would cost refiners 6.65 billion dlrs.\n     The national average diesel fuel sulfur content in 1986\nfor the survey respondents was 0.27 weight pct while the\naverage aromatics content was 32 pct.\n     Another possible cost to refiners is the upgrading of\nfacilities to produce a third grade of unleaded gasoline which\nis beginning to be marketed by some companies.\n    \"What will be the standard octane level in various grades\nof unleaded gasoline?\" asked Dunham. \"A midlevel grade of\nunleaded gasoline with an octane level of 89 means an\ninvestment has to be made,\" Dunham said.\n     This grade is not warranted, said Crown's Rosenberg.\n     Despite these concerns, refiners are expecting margins to\nmove higher in the next few months.\n     \"We are beginning to see a return in wholesale margins,\"\nsaid Roger Hemminghaus, chairman of the refining and marketing\ncompany that is to spin off from Diamond Shamrock Corp <DIA>.\n     Margins are higher because the OPEC pact is holding, U.S.\nstocks of gasoline and heating oil are declining, and gasoline\ndemand is rising as the driving season approaches, he said.\n     \"This summer could be a good season for selling gasoline,\"\nHemminghaus said, adding that the new company will be primarily\na gasoline producer.\n Reuter\n\u0003","date":" 1-APR-1987 14:35:51.40","topics":["gas"],"places":["usa"]},"12210":{"title":"CANADA 7-YEAR BONDS AVERAGE 7.97 PCT YIELD","body":"The Canadian government's auction of 400\nmln dlrs of 7-year and 3-month bonds yielded an average 7.97\npct and were priced at an average 98.787 dlrs, the finance\ndepartment said.\n    The coupon rate was 7.75 pct on the issue.\n Reuter\n\u0003","date":" 1-APR-1987 14:38:15.07","places":["canada"]},"12211":{"title":"CSX CORP <CSX> 1ST QTR NET","body":"Shr 47 cts vs 56 cts\n    Net 73.0 mln vs 85.0 mln\n    Revs 1.89 billion vs 1.69 billion\n    NOTE: figures reflect the merger of Sea-Land Corp completed\nFeb 11, 1987.\n Reuter\n\u0003","date":" 1-APR-1987 14:39:24.90","topics":["earn"],"places":["usa"]},"12212":{"title":"RIO GRAND <RGDC> UNIT IN PARTNERSHIP AGREEMENT","body":"Rio Grande Drilling Co said\nits subsidiary, Rio Grande Video, entered into a limited\npartnership agreement with a group of private investors to\ndevelop and operate five Blockbuster Video Superstores in\nFlorida.\n    Blockbuster Video Superstores are franchises of Blockbuster\nEntertainment Corp <BBEC>.\n    Rio Grande Video will act as general partner, owning 50 pct\nof the partnership, it said. The company must open 10 stores\nwithin the next two years to maintain exclusive license rights\nin the territory, it said.\n Reuter\n\u0003","date":" 1-APR-1987 14:41:37.31","places":["usa"]},"12213":{"title":"WALL STREET STOCKS/LORAL CORP <LOR>","body":"Loral Corp climbed 3-3/4 to 48-3/4 amid\nrumors the company might be a takeover target of General\nElectric Co <GE>. However, analysts said they were skeptical.\n    \"Jack Welch doesn't want any more exposure to defense\nmarkets,\" said one analyst who heard the rumors but doubted\ntheir accuracy. The reference was to GE's chairman.\n    The analyst, who requested anonymity, said, \"I wouldn't\nbelieve this one unless there's a deal on the table.\"\n    Loral Corp officials were not immediately available for\ncomment.\n Reuter\n\u0003","date":" 1-APR-1987 14:43:07.18","topics":["acq"],"places":["usa"]},"12214":{"title":"<MORGAN GRENFELL GROUP PLC> OFFERS FUND","body":"Morgan Grenfell Group PLC's Morgan\nGrenfell Capital Management unit said it plans to offer in late\nApril 7,500,000 shares of closed-end fund Morgan Grenfell\nSMALLCap Fund at 10 dlrs each.\n    It said the fund will seek long-term capital appreciation,\nmostly by investing in U.S. companies with market\ncapitalizations between 50 and 500 mln dlrs.\n    Underwriters are Wedbush Securities Inc, Morgan Grenfell,\nBlunt Ellis and Loewi Inc, Butcher and Singer Inc, Raymond\nJames and Associates and Robinson-Humphrey Co Inc.\n                     \n Reuter\n\u0003","date":" 1-APR-1987 14:43:16.67","places":["usa","uk"]},"12215":{"title":"MAGMA LOWERS COPPER PRICE 0.25 CT TO 65.50 CTS","body":"Magma Copper Co, a subsidiary of\nNewmont Mining Corp, said it is lowering its copper cathode\nprice by 0.25 cent to 65.50 cents a lb, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 14:43:20.60","topics":["copper"],"places":["usa"]},"12216":{"title":"SNET <SNG> SEES GOOD 1987 EARNINGS","body":"Southern New England Telecommunications\nCorp, SNET, said it expects to have good earnings in 1987\nagainst 4.46 dlrs per share or 139.2 mln dlrs in 1986.\n    The company also said it expects capital spending to rise\nto about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago.\n    However, senior vice president of finance Daniel Miglio\ntold a meeting of analysts that there was some uncertainty in\nits earnings outlook because SNET is currently involved in\nnegotiations with state regulators on its rate of return on\nequity which currently stands at 16.2 pct.\n    The company also said it expects its SNET Systems business,\nwhich is composed of some of its non-regulated businesses, to\nbe profitable by the end of the year.\n\n Reuter\n\u0003","date":" 1-APR-1987 14:43:44.70","topics":["earn"],"places":["usa"]},"12217":{"title":"ESCAGEN CORP <ESN> COMPLETES INITIAL OFFERING","body":"Escagen Corp said it has\ncompleted an initial offering of common stock, raising 18 mln\ndlrs, and has completed its previously announced purchase of\nthe assets and business of International Plant Research\nInstitute.\n Reuter\n\u0003","date":" 1-APR-1987 14:45:16.28","places":["usa"]},"12218":{"title":"FIRST FEDERAL CHARLESTON <FFCH> NAMES NEW CEO","body":"First Federal Savings and Loan\nAssociation of Charleston said executive vice president A.L.\nHutchinson Jr. has been named to succeed Robert L. Cale as\npresident and chief executive officer when he retires on April\n1, 1988.\n Reuter\n\u0003","date":" 1-APR-1987 14:45:23.16","places":["usa"]},"12219":{"title":"STRYKER <STRY> ACQUIRES HEXCEL <HXL> UNIT","body":"Stryker Corp said it acquired\nHexcel Medical Corp, a wholly owned subsidiary of Hexcel Corp.\n    The terms of the transaction were not disclosed.\n    The sale completes Hexcel's plan to sell all its medical\nproducts businesses, Hexcel said.\n Reuter\n\u0003","date":" 1-APR-1987 14:45:32.10","topics":["acq"],"places":["usa"]},"12220":{"title":"GRUMMAN <GQ> UNIT WINS MCDONNELL DOUGLAS ORDER","body":"McDonnell Douglas Corp <MD>\nsaid it awarded a contract valued at 28 mln dlrs to a unit of\nGrumman Corp to develop flight control surfaces for the new\nU.S. Air Force C-17 transport.\n    Grumman Aerostructures of Bethpage, N.Y., will design,\ndevelop and build the rudders, elevators and other parts for\nthe transports.\n Reuter\n\u0003","date":" 1-APR-1987 14:45:38.36","places":["usa"]},"12221":{"title":"OLD STONE <OSTN> COMPLETES ACQUISITION","body":"Old Stone Corp said it\ncompleted the previously announced acquisition of First Federal\nSavings Bank of North Carolina, a Shelby, N.C., savings bank,\nfor common stock.\n    The final purchase price, expected to be between seven mln\nand 7.5 mln dlrs, will be based on an exchange of common stock\nvalued at 1.5 times the book value of First Federal as of the\nMarch 31 closing date, the company said.\n    At February  28, First Federal had 129 mln dlrs in assets\nand 120 mln dlrs in deposits. Old Stone is a Rhode Island-based\nfinancial services company with assets of 3.9 billion dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 14:46:26.98","topics":["acq"],"places":["usa"]},"12222":{"title":"MOORE MEDICAL CORP <MMD> TO MAKE ACQUISITION","body":"Moore Medical Corp said it\nplans to acquire privately-held Penta Products, a wholesale\ndistributor of generic durgs, for undisclosed terms.\n Reuter\n\u0003","date":" 1-APR-1987 14:46:40.78","topics":["acq"],"places":["usa"]},"12223":{"title":"INSPIRATION LOWERS COPPER PRICE TO 66.50 CTS/LB","body":"Inspiration Consolidated Copper Co, a\nsubsidiary of Inspiration Resources Corp, said it is lowering\nits base price for full-plate copper cathodes one-half cent to\n66.50 cents a lb, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 14:47:06.82","topics":["copper"],"places":["usa"]},"12224":{"title":"ARGENTINE VEGETABLE OIL SHIPMENTS IN 1986","body":"Argentine vegetable oils shipments\nduring January/December 1986 totalled 1,796,121 tonnes, against\n1,577,722 tonnes in the same period of 1985, the Argentine\nGrain Board said.\n    Breakdown was as follows: cotton 9,000 (27,900), sunflower\n954,303 (840,440), linseed 119,954 (138,944), groundnutseed\n26,248 (26,246), soybean 669,094 (524,715), tung 9,047\n(11,363), olive 2,417 (4,125), maize 6,058 (3,989), rape nil\n(nil) , grape nil (nil), the board added.\n    Shipments during December 1986 amounted to 102,870 tonnes,\nagainst 108,514 tonnes in the same month of 1985.\n    The breakdown, was as follows, in tonnes:\n    Cotton 5,000 (nil), sunflower 25,156 (23,713), linseed\n6,127 (5,990), groundnutseed nil (738), soybean 65,759\n(76,371), tung 645 (730), olive 183 (660), maize nil (312),\nrape nil (nil), grape nil (nil), the board said.    \n    The ten principal destinations during January/December\n1986, with comparative figures for the same period of 1985 in\nbrackets, were as follows, in tonnes:\n    Iran 212,043 (209,177), Holland 204,558 (215,784), Soviet\nUnion 173,060 (266,389), Egypt 163,119 (164,252), Algeria\n116,330 (11,492), South Africa 105,230 (110,064), Brazil\n101,599 (103,142), Cuba 89,957 (98,740), United States 80,109\n(44,826), India 67,182 (17,403), the board said.\n REUTER\n\u0003","date":" 1-APR-1987 14:49:02.51","topics":["veg-oil"],"places":["argentina"]},"12225":{"title":"UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM","body":"Upland Minerals and Chemicals Corp said\nit agreed to acquire Consolidated Brazilian Mines International\nInc, a public company with one mln acres of diamond and gold\nproperties in Brazil.\n    Terms were not disclosed.\n    Consolidated owns 42 mining concessions in three regions of\neastern and northern Brazil -- Gammara, Santo Antonio and\nDiamazon, the company said.\n    Upland also said the previously announced acquisition of\nAslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining\nconcern, will produce revenues of 9.6 mln dlrs a year for the\nnext 25 years.\n    New York-based Upland is traded over-the-counter.\n Reuter\n\u0003","date":" 1-APR-1987 14:49:37.38","topics":["acq"],"places":["usa","brazil"]},"12226":{"title":"INSPEECH <INSP> BUYS NORMA BORK, BORK MEDICAL","body":"Inspeech Inc said it acquired\nNorma Bork Associates Inc and Bork Medical Services Inc for\nundisclosed terms.\n    These firms, with combined revenues of about one mln dlrs,\nare providers of speech pathology, physical therapy and\noccupational therapy services.\n Reuter\n\u0003","date":" 1-APR-1987 14:50:01.39","topics":["acq"],"places":["usa"]},"12227":{"title":"NOLAND CO <NOLD> SETS QUARTERLY","body":"Qtly div 10 cts vs 10 cts prior\n    Pay April 24\n    Record April 14\n Reuter\n\u0003","date":" 1-APR-1987 14:50:15.88","topics":["earn"],"places":["usa"]},"12228":{"title":"PHELPS DODGE <PD> CALLS PREFERENCE SHARES","body":"Phelps Dodge Corp said it is calling\nfor redemption on May One all of its five dlr convertible\nexchangeable preference shares at 53.50 dlrs per share.\n    The company said the shares may be converted into common\nstock through April 30 at 1.818 common shares per preference\nshare.  It said holders converting will not receive the 1.25\ndlr per share dividend on the preference shares payable May One\nto holders of record on that date.\n    Phelps Dodge also said it is calling for redemption on the\nsame date its privately-held Series A preferred stock.\n Reuter\n\u0003","date":" 1-APR-1987 14:50:38.11","places":["usa"]},"12229":{"title":"BANK OF NEW YORK <BK> RAISES PRIME TO 7-3/4 PCT","body":"Bank of New York said it raised its\nprime lending rate a quarter point to 7-3/4 pct.\n    It said the move is effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 14:50:56.99","topics":["interest"],"places":["usa"]},"12230":{"title":"NORTH CENTRAL LABS <NCLB> DISCUSSES AIDS TESTS","body":"North Central Laboratories Inc said\nit has had preliminary discussions with MikroMed Inc about\nproviding laboratory testing services to screen the presence of\nthe AIDS virus.\n    It said MikroMed is developing a kit which it would\ndistribute to its customers and which would be used by its\ncustomers to draw samples of their own blood. These samples\nwould be mailed to a laboratory facility for AIDS screening.\n Reuter\n\u0003","date":" 1-APR-1987 14:51:11.59","places":["usa"]},"12231":{"title":"HARTMARX CORP <HMX> 1ST QTR FEB 28 NET","body":"Shr 54 cts vs 40 cts\n    Net 11,105,000 vs 8,310,000\n    Sales 282.7 mln vs 290.3 mln\n    Avg shrs 20,599,000 vs 20,760,000\n    NOTE: Per-share results restated for May 1986 three-for-two\nstock split\n Reuter\n\u0003","date":" 1-APR-1987 14:51:17.96","topics":["earn"],"places":["usa"]},"12232":{"title":"ELXSI <ELXSF> WINS MCDONNELL DOUGLAS <MD> ORDER","body":"Elxsi Ltd said it sold three\ncomputer systems worth four mln dlrs to Douglas Aircraft Co, a\nunit of McDonnell Douglas Corp.\n    The company said the systems will be used in the C-17\nmilitary transport program. One was shipped last month and two\nothers will be shipped in June, it said.\n Reuter\n\u0003","date":" 1-APR-1987 14:51:37.47","places":["usa"]},"12233":{"title":"POLL FINDS MOST THINK HOSTILE TAKEOVERS HARMFUL","body":"Most Americans feel that hostile\ncorporate takeovers do more harm than good, according to a\npublic opinion poll by Louis Harris and Assoc Inc.\n    The poll of 1,751 U.S. adults and 682 top business\nexecutives found that 58 pct believe hostile takeovers do more\nharm than good, while only eight pct say they do more good than\nharm.\n    Among those holding stock, a 60 pct majority find takeovers\nharmful, the poll found. Shareholder benefit is the most\ncommonly cited advantage of such takeovers.\n    \"People are saying that (those engineering hostile\ntakeovers) might talk about getting the stockholders a better\nbreak, but they are really not interested in that as much as\nthey are realizing gains for themselves,\" concluded the poll,\nconducted for the University of North Carolina's Institute of\nPrivate Enterprise.\n    The poll said 78 pct believe most takeovers are engineered\nby groups interested only in making a profit for themselves and\nwho don't care about the impact on employees or the economy as\na whole.\n Reuter\n\u0003","date":" 1-APR-1987 14:51:59.18","places":["usa"]},"12234":{"title":"ATT TO SELL NETI TECHNOLOGIES SOFTWARE\n","date":" 1-APR-1987 14:53:24.63"},"12235":{"title":"MANUFACTURERS NATIONAL <MNTL> RAISES PRIME","body":"Manufacturers National Bank of Detroit\nsaid it increased its prime rate to 7-3/4 pct from 7-1/2 pct,\neffective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 14:54:01.75","topics":["interest"],"places":["usa"]},"12236":{"title":"UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM","body":"Upland Minerals and Chemicals Corp said\nit agreed to acquire Consolidated Brazilian Mines International\nInc, a public company with one mln acres of diamond and gold\nproperties in Brazil.\n    Terms were not disclosed.\n    Consolidated owns 42 mining concessions in three regions of\neastern and northern Brazil -- Gammara, Santo Antonio and\nDiamazon, the company said.\n    Upland also said the previously announced acquisition of\nAslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining\nconcern, will produce revenues of 9.6 mln dlrs a year for the\nnext 25 years.\n Reuter\n\u0003","date":" 1-APR-1987 14:58:22.01","topics":["acq"],"places":["usa","brazil"]},"12237":{"title":"TOLL <TOL> IN STOCK SPLIT, PUBLIC OFFERING","body":"Toll Brothers Inc said it\ndeclared a two-for-one split of its common stock and said it\nfiled a registration statement with the Securities and Exchange\nCommission for a proposed public offering of 5,700,000 shares\nof common as adjusted for the split.\n    The record date for the split is April 10, and certificates\nrepresenting the additional shares will be mailed April 20.\n    The company said its stock price will be adjusted to\nreflect the split on April 21.\n Reuter\n\u0003","date":" 1-APR-1987 15:02:47.18","topics":["earn"],"places":["usa"]},"12238":{"title":"QUAKER OATS <OAT> UNIT TO RETIRE DEBT","body":"Quaker Oats Co said its Stokely-Van Camp\nInc subsidiary will retire on May 15 its 10-1/4 pct Sinking\nFund Debentures due May 15, 2000.\n    The company said it will retire 2.6 mln dlrs at par through\noperation of the debenture's sinking fund. The remaining\noutstanding balance, currently 11,812,000 dlrs, will be retired\nat a price of 1,041 dlrs a bond.\n    Interest will be payable May 15, record May One.\n Reuter\n\u0003","date":" 1-APR-1987 15:03:13.34","places":["usa"]},"12239":{"title":"NATIONAL ROYALTY CORP <NROC> 4TH QTR LOSS","body":"Shr loss 22 cts vs loss 20 cts\n    Net loss 2,127,334 vs loss 1,629,432\n    Revs 1,306,658 vs 1,091,023\n    Avg shrs 9.7 mln vs 8 mln\n    Year\n    Shr loss 36 cts vs loss 35 cts\n    Net loss 3,519,251 vs loss 2,805,569\n    Revs 5,081,953 vs 4,410,954\n    Avg shrs 9.8 mln vs 8.1 mln\n Reuter\n\u0003","date":" 1-APR-1987 15:03:25.22","topics":["earn"],"places":["usa"]},"12240":{"title":"HI-PORT INDUSTRIES INC <HIPT> 4TH QTR NET","body":"Oper shr 29 cts vs eight cts\n    Oper net 222,143 vs 76,605\n    Revs 4,872,279 vs 3,276,404\n    12 mths\n    Oper shr 17 cts vs 28 cts\n    Oper net 111,280 vs 301,623\n    Revs 13.9 mln vs 11.1 mln\n    NOTE: 1986 yr figures excludes extraordinary item of\n574,363 dlrs, or 60 cts per share, for termination of its non\ncontributory pension plan.\n    1985 yr figures excludes 537,950 dlrs, or 42 cts per share,\nrepresenting insurance proceeds from a fire that occurrred in\n1983.\n\n Reuter\n\u0003","date":" 1-APR-1987 15:07:34.42","topics":["earn"],"places":["usa"]},"12241":{"title":"FRANCE ABOLISHES SUSPENDED OIL IMPORT RULES","body":"The french government formally abolished\nrules suspended since last September setting limits on the\nimport and sale of refined oil products from outside the\nEuropean Community.\n    The rules, introduced in 1979, required importers to buy at\nleast 80 pct of their refined products from European refiners,\nwhile at least 90 pct of refined products sold in France were\nrequired to come from French or European refiners.\n    The abolition of the rules, together with a number of\nrelaxations in administrative procedures, was published in the\nofficial journal today.\n    French oil industry officials immediately criticised the\nmove as encouraging imports at a time when french refiners are\nmaking heavy losses.\n    Industry figures published in February showed industrywide\nlosses of three billion francs last year after taking into\naccount extraordinary losses on stock depreciation.\n Reuter\n\u0003","date":" 1-APR-1987 15:10:10.11","places":["france"]},"12242":{"title":"GENENTECH <GENE> SAYS FDA TO REVIEW TPA","body":"Genentech Inc said Activase,\nits tissue plasminogen activator, will be reviewed at the a\nregularly scheduled May 29 meeting of the Food and Drug\nAdministration's cardiorenal advisory committee.\n Reuter\n\u0003","date":" 1-APR-1987 15:10:52.71","places":["usa"]},"12243":{"title":"COMEX RAISES MARGINS FOR SILVER FUTURES","body":"The Commodity Exchange Inc said it is\nincreasing the minimum margins for silver futures contracts,\neffective at the opening of business Thursday, April 2.\n    The margins for speculative trading will be increased to\n2,000 dlrs per contract from 1,300 dlrs and trade hedge margins\nwill rise to 1,400 dlrs from 900 dlrs, the Comex said.\n    Margins are unchanged for gold, copper, and aluminum\ncontracts, it said.\n Reuter\n\u0003","date":" 1-APR-1987 15:12:02.40","topics":["silver"],"places":["usa"]},"12244":{"title":"<SYSTEMS FOR HEALTH CARE INC> YEAR LOSS","body":"Shr loss 33 cts vs nil\n    Net loss 603,430 vs profit 4,295\n    Revs 748,628 vs 5,730\n    NOTE: Per-share results give retroactive effect to\none-for-50 reverse stock split in March 1987\n    1986 loss includes recurring expenses of 317,062 dlrs\nrelated to acquisitions and initial advertising campaigns\n Reuter\n\u0003","date":" 1-APR-1987 15:14:21.20","topics":["earn"],"places":["usa"]},"12245":{"title":"ATT <T> TO SELL NETI <NETFC> SOFTWARE","body":"Neti Technologies Inc said\nAmerican Telephone and Telegraph Co agreed to sell Neti's\ndocument transfer software.\n    Neti chairman Lawrence Brilliant said in response to an\ninquiry that the software, called \"docuFORUM\", transfers\ndocuments between separate locations over telephone lines. It\nis designed to work with most personal computers, including\nthose made by International Business Machines Co <IBM>.\n    Brilliant said there will be a one-time set-up charge of\n1,000 dlrs for the software, which will cost 40 dlrs per hour\nto use. There will be a 250 dlr monthly minimum use charge.\n Reuter\n\u0003","date":" 1-APR-1987 15:14:30.27","places":["usa"]},"12246":{"title":"MELLON <MEL>, REPUBLIC <RPT> LIFT PRIME RATES","body":"Mellon Bank NA of Pittsburgh and\nRepublic Bank of Dallas have both raised their prime lending\nrates to 7-3/4 pct from 7-1/2, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 15:15:20.42","topics":["interest"],"places":["usa"]},"12247":{"title":"MOODY'S MAY LOWER GAF <GAF>, BORG-WARNER <BOR>","body":"Moody's Investors Service Inc said it\nmay downgrade the debt ratings of GAF Corp because of its 3.1\nbillion dlr acquisition offer for Borg-Warner Corp.\n    In a related action, the agency changed to possible\ndowngrade from uncertain the direction of its current review of\nBorg-Warner's 1.2 billion dlrs of debt.\n    GAF has 416 mln dlrs of debt outstanding.\n    Moody's said it would study the degree of financial risk\nthe acquisition offer represents for GAF. The agency will also\nconsider the possibility of future asset sales to reduce\nacquisition-related debt.\n    However, Moody's noted that GAF has demonstrated an ability\nto profit from takeover attempts.\n    GAF currently carries Ba-2 sinking fund debentures and B-1\nsenior subordinated notes and debentures.\n    Moody's said its review of Borg-Warner and the unit\nBorg-Warner Acceptance Corp would focus on the effects of the\nproposed acquisition on Borg-Warner's cash flow and debt\nprotection measurements.\n    Moody's will also consider the implications of possible\ndefensive measures that Borg-Warner may undertake. The parent\nhas A-1 senior debt and the unit carries A-2 senior debt.\n Reuter\n\u0003","date":" 1-APR-1987 15:15:38.61","places":["usa"]},"12248":{"title":"U.S. HOUSE PANEL APPROVES AID FOR FSLIC","body":"The House Banking Committee voted\n45-5 in favor of a bill to raise five billion dlrs over two\nyears to assist the Federal Savings and Loan Insurance Corp.\n    The Federal Home Loan Banks would borrow the five billion\ndlrs in financial markets to assist the FSLIC, which government\nauditors have said is approaching  bankruptcy.\n    The committee narrowly rejected a version of the\nlegislation that would have permitted 15 billion dlrs in\nborrowing authority over a longer time and was the version\nfavored by the administration.\n    The committee, backed by committee chariman Fernand St\nGermain (D-RI) and House Speaker Jim Wright (D-Tex), voted\n25-24 to change the amount of borrowing authority.\n    In addition to the funds raised in capital markets, the\nFSLIC would receive another five billion dlrs in assessments on\nfinancial institutions belonging the fund.\n    The bill also requires regulators to apply more liberal\nstandards when deciding whether to close ailing thrifts in\ndepressed regions.\n    The bill now goes to the full house.\n    The Senate has passed a bill providing for a 7.5 billion\ndlr recapitalization for FSLIC.\n Reuter\n\u0003","date":" 1-APR-1987 15:17:34.79","places":["usa"]},"12249":{"title":"GULF BARGE FREIGHT HIGHER IN NEARBYS ON CALL","body":"Gulf barge freight rates continued to\nshow a firmer tone in the nearbys on the assumption that\nchanges in the Gulf posted prices will encourage increases in\nboth PIK-and-roll activity and barges shipments, with a total\nof 21 barges traded this morning on the ST Louis Merchants'\nExchange call session, versus nine yesterday, dealers said.\n    Quotes included -\n - This week Mississippi River (Granite City, MLA if P/O)\ntraded at 175 pct of tariff, five percentage points above\nyesterday's bid.\n - Next week Mississippi (Alton/Granite City, MLA if P/O) bid\nfive points higher at 175 pct, offered at 190.\n - Five barges each week April MidMississippi River\n(Dubuque/south) traded at yesterday's bid of 170 pct.\n - April Illinois River (ex Chicago) 160 pct bid, offered 10\npoints higher at 170.\n - May same section 140 pct bid, offered five lower at 145.\n - May MidMississippi River (Dubuque/south) bid 2-1/2 points\nhigher at 142-1/2 pct, offered at 145.\n - June/July lower Mississippi River (Memphis/Cairo) offered at\n120 pct, no bids.\n - June/Aug upper Mississippi River (Lacrosse/Savage) offered\nat 150 pct, no bids.\n - Oct/Nov MidMississippi (Dubuque/south, L/H Nov\nClinton/south) 170 pct bid/177-1/2 offered - no comparison.\n - December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2\noffered - down 2-1/2 points on offer.\n Reuter\n\u0003","date":" 1-APR-1987 15:19:43.53","topics":["ship"],"places":["usa"]},"12250":{"title":"<CRIME CONTROL> ASSETS TO BE SOLD TO HAWLEY","body":"Crime Control Inc said it reached a\ndefinitive agreement under which a subsidiary of Hawley Group\nLtd will buy assets and assume certain liabilities of Crime\nControl for 51.3 mln dlrs.\n    Of this amount, it said about 47 mln dlrs would be\navailable for distribution to the company's banks, debenture\nholders and shareholders. The balance would be used to pay\nvarious state taxes and other expenses relating to the\ntransaction, and to establish reserves to provide for certain\nunassumed obligations of the company.\n    Crime Control said it would use proceeds to pay its bank\nlenders approximately 28.6 mln dlrs, representing about 87 pct\nof the principal amount of all its indebtedness to bank\nlenders.\n    It also said it would propose to acquire all of its 20 mln\ndlrs worth of outstanding 10 pct convertible subordinated\ndebentures for an aggregate of approximately 15.4 mln dlrs and\npropose liquidation of the company with shareholders receiving\nan estimated 54 cts a share.\n    As reported earlier, Crime Control is in default on\napproximately 33 mln dlrs of bank debt and in default under the\nindenture governing its convertible subordinated debentures.\n    On January 19, 1987, Crime Control, which installs,\nservices and monitors electronic surveillance systems, said it\nretained Rothschild Inc to arrange for the sale of the company.\n Reuter\n\u0003","date":" 1-APR-1987 15:20:40.23","topics":["acq"],"places":["usa"]},"12251":{"title":"ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT\n","date":" 1-APR-1987 15:22:41.62","topics":["interest"],"places":["canada","usa"]},"12252":{"title":"U.S. HOUSE BUDGET GROUP NEARS BUDGET AGREEMENT","body":"The Democratic-controlled House\nBudget Committee neared approval, over Republican objections,\nof a trillion dlr budget plan for 1988.\n    Committee Chairman William Gray said he wanted approval\nlater today of the Democratic-written document, which would\nproduce a deficit of about 133 billion dlrs using Congressional\nBudget Office estimates.\n    However, Gray said using President Reagan's economic\nassumptions, the plan would show a deficit of 108 billion dlrs\nto meet the Gramm-Rudman budget law target. Republicans\nprotested they had not seen the plan until today.\n Reuter\n\u0003","date":" 1-APR-1987 15:27:40.76","places":["usa"]},"12253":{"title":"GM MARCH U.S. CAR OUTPUT 395,294, UP FROM 366,671\n","date":" 1-APR-1987 15:28:35.54","places":["usa"]},"12254":{"title":"ARGENTINE SUBPRODUCTS SHIPMENTS IN 1986","body":"Argentine subproducts shipments\nduring January/December 1986 totalled 5,618,315 tonnes, against\n4,815,188 tonnes in the same period of 1985, the Argentine\nGrain Board said.\n    Breakdown was as follows: cotton 26,992 (41,933), sunflower\n1,403,230 (1,190,862), linseed 261,600 (309,191), groundnutseed\n23,595 (22,809), soybean 3,275,225 (2,415,492), bran/pollards\nwheat 606,352 (659,271), fiber cotton 3,256 (107,752), wheat\nflour 18,065 (67,878), rape nil (nil), the board added.\n    Shipments during December 1986 amounted to 418,755 tonnes,\nagainst 257,844 tonnes in the same month of 1985.\n    The breakdown, was as follows, in tonnes:\n    Cotton 3,002 (6,234), sunflower 86,612 (38,347), linseed\n23,954 (38,290), groundnutseed nil (nil), soybean 264,650\n(104,571), bran/polards wheat 37,724 (49,946), fiber cotton 987\n(2,121), wheat flour 1,826 (18,335), rapeseed nil (nil), the\nboard said.\n    The ten principal destinations during January/December\n1986, with comparative figures for the same period of 1985 in\nbrackets, were as follows, in tonnes:\n    Holland 2,444,260 (2,234,049), Belgium 546,423 (595,635),\nItaly 430,029 (338,766), Czechoslovakia 365,897 (236,836), Cuba\n253,067 (222,842), Iran 250,646 (192,430), West Germany\n232,049) (158,491), Bulgaria 207,030 (300,488), Spain and\nCanary Islands 176,287 (113,751), Corea 163,304 (37,416), the\nboard added.\n REUTER\n\u0003","date":" 1-APR-1987 15:30:19.76","topics":["oilseed","cotton","wheat","grain","sunseed","linseed","rapeseed","soybean","groundnut"],"places":["argentina","netherlands","belgium","italy","czechoslovakia","cuba","iran","west-germany","bulgaria","spain"]},"12255":{"title":"LE PEEP RESTAURANTS INC <LPEP> 4TH QTR LOSS","body":"Shr loss 27 cts vs loss 81 cts\n    Net loss 998,764 vs loss 1,491,590\n    Revs 2,712,614 vs 1,237,850\n    Avg shrs 3,727,063 vs 1,838,294\n    Year\n    Shr loss 1.79 dlr vs loss 2.11 dlrs\n    Net loss 4,559,004 vs loss 3,882,235\n    Revs 8,510,004 vs 3,720,640\n    Avg shrs 2,544,271 vs 1,838,294\n Reuter\n\u0003","date":" 1-APR-1987 15:31:03.45","topics":["earn"],"places":["usa"]},"12256":{"title":"REYNOLDS METALS <RLM> SELLS CONVERTIBLE DEBT","body":"Reynolds Metals Co is raising 200 mln\ndlrs through an offering of convertible subordinated debentures\ndue 2012 with a six pct coupon and par pricing, said sole\nmanager Goldman, Sachs and Co.\n    The debentures are convertible into the company's common\nstock at 76.50 dlrs per share, representing a premium of 21.91\npct over the stock price when terms on the debt were set.\n    Non-callable for two years, the issue is rated Ba-3 by\nMoody's Investors and B-minus by Standard and Poor's.\n    Proceeds will be used to refinance certain long-term debt,\nReynolds Metals said.\n Reuter\n\u0003","date":" 1-APR-1987 15:33:46.97","places":["usa"]},"12257":{"title":"ESTIMATED U.S. POULTRY SLAUGHTER","body":"The United States department of\nagriculture estimated live poultry slaughter for the week\nending April 1  as follows, in thousands -\n            Current      Previous\n Class      week         week\n Bro/Fry      92,552      95,563 \n Lt Fowl       2,840       3,354 \n Hvy Fowl        651         789 \n Check Total  96,043      99,706 \n Reuter\n\u0003","date":" 1-APR-1987 15:34:16.89","topics":["carcass","livestock"],"places":["usa"]},"12258":{"title":"TOWLE MANUFACTURING CO <QTOW> 4TH QTR OPER LOSS","body":"Oper shr loss 1.10 dlrs vs loss 8.63 dlrs\n    Oper net loss 5.1 mln vs loss 42.1 mln\n    Revs 23.1 mln vs 63.3 mln\n    Year\n    Oper shr loss 4.71 dlrs vs loss 14.09 dlrs\n    Oper net loss 22.0 mln vs loss 67.2 mln\n    Revs 114.6 mln vs 221.8 mln\n    Avg shrs 4,910,330 vs 4,851,650\n    NOTE: Current year excludes gain of 12.1 mln dlrs from\ndisposal of discontinued operations.\n    Shr figures after preferred dividend requirements.\n Reuter\n\u0003","date":" 1-APR-1987 15:35:56.51","topics":["earn"],"places":["usa"]},"12259":{"title":"ROYAL BANK/CANADA UPS U.S. BASE RATE","body":"<Royal Bank of Canada> said it is\nraising its U.S. base lending rate by 1/4 pct to 8-1/4 pct,\neffective tomorrow.\n    The move is the first change in the bank's U.S. dollar base\nlending rate since last August, when it lowered the rate 1/2\npoint.\n    It follows the announcement yesterday of a 1/4 point rise\nto 7-3/4 pct of two of the largest U.S. banks' prime rates.\n Reuter\n\u0003","date":" 1-APR-1987 15:37:26.11","topics":["interest"],"places":["canada"]},"12260":{"title":"HARRIS BANK INCREASES ITS PRIME RATE","body":"<The Harris Trust and Savings Bank> said\nit has increased its prime rate to 7-3/4 from 7-1/2 effective\nimmediately.\n Reuter\n\u0003","date":" 1-APR-1987 15:39:06.36","topics":["interest"],"places":["usa"]},"12261":{"title":"ANALYSTS SAY USSR MAY PREFER NEW CROP U.S. WHEAT","body":"The Soviet Union would likely be more\ninterested in purchasing new crop wheat than in booking any\ngrain for immediate shipment if offered a subsidy on U.S.\nwheat, an executive with a major grain export company said.\n    Lower prices and the desire to delay any big purchases\nuntil the condition of winter and spring crops is better known\nmake new crop wheat more attractive, said George Hoffman,\ndirector of commodity analysis for The Pillsbury Company.\n    \"Pillsbury is assuming that they (Soviets) will be offered\na subsidy and that it will be a subsidy that they can respond\nto,\" Hoffman told Reuters in an interview at an agribusiness\neducation conference here. But if there are too many\nconstraints placed on a subsidy offer, the USSR will take less\nthan an anticipated four mln tonnes, he said.\n    Hoffman said Pillsbury's internal statistics put Soviet\nUnion wheat purchases at only two mln tonnes under a subsidy\noffer. However, if a subsidy is offered at competitive levels,\nMoscow would likely buy more, he said.\n    \"If we give the Soviets the same deal as the Chinese, I\nexpect they'll take it,\" said Vernon McMinimy, director of\ncommodity research for A.E. Staley Manufacturing Co.\n    McMinimy told Reuters spring weather and its impact on\ncrops will determine how much wheat Moscow would buy under a\nsubsidy offer.\n    Soviet winter crops did not get off to a good start because\nof a dry autumn last year, and because of the severe winter\n\"they probably have had more damage due to winter weather than\nnormal,\" McMinimy said.\n Reuter\n\u0003","date":" 1-APR-1987 15:39:24.80","topics":["grain","wheat"],"places":["usa","ussr"]},"12262":{"title":"BRANIFF <BAIR> MARCH LOAD FACTOR OFF","body":"Braniff Inc said March load factor fell\nto 59.1 pct from 65.5 pct in March 1986.\n    Revenue passenger miles rose 16.5 pct in March to 274.3 mln\nfrom 235.3 mln and 33.8 pct year-to-date to 710.3 mln from\n530.7 mln.\n    Available seat miles rose 29.1 pct in March to 464.2 mln\nfrom 359.5 mln and 36.8 pct in the three months to 1.33 billion\nfrom 970.9 mln.\n    Year-to-date load factor fell to 53.5 pct from 54.7 pct,\nthe carrier said.\n Reuter\n\u0003","date":" 1-APR-1987 15:39:45.26","places":["usa"]},"12263":{"title":"U.S. HOUSE BUDGET COMMITTEE APPROVES TRILLION DLR BUDGET\nPLAN FOR 1988\n","date":" 1-APR-1987 15:40:10.65","places":["usa"]},"12264":{"title":"NYSE SAYS LORAL <LOR> WILL NOT COMMENT ON STOCK","body":"The New York Stock Exchange said  Loral\nCorp told the exchange its policy is not to comment on unusual\nmarket activity in its stock.\n    The exchange said it contacted the company and requested\nthat Loral issue a public statement indicating whether any\ncorporate developments would explain the unusual activity in\nits stock.\n    The stock was trading at 47-1/2, up 2-1/2 points.\n Reuter\n\u0003","date":" 1-APR-1987 15:40:18.79","places":["usa"]},"12265":{"title":"GM <GM> MARCH U.S. CAR OUTPUT RISES","body":"General Motors Corp said it produced\n395,294 cars in the U.S. in March, up from 366,671 in March\n1986.\n    The automaker said it made 144,959 trucks last month, an\nincrease from 131,640 produced in the same month last year.\n    Year-to-date U.S. car output through the end of March was\n1,064,141 vehicles, down from last year's 1,205,768.\nYear-to-date truck production was 395,967, down from 410,821.\n Reuter\n\u0003","date":" 1-APR-1987 15:40:30.34","places":["usa"]},"12266":{"title":"STRAWBRIDGE AND CLOTHIER <STRW> 4TH QTR NET","body":"Shr 2.02 dlrs vs 1.94 dlrs\n    Net 14.7 mln vs 13.9 mln\n    Revs 265.6 mln vs 235.1 mln\n    Year\n    Shr 2.83 dlrs vs 3.36 dlrs\n    Net 20.7 mln vs 24.1 mln\n    Revs 739.1 mln vs 686.9 mln\n    NOTE: Current year includes loss equal to 12 cts/shr from\ntakeover defense and loss of 13 cts from loss of investment tax\ncredits.\n Reuter\n\u0003","date":" 1-APR-1987 15:41:20.97","topics":["earn"],"places":["usa"]},"12267":{"title":"MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND\n1.75 DLRS/BBL TODAY\n","date":" 1-APR-1987 15:42:10.05","topics":["crude"]},"12268":{"title":"DOE SEEKS SUPERCOLLIDER SITE PROPOSALS","body":"The Energy Department issued an\ninvitation for site proposals from states or others for its 4.4\nbillion dlr Super Conducting Supercollider atom smasher.\n    Department officials said there is expected to be tough\ncompetition for the planned facility, which is being considered\na major scientific plum for the winning community.\n    The department said proposals must be in by August three,\nunder guidelines published in the Federal Register, including\nthe provision of 16,000 acres of land without charge.\n    Among the states already waging campaigns are California,\nColorado, Illinois, Ohio, Texas, Utah and Washington.\n    A \"preferred\" site will be selected by July 1988 and the\nfinal site decision made in January 1989.\n    Congress has not yet appropriated money for the project,\nbut if it accepts President Reagan's plan, construction would\nbegin later in 1989 at a spending rate of about 600 mln dlrs a\nyear.\n    The project is expected to be completed in seven years.\n    Department officials said the Supercollider would help man\nunderstand the fundamental nature of matter and energy.\n reuter\n\u0003","date":" 1-APR-1987 15:43:06.03","places":["usa"]},"12269":{"title":"EGYPT AUTHORIZED TO BUY PL 480 WHEAT FLOUR-USDA","body":"Egypt has been authorized to purchase\nabout 125,000 tonnes of U.S. wheat flour under an existing PL\n480 agreement, the U.S. Agriculture Department said.\n    It may buy the wheat flour, valued at 23.0 mln dlrs between\nApril 8 and August 31, 1987 and ship it by September 30, the\ndepartment said.\n Reuter\n\u0003","date":" 1-APR-1987 15:47:54.41","topics":["wheat","grain"],"places":["usa"]},"12270":{"title":"TUGS TO ATTEMPT REFLOATING KOREAN BULK CARRIER","body":"Seven tugs will attempt to refloat the\nSouth Korean motor bulk carrier Hyundai New World tonight,\nLloyds shipping intelligence service said in its latest update.\n    The vessel grounded close to Itaqui port in Brazil last\nnight after undocking from Ponta da Madeira terminal.\n    Lloyds said the 200,000 dwt vessel is carrying about\n180,000 tons of ore.\n    Five holds are partially flooded and there is some leakage\nof bunkers from double bottom tanks. At low water tide the\nvessel has a list of five degrees to port and the list\nincreases as the tide rises.\n   \n Reuter\n\u0003","date":" 1-APR-1987 15:50:22.43","topics":["ship"],"places":["uk","south-korea","brazil"]},"12271":{"title":"ROBERT BRUCE INDUSTRIES INC <BRUCA> YEAR LOSS","body":"Shr loss 3.31 dlrs vs profit 94 cts\n    Net loss 6,073,000 vs profit 1,823,000\n    Revs 58.9 mln vs 69.2 mln\n Reuter\n\u0003","date":" 1-APR-1987 15:51:12.07","topics":["earn"],"places":["usa"]},"12272":{"title":"HYDRO-QUEBEC HEARINGS TO REOPEN IN OTTAWA","body":"The National Energy Board said hearings\ninto Hydro-Quebec's request to sell power to the United States\nwill reopen in Ottawa April nine.\n    The board heard nine days of testimony in Montreal after it\nopened the hearings March 16.\n    Hydro-Quebec is seeking an export license to sell 70\nterawatt hours of electricity to the New England Power Pool, a\ngroup of about 90 utilities, from the year 1990 to 2000. The\ncontract is valued at three billion Canadian dlrs. A terawatt\nhour is the power consumed by a city of 100,000 people in one\nyear, or 70 billion kilowatt hours.\n    The hearings are scheduled to last two days in Ottawa.\n    After that, the board will begin its deliberations, which\ncould take as long as two months before a decision is reached.\n Reuter\n\u0003","date":" 1-APR-1987 15:51:43.62","places":["canada","usa"]},"12273":{"title":"HOUSE BUDGET COMMITTEE APPROVES U.S. BUDGET PLAN","body":"The Democratic-controlled House\nBudget Committee, over Republican protests, approved and sent\nto the House a trillion dlr spending budget for 1988 that would\ncut the anticipated federal deficit by about 38 billion dlrs.\n    The Democratic-written budget would produce about a 133\nbillion dlr deficit using the nonpartisan Congressional Budget\nOffice economic assumptions.\n    Using President Reagan's more optimistic assumptions the\ndeficit would be about 108 billion dlrs -- which would reach a\nnew budget law's goal.\n Reuter\n\u0003","date":" 1-APR-1987 15:52:24.82","places":["usa"]},"12274":{"title":"TCF BANKING AND SAVINGS HIKES PRIME RATE","body":"TCF Banking and Savings FA said it\nis raising its prime rate to 7-3/4 pct from 7-1/2 pct effective\ntoday.\n Reuter\n\u0003","date":" 1-APR-1987 15:54:21.89","topics":["interest"],"places":["usa"]},"12275":{"title":"CCC SELLS FARMERS STOCK PEANUTS, OFFERS MORE","body":"The U.S. Commodity Credit Corporation\n(CCC) sold 6,034 short tons of 1986-crop farmers stock peanuts\nfor domestic crushing, the U.S. Agriculture Department said.\n    The peanuts were from the Southwest area and were sold at\nbetween 8.05 cts per lb (total kernel content), and 11.7225 cts\nper lb, the department said.\n    The CCC will offering additional 1986-peanuts for sale at a\nlater date, the department said.\n Reuter\n\u0003","date":" 1-APR-1987 15:54:40.77","topics":["groundnut","oilseed"],"places":["usa"]},"12276":{"title":"CAMPEAU AND EDWARD DEBARTOLO COMPLETE PURCHASE","body":"<Campeau Corp> and the <Edward J.\nDeBartolo Corp> have closed on their previously-announced \npurchase of five of the regional shopping centers of Allied\nStores Corp.\n    Campeau said it and the DeBartolo Association will each\nhold a 50 pct ownership interest in the shopping centers.\n    Campeau separately announced that, as required by a bank\nagreement, it has contributed an additional 50 mln dlrs of\ncapital to Allied.\n    Campeau acquired Allied Stores Corp earlier this year, the\ncompany said.\n Reuter\n\u0003","date":" 1-APR-1987 15:55:49.67","topics":["acq"],"places":["usa","canada"]},"12277":{"title":"DIAMOND SHAMROCK <DIA> TO RAISE SHARE VALUES","body":"Diamond Shamrock executives said that\nto reduce the vulnerability to takeover pressures, they want to\nraise the value of the two companies to be formed by splitting\nDiamond Shamrock.\n    \"If we can get the price up to the value of the company, we\nwill not be vulnerable to takeover pressure,\" said Charles\nBlackburn, Diamond Shamrock's president and soon to be chief\nexecutive officer of the new exploration and producing company\nwhose name has not yet been decided. He was visiting New York\nfor talks with investors.\n    After successfully countering a takeover bid launched by T.\nBoone pickens in January, Diamond Shamrock said it would\nspinoff its refining and marketing operation into Diamond\nShamrock Refining and Marketing Co before its April 30 annual\nmeeting.\n    Blackburn told Reuters, \"Our advisors told us that a split\nwould give a better share value to investors and that the\nmarket would give better multiples for pure refining and\nmarketing and exploration and production plays.\"\n    The two companies are now in the process of organizing\nthemselves to become \"pure plays,\" the executives said.\n    Blackburn said the new company would be a pure exploration\nand production operation and that he was looking to divest\nnon-oil and gas operations, particularly Diamond Shamrock's\ncoal operations.\n    Blackburn said that \"we are in talks about coal operations\nbut I cannot discuss this further at this time.\"\n    He said the company would have a debt-to-capital ratio of\nabout 38 pct, which could be paid down over time.\n    Blackburn said the company would seek to generate further\ninternal savings from rationalizing operations and personnel\nreductions. He has set a goal of 73 mln dlrs in internal\nsavings and \"we need to get at least 20 mln dlrs of that savings\nin 1987,\" Blackburn said.\n    \"I would rather describe this as savings coming from\neliminating non-essential activities as we purify the\nexploration and production business.\"\n    \"There are some people associated with those activities but\nit is more a matter of cutting and trimming rather than\nwholesale changes,\" Blackburn said.\n    Blackburn intends to run a tight ship in which dividends\nwill not initially be paid and the resultant savings invested\ninto exploration and production.\n    \"Our goal is to find 20 mln barrels a year in the U.S. to\nreplace our production and I think that we can do this at the\nlevel we intend to spend,\" Blackburn said.\n    \"It might be more difficult to find more oil and more oil\ninternationally at these levels,\" he added.\n    Blackburn said that his new company would spend 75 mln dlrs\nin North America and 90 mln dlrs overseas, mainly Indonesia, in\nthe search for oil and gas reserves.\n    In 1986 Diamond Shamrock produced 82,473 mln barrels a day\nof oil with 83 pct of that from Indonesia, while gas output was\n265.6 mln cubic feet a day of which 98 pct was in the U.S.\n    Blackburn said that he believed he could find oil to\nreplace this production at low costs which were 4.97 dlrs a\nbarrel worldwide and 3.88 dlrs a barrel in the U.S..\n    Blackburn also said that the company would be willing to\nbuy reserves, \"if we can find the right producing properties at\nthe right price\".\n    Blackburn estimated that oil prices will average about 18\ndlrs a barrel this year with average prices received for\nnatural gas at 1.57 dlrs per thousand cubic feet.\n    Blackburn said he currently estimates that at thee prices\nfor its products the company will have a cash flow of about 280\nmln dlrs.\n    \"This will mean a net negative cash flow as we pretty much\nspend our cash flow to find more oil and gas.\"\n    Blackburn said the company will search for both oil and gas\n\"almost exclusively in estasblished basins\".\n    Roger Hemminghaus, who will be chairman of the new Diamond\nShamrock Refining and Marketing Co, which last year had sales\nof approximately 1.6 billion dlrs, told Reuters his company was\ntaking on some debt.\n    \"We are taking on some 400 mln dlrs new debt with three tier\nfinancing emphasizing a revolving loan, some term loans and\nsome unsecured private placement and are now in the latter\nstages of signing an agreement.\"\n    Chemical New York Corp <CHL> is the company's lead banker\non the loan, Hemminghaus said.\n    That debt will set the company off at a 60 pct debt-to-\ncapital-ratio, which Hemminghaus said \"is too much. To\nalleviate that we will hold our capital expenditures down and\npay down debt so that at the end of two years that ratio will\nbe reduced to mid 40 pct range.\"\n    Hemminghhaus said that cash flow will be \"plus or minus\nabout 100 mln dlrs a year from earnings and depreciation.\"\n    In terms of major projects, Hemminghaus said that capital\nexpenditures will be 35 mln dlrs to 50 mln dlrs spread over all\nof the company's projects.\n    Its major project will be a two year upgrading project on\nits McKee reinery in the Panhandle at 90,000 bpd rated\ncapacity.\n    The company also has a refinery south of San Antonio where\nit will be headquartered with a capacity of 35,000 bpd.\n Reuter\n\u0003","date":" 1-APR-1987 15:57:47.87","places":["usa"]},"12278":{"title":"CCC INTEREST RATE FOR APRIL IS SIX PCT -- USDA","body":"The Commodity Credit Corporation\n(CCC) interest rate on loans disbursed in April will carry a\nsix pct ionterest rate, the U.S. Agriculture Department said.\n    The April rate is up from March's 5-7/8 pct and reflects\nthe interest rate charged CCC by the U.S. Treasury, the\ndepartment said.\n Reuter\n\u0003","date":" 1-APR-1987 15:58:54.98","topics":["interest"],"places":["usa"]},"12279":{"title":"TALKING POINT/DOME PETROLEUM <DMP>","body":"Dome Petroleum Ltd's loss of 2.20\nbillion dlrs, believed to be the biggest ever by a Canadian\ncompany, will have little impact on daily operations but will\npressure creditors to accept a proposal to restructure Dome's\ndebt of more than 6.10 billion dlrs, industry analysts said.\n    \"Essentially what it (Dome's loss) does is put more focus on\nthe importance of the restructuring and puts more pressure on\ncreditors to agree to the debt rescheduling,\" said an oil\nanalyst who asked that he not be identified.\n    Dome reported earnings yesterday.\n    Analysts said the huge loss improves the appeal of a debt\naccord by underlining company statements that creditors would\nreceive little or nothing under a forced liquidation that could\ntake several years to complete.\n    After several months of negotiations with a group of 56\nmajor creditors and other unsecured public debt holders, Dome\nsubmitted a complex proposal earlier this month that includes\nconverting debt to equity and extending repayment time.\n    \"They've had their talks and now they have the proposal, so\nthe banks have to decide whether to accept the restructuring or\npull the plug,\" the analyst said.\n    He and others said the huge loss, including writedowns\ntotalling 2.08 billion dlrs before a 571 mln dlr reduction in\ndeferred income taxes, dramatically enforces the company's\nclaim that a 50 pct drop in world oil prices has crippled its\nfinancial position.\n    But analysts said the writedown only impacts Dome's balance\nsheet and does not hurt the company's cash position.\n    \"To a large extent, these writeoffs of the carrying value of\nassets is really just the bookkeepers catching up to what the\nstock market has been telling us for a long time, reflecting\nthe collapse in oil prices,\" Peters and Co Ltd analyst Wilf\nGobert said.\n    Dome reported it took a 1.20 billion charge in the fourth\nquarter, before a 305 mln dlr reduction in deferred income\ntaxes, for the decline in value of Dome's oil and gas\nproperties.\n    The extraordinary loss conformed with new Canadian\nInstitute of Chartered Accountants guidelines that require Dome\nto use average 1986 oil prices to value its holdings, instead\nof an escalating price method used in prior years.\n    Analysts said six individual Swiss noteholders, who\ninitiated legal action against Dome to recover debt of 408,500\ndlrs, will also be pressed to adopt a more lenient stand by the\n1986 results.\n    \"To the extent that individuals were not fully accepting or\ncognizant of the seriousness of Dome's financial position, the\nfinancial statements reflecting this writedown of the value of\nassets is certainly going to indicate the depth of the\nhemorrhaging that has taken place,\" Gobert said.\n    The legal action now before Swiss courts threatens to\ntrigger cross-defaults on all of Dome's debt, toppling the\ndelicate debt negotiations. Dome is next scheduled to appear\nApril six to defend against the action.\n    First Marathon Securities Ltd analyst Rick Hallisey said\nthe size of the loss was slightly larger than industry\nestimates of Dome's negative net worth, ranging between 1.50\nbillion and two billion dlrs.\n    \"What this writedown says is that a lot of the money that\nwas spent in the past is unrecoverable, but the shareholders\nhave already recognized that through the writedown in the stock\nprice,\" Gobert said, adding, \"The financial statements have come\nout and said that what has happened in the past has been a\ndisaster for Dome,\" Gobert added.\n    The price of Dome common shares fell five cts to 1.05 dlrs\nin trading on the Toronto Stock Exchange today. At the height\nof Dome's success in 1981, common traded at about 25 dlrs a\nshare.\n Reuter\n\u0003","date":" 1-APR-1987 16:00:19.60","places":["canada"]},"12280":{"title":"BANKAMERICA CORP SAYS IT PLACES 1.9 BILLION DLRS OF\nBRAZILIAN LOANS ON NONACCRUAL STATUS\n","date":" 1-APR-1987 16:00:46.23","places":["brazil"]},"12281":{"title":"STANDARD OIL <SRD> COMMITTEE TRIED TO DELAY BID","body":"A committee of independent directors of\nthe Standard Oil Co unsuccessfully sought a delay in a tender\noffer for Standard shares by British Petroleum Co plc,\naccording to offering documents.\n    BP's offering document for its 70 dlr per share offer\ndescribes discussions with Douglas Danforth, who chairs a\nspecial committee of independent directors responsible for\nmonitoring relations with BP. BP has been owner of a 55 pct\nstake in Standard for several years.\n    According to the document, the committee's counsel said it\nneeded one to two months to evaluate the offering price.\n    Danforth, who is chairman of the Westinghouse Electric Co\n<WX>, first learned of BP's interest in acquiring the rest of\nStandard in a telephone call March five from Sir Peter Walters,\nchairman of BP.\n    At a meeting march nine, Danforth informed BP that the\nspecial committee had hired First Boston Corp <FBC> as its\nfinancial adviser and also retained independent counsel.\n    Danforth's concerns that the special committee did not have\nsufficient time were expressed to Walters in a telephone\nconversation and reiterated in a letter from counsel on Monday\nof this week.\n Reuter\n\u0003","date":" 1-APR-1987 16:01:09.36","topics":["acq"],"places":["usa","uk"]},"12282":{"title":"AMERICAN QUASAR COMPLETES REORGANIZATION PLAN","body":"<American Quasar Petroleum Co>\nsaid it completed its previously-announced plan of\nreorganization.\n    The company said it accepted subordinated notes and\ndebentures in the aggregate principal amount of 95.2 mln dlrs,\nwhich were tendered in exchange for 589.7 mln shares of\nAmerican Quasar common stock and Class A warrants to acquire\n234.0 mln additional shares of American Quasar common stock for\nfive cts per share.\n    The principal amount of the subordinated debt remaining\noutstanding is 4,644,080 dlrs, most of which is now held\nsubject to indentures which were amended in certain respects in\nconnection with the exchange offers, the company said.\n    Outstanding bank debt of 11.7 mln dlrs, plus an additional\n300,000 dlrs in borrowings for working capital, has been\nfinanced with RepublicBank in Dallas.\n   \n Reuter\n\u0003","date":" 1-APR-1987 16:01:18.10","places":["usa"]},"12283":{"title":"BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE\nTO BRAZILIAN LOANS\n","date":" 1-APR-1987 16:02:48.50","topics":["earn"],"places":["brazil"]},"12284":{"title":"TOWLE <TOW> SAYS COMMON MAY BE CANCELLED","body":"Towle Manufacturing Co, operating\nunder Chapter 11, said that based on a reorganization plan it\nis likely that its outstanding common and preferred will be\nsubstantially diluted or cancelled.\n    Towle also said that it is likely that general unsecured\nclaims, including claims of subordinated debenture holders,\nwill be paid at less than 100 pct of their face value and\nwithout interest.\n    Towle has not yet submitted a reorganization plan under\nChapter 11. It based its predictions on its liabilities and on\nthe resources which would be available under such a plan.\n    Company officials were not immediately available to comment\non the company's reorganization plan.\n    Towle also said that as a result of its restructuring, its\nsales for 1987 will not exceed 100 mln dlrs.\n    Earlier it reported a loss from operations of 22 mln dlrs\nor 4.71 dlrs a share on revenues of 114.6 mln dlrs for 1986. In\n1985, the company reported a loss of 67.2 mln dlrs or 14.09\ndlrs a share on sales of 221.8 mln dlrs.\n    As a results of its restructuring, the number of employees\nthe company had at year end were 820, compared with 1,300 on\nJune 30, 1986 and 2,500 on January 1, 1985.\n Reuter\n\u0003","date":" 1-APR-1987 16:04:01.79","places":["usa"]},"12285":{"title":"BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR\nFIRST-QUARTER 1987\n","date":" 1-APR-1987 16:04:52.33","topics":["earn"]},"12286":{"title":"MOBIL <MOB> RAISES WEST COAST CRUDE POSTINGS","body":"Mobil Corp said it raised its west\ncoast crude postings, effective today.\n    The Buena Vista light grade, at 26 degrees api gravity, was\nraised 1.35 dlrs a barrel to 15.55 dlrs/bbl, while the\nHuntington Beach light grade, at 16 degrees, was raised about\n1.75 dlrs/bbl to 14.10 dlrs/bbl.\n    The heavier Wilmington grade, at 17 degrees, was increased\n1.20 dlrs to 14.30 dlrs/bbl. Kern River crude, at 13 degrees,\nwas increased 1.00 dlr to 13.00 dlrs/bbl.\n     Mobil also said that effective today it changed its\ngravity adjustment scale as follows: From 20 degrees to 34\ndegrees API, Mobil will adjust its price 0.015 of a ct per\none-tenth of an API degree. Below 20 degrees API, the company\nwill adjust its price 0.020 ct per one-tenth of a degree. Crude\ngrades from 34 degrees API to above 40 degrees are unaffected.\n Reuter\n\u0003","date":" 1-APR-1987 16:05:10.92","topics":["crude"],"places":["usa"]},"12287":{"title":"LOCKHEED <LK> GETS 165.7 MLN DLRS IN CONTRACTS","body":"Lockheed Corp has been awarded 165.7\nmln dlrs in military contracts, including a 102.4 mln dlr\ncontract for eight C-130 aircraft for the Air Force Reserve,\nthe Air Force said.\n reuter\n\u0003","date":" 1-APR-1987 16:06:36.36","places":["usa"]},"12288":{"title":"STRAWBRIDGE <STRW> DECLARES STOCK DIVIDEND","body":"Strawbridge and Clothier said its\nboard declared a seven pct stock dividend, payable May 14 to\nholders of record April 14.\n    Earlier, the company reported net income of 20.7 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 16:07:57.89","topics":["earn"],"places":["usa"]},"12289":{"title":"AMERICAN PETROFINA <API.A>AUDIT REPORT QUALIFIED","body":"American Petrofina Inc said its auditor,\nPeat Marwick Mitchell and Co, has qualified its opinion of the\ncompany's annual report because of the unknown impact of the\nU.S. Energy Department's investigation into crude oil trading\nactivities which occurred during the 1979-1981 period.\n    American Petrofina, which is controled by <Petrofina SA>,\nsaid it believes it has good and meritorious defenses to any\npossible claim resulting from the ongoing investigation.\n Reuter\n\u0003","date":" 1-APR-1987 16:08:06.71","places":["usa"]},"12290":{"title":"LTV <QLTV> UNIT WINS AIR FORCE CONTRACT","body":"LTV Corp's LTV Missiles and Electronics\nGroup said it received a 28.3 mln dlr contract from the U.S.\nAir Force for continued design and development of an\nanti-satellite weapon system.\n    The company said the contract work will be performed at its\nfacilities in Grand Prairie, Texas, and is expected to be\ncompleted by September.\n Reuter\n\u0003","date":" 1-APR-1987 16:09:30.33","places":["usa"]},"12291":{"title":"HERCULES <HPC> GETS 131.5 MLN DLR CONTRACT","body":"Hercules Inc has been awarded a 131.5\nmln dlr contract for stage three follow-on production work on\nthe MX missile program, the Air Force said.\n reuter\n\u0003","date":" 1-APR-1987 16:10:33.14","places":["usa"]},"12292":{"title":"BANKAMERICA <BAC> PUTS BRAZIL ON NON-ACCRUAL","body":"BankAmerica Corp said it placed\nits 1.9 billion dlrs in medium- and long-term term loans to the\nBrazilian public and private sectors on non-accrual status as\nof March 31.\n    As a result, the bank's net income for the first quarter\nwill be reduced by about 40 mln dlrs. If Brazil's suspension of\ninterest payments remains in effect, earnings for the whole\nyear will be reduced by a further 100 mln dlrs.\n    BankAmerica said, however, that it expects to report a\nprofit for the first quarter of 1987.\n    BankAmerica also said that it had placed 180 mln dlrs of\nloans to Ecuador on non-accrual, which will reduce\nfirst-quarter earnings by about five mln dlrs.\n    If no interest payments are received for the rest of the\nyear from Ecuador, which is recovering from a severe\nearthquake, 1987 earnings will be cut by a further 10 mln dlrs.\n    But, \"barring substantialy increased instabilities in\ndeveloping countries,\" BankAmerica said it continues to\nanticipate an operating profit in 1987.\n    In the first quarter of 1986 BankAmerica earned a profit of\n63 mln dlrs but turned in a loss of 518 mln dlrs for the year\nas a whole.\n    BankAmerica also said it completed yesterday the previously\nannounced sale of its discount brokerage subsidiary, Charles\nSchwab Corp. The sale was part of a program of asset disposals\nundertaken to staunch losses at the nation's second largest\nbank holding company.\n    BankAmerica stressed that it expects Brazil will eventually\nreach a debt rescheduling agreement which will provide for the\npayment of interest being deferred in 1987.\n    \"Negotiations will be complicated and lengthy, but we\ncontinue to expect that a rescheduling agreement will be\ncompleted this year,\" said A.W. Clausen, BankAmerica's chairman\nand chief executive officer.\n    \"For the interim period, however, we concluded that the\nresponsible procedure would be to record income only as we\nreceive payments on the loans,\" he added in a statement.\n    U.S. banks are not legally required to place loans on\nnon-accrual until interest becomes more than 90 days overdue.\n    By striking accrued, but unpaid, interest from their\naccounts earlier than necessary, the banks are signalling to\nBrazil their readiness to dig in for a long fight over the\nterms of the rescheduling agreement regardless of the\nshort-term earnings impact, banking analysts said.\n    Brazil suspended interest payments on 68 billion dlrs of\nits 109 billion dlr foreign debt in February, citing a drop in\nofficial reserves, and said interest payments would be held on\ndeposit at the central bank pending a rescheduling.\n    It also froze some 16 billion dlrs of short term credit\nlines which banks were committed to provide until March 31.\n Reuter\n\u0003","date":" 1-APR-1987 16:12:02.57","places":["usa","brazil"]},"12293":{"title":"LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to\n5-1/4 CTS/SHR FROM FOUR CTS\n","date":" 1-APR-1987 16:12:05.60","topics":["earn"]},"12294":{"title":"TRANSDUCER SYSTEMS INC YEAR","body":"Shr profit 12 cts vs loss 49 cts\n    Net profit 117,000 vs loss 506,000\n    Revs 1.1 mln vs 1.2 mln\n    Year\n    Shr profit seven cts vs loss 89 cts\n    Net profit 66,000 vs loss 921,000\n    Revs 4.4 mln vs 3.9 mln\n    NOTE:1986 reflects tax benefit of 24,000. 1985 reflects tax\nbenefit of 186,000 for quarter and 573,000 for year.\n Reuter\n\u0003","date":" 1-APR-1987 16:12:47.10","topics":["earn"],"places":["usa"]},"12295":{"title":"MCDONNELL DOUGLAS<MD> GETS 60.0 MLN DLR CONTRACT","body":"McDonnell Douglas Corp has received a\n60.0 mln dlr contract for long lead advance work on F-15E\naircraft, the Air Force said.\n reuter\n\u0003","date":" 1-APR-1987 16:13:57.39","places":["usa"]},"12296":{"title":"LAIDLAW TRANSPORTATION LTD <LDMFA> 2ND QTR NET","body":"period ended February 28\n    Shr 26 cts vs 14 cts\n    Net 28.4 mln vs 15.2 mln\n    Revs 305.7 mln vs 179.6 mln\n    Six mths\n    Shr 50 cts vs 28 cts\n    Net 54.6 mln vs 30.3 mln\n    Revs 586.2 mln vs 359.8 mln\n    Avg shrs 100,362,000 vs 91,360,000\n Reuter\n\u0003","date":" 1-APR-1987 16:14:29.86","topics":["earn"],"places":["canada"]},"12297":{"title":"NORTHERN TRUST <NTRS> TO INCREASE PRIME RATE","body":"Northern Trust Co said it is raising its\nprime rate to 7-3/4 pct from 7-1/2 pct effective April 2.\n Reuter\n\u0003","date":" 1-APR-1987 16:15:03.21","places":["usa"]},"12298":{"title":"CENTURY BUSINESS CREDIT <CTY> GETS OFFER","body":"Century Business Credit Corp said it\nreceived an offer from Stanley Tananbaum, chairman and chief\nexecutive officer, to take the company private in a transaction\ngiveing shareholders 24.40 dlrs per share in cash.\n    There were 603,106 shares outstanding as of December 31.\n    The independent directors said they will engage an expert\nto evaluate the fairness of the offer.\n Reuter\n\u0003","date":" 1-APR-1987 16:16:32.15","topics":["acq"],"places":["usa"]},"12299":{"title":"J.P. MORGAN PLACES 1.3 BILLION DLRS OF MEDIUM- AND\nLONG-TERM BRAZIL LOANS ON NON-ACCRUAL\n","date":" 1-APR-1987 16:17:32.17","places":["brazil"]},"12300":{"title":"PROCTER <PG> APPOINTS NEW AGENCY FOR COOKIES","body":"Procter and Gamble Co said it\nappointed the New York ad agency of Wells, Rich, Greene, Inc to\nhandle its Duncan Hines Ready-to-Serve Cookies, effective\nimmediately.\n    The account was previously handled by Grey Advertising Inc\nof New York.\n    The company declined to discuss the reason for the change\nin accounts, nor would it dislose its advertising expenditures\nfor the brand.\n    Procter and Gamble said Grey will continue to handle many\nof its brands, including Crisco, Bold, Joy, Downy and Puritan\nOil, Monchel and Jif.\n    Wells, Rich, Green handles Procter's Pringle's, Gain,\nSafeguard, Spic and Span, Prell, Sure Banner, and Oil of Olay\nbrands.\n Reuter\n\u0003","date":" 1-APR-1987 16:18:14.50","places":["usa"]},"12301":{"title":"LAIDLAW <LDMFA> SPLITS STOCK, HIKES PAYOUT","body":"Three for two stock split\n    Pay and record date subject to shareholder confirmation May\nfour\n    Qtly dividend 5-1/4 cts vs four cts\n    Pay May 15\n    Record May one\n    Note: dividends declared on pre-split shares.\n    Laidlaw Transportation Ltd\n Reuter\n\u0003","date":" 1-APR-1987 16:18:21.96","topics":["earn"],"places":["canada"]},"12302":{"title":"SECURITY PACIFIC, PROVIDENT NATIONAL LIFT PRIME","body":"Security Pacific National Bank and\nProvident National Bank said they increased their prime lending\nrates a quarter point to 7-3/4 pct.\n    They said the move is effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 16:19:04.90","topics":["interest"],"places":["usa"]},"12303":{"title":"J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER\nNET BY ABOUT 20 MLN DLRS\n","date":" 1-APR-1987 16:19:29.36","topics":["earn"],"places":["brazil"]},"12304":{"title":"HOUSTON INDUSTRIES INC <HII> INCREASES DIV","body":"Qtly div 72 cts vs 70 cts prior\n    Payable June 10\n    Record May 15\n Reuter\n\u0003","date":" 1-APR-1987 16:19:38.28","topics":["earn"],"places":["usa"]},"12305":{"title":"EMERY <EAF> PLANS PUROLATOR <PCC> ASSET SALES","body":"Emery Air Frieght Corp, which has\nlaunched a 40 dlr a share tender offer for 83 pct of Purolator\nCourier Corp, said it would sell some Purolator assets to help\npay the estimated 265 mln dlr cost of the stock purchase deal.\n    In a filing with the Securities and Exchange Commission,\nEmery said it would sell or lease Purolator's air hub in\nIndianapolis, Ind., which is currently under construction, and\nwould divest Purolator's Stant Inc subsidiary.\n    No indications of interest for the assets have been\nreceived so far, Emery said.\n    Emery said it would operate Purolator as a subsidiary if it\nsucceeded in the takever, but would integrate its air hub.\n    It said it plans to finance its stock purchases with\nborrowings from Chemical Bank, Morgan Guaranty Trust Co of New\nYork, Bankers Trust Co and Salomon Brothers Holding Co Inc, the\nparent of Salmon Brothers Inc, Emery's financial advisor.\n    Emery said it already has a commitment letter from its\nbanks for up to 129.9 mln dlrs for the stock purchases. An\nunspecified amount of internally generated funds would also be\nused for the stock purchases, it added.\n Reuter\n\u0003","date":" 1-APR-1987 16:20:42.10","topics":["acq"],"places":["usa"]},"12306":{"title":"CENTURY BUSINESS CREDIT CORP <CTY> 4TH QTR","body":"Shr 39 cts vs 31 cts\n    Net 232,991 vs 198,185\n    Revs 2.9 mln vs 2.3 mln\n    Year\n    Shr 2.20 dlrs vs 1.12 dlrs\n    Net 1.3 mln vs 715,113\n    Revs 11.3 mln vs 10.1 mln\n    NOTE:1986 revs includes 260,000 dlr finder's fee , net\nincludes 112,000 gain from sale of securities, 115,000\ndividends, 78,000 dlrs from lease recalculations.\n    1985 revs includes 700,000 finder's fee and 75,000 gain\nfrom sale of asset.\n\n Reuter\n\u0003","date":" 1-APR-1987 16:20:47.62","topics":["earn"],"places":["usa"]},"12307":{"title":"TREASURY BALANCES AT FED ROSE ON MARCH 31","body":"Treasury balances at the Federal\nReserve rose on March 31 to 3.576 billion dlrs from 3.254\nbillion dlrs on the previous business day, the Treasury said in\nits latest budget statement.\n    Balances in tax and loan note accounts fell to 5.394\nbillion dlrs from 7.291 billion dlrs on the same respective\ndays.\n    The Treasury's operating cash balance totaled 8.969 billion\ndlrs on March 31 compared with 10.544 billion dlrs on March 30.\n Reuter\n\u0003","date":" 1-APR-1987 16:23:07.97","places":["usa"]},"12308":{"title":"GM TO IDLE SIX CAR PLANTS NEXT WEEK, TEMPORARILY LAY OFF\n21,600 WORKERS\n","date":" 1-APR-1987 16:25:19.31"},"12309":{"title":"IC INDUSTRIES<ICX> UNIT TO SELL OFF MORE TRACK","body":"Illinois Central Gulf Railroad, a\nsubsidiary of IC Industries Inc, said it will complete the sale\nto the Chicago, Missouri and Western Railway of its 631-mile\nline from Joliet, Ill., to St. Louis by April 30.\n    The Chicago, Missouri is a wholly owned subsidiary of the\nVenango River Corp, a transportation holding company.\n    It said the purchase price of the line is 81 mln dlrs.\n    The Chicago, Missouri will employ 625 workers and start\noperation immediately upon closing of the transaction.\n Reuter\n\u0003","date":" 1-APR-1987 16:26:40.10","topics":["acq"],"places":["usa"]},"12310":{"title":"JOHNSTOWN AMERICAN <JAC> MAKES EXCHANGE OFFER","body":"Johnstown American Cos said it began a\ntender offer for the 500,000 outstanding shares of its 1985\npreferred stock.\n    Under the offer, the company said holders of the preferred\nwould receive one share of a new issue of convertible\nredeemable preferred stock for each share of their 1985\npreferred.\n    The company said terms of the new preferred will permit it\nto redeem and retire the 1985 preferred shares at a discount\nfrom their current liquidation value of 50 mln dlrs, or 100\ndlrs a share.\n    The company said that if all the 1985 preferred shares are\ntendered, it will issue 500,000 1987 preferred shares, disburse\n250,000 dlrs and cancel all 1985 preferred shares that are\ntendered.\n    The company said that if it elects to redeem the 1987\npreferred, it must pay holders 12.3 mln dlrs in cash.\n    It said it must also issue warrants for the purchase of\nthree mln common shares at a price of 4.50 dlrs a share or 33\npct over the market price on the day before the notice of\nredemption, whichever is greater.\n    The company said the exchange offer is conditioned on\ntendering shareholders releasing certain rights to contingent\npayouts and profit-share interests that were given in\nconnection with its 1985 acquisition of Consolidated Capital\nEquities Corp and Johnstown Management Co.\n    The offer, it said, is also conditioned on the tender of at\nleast two-thirds of the outstanding preferred shares. The\ncompany said the exchange offer will expire at 1500 EST on May\none, unless extended.\n Reuter\n\u0003","date":" 1-APR-1987 16:27:27.42","places":["usa"]},"12311":{"title":"STRONG DEMAND FOR U.S. CORN IN JAPAN -- USDA","body":"Japan appears to be relying less on\ncorn from China, Argentina and South Africa and more on\nsupplies from the United States, the U.S. Agriculture\nDepartment said.\n    In its World Production and Trade report, the department\nsaid in the past seven weeks reported U.S. corn sales of nearly\nthree mln tonnes to Japan are about three times the level\nduring this period last year.\n    Reports of short Argentine supplies and the apparent\nunwillingness of the Chinese to sell at current world prices\nmay have caused Japanese buyers to turn to the United States\nfor corn supplies, the department said.\n Reuter\n\u0003","date":" 1-APR-1987 16:28:10.52","topics":["corn","grain"],"places":["usa","japan","china","argentina","south-africa"]},"12312":{"title":"BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50\nDLRS A TONNE TODAY\n","date":" 1-APR-1987 16:30:18.79","topics":["nat-gas"],"places":["uk"]},"12313":{"title":"BP <BP> RAISES NORTH SEA BUTANE PRICES","body":"British Petroleum Co plc said it raised\nits posted butane prices by 15.50 dlrs per tonne to 123 dlrs,\nfob north sea, effective today.\n    Posted propane prices were unchanged at 110 dlrs per tonne,\nthe company said.\n   \n Reuter\n\u0003","date":" 1-APR-1987 16:31:55.27","topics":["nat-gas"],"places":["uk","usa"]},"12314":{"title":"ALLIS-CHALMERS <AH> DEFERS INTEREST PAYMENTS","body":"Allis-Chalmers Corp said it is\ndeferring approximately three mln dlrs of interest payments due\nMarch 31 and April 1.\n    The company said it is actively negotiating with lenders\nfor concessions on a restructuring plan proposed March Four\ncalling for Allis-Chalmers to divest itself of all businesses\nexcept the American Air Filter Co.\n    Allis-Chalmers said it is \"building a consensus among its\nshareholders, retired employees and creditors\" regarding the\nconsents that will be required for it to complete its\nrestructuring.\n    To provide health care protection for its retired\nemployees, Allis-Chalmers said it proposed setting up a secure\n75 mln dlr fund. It said about 4,400 current U.S. employees and\n12,000 U.S. retirees are presently supported by Allis-Chalmers\nhealth care plans.\n    Allis-Chalmers in a statement said it planned to continue\npayments to its vendors in the ordinary course of business\nwhile the restructuring is being negotiated.\n    Earlier, Allis-Chalmers said it executed a letter of intent\nto sell its solids processing equipment and minerals systems\nbusinesses to Boliden AB of Sweden for about 90 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 16:32:10.92","places":["usa"]},"12315":{"title":"ATLANTIC TO RAISE HIGH SULPHUR FUEL PRICES","body":"Atlantic Fuels Marketing Corp said\ntoday it will raise the posted cargo prices for high sulphur\nfuels in New York Harbor 50 to 75 cts per barrel, effective\nApril two.\n    The increase brings the prices for two pct sulphur to 19.25\ndlrs, up 50 cts, 2.2 pct sulphur to 18.75 dlrs, up 50 cts, 2.5\npct sulphur to 18.50 dlrs, up 50 cts, 2.8 pct sulphur to 18.25\ndlrs, up 75 cts, the company said.\n    Posted prices for 0.3 pct and one pct low sulphur fuels\nwere unchanged at 22 and 20 dlrs, it said.\n Reuter\n\u0003","date":" 1-APR-1987 16:33:41.37","topics":["fuel"],"places":["usa"]},"12316":{"title":"FIRST NATIONAL BANK OF BOSTON <BKB> RAISES PRIME","body":"The First National Bank of Boston, the\nmain banking unit of Bank of Boston, said it is raising its\nprime lending rate to 7.75 pct from 7.50 pct, effective\nimmediately.\n Reuter\n\u0003","date":" 1-APR-1987 16:36:15.50","topics":["interest"],"places":["usa"]},"12317":{"title":"GENCORP TAKES NO ACTION ON STOCK DIVIDEND","body":"Gencorp Inc said its board took no\naction with respect to a two pct stock dividend at its annual\nmeeting yesterday due to the press of other business,\nspecifically the company's pending takeover offer by General\nAcquisition Corp, formed by AFG industries inc and Wagner and\nbrown.\n    A spokesman said the two pct stock dividend, normally\nissued everly year, was not issued in February because the\ncompany was examining other dividend alternatives. Management\nsaid it would give consideration to this matter at a later\ntime.\n   Yesterday, the company's chairman, A. William Reynolds, told\nshareholders he would be presenting an alternative to the 100\ndlrs a share takeover offer within a week.\n\n Reuter\n\u0003","date":" 1-APR-1987 16:37:00.23","topics":["earn"],"places":["usa"]},"12318":{"title":"MORGAN <JPM> PLACES BRAZIL LOANS ON NONACCRUAL","body":"J.P. Morgan and Co Inc, parent of\nMorgan Guaranty Trust Co of New York, said that it will place\n1.3 billion dlrs of medium- and long-term loans to Brazil on a\nnon-accrual basis, matching similar action by BankAmerica Corp\n<BAC> earlier today.\n    The move, which follows Brazil's suspension of interest\npayments on 68 billion dlrs of commercial bank debt on February\n20, is expected to reduce first quarter net income by about 20\nmln dlrs, of which four mln dlrs represents interest accrued\nprior to 1987 but still uncollected, the bank said.\n    Morgan earned 233.9 mln dlrs in the first quarter of 1986.\n    Morgan also said that, based on current interest rates and\nassuming cash interest payments are not received for the rest\nof the year, 1987 net income would be reduced by about 72 mln\ndlrs. 1986 net income was 872.5 mln dlrs.\n    Although U.S. banks do not have to put loans on nonaccrual\nuntil they are over 90 days past due, Morgan said some of the\nloans affected by the Brazil payment freeze may reach the\n90-day limit during the second and third quarters.\n    Morgan said it assumes talks between Brazil and commercial\nbank lenders will proceed \"expeditiously\" and interest payments\nwill resume at the earliest practicable date.\n Reuter\n\u0003","date":" 1-APR-1987 16:37:22.96","topics":["earn"],"places":["usa","brazil"]},"12319":{"title":"GM <GM> TO IDLE SIX PLANTS, 21,600 WORKERS","body":"General Motors Corp will idle six of its\ncar assembly plants next week, temporarily laying off 21,600\nworkers, according to spokespersons for the company's groups.\n    The automaker will shut three plants each in its two\ngroups--the Buick-Oldsmobile-Cadillac group and the\nChevrolet-Pontiac-GM of Canada group.\n    The plants will be closed for a week starting August six\nfor inventory adjustment.\n    Five of the plants are located in the United States. The\nsixth is in Canada.\n    The three Buick-Oldsmobile-Cadillac plants that will be\nidled are located at Wentsville, Mo. (4,900 workers), the\nHamtramck plant in Detroit (3,000 workers) and the body\nassembly plant in Flint, Mich. (2,500 workers).\n    The Chevrolet-Pontiac-GM of Canada facilities to be shut\ntemporarily are located in North Tarrytown, N.Y. (3,500\nworkers), Pontiac, Mich. (1,600 workers) and Oshawa, Ont.\n(6,100 workers).\n    All of General Motors' truck and bus plants will be\noperating next week, a spokesman for the truck and bus group\nsaid.\n Reuter\n\u0003","date":" 1-APR-1987 16:38:11.13","places":["usa"]},"12320":{"title":"REGULATOR SEES UPTURN IN TEXAS ECONOMY","body":"The downturn in the Texas economy has\nbottomed out and growth should return at a slow rate in the\nsecond or third quarter, said Coyle Kelly, executive assistant\nto the chairman of the Texas Public Utilities Commission.\n    \"Indicators are pointing to a turnaround ... but\nuncertainty still remains,\" he said at a meeting of utilities\nanalysts.\n    The state's economy will begin to expand by the end of the\nyear, he said, but growth will be flat when averaged over the\nfull 12 months.\n    Kelly said his projection assumes oil prices in the range\nof 15 dlrs to 19 dlrs a barrel.\n    He added that the oil and agriculture sectors were still\nseverely depressed but that there are scattered signs of\nimprovement in the industrial sectors.\n Reuter\n\u0003","date":" 1-APR-1987 16:40:11.42","places":["usa"]},"12321":{"title":"GOULD <GLD> COMPLETES SALE OF DIVISION","body":"Gould Inc said it has\ncompleted the sale of its Systems and Simulations Division to\nthe unit's management for an undisclosed price.\n    Gould said the move is part of its plan to divest its\ndefense systems businesses and focus on its computer and\nelectronics sectors.\n    Gould added that it accounted for the division as a\ndiscontinued operation.\n Reuter\n\u0003","date":" 1-APR-1987 16:42:55.40","topics":["acq"],"places":["usa"]},"12322":{"title":"MORRISON <MORR> ADOPTS SHAREHOLDER RIGHTS PLAN","body":"Morrison Inc said its board adopted\na shareholder rights plan designed to fend off unwanted\ntakeovers.\n    Morrison said that it was not aware of any party interested\nin acquiring the company.\n    It said it declared a dividend on its outstanding common\nstock of stock purchase rights which have a term of 10 years,\nand will be issued April 10 to holders of record April 10.\n    It said each right entitles shareholders to buy one\none-thousandth of a share of newly authorized preferred at a\npurchase price of 75 dlrs. It said the rights will be\ndistributed as a dividend and will become exercisable if a\nparty acquires 20 pct or more of its common or begins a tender\noffer for 30 pct or more of its stock, among other things.\n    It said the rights are redeemable by its board at one-half\nct per right.\n Reuter\n\u0003","date":" 1-APR-1987 16:43:08.32","places":["usa"]},"12323":{"title":"FRENCH SUBSIDIZED CORN FOR TUNISIA/MOROCCO-USDA","body":"U.S. corn sales to Tunisia, Morocco\nand other North African countries may face increased\ncompetition from European Community (EC) corn sales, the U.S.\nAgriculture Department said.\n    In its World Production and Trade report, the USDA said\nsales of French corn for nearby delivery have been confirmed\nwith an export subsidy of about 145 dlrs per tonne, bringing\nthe French price to about 72 dlrs per tonne, FOB.\n    While this is about the same price as U.S. corn, EC corn\nhas lower transport costs, the department noted.\n    The French sales mark the beginning of commercial EC corn\nexports which could reach 750,000 tonnes to North Africa and\nthe Middle East, areas which have traditionally purchased their\ncorn needs from the United States, the department said.\n    Department officials said the 750,000 tonnes of exports are\nfor the year up to September 30 1987.\n    They said export licenses for about 500,000 tonnes have\nbeen issued so far.\n Reuter\n\u0003","date":" 1-APR-1987 16:44:18.93","topics":["corn","grain"],"organisations":["ec"],"places":["france","usa","tunisia","morocco"]},"12324":{"title":"CHRYSLER MADE 98,648 U.S. CARS IN MARCH, DOWN FROM\n115,540 LAST YEAR\n","date":" 1-APR-1987 16:45:28.85","places":["usa"]},"12325":{"title":"NEW ZEALAND MAY BUY U.S. WHEAT -- USDA","body":"New Zealand may need about 100,000\ntonnes of wheat this year, which would normally come from\nAustralia, but may be from the United States, the U.S.\nAgriculture Department said.\n    In its report on Export Markets for U.S. Grains, the\ndepartment said with the deregulation of the New Zealand Wheat\nBoard, which normally imports wheat from Australia, there is\nthe possibility of wheat purchases from the united states since\nthe shipping cost between New Zealand and the Eastern Coast of\nAustralia and the West Coast of the United States are about\nequal.\n Reuter\n\u0003","date":" 1-APR-1987 16:45:49.71","topics":["grain","wheat"],"places":["usa","new-zealand"]},"12326":{"title":"U.S. DEMOCRATS RAM BUDGET THROUGH COMMITTEE","body":"Democrats rammed through the House\nBudget Committee a trillion dollar U.S. spending budget for\n1988 over Republican protests.\n    After a brief partisan debate in which Republicans said\nthey were kept in the dark about the plan, the committee\napproved the budget by voice vote and sent it to the full\nHouse. \n    It was the first major congressional action on a U.S.\nbudget for the government year starting October 1 this year.\n    President Reagan has had his own budget virtually ignored\nby Democrats and fellow Republicans alike.\n    The House budget would cut the deficit about 38 billion\ndlrs off an estimated 171-billion-dlr deficit for a 133-\nbillion-dlr deficit, using Congressional Budget Office\nestimates.\n    Using President Reagan's more optimistic economic\nassumptions, committee Democrats said the deficit would be 107\nbillion -- the goal of a new budget law designed to gradually\nend deficits by 1991.\n    The estimated deficit for this year is about 175 billion\ndlrs.\n Reuter\n\u0003","date":" 1-APR-1987 16:46:47.86","places":["usa"]},"12327":{"title":"GRAIN SHIPS LOADING AT PORTLAND","body":"There were five grain ships loading and\nthree ships were waiting to load at Portland, according to the\nPortland Merchants Exchange.\n Reuter\n\u0003","date":" 1-APR-1987 16:51:00.08","topics":["grain","ship"],"places":["usa"]},"12328":{"title":"NBC MAKES 'FINAL' OFFER TO WRITERS, TECHNICIANS","body":"The National Broadcasting Co delivered\nits \"final offer\" for a new contract to representatives of\n2,800 writers, editors and technicians early today and waited\nfor a response.\n    A committee of the National Association of Broadcast\nEmployees and Technicians discussed the offer but after three\nhours they had not come to any decision.\n    If the union walks out it would mean simultaneous strikes\nagainst all three major U.S. television networks. A different\nunion struck CBS Inc <CBS> and Capital Cities/ABC Inc <CCB> a\nmonth ago. NBC is owned by the General Electric Co <GE>.\n    \"We're instructing all our members to continue working\nwithout a contract,\" said John Krieger, a union official. The\ncontract expired at midnight March 31.\n    Krieger said the committee is empowered to call a strike if\nit sees fit but he added, \"we're not gun shy and we're not\nstrike-happy, we don't take it lightly.\" He said the union\nneeded time to draft a formal response to the NBC proposal,\nwhich the network billed as its \"best and final offer.\"\n    A spokeswoman for NBC said management personnel were\nprepared to take assume technical duties if its radio and\ntelevision facilities are struck.\n    \"If there were a strike, we would not expect any\ninterruption in our service,\" the NBC spokeswoman said. At CBS\nand ABC, where the Writers Guild of America has been on strike\nsince early March, viewers have noticed little difference in\nthe programs. However technicians are not involved in the\nwalkout at CBS and ABC.\n    Krieger said the \"major stumbling block\" in the talks with\nNBC was the network's insistence on having the right to hire\nengineers and writers on a daily basis. \"In a broad sense this\nwould decimate the union,\" he said, with temporary workers\njeopardizing the jobs of staff employees.\n    NBC said its proposal \"contains assurances that there is no\nintention to replace regular employees with daily hires.\" NBC\nsaid regular employees who may be on layoff would be offered\nemployment first.\n    NBC also said any daily hires would be represented by the\nunion and would be phased in at four pct of regular staff in\nthe first year of a contract and six percent afterward.\n    Top scale wages would increase to 855 dlrs per week in the\nfirst year of the two-year contract and 895 dlrs in the second\nyear, under the NBC proposal. Krieger said the network's wage\nproposals were \"disappointing\" but not the main issue.\n    NBC said its proposals would give it greater flexibility in\nsports and news coverage. It said its proposals would permit\nlimited access to news materials from affiliates and\nsubscription services and allow Cable News Network to join\nnetwork pool facilities. Cable News Network is owned by Turner\nBroadcasting System <TBS>.\n    Material from subscription servoces would be limited to an\naverage of about one minute in a half-hour program, NBC said.\nThe network said the changes it seeks \"would reduce costly\nduplication and are vital to NBC's long term health.\"\n    The major U.S. networks have experienced cost cutting\ncampaigns following a series of ownership changes that affected\nthe parent companies of all three in the past two years.\n    Laurence Tisch became the largest shareholder in CBS, NBC's\nformer parent RCA was acquired by General Electric and ABC was\nmerged into Capital Cities Broadcasting.\n    The broadcast operations have been hit with layoffs and\nother belt-tightening measures. Network executives cited cable\ntelevision services and video cassette players which compete\nfor viewers.\n Reuter\n\u0003","date":" 1-APR-1987 16:54:42.57","places":["usa"]},"12329":{"title":"MOORE <MCL> TO AMEND RIGHTS OF PREFERENCE SHARES","body":"Moore Corp Ltd said it proposed\namendments to a special resolution seeking shareholder approval\nfor authority to issue preference shares, so that the shares\nwill be non-voting except in the event of dividend non-payment.\n    It said it proposed the amendments in response to\nshareholder concerns that under the existing resolution, voting\nrights could be attached to the preference shares that are\ndisproportionate to common share voting rights.\n    Moore Corp said it has no immediate plans to issue\npreference shares under the proposed resolution.\n    The resolutions will be considered at the April 9 annual\nand special meeting, the company said.\n Reuter\n\u0003","date":" 1-APR-1987 16:54:52.94","places":["canada"]},"12330":{"title":"U.S. ATTORNEY GIULIANI CLARIFIES SEC REMARKS","body":"U.S. Attorney Rudolph Giuliani,\nclarifying earlier remarks about being offered a top job at the\nSecurities and Exchange Commission, said he had no intention\nabout commenting on whether the offer was made.\n    A spokeswoman for Giuliani said the problems arose because\nhe thought he was responding to questions about newspaper\nspeculation and not about an actual offer.\n    In a brief morning press conference, Giuliani said he had\nreceived feelers about becoming head of the FBI and had turned\nthat down. He then mentioned the SEC and said he had not made\nup his mind but could not leave New York for several months.\n    In a later clarification of his remarks, Giuliani told\nreporters, \"I can't comment. I am not able to confirm that. This\nis not a good time to leave New York. I have important work to\ndo here.\"\n    He did not deny that an offer had been made.\n    Earlier Reuters reported that Giuliani confirmed that he\nhad been offered a top post at the SEC but would not say what\nthat position was.\n\n Reuter\n\u0003","date":" 1-APR-1987 16:55:59.28","places":["usa"]},"12331":{"title":"FRENCH FIRM HAS FIVE PCT OF CALIF. WATER <CWTR>","body":"Compagnie Generale Des Eaux\n<EAUG.PA>, a French water, waste treatment and disposal,\nheating, ventilation and air conditioning concern said it has a\n5.0 pct stake in California Water Service Co.\n    In a filing with the Securities and Exchange Commission,\nCompagnie Generale said it bought its 139,200 California Water\nshares for a total of 7.0 mln dlrs for investment purposes.\n    While it said it might acquire more shares in the company,\nit said it has no plans to seek control of it.\n Reuter\n\u0003","date":" 1-APR-1987 16:56:43.07","topics":["acq"],"places":["usa","france"]},"12332":{"title":"USDA REPORT ON CATTLE SLAUGHTER, MEAT PURCHASES","body":"The U.S. Agriculture Department said\nan estimated 8,700 head of dairy cattle were slaughtered during\nthe week ending March 13 as a result of the Whole Herd Dairy\nBuyout program.\n    The cumulative total of cattle slaughtered under the\nprogram from April 1 through March 13 is estimated at 1,032,300\nhead, it said.\n    Cumulative meat purchases through March 27 total\n376,897,330 lbs, the department said.\n    Dairy cattle reported for export under the program for the\nperiod April 1 through March 27 totaled an estimated 55,055\nhead, the department said.\n    Live cattle exports are in addition to the meat purchase\nrequirements, the department said.\n Reuter\n\u0003","date":" 1-APR-1987 16:57:31.02","topics":["livestock"],"places":["usa"]},"12333":{"title":"MAJOR U.S. BANKS MOVE TO HIGHER 7-3/4 PCT PRIME","body":"Most major U.S. banks today matched\nTuesday's quarter-point prime rate cuts by Citibank and Chase\nManhattan Bank, the first prime rate boosts since mid-1984.\n    Most cited narrower spreads between the prime and funding\ncosts as justification. Analysts said the prime rate rises may\nhave been triggered partly by a desire by banks to enhance\nprofit margins given problems with developing country loans. \n    Commenting on the prime rate increases, U.S. Treasury\nSecretary James Baker told a House Appropriations Committee\nthat \"I hope it was a temporary blip upward.\"\n    Among the major banks which today announced prime rate\nincreases to 7-3/4 pct were Bankers Trust, Chemical Bank,\nContinental Illinois National Bank, Harris Trust and Savings\nBank, Irving Trust, Manufacturers Hanover Trust Co, Marine\nMidland, and Security Pacific National Bank.\n    Other banking companies announcing prime rate rises\nincluded Pittsburgh National Bank, Texas Commerce Bank-Houston,\nProvident National Bank, First National Bank of Boston, Florida\nFederal Savings and Loan Association, and SunTrust Banks.\n Reuter\n\u0003","date":" 1-APR-1987 16:58:13.93","topics":["interest"],"places":["usa"]},"12334":{"title":"JEM RECORD INC <JEMR> 2ND QTR JAN 31","body":"Shr three cts vs seven cts\n    Net 52.1 mln vs 112,713\n    Revs 5.1 mln vs 4.4 mln\n    Six months\n    Shr five cts vs 15 cts\n    Net 75,605 vs 244,119\n    Revs 9.5 mln vs 9.5 mln\n   \n Reuter\n\u0003","date":" 1-APR-1987 16:58:19.30","topics":["earn"],"places":["usa"]},"12335":{"title":"AMR <AMR>, CITICORP <CCI> TO SET MARKETING PACT","body":"AMR Corp's American Airlines and\nCitibank are expected to announce a joint marketing program at\na press conference tomorrow, analysts said.\n    The program will probably allow consumers using a credit\ncard issued by Citibank to pay for flights on American and earn\nfrequent flyer miles, they said.\n    \"It's an incentive to use the card and it potentially\nbuilds traffic for the carrier,\" said one analyst, who asked\nnot to be named.\n    One analyst noted that Texas Air Corp's <TEX> Continental\nAirlines has a similar agreement with a bank issuing\nMastercard.\n    Texas Air officials were not immediately available.\n    American Airlines and Citibank scheduled a press conference\nat 1030 EST in New York tomorrow to announce a \"major new\ncredit card alliance marketing program.\"\n    Spokesmen for Citibank declined additional comment.\nAmerican Airlines spokesmen were not available.\n Reuter\n\u0003","date":" 1-APR-1987 16:59:13.25","places":["usa"]},"12336":{"title":"UNION BANK RAISES ITS PRIME RATE TO 7.5 PCT","body":"The Union Bank subsidiary of\nStandard Chartered PLC said today it was raising its prime\nlending rate to 7.75 pct from 7.50 pct, effective immediately.\n Reuter\n\u0003","date":" 1-APR-1987 17:04:09.20","topics":["interest"],"places":["usa"]},"12337":{"title":"FURTHER DECLINES IN U.S. DEBT FUTURES POSSIBLE","body":"After an already steep fall in the past\nweek, U.S. interest rate futures may be in for further declines\nin the near term, financial analysts said.\n    However, some analysts said recent sharp losses in bond\nfutures have left the bond market somewhat oversold, and the\ncontracts on long-term debt could stage a recovery before\nresuming their decline.\n    Key to the near-term direction of futures will be the\ncourse of the dollar, they said.\n    \"As the dollar goes, so goes the bond market,\" said Dean\nWitter analyst Karen Gibbs.\n    The recent decline in the dollar, which hit a 40-year low\nagainst the Japanese yen Monday, was reversed Wednesday when\nseveral large U.S. money center banks unexpectedly raised their\nprime lending rates by a quarter point, to 7-3/4 pct.\n    \"Even though the prime rate cut was good for the dollar,\nforeign exchange traders are not convinced the dollar decline\nis over,\" Gibbs said.\n    The dollar decline was key in recent weakness in debt\nfutures as it rekindled concern about a pickup in inflation.\n    Indeed, the falling dollar may have been a key topic at the\nmeeting of the Federal Reserve's policy making arm, the Federal\nOpen Market Committee, this week, analysts said.\n    \"To the Fed, the combination of a falling dollar, a\nsteepening yield curve, and rising commodity prices look\nsuspiciously like the traces of expectations of accelerating\ninflation,\" said Denis Karnosky, analyst at Carroll, McEntee\nand McGinley Inc.\n    Such expectations could mean that \"a shift in policy toward\nrestriction of bank reserves is likely to get very serious\nconsideration,\" at the FOMC meeting, he said.\n    Any such restriction of reserves will not be a highly\nvisible form of monetary tightening, Karnosky said.\n    Rather, the key to detecting a change will be found in\nseasonal and adjustment borrowing at the discount window, he\nsaid. Borrowings have held near a weekly average of 300 mln\ndlrs over the past several months, he said.\n    In the meantime, however, \"the market looks a bit\noversold,\" said Jim Wysoglad, analyst at Golden Gate Futures.\n    Wysoglad said a recovery from the oversold condition could\ndrive June bonds to a high near 99 before falling back to test\nchart support near the recent low of 97-13/32.\n    Technician Leslie Keefe of Technical Data Corp of Boston\nsaid that the key test for June bonds will be whether the\nnearby contract holds above chart support at 96-24/32.\n    \"All previous selloffs since mid-November have stopped and\nbuyers have surfaced at that level,\" Keefe said.\n    If that level is broken, and the dollar continues to\ndecline, Keefe said she expects the June bond contract to\ndecline to test support between 92 and 93, the primary uptrend\nline dating back to 1984.\n Reuter\n\u0003","date":" 1-APR-1987 17:07:21.62","topics":["interest","dlr"],"places":["usa"]},"12338":{"title":"USDA GRAIN INSPECTION ADVISORY COMMITTEE MEETING","body":"The Federal Grain Inspection Service\nAdvisory Committee will meet here Monday, April 13, the U.S.\nAgriculture Department said.\n    Items on the agenda for the meeting, which is scheduled to\nbegin at 0830 edt, are grain-quality issues, status of proposed\nregulations, financial matters and safety matters, the\ndepartment said.\n    The Federal Grain Inspection Service Advisory Committee is\ncomposed of 12 members representing the grain industry who\nprovide advice to the administrator of the Federal Grain\nInspection Service.\n Reuter\n\u0003","date":" 1-APR-1987 17:09:28.14","topics":["grain"],"places":["usa"]},"12339":{"title":"DEAK BUYS JOHNSON MATTHEY COMMODITIES","body":"Deak International, a foreign currency\nand precious metals firm, announced the acquisition of Johnson\nMatthey Commodities of New York from Minories Finance Limited,\na unit of the Bank of England.\n    The purchase valued at 14.8 mln dlrs follows the recent\nacquisition of London's Johnson Matthey Commodities Limited,\nDeak said. The New York firm will be known as Deak\nInternational Trading Ltd, the company said. Arkadi Kuhlmann,\npresident and chief executive officer of Deak International,\nsaid the purchase will expand Deak's operations in precious\nmetals and wholesale non-ferrous metals trading.\n Reuter\n\u0003","date":" 1-APR-1987 17:12:53.08","topics":["acq"],"places":["usa","uk"]},"12340":{"title":"COFFEE FUTURES AT SIX-YEAR LOW, UNDER 1 DLR/LB","body":"Coffee futures dipped further today and\nclosed below 1 dlr a pound for the first time in six years.\n    Coffee for delivery in May ended at 99.28 cents a pound on\nthe Coffee, Sugar and Cocoa Exchange, down 0.76 cent and the\nlowest price since August, 1981.\n     Prices have been falling steadily since the International\nCoffee Organization failed in February to reach an agreement\ncontrolling exports by its members, and pressure was renewed\nthis week as the executive board of the organization met in\nLondon without reopening debate on its export quotas.\n    The executive board has limited its current discussions to\nadministrative matters and is set to adourn Thursday.\n    Burdensome supplies have pressed the market down from 1.30\ndlr a pound in February, when the organization's discussions\naimed at re-establishing export quotas broke down.\n    Sandra Kaul, a coffee analyst in New York with Shearson\nLehman Brothers, said supplies currently are at their high\npoint for the year because most producing nations have just\ncompleted their harvests.\n    In addition, she said, many of those nations are faced with\nserious debt and need to sell coffee to raise capital.\n    \"This should keep substantial pressure on exporters to\nundertake sales despite the drop in prices,\" she said.\n    Further, U.S. demand could be sluggish because winter, the\nperiod of greatest consumption, is ending. Prices could fall\nanother 10 cents to 15 cnts a pound, analysts said.\n    Gold futures retreated from modest early gains and closed\nsteady while silver prices rallied on the Commodity Exchange in\nNew York.\n    The increase in U.S. banks' prime rates prompted concern\nabout renewed inflation, but the strength of the U.S. dollar\ndiscouraged new buying.\n    \"The market is getting mixed signals and it doesn't know\nwhich way to go,\" one analyst said.\n    Gold futures retreated from modest early gains and closed\nsteady while silver prices rallied on the Commodity Exchange in\nNew York.\n    The increase in U.S. banks' prime rates prompted concern\nabout renewed inflation, but the strength of the U.S. dollar\ndiscouraged new buying.\n    \"The market is getting mixed signals and it doesn't know\nwhich way to go,\" one analyst said.\n Reuter\n\u0003","date":" 1-APR-1987 17:14:17.65","topics":["coffee"],"places":["usa"]},"12341":{"title":"BELDEN AND BLAKE ENERGY CO <BBE> 4TH QTR","body":"Shr loss 1.92 dlrs vs profit five cts\n    Net loss 5.6 mln vs profit 136,598\n    Revs 1.4 mln vs. 2.5 mln\n    Year\n    Shr loss 3.81 dlrs vs profit 21 cts\n    Net loss 10.8 mln vs profit 435,176\n    Revs 7.6 mln vs 9.4 mln\n    NOTE:1986 4th qtr includes write-off of about 373,000 dlrs\nor 13 cts and writdown of assets of 4.0 mln dlrs. 1986 year\nincludes 4.1 mln dlrs 1st qtr writedown.\n Reuter\n\u0003","date":" 1-APR-1987 17:15:20.12","topics":["earn"],"places":["usa"]},"12342":{"title":"MASSTOR <MSCO> IN PACT WITH NAT'L WESTMINSTER","body":"Masstor Systems Corp said it\nit signed a volume purchase agreement with National Westminster\nBank PLC worth up to 7.3 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 17:15:56.40","places":["usa"]},"12343":{"title":"TENERA <TLPZV> PLANS TO BUY BACK LP UNITS","body":"Tenera LP said it plans to\nperiodically repurchase up to 200,000 limited partnership units\nin the open market.\n    The timing and amount of the proposed purchases will depend\non the prevailing market price and trading volumes in the units\nto comply with Securities and Exchange Commission regulators,\nTenera said.\n Reuter\n\u0003","date":" 1-APR-1987 17:16:08.30","places":["usa"]},"12344":{"title":"CROWN RESOURCES <CRRS> PLANS ENERGY UNIT SALE","body":"Crown Resources Corp said it plans to\nsell its Oklahoma-based oil and gas unit as part of its\nstrategy to focus on developing precious metals properties.\n    The company said it bought the Wyona Water Flood Oil and\nGas unit in 1984 for 650,000 dlrs.\n    Crown said the Wyona field is fully developed with 28\nproducing wells.\n    Current oil production is 80 barrels a day, it said, adding\nthat no gas was produced for sale in 1986.\n Reuter\n\u0003","date":" 1-APR-1987 17:16:17.77","topics":["acq"],"places":["usa"]},"12345":{"title":"M.D.C. HOLDINGS <MDC> SELLS ENERGY UNIT","body":"M.D.C. Holdings Inc said it sold\nsubstantially all the assets of its oil and gas unit, Mizel\nPetro Resources Inc, and affiliated partnerships, for 38 mln\ndlrs in cash to <Parker and Parsley Petroleum Co>, Midland,\nTexas.\n    The company said that, subject to certain post-closing\nadjustments, it expects to post a small profit on the sale.\n Reuter\n\u0003","date":" 1-APR-1987 17:18:17.04","topics":["acq"],"places":["usa"]},"12346":{"title":"LIVINGWELL INC <WELL> YEAR","body":"Shr six cts vs three cts\n    Net 1.7 mln vs 3.1 mln\n    Revs 187.3 mln vs 129.7 mln\n    NOTE:Increase in earnings due to elimination of preferred\ndividend requirements.\n Reuter\n\u0003","date":" 1-APR-1987 17:18:40.51","topics":["earn"],"places":["usa"]},"12347":{"title":"PEOPLES TELEPHONE SIGNS PACT WITH SOUTHLAND <SLC>","body":"Peoples Telephone Co, the third\nlargest private pay phone firm in the U.S., said it signed an\nexclusive five-year, 25 mln dlr contract with the Southland\nCorp.\n    Under the contract, Peoples said it will provide telephone\nservice to Southland's 7-Eleven Stores in Florida, and install\nand maintain telephone circuitry for 7-Eleven's MovieQuick and\ncomputerized lottery systems.\n Reuter\n\u0003","date":" 1-APR-1987 17:20:05.26","places":["usa"]},"12348":{"title":"MEXICO BUYS 51,000 TONNES U.S. SOYBEANS","body":"Mexico bought 51,000 tonnes of U.S.\nnumber two yellow soybeans in an overnight tender, for various\nocean and rail shipments in May, private export sources said.\n    About 40,000 tonnes sold for ocean shipment at prices\nranging from 199.67 to 210.17 dlrs per tonne, c and f, and\nabout 11,000 tonnes sold for rail shipment at prices from\n205.50 to 217.88 dlrs per tonne, they said.\n Reuter\n\u0003","date":" 1-APR-1987 17:20:20.78","topics":["oilseed","soybean"],"places":["usa","mexico"]},"12349":{"title":"SCIMED <SMLS> BEING SUED FOR PATENT INFRINGEMENT","body":"SciMed Life Systems Inc said\n<Advanced Cardiovascular Systems Inc> is suing it for patent\ninfringement.\n    The company said the suit involves a patent for a vascular\nguiding catheter assembly and a vascular dilating catheter\nassembly.\n    SciMed said the suit is without merit and it has turned the\nmatter over to its attorneys.\n    It added that the lawsuit will not affect the negotiations\non the merger transaction with Bristol-Meyers Co <BMY>,\nannounced Monday.\n Reuter\n\u0003","date":" 1-APR-1987 17:20:50.15","places":["usa"]},"12350":{"title":"FIDELCOR <FICR> UNIT ACQUIRES LAZERE FINANCIAL","body":"Fidelcor Inc's Fidelcor Business Credit\nCorp subsidiary said it reached a definitive agreement to\nacquire a substantial portion of the Bank of New England Corp's\n<BKNE> Lazere Financial Corp's assets.\n    Terms of the acquisition were not disclosed. The\nacquisition is subject to approval of the Federal Reserve\nBoard.\n    Fidelcor said it would acquire most of Lazere's loan\nportfolio and other assets, including its Miami office. It said\nit plans to hire the majority of Lazere's 100 employees.\n Reuter\n\u0003","date":" 1-APR-1987 17:21:37.98","topics":["acq"],"places":["usa"]},"12351":{"title":"SUNSTATES CORP <SUST> 4TH QTR","body":"Shr loss 3.51 dlrs vs loss 6.14 dlrs\n    Net loss 3.2 mln vs loss 6.6 mln\n    Year\n    Shr loss 2.38 dlrs vs loss 5.17 dlrs\n    Net loss 692,872 vs loss 4.5 mln\n    NOTE:1986 loss includes loss of 301,000 for discontinued\noeprations vs a loss of 5.5 mln dlrs net of a 1.4 mln credit in\n1985. 1985 4th qtr includes loss of 3.5 mln dlrs for\ndiscontinued operations. share amts relfect dividend\nrequirements.\n Reuter\n\u0003","date":" 1-APR-1987 17:21:44.46","topics":["earn"],"places":["usa"]},"12352":{"title":"<BII ENTERPRISES INC> YEAR NOV 30 NET","body":"Shr 86 cts vs 79 cts\n    Net 4,042,000 vs 3,549,000\n    Revs 59.7 mln vs 47.3 mln\n Reuter\n\u0003","date":" 1-APR-1987 17:22:09.20","topics":["earn"],"places":["canada"]},"12353":{"title":"<SCOTTISH AND YORK HOLDINGS LTD> YEAR LOSS","body":"Shr loss 27 cts vs loss 2.27 dlrs\n    Net profit 2,150,000 vs loss 14,700,000\n    Revs 121.3 mln vs 69.8 mln\n    Note: shr after payment of preferred stock dividends\n Reuter\n\u0003","date":" 1-APR-1987 17:22:42.51","topics":["earn"],"places":["canada"]},"12354":{"title":"BANGOR HYDRO-ELECTRIC <BANG> GETS APPROVAL","body":"Bangor Hydro-Electric Co said the\nMaine PUblic Utilities Commission approved changes in rates\neffective today that will decrease revenues by about 412,000\ndlrs or 0.5 pct.\n    The decrease results from changes in the base rates and in\nthe fuel cost adjustment rate charged by the company.\n    Base rates will decrease by 6.25 mln dlrs due largely to\nits sale in the Seabrook nuclear power project, a reduction in\nfederal income taxes and lower costs of capital.\n    The base rate assumes a rate of return of 11.57 pct, down\nfrom 13.1 pct. Offsetting the decrease, however, is an\nauthorization to increase fuel rates by 5.84 mln dlrs, it said.\n Reuter\n\u0003","date":" 1-APR-1987 17:24:19.67","places":["usa"]},"12355":{"title":"COFFEE FUTURES UNDER DLR A POUND AT SIX-YEAR LOW","body":"Coffee futures dipped further and closed\nbelow one dlr a pound for the first time in six years.\n    Coffee for delivery in May ended at 99.28 cents a pound on\nthe New York Coffee, Sugar and Cocoa Exchange, down 0.76 cent\nand the lowest price since August, 1981.\n     Prices have fallen steadily since the International Coffee\nOrganization failed in February to reach an agreement\ncontrolling exports by its members, and pressure was renewed\nthis week as the executive board of the organization met in\nLondon without reopening debate on its export quotas.\n    The executive board has limited its current discussions to\nadministrative matters and is set to adourn Thursday.\n    Burdensome supplies have pressed the market down from 1.30\ndlrs a pound in February, when the organization's discussions\naimed at re-establishing export quotas broke down.\n    Sandra Kaul, a coffee analyst in New York with Shearson\nLehman Brothers, said supplies currently are at their high\npoint for the year because most producing nations have just\ncompleted their harvests.\n    In addition, she said, many of those nations are faced with\nserious debt and need to sell coffee to raise capital.\n    \"This should keep substantial pressure on exporters to\nundertake sales despite the drop in prices,\" she said.\n    Further, U.S. demand could be sluggish because winter, the\nperiod of greatest consumption, is ending. Prices could fall\nanother 10 to 15 cents a pound, analysts said.\n    Gold futures retreated from modest early gains and closed\nsteady while silver prices rallied on the Commodity Exchange in\nNew York.\n    The increase in U.S. banks' prime rates prompted concern\nabout renewed inflation but the strength of the U.S. dollar\ndiscouraged new buying.\n    \"The market is getting mixed signals and it doesn't know\nwhich way to go,\" one analyst said.\n    Cattle futures posted new highs on the Chicago Mercantile\nExchange, while live hogs rallied from early losses and frozen\npork bellies finished sharply lower.\n    Cattle prices continued to draw support from the winter\nstorm that swept the Plains states, leaving animals stranded in\nsnowbound fields and feed lots in miserable condition.\n    Live hogs were pressured early by the Agriculture\nDepartment's report Tuesday that producers expanded their\nbreeding herds more than the market expected last quarter.\nPrices recovered to keep pace with higher cash prices.\n    Frozen pork bellies fell sharply on the outlook for greater\nproduction and closed with limit losses.\n    Soybean futures posted sharp gains on the Chicago Board of\nTrade, while corn and wheat were lower.\n    Soybeans rallied in response to Tuesday's USDA report that\nfarmers intend to plant 56.9 mln acres this year, down from\n61.5 mln planted last year.\n    Corn prices were pressured by the outlook for 67.6 mln\nacres of corn, which is down from last year's 76.7 mln acres,\nbut was larger than analysts expected.\n Reuter\n\u0003","date":" 1-APR-1987 17:24:54.95","topics":["coffee"],"places":["usa"]},"12356":{"title":"INVESTMENT ADVISORS HAVE 10 PCT OF KILLEARN<KPI>","body":"Two executives of a Memphis, Tenn.,\ninvestment advisory firm told the Securities and Exchange\nCommission they have acquired 132,000 shares of Killearn\nProperties Inc, or 10.4 pct of the total outstanding.\n    The executives, O. Mason Hawkins and William Reid, who work\nfor Southeastern Asset Management Inc, said they bought their\nKillearn stock with personal funds as an investment.\n    While they said they might increase their stake Killearn\nProperties, they said they have no plans to seek control of it.\n Reuter\n\u0003","date":" 1-APR-1987 17:25:02.60","topics":["acq"],"places":["usa"]},"12357":{"title":"FEDS OKAY WESTERN CAROLINA SAVINGS CONVERSION","body":"Western Carolina Savings and Loan\nAssociation said the Federal Home Loan Bank Board approved the\ncompletion of its conversion to a state chartered stock savings\nand loan from a state chartered mutual bank.\n    Carolina said 575,000 shares were subscribed for at 10 dlrs\nper share during its initial offering.\n    It said trading will begin in its stock April eight on\nNASDAQ under the sumbol WCAR.\n Reuter\n\u0003","date":" 1-APR-1987 17:25:47.42","places":["usa"]},"12358":{"title":"SELAS <SLS> LOSES RULING IN CONTRACT DISPUTE","body":"Selas Corp of America said the U.S.\nDistrict Court in Tacoma, Wash., issued a judgment against the\ncompany in a lawsuit filed by <Milgard Tempering Co>.\n    The company said the suit, filed by Milgard in 1983 in\nconnection with a contract dispute, seeks 3.7 mln dlrs in\ndamages as well as legal fees.\n    While the court has not issued a final judgment, Selas said\nit indicated that Milgard will be awarded about one mln dlrs in\ndamages. Selas said it has not decided whether it will appeal\nthe ruling.\n   \n Reuter\n\u0003","date":" 1-APR-1987 17:26:47.98","places":["usa"]},"12359":{"title":"FORD <F> MARCH U.S. CAR PRODUCTION UP","body":"Ford Motor Co said it made 189,610 U.S.\ncars in March, up from 150,520 in the same period last year.\n    Ford said it made 143,949 trucks during the month, compared\nto 116,727 in the 1986 period.\n    Year-to-date, Ford said it produced 534,209 U.S. cars, up\nfrom 446,505 last year-to-date.\n    Truck production through the end of March was 403,836\nvehicles, up from 362,986 vehicles, Ford said.\n Reuter\n\u0003","date":" 1-APR-1987 17:27:10.38","places":["usa"]},"12360":{"title":"CHRYSLER <C> SAYS MARCH U.S. CAR OUTPUT FELL","body":"Chrysler Corp said it made 98,648 cars\nin the U.S. in March, down from the 115,540 cars it produced in\nthe same month last year.\n    The company said it produced 23,961 trucks in the U.S.\nduring the month, compared to 134 in the same month last year,\nwhen most of Chrysler's truck operations were temporarily\nclosed down for model changovers.\n    Year to date, Chrysler made 315,635 U.S. cars and 63,795\nU.S. trucks, compared to 373,481 and 134 in the 1986 period,\nrespectively.\n Reuter\n\u0003","date":" 1-APR-1987 17:27:40.60","places":["usa"]},"12361":{"title":"ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED","body":"The Argentine grain board adjusted\nminimum export prices of grain and oilseed products in dlrs per\ntonne FOB, previous in brackets, as follows:\n    Sunflowerseed cake and expellers 99 (97), pellets 97 (95)\nand meal 95 (93).                               \n    Sunflowerseed oil for shipments through May 308 (300) and\nJune onwards 314 (307).                         \n    Linseed cake and expellers 137 (136), pellets 115 (114) and\nmeal 105 (104), all for shipments through June. \n    Linseed cake and expellers 146 (145), pellets 124 (123) and\nmeal 114 (113), all for shipments July onwards.\n    Soybean cake and expellers 169 (167), pellets 162 (160) and\nmeal 152 (150), all for shipments through May.  \n    Soybean cake and expellers 166 (164), pellets 159 (157) and\nmeal 149 (147), all for shipments June onwards.\n REUTER\n\u0003","date":" 1-APR-1987 17:27:48.80","topics":["meal-feed","sun-meal","lin-meal","soy-meal"],"places":["argentina"]},"12362":{"title":"SAVOY INDUSTRIES INC <SAVO> YEAR","body":"Shr loss 42 cts vs loss five cts\n    Net loss 4.0 mln vs loss 446,000\n    Revs 58.9 mln vs 70.3 mln\n    NOTE:1986 net includes gain of 40 cts from discontinued\noperations. 1985 net includes gain of 22 cts from discontinued\noperations.\n Reuter\n\u0003","date":" 1-APR-1987 17:28:34.94","topics":["earn"],"places":["usa"]},"12363":{"title":"CANADA, JAPAN TRADING FIRM AGREE TO BOOST TIES","body":"The federal government and the Japanese\ntrading company, C. Itoh and Co Ltd, have signed a letter of\nunderstanding to try and boost trade ties between the two\ncountries, the Industry department said.\n    The two parties have agreed to encourage direct Japanese\ninvestment in Canada, bilateral trade, and more joint ventures\nand licensing accords between Canadian and Japanese companies.\n    C. Itoh has just begun a trade mission in Canada to\ninvestigate trading opportunities in the aerospace, autoparts\nelectronics and other sectors and will visit some 30 leading\ncompanies across Canada. \n Reuter\n\u0003","date":" 1-APR-1987 17:31:57.50","places":["canada","japan"]},"12364":{"title":"AMERICAN HOIST AND DERRICK CO <AHO> 1ST QTR NET","body":"Qtr ended March 14.\n    Shr profit 32 cts vs loss 1.30 dlrs\n    Net profit 2,704,000 vs loss 7,589,000\n    Rev 105.2 mln vs 82.3 mln\n    NOTE: Qtr net includes extraordinary gain of 1.1 mln dlrs.\n\n Reuter\n\u0003","date":" 1-APR-1987 17:36:48.13","topics":["earn"],"places":["usa"]},"12365":{"title":"SIMON INDICTED IN WEDTECH <WDT> CASE","body":"Stanley Simon was charged with\nextorting 50,000 dlrs from a defense contractor in the first\nindictment in a corruption probe involving two Congressmen, a\nformer aide to President Reagan and other government officials.\n    Simon, who resigned last month as Bronx Borough President,\nwas accused of extorting the money and forcing the now bankrupt\ncontractor, the Wedtech Corp., to hire his brother-in-law and\nthen give him raises.\n    Simon is also accused of perjury and forcing one of his\nemployees to pay him 14,000 dlrs in salary kickbacks.\n    He is the first public official to be indicted for\ndemanding money from Wedtech, a minority-owned company that\nbuilds pontoon bridges for the Defense Department.\n    \"Wedtech was one of the success stories in the Bronx, but\nthe company was manipulated and raped,\" Thomas Scheer, the head\nof the FBI's New York office, said of the payoffs the company\nallegedly made to win contracts.\n    Wedtech executives have said they paid bribes to about 20\ngovernment officials.\n    Law enforcement sources say two Bronx congressmen, Mario\nBiaggi and Robert Garcia, are under investigation.\n    A special federal prosecutor has been appointed to\ndetermine whether former Reagan aide Lyn Nofziger acted\nimproperly when he became a Wedtech consultant four months\nafter leaving the White House.\n    Nofziger was given up to 1 mln dlrs in Wedtech stock.\n\n Reuter\n\u0003","date":" 1-APR-1987 17:37:39.61","places":["usa"]},"12366":{"date":" 1-APR-1987 17:39:30.41","topics":["grain","ship"],"places":["usa"]},"12367":{"title":"PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC","body":"The following proposed securities\nofferings were filed recently with the Securities and Exchange\nCommission:\n    Allied Supermarkets Inc <ASU> - Offering of 140 mln dlrs of\nsenior subordinated discount debentures due 1999 and 100 mln\ndlrs of subordinated debentures due 2001 through Drexel Burnham\nLambert Inc and Donaldson, Lufkin and Jenrette Securities Corp.\n    Integrated Resources Inc <IRE> - Offering of 150 mln dlrs\nof senior notes, with 50 mln dlrs due April 15, 1990, 50 mln\ndlrs due April 15, 1992 and 50 mln dlrs due April 15, 1995, all\nthrough Drexel Burnham Lambert Inc.\n Reuter\n\u0003","date":" 1-APR-1987 17:41:44.73","places":["usa"]},"12368":{"title":"AMERICAN BARRICK <ABX> SELLS COAL ASSETS","body":"American Barrick Resources Corp said it\nsold two coal supply agreements and certain mining equipment,\nrepresenting substantially all of the assets of its two Ohio\ncoal mines, to Peabody Coal Co, of Kentucky.\n    Terms were not disclosed.\n    Proceeds from the sale combined with the sale of the\ncompany's remaining coal assets should result in full recovery\nof its investments in the operations, the company said without\nfurther elaborating.\n    The sale will complete the planned disposition by American\nBarrick of all its non-gold assets, it said.\n Reuter\n\u0003","date":" 1-APR-1987 17:43:45.51","topics":["acq"],"places":["usa","canada"]},"12369":{"title":"MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN","body":"mexico today received the first 250\nmln dlrs of a 500 mln dlr credit from japan's eximbank aimed at\nfinancing a mexican oil pipeline project, the finance ministry\nannounced.\n    The funds will be used in the 700 mln dlr pacific petroleum\nproject, which includes the construction of a 267-klm\n(160.2-mile) pipeline connecting nuevo teapa in the oil-rich\nstate of veracruz and salina cruz, oaxaca on the pacific coast.\nThe project aims to facilitate mexican oil exports to japan and\nthe far east and is expected to be completed in three years.\n Reuter\n\u0003","date":" 1-APR-1987 17:46:02.29","places":["mexico","japan"]},"12370":{"title":"UPI PRESIDENT RESIGNS AFTER FIVE MONTHS","body":"United Press International  announced\nthat Milton Benjamin had resigned as company president and the\nnews agency's chairman, Mario Vazquez-Rana, a Mexican newspaper\nowner, would take over his duties.\n    The agency, which emerged from bankruptcy court protection\nwhen Vazquez-Rana bought it for 41 mln dlrs last June, has had\nfour presidents over the past year.\n    Benjamin, who had served in the post since last November,\nsaid he was stepping down because restoring UPI would take a\ngreater financial investment than he had envisaged and\nVasquez-Rana thus wished to take direct control.\n    \"In recent weeks, Mario (Vazquez-Rana) has indicated that in\nlight of the increased investment, he wants to devote even more\ntime to UPI and to play a more direct role in managing its\nfinancial affairs,\" Benjamin said in a statement.\n    Benjamin said he would return to his consulting firm of\nAnderson, Benjamin, Read and Haney Inc., which he founded in\n1984. He left the firm on November six last year to take over\nas president of UPI.\n    Besides Benjamin and Vazquez-Rana, the other presidents\nhave been Luis Nogales, a California businessman who helped\nsteer the agency through bankruptcy proceedings, and Maxwell\nMcCrohon, former editor and managing editor of the Chicago\nTribune.\n    Vazquez-Rana, who is both chairman and chief executive\nofficer of UPI, is the publisher of a successful chain of 62\nnewspapers in Mexico, chairman of the Mexican Olympics\nCommittee and chairman of the worldwide Association of National\nOlymnpics committees.\n Reuter\n\u0003","date":" 1-APR-1987 18:10:51.88","places":["usa"]},"12371":{"date":" 1-APR-1987 18:11:48.24","topics":["ship","crude"],"places":["usa"]},"12372":{"title":"U.S. HOUSE PANEL EXTENDS EEP, URGES USSR OFFER","body":"The U.S. House Agriculture Committee\napproved proposals to extend the life of the Export Enhancement\nProgram, EEP, through fiscal 1990 and urged the Reagan\nadministration offer EEP wheat to the Soviet Union.\n    The proposals were approved as amendments to a\ncomprehensive trade bill moving through Congress this year.\n    In addition to the amendments on EEP, the committee\napproved several proposals which could restrict imports of\nlamb, casein, sugar-containing products and tobacco. Those\namendments affecting imports face an uncertain future because\nthe House Ways and Means Committee, which has overall\njurisdiction over trade legislation, will oppose them,\nCongressional sources said.\n    The effect of the EEP amendments would be to extend the\nlife of the program five years through fiscal 1990 rather than\nthe current three years through fiscal 1988.\n    The amendments, offered by Rep. Dan Glickman, D-Kan., also\nwould increase funding for the program to 2.5 billion dlrs from\n1.5 billion now.\n    Furthermore, the committee passed an amendment offered by\nRep. Glickman which instructs the U.S. Agriculture Department\nto value EEP bonus commodities at market value, not acquisition\nvalue. Glickman said the change would make the program 30 pct\nless expensive to operate.\n    The provision on EEP wheat to the Soviet Union, offered by\nRep. Bob Smith, R-Ore., does not require the administration\nmake an offer, but urges such action.\n    The committee approved an amendment, offered by Rep. Glenn\nEnglish, D-Okla., requiring the Secretary of Agriculture to\nbegin discussions with other major grain producing countries\naimed at jointly reducing world grain production.\n    Trade Representative Clayton Yeutter yesterday opposed the\namendment, saying such commodity agreements do not work.\n    Among the host of amendments to restrict imports approved\nby the panel, the most significant would require quotas on\nimports of goods containing more than 25 pct of a bulk farm\nproduct that is subject to U.S. quotas. The amendment, offered\nby Rep. Arlan Stangeland, R-Minn., is aimed primarily at\ncurbing imports from Canada of products containing sugar and\nforeign foods containing dairy products. It also may affect\npeanut, cotton and tobacco imports, Committee sources said.\n    Another amendment would place a quota on U.S. imports of\ncasein, a dairy product shipped to the U.S. primarily by New\nZealand and Ireland.\n    The panel also voted to apply to lamb imports the same\ncountercyclical import quota law which is operating for U.S.\nbeef imports.\n    Other miscellaneous amendments included:\n    -- Urging the administration consider retaliating against\nJapan and South Korea if those countries do not remove\nrestrictions on beef imports.\n    -- Boosting the amount of U.S. grain which must be shipped\neach year under a food aid program called Section 416 to\n800,000 tonnes from 500,000 tonnes now.\n    -- Requiring the Agriculture Secretary conduct a study of\nthe Canadian Wheat Board import licensing system for wheat to\ndetermine if it is a non-tariff trade barrier.\n    -- Requiring the Agriculture Secretary reimburse the\nNational Corn Growers Association up to 500,000 dlrs for the\ncosts of defending the U.S. feedgrains program against a\nCanadian countervailing duty case this year.\n    -- Urging the administration oppose the Canadian decision\nto apply a duty on U.S. corn imports, and a proposal by the\nEuropean Community to apply a vegetable oils tax.\n    -- USDA conduct a study of the findings of a National\nCommission on Agricultural Export Policy, which recommended a\nreorganization of USDA's trade policy apparatus.\n Reuter\n\u0003","date":" 1-APR-1987 18:12:36.26","topics":["grain","wheat","corn","sugar","carcass","livestock","groundnut","oilseed","cotton","veg-oil"],"places":["usa","ussr"]},"12373":{"title":"CORRECTED - GM <GM> TO IDLE SIX PLANTS","body":"General Motors Corp will idle six of its\ncar assembly plants next week, temporarily laying off 21,600\nworkers, according to spokespersons for the company's groups.\n    The automaker will shut three plants each in its two\ngroups--the Buick-Oldsmobile-Cadillac group and the\nChevrolet-Pontiac-GM of Canada group.\n    The plants will be closed for a week starting April six for\ninventory adjustment.\n    Five of the plants are located in the United States. The\nsixth is in Canada. - corrects the date of the plant closings.\n\u0003","date":" 1-APR-1987 18:13:59.10","places":["usa"]},"12374":{"title":"NOVAMIN BOARD TO RECOMMEND BREAKWATER <BWRLF> BID","body":"<Novamin Inc> said\nits board will recommend to shareholders the takeover offer\nmade by Breakwater Resources Ltd.\n    Breakwater is offering to exchange one Breakwater share for\neach two shares of Novamin, the company said.\n    Breakwater will issue about 3.7 mln shares for all Novamin\nshares presently issued and outstanding. Additional shraes of\nBreakwater will be issued if warrants and options of Novamin\nare exercised.\n Reuter\n\u0003","date":" 1-APR-1987 18:14:08.39","topics":["acq"],"places":["canada"]},"12375":{"title":"U.S. FEED SITUATION SUMMARY REPORT DELAYED","body":"The U.S. Agriculture Department said\nits summary report on the Feed Situation and Outlook, scheduled\nfor release April 24, has been delayed until May 15.\n    The department said the delay will enable analysts to\nincorporate into the report USDA's first supply and demand\nestimates for the 1987/88 marketing year and data on farm\nprogram participation.\n Reuter\n\u0003","date":" 1-APR-1987 18:14:22.31","topics":["meal-feed"],"places":["usa"]},"12376":{"title":"EXOTIC NEWCASTLE DISEASE IN MD/NEW YORK-USDA","body":"Exotic Newcastle, a highly contagious\ndisease of pet birds and poultry, has been confirmed in two\npet-bird dealer facilities in Maryland, and New York, the U.S.\nAgriculture Department said.\n    The department said no domestic poultry are involved in the\noutbreak.\n    State quarantines have been placed on the two facilities,\nin Hunt Valley, Maryland, and Schenectady, New York.\n    The most serious U.S. outbreak of the disease occurred in\n1971-73 in southern California, where the disease spread from\ninfected pet birds to a dense poultry population and nearly 12\nmln birds, mostly laying hens, were destroyed at a cost of 56\nmln dlrs, the department said.\n Reuter\n\u0003","date":" 1-APR-1987 18:14:42.35","topics":["livestock","carcass"],"places":["usa"]},"12377":{"title":"SPRINKEL DENOUNCES PROTECTIONISM","body":"Beryl Sprinkel, Chairman of\nPresident Reagan's Council of Economic Advisors, denounced\nprotectionism as a means of addressing the U.S.s' mounting\ntrade imbalance and said stepped-up ecomonic growth would be a\nmore effective means of reducing the deficit.\n    \"Rather than risking the outbreak of protectionism we\nshould strive to reduce trade restrictions and to promote a\nmore open system of international trade,\" Sprinkel said.\n    Sprinkel, in a speech delivered to the Los Angeles Chamber\nof Commerce, also said the budget deficit must be reduced\nthrough lower government spending in order to promote growth.\n Reuter\n\u0003","date":" 1-APR-1987 18:17:30.92","places":["usa"]},"12378":{"title":"NEWMONT MINING CORP REDUCES STAKE IN PEABODY","body":"Newmont Mining Corp said it completed\nthe previously announced reduction of its share in <Peabody\nHolding Co Inc> to 49.97 pct from 61.47 pct.\n    Newmont realized 116.8 mln dlrs in the transaction.\n    For 1986, Newmont reported net income of 74.2 mln dlrs.\nPeabody, the largest coal producer in the U.S., had net income\nof 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986.\n    Newmont doubled its ownership in Peabody in January by\npurchasing 30.74 pct interest held by the Williams Cos for 320\nmln dlrs.\n    The reduction resulted from completion of an earlier\nannounced agreement by Peabody to sell a 15.01 pct interest in\nthe company to Eastern Gas and Fuel Associates in exchange for\nall the coal properties owned by Eastern.\n Reuter\n\u0003","date":" 1-APR-1987 18:18:34.53","topics":["acq"],"places":["usa"]},"12379":{"title":"MR. GASEKT CO <MRGC> 3RD QTR DEC 31","body":"Shr loss 26 cts vs profit eight cts\n    net loss 2.8 mln vs profit 897,000\n    Revs 27.0 mln vs 30.0 mln\n    Nine months\n    Shr loss 51 cts vs profit 46 cts\n    Net loss 5.4 mln vs profit 4.9 mln\n    Revs 88.4 mln vs 99.8 mln\n Reuter\n\u0003","date":" 1-APR-1987 18:20:37.59","topics":["earn"],"places":["usa"]},"12380":{"title":"DELTAUS CORP <DLTA> YEAR","body":"Shr loss 64 cts vs loss 1.70 dlrs\n    Net loss 13.4 mln vs loss 35.6 mln\n    REvs 47.9 mln vs 72.1 mln\n    NOTE:1985 includes loss of 941,000 from discontinued\noperations and 5.8 mln dlrs from disposal of net asset solds.\n Reuter\n\u0003","date":" 1-APR-1987 18:22:20.76","topics":["earn"],"places":["usa"]},"12381":{"title":"CME POSTS RECORD TRADING VOLUME IN FIRST QUARTER","body":"The Chicago Mercantile Exchange (CME)\ntraded a record 19,656,498 contracts in the first quarter of\n1987, up 17 pct from 16,768,145 in the same quarter last year.\n    The previous record for quarterly volume total was\nestablished in the third quarter of 1986, when 18,106,452\nfutures and options were traded at the CME.\n    The record volume for January through March of 1987\nincluded 16.7 mln futures contracts -- up 12 pct compared to\n14,918,036 in the 1986 quarter -- and three mln options\ncontracts, up 61 pct over 1,850,109 in the 1986 quarter.\n    Total trading volume for March reached 6,750,431 contracts,\nup from 5,522,932 in March 1986 for a 22 pct increase and the\nhighest March total ever. Trading in options on futures in\nMarch exceeded previous records, with 1,015,327 contracts\ntraded compared to 586,471 in March 1986. The previous record\nwas established in January with 990,010 options contracts\ntraded.\n    March volume included a record 2,247,513 currency futures\nand options contracts, compared to 2,040,642 a year ago. The\nprevious single-month high of 2,216,682 currency futures and\noptions traded was in September 1986.\n    In currency futures, Canadian dollar futures soared to a\nrecord 147,010 contracts traded in March, up 83.2 pct over the\n80,256 contracts traded in March 1986. West German mark\nfutures, however, slipped 15.8 pct in March with 561,830\ncontracts traded compared to 667,041 traded in March 1986.\n    Among interest rate futures, Eurodollar futures contracts\nincreased 90.6 pct to 1,196,731 compared to 627,895 in March\n1986.\n    The Standard and Poor's 500, the second most actively\ntraded futures contract anywhere, traded 1,780,538 contracts in\nMarch, up 4.9 pct from 1,696,912 in March 1986.\n    Major gains in agricultural futures were posted in March by\nlive hog contracts, up 52 pct to 172,710 contracts from 113,660\na year ago. Live cattle contracts reached 474,156 in March, up\n16.2 pct from 408,170 a year ago.\n    Trading in options on futures also was up strongly.\nAgricultural options on futures soared 142.7 pct in March to\n123,643 contracts, up from 50,938 a year ago. Currency options\nwere up 69.2 pct to 469,695 contracts from 277,627 a year ago.\nInterest rate options climbed 81.3 pct to 217,127 from 119,738\na year ago. And equity options rose 48.3 pct to 204,862\ncontracts from 138,168 a year ago.\n    In addition, March trading included two single-day volume\nrecords: British pound futures traded 35,960 contracts March 9\ncompared to 33,269 February 19, and Canadian dollar futures\ntraded 20,905 contracts March 11 compared to the previous\nrecord of 12,456 set May 12, 1982.\n Reuter\n\u0003","date":" 1-APR-1987 18:23:41.45","places":["usa"]},"12382":{"title":"DEROSE INDUSTRIES INC <DRI> 4TH QTR","body":"Shr loss 56 cts vs loss 71 cts\n    Net loss 809,000 vs loss 1.0 mln\n    Revs 5.3 mln vs 5.3 mln\n    Year\n    Shr loss 1.51 dlrs vs profit 61 cts\n    Net loss 2.2 mln vs loss 2.3 mln\n    Revs 26.5 mln vs 29.1 mln\n Reuter\n\u0003","date":" 1-APR-1987 18:23:49.16","topics":["earn"],"places":["usa"]},"12383":{"title":"REVLON GROUP <REV> REPORTS 1986 RESULTS","body":"Revlon Group Inc told the Securities\nand Exchange Commission it had net profits of 16,465,000 on\nsales of 1.61 billion dlrs for the year ended Dec. 31, 1986.\n    Revlon in a filing with the SEC compared the results to the\nfive months ending Dec. 31, 1985. In that period, it lost 28.4\nmln dlrs on sales of 262.4 mln dlrs.\n    Earlier today, MacAndrews and Forbes Group Inc began an\n18.50 dlr a share cash offer for all common stock of Revlon it\ndoes not own. Revlon today rose 3/8 to 19-1/4 in active\ntrading. MacAndrews controls 31.8 pct of the voting power.\n\n    For 1986, Revlon said the loss applicable to common stock\nafter preferred dividends is 9.5 mln dlrs. The net loss per\nshare was 24 cts, compared to a net loss of 99 cts per share\nlast year.\n    Revlon said it had a 1986 operating profit of 64.3 mln\ndlrs, compared to a loss of 13.3 mln dlrs in the year earlier\nperiod.\n    The 1986 net includes a provision for estimated loss on\ndispositions of 57.0 mln dlrs, compared to 15.1 mln dlrs the\nyear earlier. Earnings in 1986 before extraordinary items were\n7.4 mln dlrs.\n Reuter\n\u0003","date":" 1-APR-1987 18:24:01.60","topics":["earn"],"places":["usa"]},"12384":{"title":"GM <GM> CANADA SETS ONE-WEEK LAYOFF","body":"General Motors of Canada Ltd, a\nunit of General Motors Corp, said about 1,600 hourly-rated\nemployees at the Oshawa plant will be laid off for one week due\nto high inventories.\n    The workers affected produce the Oldsmobile Ciera and\nPontiac 6000 models, a spokesman said.\n Reuter\n\u0003","date":" 1-APR-1987 18:25:41.80","places":["canada"]},"12385":{"title":"HUGHES <GMH> ELECTS CHAIRMAN","body":"General Motors Corp's Hughes\nAircraft Co said it named Albert Wheelon as chairman and chief\nexecutive officer, succeeding Allen Puckett who retired after\nmore than 38 years with the company.\n    Wheelon has served in key management positions at Hughes\nsince joining in 1966.\n Reuter\n\u0003","date":" 1-APR-1987 18:26:04.96","places":["usa"]},"12386":{"title":"LIFETIME <LFT> EXCHANGE OFFER ACCEPTED","body":"LIfetime Corp said Retirement Housing\nCorp has accepted its previously announced acquisition offer.\n    Retirement will operate autonomously as a separate\nsubsidiary.\n Reuter\n\u0003","date":" 1-APR-1987 18:26:30.41","topics":["acq"],"places":["usa"]},"12387":{"title":"GAF <GAF> DEBT MAY BE DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it may\ndowngrade GAF Corp's 415 mln dlrs of BB-minus senior debt and\nB-rated subordinated debt.\n    S and P cited GAF's 3.2 billion dlr acquisition offer for\nBorg-Warner Corp <BOR>. Pro forma, debt leverage would rise to\nnearly 90 pct, assuming total financing. But proceeds from\nasset sales would probably pay down debt, the agency noted.\n    Borg-Warner's 420 mln dlr A-plus senior debt and A-1\ncommercial paper were placed on creditwatch December one. S and\nP said it will review the timing and extent of asset sales,\ndebt reduction and strategic benefits of the purchase.\n Reuter\n\u0003","date":" 1-APR-1987 18:29:03.58","places":["usa"]},"12388":{"title":"MIDDLE SOUTH <MSU> UNIT PLANS TO RETIRE DEBT","body":"System Energy Resources Inc, a unit of\nMiddle South Utilities Inc, said it plans to file with the\nSecurities and Exchange Commission a request for authorization\nto retire a number of outstanding first mortgage bonds.\n    It plans to buy back up to 300 mln dlrs of 16 pct first\nmortgage bonds due 2000 and up to 100 mln dlrs of 15-3/8 pct\nmortgage bonds of 2000.\n    To refinance the redemptions, System Energy said it would\nask the SEC for approval to issue up to 300 mln dlrs of new\nfirst mortgage bonds.\n Reuter\n\u0003","date":" 1-APR-1987 18:31:23.55","places":["usa"]},"12389":{"title":"MANUFACTURERS <MHC> PUTS BRAZIL ON NON-ACCRUAL","body":"Manufacturers Hanover Corp said it\nplaced 1.4 billion dlrs of medium- and long-term loans to\nBrazilian borrowers on non-accrual as of yesterday, meaning\nthat income will be recorded only when actual cash payments are\nreceived.\n    As a result, net income for the first quarter will be\nreduced by 18 mln dlrs.\n    If Brazil, which suspended interest payments on its term\ndebt on February 20, continues to defer interest payments for\nthe rest of the year, net income for the whole of 1987 would be\nreduced by a total of 72 mln dlrs.\n    U.S. bank accounting guidelines do not require loans to be\nplaced on nonaccrual unless interest payments are past due 90\ndays or more.  However, Manufacturers Hanover said that, in\nlight of current circumstances, it was more appropriate to\nrecord income on its Brazilian loans only when cash payments\nwere received.\n    It added that it believes Brazil will reach agreement with\nits banks on a debt restructuring and that all interest\npayments will be received later in 1987.\n    The company earned 102.1 mln dlrs in first-quarter 1986 and\n410.7 mln dlrs for the whole of the year.\n Reuter\n\u0003","date":" 1-APR-1987 18:35:05.33","topics":["earn"],"places":["usa","brazil"]},"12390":{"title":"GALVESTON TO AQUIRE MINE PROPERTY INTERESTS","body":"<Galveston Resources Ltd> said it agreed\nin principle for an option to earn up to a 50 pct interest from\n<Hemlo Gold Mines Inc> in certain mining properties known as\nthe Interlake Property, subject to regulatory approvals.\n    Galveston said it will earn up to a 50 pct interest by\nspending a minimum of one mln dlrs in exploration and\ndevelopment work by December 31, 1989.\n    It expects work will commence shortly and continue during\nthe 1987 exploration season.\n    Galveston also said it granted Hemlo Gold options to\nacquire up to two mln Galveston shares.\n    It said the options can be exercised at 10 dlrs a share up\nto December 31, 1987, then at 12.50 dlrs a share until December\n31, 1988, and then at 15 dlrs a share until December 31, 1989.\n    Separately, Galveston said it agreed in principle with\n<Noranda Inc> unit Noranda Explorations Ltd for an option to\nearn up to a 50 pct interest in a major mineral property\nlocated at the Baie Verte Peninsula, Newfoundland.\n    Galveston can earn a 50 pct interest by spending six mln\ndlrs in exploration and development work on the property by\nDecember 31, 1989.\n    The company also said it granted Noranda an option to\npurchase two mln Galveston shares.\n    The options can be exercised at 10 dlrs a share until\nDecember 31, 1987, then at 12.50 dlrs a share until December\n31, 1988, and then at 15 dlrs a share until December 31, 1989.\n Reuter\n\u0003","date":" 1-APR-1987 18:35:12.10","topics":["acq"],"places":["canada"]},"12391":{"title":"<OCELOT INDUSTRIES LTD> YEAR LOSS","body":"Shr loss 15.29 dlrs vs loss 2.80 dlrs\n    Net loss 221.3 mln vs loss 40.4 mln\n    Revs 146.3 mln vs 260.7 mln\n    Note: 1986 loss includes extraordinary loss of 171.6 mln\ndlrs or 11.85 dlrs shr related to writedown of certain\npetrochemical assets and reduced by tax gain of 4.2 mln dlrs or\n28 cts shr.\n    1985 results restated.\n Reuter\n\u0003","date":" 1-APR-1987 18:36:56.19","topics":["earn"],"places":["canada"]},"12392":{"title":"MEXICO RECIEVES FIRST 250 MLN DLRS OF JAPAN LOAN","body":"mexico received the first 250 mln\ndlrs of a 500 mln dlr credit from japan's eximbank to finance a\nmexican oil pipeline, the finance ministry announced.\n    The funds will be used in the 700 mln dlr pacific petroleum\nproject, which includes the construction of a 267-km pipeline\nconnecting nuevo teapa in the oil-rich state of veracruz and\nsalina cruz, oaxaca, on the pacific coast.\n    The project aims to facilitate mexican oil exports to japan\nand the far east and is expected to be completed in three years.\nREUTER^M\n\u0003","date":" 1-APR-1987 18:40:14.68","places":["mexico","japan"]},"12393":{"title":"BRENTWOOD <BRWD> FILES SUIT","body":"Brentwood Instruments Inc said\nit filed a lawsuit against the University of Utah for\npublishing evaluations of its Spiorscan 1000 pulmonary function\ntesting instrument. Brentwood said in the suit the evaluations\nwere misleading and has damaged its reputation.\n    The suit, which asks damages in excess of 90 mln dlrs,\nseeks an injunction against further publishing or distribution\nof evaluations.\n\u0003","date":" 1-APR-1987 18:41:41.35","places":["usa"]},"12394":{"title":"DEUTSCHE BANK SEES SLOW START TO 1987","body":"Deutsche Bank AG <DBKG.F> has seen a\nslow start to 1987 after posting record profits in 1986,\nmanagement board joint spokesman F. Wilhelm Christians said.\n    Credit business declined in the first few weeks of the\nyear, and the interest margin was squeezed further. The weak\nGerman bourse saw earnings on commission fall sharply, and\ntrading in securities also fell. But earnings from currency\ndealing were still satisfactory, he told a news conference.\n    Deutsche group partial operating profits rose to 3.78\nbillion marks in 1986 from 2.92 billion in 1985 on a balance\nsheet of 257.22 billion marks after 237.23 billion.\n    Profits were swollen by earnings from the placement of the\nformer Flick group, which have been estimated at some one\nbillion marks, and from record profits in trading on the bank's\nown account, not included in partial operating profits.\n    Earnings from the Flick transaction were booked through a\nsubsidiary, and therefore showed up as part of the interest\nsurplus in a section current earnings from securities and\nparticipations.\n    In the group this nearly doubled to 2.64 billion marks from\n1.45 billion.\n    As usual the bank did not detail total operating profits.\n    But it said that total operating profits, including own\naccount trading, rose 24.9 pct or 4.5 pct without the Flick\ntransaction in the group, and 35.1 pct or seven pct in the\nparent bank.\n    Banking analysts said this put group total operating\nprofits at some 6-1/2 to seven billion marks, and parent bank\noperating profits at over five billion marks.\n    Christians said Deutsche used the extraordinary earnings\nfrom Flick to pay a record five mark bonus on top of its\nunchanged 12 mark dividend.\n    The bank had decided against raising the dividend itself\nbecause of the uncertain business outlook at the end of 1986,\nand developments so far this year showed that was correct,\nChristians said.\n    West German banks rarely raise dividends unless they are\nsure they can maintain the increased payout in subsequent\nyears, preferring to use bonuses for one-of profits.\n    The bank also used its extraordinary earnings to continue a\nhigh level of risk provision, Christians said.\n    Disclosed group risk provisions rose to 867 mln marks in\n1986 from 765 mln in 1985.\n    Under German law, disclosed provisions do not necessarily\nreflect the full amount of risk provisions.\n    Management board joint spokesman Alfred Herrhausen said\nDeutsche's total debt exposure to problem countries had fallen\nto over six billion marks in 1986 from 7.4 billion in 1985\nbecause of the fall in the dollar.\n    He agreed with a questioner who asked if over two thirds of\nsuch problem country debt had been written off.\n    Deutsche Bank posted a sharp rise in holdings of \"other\nsecurities,\" to 4.64 billion marks from 2.71 billion in the\nparent bank.\n    Christians said this 1.93-billion-mark rise was partly due\nto its increased activity in international share placements,\nwith some shares such as those from Fiat SpA's international\nplacement last year remaining on its books.\n    Herrhausen said that no concrete measures were planned to\nplace these shares and conclude the original placement.\n Reuter\n\u0003","date":" 2-APR-1987 01:04:08.57","topics":["earn"],"places":["west-germany"]},"12395":{"title":"DEUTSCHE AGREES FULL TAKEOVER OF FORMER EURASBANK","body":"Deutsche Bank AG <DBKG.F> has agreed\nto take over the outstanding 25 pct in <Deutsche Bank (Asia)\nAG>, the former <European Asian Bank AG>, from\nCreditanstalt-Bankverein <CABV.VI>, Deutsche management board\njoint spokesman Alfred Herrhausen told a news conference.\n    Euras broke even in 1986 and required no funding from\nDeutsche, he said. He gave no details of the deal with\nCreditanstalt.\n    Press reports that Deutsche was planning a takeover of\nLloyds Bank plc <LLOY.L> were without foundation, he said.\n    Herrhausen said Deutsche had taken part in the recent\ncapital increase of <Morgan Grenfell Group plc>, but had no\nplans to raise its 4.4 pct share in Morgan Grenfell.\n    <Banca d'America e d'Italia SpA>, in which 98.3 pct was\nacquired from Bankamerica Corp <BAC.N> late last year, would be\nconsolidated this year, and contribute to further expansion of\nDeutsche's business, management board joint spokesman F.\nWilhelm Christians said.\n    Following a ruling earlier this year from the Federal High\nCourt, Deutsche had included its non-bank holdings in the\nbalance sheet section \"participations,\" Christians said.\n    But Christians said the bank still regarded shares in these\nnon-bank companies as an investment rather than an active\nparticipation.\n    Parent bank total participations rose to 6.45 billion marks\nin 1986 from a comparable 4.57 billion in 1985 including a rise\nto 3.79 billion from 2.34 billion in bank participations.\n    Herrhausen said the grouping of holdings in the balance\nsheet in this was was not a first step to floating them off in\na separate holding company.\n Reuter\n\u0003","date":" 2-APR-1987 01:08:04.55","topics":["acq"],"places":["west-germany"]},"12396":{"title":"WORLD RECESSION UNLIKELY - DEUTSCHE'S HERRHAUSEN","body":"A world recession is unlikely this\nyear as fiscal and monetary policy in most industrialized\ncountries is supporting the economy, Deutsche Bank AG <DBKG.F>\nmanagement board joint spokesman Alfred Herrhausen said.\n    But growth rates will be smaller than last year, with 1.5\nto 2.5 pct likely in most industrialized countries, he told a\nnews conference.\n    Herrhausen said he was confident private consumption would\nsupport economic growth in West Germany this year, with net\nincome increases turning into purchasing power as long as\ninflation did not revive.\n    Herrhausen said he did not expect interest rates to rise in\nWest Germany this year, but there was little room for further\nfalls. Rates in the U.S. were however rising, as evidenced by\nthe latest prime rate moves, but this rise would be moderate.\n    Herrhausen said he did not expect any major narrowing of\nthe U.S. Trade and budget deficits in the next few months.\n    One success of the Paris agreement in February to foster\ncurrency stability was that U.S. Officials have stopped talking\ndown the dollar, he noted.\n    The recent stability would last until markets decided to\ntest the resolve of central banks, he said.\n    He noted that central banks had spent some 10 billion dlrs\nthis week to stabilize the dollar against the yen in the first\nsuch test.\n    \"A massive attack on the mark, which could come if we get\nbad news out of the U.S., Would require a much higher\nintervention amount, raising the danger of inflation,\" he said.\n    Turning to the international debt problem, Herrhausen said\nBrazil's unilateral debt moratorium had surprised banks.\n    But the move showed that a real solution to debt problems\nwas only possible with the involvement of all parties.\n Reuter\n\u0003","date":" 2-APR-1987 01:09:20.02","topics":["money-fx","interest","dlr"],"places":["west-germany"]},"12397":{"title":"SINGAPORE BANKS SAY DIVERSIFICATION KEY TO GROWTH","body":"Singapore's major banks are\ndiversifying and gradually shifting their asset holdings from\nloans to debt instruments, banking sources said.\n    The banks following the trend are the <Overseas Union Bank\nLtd>, <United Overseas Bank Ltd>, <Oversea-Chinese Banking\nCorporation> and the <Development Bank of Singapore Ltd>.\n    The shift towards securitisation has been helped by\nvolatile financial markets which have developed hedging\nfacilities such as floating rate notes and bonds for risk\nmanagement, said Overseas Union General Manager Loh Hoon Sun.\n    Loh told Reuters in an interview that Singapore banks see\nlimited growth in credit risk. More and more of them are\nswitching from term lending to major growth areas such as\nstockbroking and fee based income, he said.\n    Major local banks ventured into stockbroking after being\ngranted seats on the stock exchange. Bankers said they are now\nmoving into the new government securities market and the Stock\nExchange of Singapore Dealing and Quotation System.\n    One foreign banker said the Development Bank and the\nOverseas Union Bank Ltd have become major players in the equity\nmarket in Singapore.\n    Loh said the banks' participation in the stock market has\nincreased business transactions and provided long term growth\nfor the market. The banks are not competition for individual\nstockbroking firms because of the increased business they\ngenerate, he added.\n    Loh said the Stock Exchange of Singapore might expand\nequity issues by as much as one billion dlrs this year because\nof the increasing ability of foreign and local market\nparticipants to absorb new issues.\n    Loh said <OUB Investment management Ltd>, a subsidiary of\nthe Overseas Union Bank Ltd, has teamed up with a U.K. Firm to\nlaunch the Union Global Fund. The fund is for local investors\nseeking capital growth through a diversified international\nportfolio. It will invest in international shares with the\nemphasis on U.S. And Japanese markets, he said.\n    <DBS Securities Singapore Pte Ltd>, a subsidiary of the\nDevelopment Bank of Singapore, has applied to the Hong Kong\nStock Exchange to set up a Hong Kong stockbroking firm.\n    Loh predicted fixed deposit and prime interest rates in\nSingapore will stay low this year. As a result, banks will be\nforced to provide fund management services for major clients\nseeking better returns, he said.\n    Economic analysts and bankers are optimistic the major\nbanks will show profits in 1987, helped by higher income from\ntreasury and investment banking activities.\n    They expect the 1987 after-tax profits of Oversea-Chinese\nand United Overseas to show stable growth of four to eight pct\nagainst respective gains of four and seven pct in 1986.\n    Overseas Union's profits are expected to jump to over 40\nmln dlrs from seven mln dlrs in 1986, economists said.\n    The Development Bank's after-tax profits rose 39.2 pct in\n1986 mainly due to a dividend of 20.4 mln dlrs paid by\n<National Discount Company Ltd> before it became a subsidiary\nof the bank, they said.\n REUTER\n\u0003","date":" 2-APR-1987 01:19:02.77","topics":["earn"],"places":["singapore"]},"12398":{"title":"WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE","body":"Westpac Banking Corp in New Zealand\nsaid it will increase its indicator lending rate by 1.5\npercentage points to 22.5 pct from April 7.\n    Westpac said in a statement the increase reflects high\ncosts of funding.\n    The bank said nervousness in the wholesale deposit market\nis creating uncertainty about the immediate outlook for\ninterest rates. Liquidity is expected to remain tight over the\nnext month and this will put upward pressure on interest rates.\nBase lending indicator rates of the other three trading banks\nrange between 21.0 pct and 21.5 pct.\n REUTER\n\u0003","date":" 2-APR-1987 02:08:19.21","topics":["interest"],"places":["new-zealand"]},"12399":{"title":"THAI TRADERS OPPOSE REIMPOSITION OF COFFEE QUOTAS","body":"Thai coffee exporters said they hoped\nthe International Coffee Organisation (ICO) would not reimpose\nexport quotas even though this may lead to a further slump in\nworld prices.\n    Susin Suratanakaweekul, president of the Thai Coffee\nExporters Association, told Reuters that Thailand obtained\nlittle benefit from previous ICO quotas which represented only\nabout 30 pct of its total annual exports.\n    Thailand expects increased overall coffee export revenue if\nthere are no restrictions on sales to current ICO members who\noffer higher prices than non-members, he said.\n    The Customs Department said Thailand exported 21,404 tonnes\nof coffee last year, up from 20,602 in 1985.\n    Thai coffee production is projected to fall to about 25,000\ntonnes in the 1986/87 (Oct/Sept) season from 28,000 the\nprevious year.\n    However, a senior Commerce Ministry official said the Thai\ngovernment supports coffee producers' lobbying for reimposed\nICO quotas which, he said, would help lift world prices.\n    Somphol Kiatpaiboon, director general of the Commercial\nEconomics Department, said an absence of ICO quotas would\nencourage producers to rapidly release coffee on to the market,\nfurther depressing prices.\n    He said Indonesia is expected to export a substantial\namount of coffee this month without such restrictions.\n REUTER\n\u0003","date":" 2-APR-1987 02:09:08.70","topics":["coffee"],"organisations":["ico-coffee"],"places":["thailand"]},"12400":{"title":"SANWA BANK LOOKS TO SECURITIES, WORLD OPERATIONS","body":"The <Sanwa Bank Ltd's> three-year business\nplan foresees securities and international operations making a\ngreater contribution to operating profits, a bank official\nsaid.\n    The bank's plan also emphasises retail and medium and\nsmall-sized business operations, he told Reuters.\n    Officials at <Fuji Bank Ltd> and <Mitsubishi Bank Ltd>\noutlined similar three-year plans.\n    They said lower interest rates and financial liberalisation\nhave cut profits from dealings with big firms to nearly\nnothing.\n    \"They don't need us, they can do their own financing,\" one\nofficial said.\n    Sanwa Bank's plan forecasts that securities and\ninternational operations will contribute 40 pct of total\noperating profits by the end of the fiscal year ending March,\n1990, compared with 30 pct in fiscal 1985, the Sanwa official\nsaid.\n REUTER\n\u0003","date":" 2-APR-1987 02:37:24.43","topics":["earn"],"places":["japan"]},"12401":{"title":"JAPAN DENIES PLANS TO CUT DUTIES ON CHOCOLATE","body":"Agriculture Ministry officials said they\nare not considering cuts in import duties on chocolate to help\nease friction with the United States over agricultural trade.\n    Japan has already lowered the duties sharply and we must\nconsider domestic market conditions, an official said.\n    Duties on chocolate were cut to 20 pct from 31.9 pct in\nApril 1983.\n    Washington has been demanding a cut to seven pct,\nequivalent to its own duties, ministry sources said.\n    Japanese chocolate imports rose to 8,285 tonnes in calendar\n1986 from 5,908 in 1985, official statistics show.\n    However, the ministry sources added it is possible the\ngovernment may make further cuts in response to strong U.S. And\nEuropean demand.\n    \"Due to concern about the farm trade row with the U.S.,\nTop-level government officials may press the ministry to cut\nthe duties,\" one said.\n    But he said it would be difficult for Japan to resolve its\noverall trade row with Washington and reduce its trade surplus,\nwhich reached 58.6 billion dlrs in 1986.\n    Agricultural trade issues between Japan and the U.S.\nInclude Japanese import restrictions on 12 farm products.\n REUTER\n\u0003","date":" 2-APR-1987 02:43:41.98","topics":["trade","cocoa"],"places":["japan","usa"]},"12402":{"title":"INDIAN OIL FIRM GETS 3.5 BILLION YEN CREDIT","body":"India's state-owned Oil India Ltd\n(OIL) said it received a 3.5 billion yen credit under an\nagreement signed with Dai Ichi Kangyo Bank of Tokyo last week.\n    A statement from OIL said the 10-year loan carries a rate\nof interest 0.5 pct below Japanese long term prime. The loan,\nto finance imports of plant, machinery and raw materials, will\nbe repaid in nine equal instalments from the seventh year.\n    The credit is the first foreign commercial loan raised by\nOIL. It was arranged under a bilateral treaty to avoid double\ntaxation, it said.\n REUTER\n\u0003","date":" 2-APR-1987 02:44:16.53","places":["india"]},"12403":{"title":" German February industrial output rises 3.2 pct (January fall 3.4 pct) - official\n","date":" 2-APR-1987 02:49:35.78","topics":["ipi"],"places":["west-germany"]},"12404":{"title":"INTERNATIONAL PACT ON OZONE DAMAGE LIKELY IN 1987","body":"An international protocol to severely\nlimit the use of industrial chemicals which are believed to\ndamage the earth's protective ozone layer could be signed this\nyear, officials and scientists here said.\n    \"By the end of this year, we should have an international\nprotocol in place we can all be proud of,\" U.S. Environmental\nprotection agency officer Bill Long told reporters.\n    The chemicals are chiefly chlorofluorocarbons (CFCs) which\nare used in refrigeration and making foam plastics, solvents\nand aerosols. The earth's upper ozone layer absorbs most of the\nharmful ultraviolet rays from the sun.\n    The officials and scientists were meeting in Tokyo, ahead\nof an international conference on the problem later this month\nin either Vienna, or Geneva, Long said.\n    Robert Watson, a program manager for atmospheric problems\nat the U.S. National Aeronautics and Space Administration said\na protocol should demand an initial freeze on the use of CFCs\nby industry. This should be followed by a gradual reduction in\nCFC volume until no CFC gases are released into the air, he\nsaid. The U.S. Has already banned use of use CFCs in aerosols\nand Japan has asked for voluntary restraint, but both still use\nCFCs in industrial processes.\n REUTER\n\u0003","date":" 2-APR-1987 02:51:07.09","topics":["pet-chem"],"places":["japan"]},"12405":{"title":"ASIAN DEVELOPMENT BANK TO OPEN INDONESIA OFFICE","body":"The Asian Development Bank (ADB) will\nopen an office in Jakarta later this year to speed up work on\nIndonesian projects, bank Vice-President S. Stanley Katz said.\n    \"We have very large projects in Indonesia and we would like\nto accelerate their implementation,\" Katz told Reuters.\n    Indonesia is the largest recipient of ADB lending. It\nreceived 118 loans worth 3.7 billion dlrs for 112 projects\nbetween 1968 and 1986, 19.0 pct of the ADB's total lending.\nOrdinary capital resources (OCR) lending to Indonesia was 3.6\nbillion dlrs, 27.1 pct of OCR loans at end-December 1986.\n    Jakarta has also received loans worth 162 mln dlrs from the\nbank's Asian Development Fund.\n    ADB sources said Indonesia's cumulative disbursements at\nend-1986 amounted to only 1.1 billion dlrs or 30 pct of loans\nreceived. \"Project implementation is very slow in Indonesia and\nwe are not very satisfied with the pace. We hope the new office\nmight help,\" Gunther Schulz, ADB Vice-President in charge of\nprojects, said.\n    Planned projects were further slowed down in 1986 because\nof the country's budgetary problems, he added. Indonesia's\nrevenue from oil exports was cut in half last year.\n    \"Decision making is quite slow, complicated and very\ncentralised,\" Schulz told Reuters.\n    Indonesian President Suharto set up a high-level team in\nJuly last year to speed up projects using ADB funds. ADB\nsources said bank staff have been stationed intermittently in\nJakarta in response to government requests.\n    The Jakarta office will be the third ADB office outside its\nManila headquarters. The bank has a resident office in Dhaka\nand a South Pacific regional office in Vanuatu.\n REUTER\n\u0003","date":" 2-APR-1987 02:52:26.27","organisations":["adb-asia"],"places":["philippines","indonesia"]},"12406":{"title":"U.K. MONEY RATES HARDEN ON LAWSON CURRENCY TARGETS","body":"Money market rates rates showed a harder\nedge after news U.K. Chancellor of the Exchequer Nigel Lawson\nhas set a target for the pound against the mark and dollar, to\nbe maintained by a mixture of interest rates and intervention\nin the foreign exchange markets.\n    Dealers said the market was surprised by the Chancellor's\ndisclosure of sterling target rates, around 2.90 marks and 1.60\ndlrs, and nervous over the implications for domestic interest\nrates, further reducing the propects for a near term cut in\nU.K. Bank base rates. The key three months interbank sterling\nrate gained 1/16 point at 10 9-7/8 pct.\n    The pound opened three basis points lower at 71.3 in trade\nweighted terms, at around 1.59 dlrs and 2.91 marks.\n REUTER\n\u0003","date":" 2-APR-1987 02:53:48.69","topics":["money-fx","interest","stg"],"places":["uk"]},"12407":{"title":"GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY","body":"West German industrial production,\nseasonally adjusted, rose a provisional 3.2 pct in February\nafter a downwards revised decline of 3.4 pct in January, the\nEconomics Ministry said.\n    The ministry had originally estimated that industrial\nproduction fell 3.0 pct in January.\n    The February figure is likely to be revised upwards by just\nunder one percentage point next month when the March figure is\nreleased, a ministry statement said.\n    The industrial production index, base 1980, stood at a\nprovisional 104.1 in February against 100.9 in January and\n104.5 in December. The ministry had previously put the January\nand December indices at 101.6 and 104.7 respectively.\n    In February 1986 the output index had stood at 103.7,\nproducing a year-on-year rise for February 1987 of 0.4 pct.\n    The February rise in production was aided by a sharp 19 pct\nincrease in construction output compared with January, when\nproduction in many industrial sectors was depressed by\nunusually severe winter weather.\n    Manufacturing industry registered a 3-1/2 pct rise in\nproduction in February compared with January. But energy sector\noutput fell nine pct and mining production declined seven pct.\n    The ministry, which considers two-monthly comparisons to be\na better guide to trends, said output in January and February\ntogether fell around two pct against November and December.\n    The ministry said construction output fell 13-1/2 pct in\nJanuary/February against November/December due to the cold\nJanuary weather. Output in the energy sector rose four pct and\nmining output 10 pct.\n    Manufacturing industry's production fell 1-1/2 pct in\nJanuary/February compared with November/December.\n    Within this sector, the output of both basic products and\nof food, tobacco and alcohol fell 1-1/2 pct. Production of\ncapital goods fell 2-1/2 pct while output of consumer goods was\nunchanged.\n    Compared with the same months of 1986, industrial\nproduction in January and February 1987 fell 1-1/2 pct, the\nministry said.\n    Manufacturing industry output fell one pct, with output of\nbasic products down three pct, capital goods down one pct and\nfood, tobacco and alcohol production 1-1/2 pct lower. Makers of\nconsumer goods posted a 1-1/2 pct year-on-year rise in the\ntwo-month period.\n    In other industrial sectors, mining production fell four\npct and construction output 4-1/2 pct. The energy sector saw a\nslight 1/2 pct rise, the ministry added.\n REUTER\n\u0003","date":" 2-APR-1987 02:54:02.22","topics":["ipi"],"places":["west-germany"]},"12408":{"title":"Reckitt and Colman plc pretax profits 1986 yr 145.11 mln stg vs 123.39 mln\n","date":" 2-APR-1987 03:13:15.46","topics":["earn"]},"12409":{"title":"C AND W OFFERED ROLE IN NEW JAPAN TELECOM COMPANY","body":"A Japanese businessman announced plans for\na new telecommunications firm in which Britain's Cable and\nWireless Plc would be a core company.\n    However, the plan, unveiled by senior Federation of\nEconomic Organizations official Fumio Watanabe, does not\nspecify what stake Cable and Wireless would have.\n    \"The share holdings of the core companies should be equal,\"\nWatanabe said in a statement. \"The actual percentage of\nshareholdings should be agreed by the core companies.\"\n    He said the eight core companies will provide directors for\nthe firm.\n    \"The new company shall immediately set to work on the\nfeasibility study of constructing a new cable for itself,\"\nWatanabe said.\n    Watanabe has acted as mediator between two rival groups,\none of which included C and W, seeking to compete against\n<Kokusai Denshin Denwa Co Ltd>, which now monopolizes Japan's\noverseas telephone business.\n    The Post and Telecommunications Ministry has said it wants\nonly one competitor to KDD and has backed Watanabe's efforts.\n    A British source, who declined to be identified further,\nsaid the proposals could open the door to further talks between\nC and W <CAWL.L> and the other firms involved.\n    C and W had earlier rejected a reported proposal which\nwould have given it a five pct share in the new\ntelecommunications firm, compared to the less than three pct\nstake Watanabe originally proposed. C and W has a 20 pct stake\nin one of the two firms Watanabe has proposed should merge.\n    The British source said the decision not to specify the\nexact shareholdings of the core companies could leave the door\nopen for further discussion.\n    \"It's probably a sensible approach on their part,\" the\nBritish source told reuters.\n    C and W has also been pushing hard for permission to lay a\nnew cable between Japan and the U.S.\n    The proposed merger has sparked an international row, with\nBritish government sources threatening retaliatory action\nagainst Japan for what they see as discriminatory practices\nagainst foreign firms.\n    The sources said last Friday that one option for Britain\nwould be to revoke licenses of Japanese banks and securities\ncompanies operating in London.\n    The U.S. Has also attacked the original merger plans,\nsaying that both rival consortia should be licensed.\n    Asked about participation by other U.S. And European firms,\nWatanabe said, \"They will not be core companies but if they wish\nthey could participate.\" Under the Japanese law, total foreign\nparticipation would be limited to one-third.\n    \"It might be wise for C and W to join the new firm which has\nthe support of many influential backers and work within this\nfor the realization of their ideas,\" Watanabe told reporters.\n    The other core firms are Mitsubishi Corp <MITT.T>, Mitsui\nand Co <MITS.T>, Sumitomo Corp <SUMT.T>, Matsushita Electric\nIndustrial Co <MC.T>, Toyota Motor Corp <TOYO.T>, C Itoh and Co\n<CITT.T>, and <Pacific Telesis International Inc>.\n    Watanabe said that his latest proposal represented his\nfinal effort.\n    If it fails to satisfy the British government, it will be\nup to the Japanese government to explain its position, he said.\n REUTER\n\u0003","date":" 2-APR-1987 03:15:00.61","topics":["acq"],"places":["japan","uk"]},"12410":{"title":"BANK OF FRANCE TO BUY FIRST CATEGORY PAPER TODAY","body":"The Bank of France is to inject liquidity\nagainst first category paper at a tender this afternoon, a Bank\nspokesman said.\n    Money market sources were divided as to whether they\nthought the Bank of France would use the occasion to cut its\nintervention rate, which has stood at 7 3/4 pct since it was\ncut from eight pct on March 9.\n    Some thought a rate cut unlikely given foreign exchange\nturbulence and the U.S. Prime rate rise to 7 3/4 pct, while\nothers still counted on a 1/4 point cut by the Bank of France.\n REUTER\n\u0003","date":" 2-APR-1987 03:15:32.00","topics":["money-fx","interest"],"places":["france"]},"12411":{"title":"FIRS 87/88 EC BEET SUGAR ESTIMATE UNCHANGED 12.63 MLN TONNES WHITE EQUIVALENT\n","date":" 2-APR-1987 03:24:51.38","topics":["sugar"]},"12412":{"title":"HERTZ REALTY ISSUES 75 MLN CANADIAN DLR EUROBOND","body":"Hertz Realty Corp is issuing a 75 mln\nCanadian dlr bond due April 30, 1993 paying nine pct and priced\nat 100-3/4 pct, syndicate sources said.\n    The non-callable bond is guaranteed by Hertz Corp. It is\navailable in denominations of 1,000 and 10,000 Canadian dlrs\nand will be listed in Luxembourg. The selling concession is\n1-1/4 pct while management and underwriting combined pays 5/8\npct.\n    The payment date is April 30.\n REUTER\n\u0003","date":" 2-APR-1987 03:38:06.40","places":["uk"]},"12413":{"title":"U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG","body":"The Bank of England said it forecast a\nshortage of around 800 mln stg in the money market today.\n    Among the main factors affecting liquidity, bills for\nrepurchase by the market will drain some 664 mln stg while\nbills maturing in official hands and the take-up of treasury\nbills will take out around 508 mln stg and a rise in note\ncirculation some 45 mln stg.\n    Partly offsetting these outflows, exchequer transactions\nand bankers' balances above target will add some 380 mln stg\nand 35 mln stg to the system respectively.\n REUTER\n\u0003","date":" 2-APR-1987 03:57:17.94","topics":["money-fx"],"places":["uk"]},"12414":{"title":"SOVIET MINISTER IN GERMAN JOINT VENTURE TALKS","body":"Soviet deputy prime minister Alexei Antonov\nbegins two days of economic talks in Bonn that will include\ndiscussions on Soviet-West German joint ventures.\n    Antonov and West German Economics Minister Martin Bangemann\nare heading their respective delegations to the joint\ncommission on economic, scientific and technical cooperation.\n    \"The main point of the round will be Soviet economic\nreforms, new forms of economic cooperation, joint ventures, and\ncooperation in construction,\" government spokesman Friedhelm Ost\nsaid.\n REUTER\n\u0003","date":" 2-APR-1987 04:04:44.17","places":["west-germany","ussr"]},"12415":{"title":"SUGAR OFFERED TO DUTCH INTERVENTION REFUSED","body":"The 2,500 tonnes of sugar offered to\nintervention in the Netherlands has been refused by the\nintervention board because of wrong packaging, a spokeswoman\nfor the Ministry of Agriculture said.\n    She said the sugar could be offered again to intervention.\n    EC producers have threatened to sell over 800,000 tonnes of\nsugar to intervention stocks as a protest against EC export\nlicensing policies.\n    Last month Dutch traders said the sugar on offer in the\nNetherlands was Belgian, but the ministry could not confirm\nthis.\n REUTER\n\u0003","date":" 2-APR-1987 04:05:43.05","topics":["sugar"],"places":["netherlands"]},"12416":{"title":"RISING TAIWAN DOLLAR CAUSES FOREIGN RESERVES LOSS","body":"Taiwan said its foreign reserves suffered\nabout 3.4 billion U.S. Dlrs in exchange rate losses from July\n1986 to February 1987 as a result of the rise of the Taiwan\ndollar against the U.S. Currency.\n    Yu Chien-ming, head of the government statistics\ndepartment, told parliament yesterday he expected the losses to\nincrease as the Taiwan dollar continues to strengthen.\n    The Taiwan dollar, which opened at 34.24 to the U.S. Dollar\ntoday, has risen about 16 pct against the U.S. Unit since\nSeptember 1985. Some bankers expect it to rise to 33 by June\nand to 32 by the end of this year.\n    Taiwan's foreign exchange reserves now total 53 billion\ndlrs. At end-February they were 52.1 billion dlrs, the world's\nthird largest after West Germany and Japan.\n    Yu said the interest earned from the reserves totalled\nabout 1.68 billion U.S. Dlrs from July 1986 to February 1987.\nThe reserves are managed by the central bank and deposited at\nabout 170 leading banks in the U.S., Japan, Britain, Canada and\nSingapore.\n    About 75 pct of the reserves are in the form of cash,\nmostly in U.S. Dollars. The rest are in government treasury\nbills, certificates of deposit and bonds.\n REUTER\n\u0003","date":" 2-APR-1987 04:08:28.74","topics":["money-fx","reserves"],"places":["taiwan"]},"12417":{"title":"EC DENIES MAIZE EXPORTS RESERVED FOR U.S.","body":"The agreement between the U.S. And the\nEuropean Community (EC) on special imports of maize and sorghum\nprovides an equal chance for all non-EC countries to supply the\nSpanish market, an EC Commission spokeswoman said.\n    She denied that any unpublished clause of the agreement\nguaranteed the bulk of the maize export business would go to\nthe U.S., As one EC official told Reuters yesterday.\n    Under the agreement, the EC will import two mln tonnes of\nmaize and 300,000 tonnes of sorghum a year into Spain at\nspecially reduced levy rates for the next four years.\n    The Commission has yet to decide whether the maize will\ncome in through direct purchases by the Spanish intervention\nboard or by a tender system.\n REUTER\n\u0003","date":" 2-APR-1987 04:08:52.01","topics":["grain","corn","sorghum"],"organisations":["ec"],"places":["belgium","usa","spain"]},"12418":{"title":"U.K. MONEY RATES FIRM ON LAWSON STERLING TARGETS","body":"Interest rates on the London money market\nwere slightly firmer on news U.K. Chancellor of the Exchequer\nNigel Lawson had stated target rates for sterling against the\ndollar and mark, dealers said.\n    They said this had come as a surprise and expected the\ntargets, 2.90 marks and 1.60 dlrs, to be promptly tested in the\nforeign exchange markets. Sterling opened 0.3 points lower in\ntrade weighted terms at 71.3.\n    Dealers noted the chancellor said he would achieve his\ngoals on sterling by a combination of intervention in currency\nmarkets and interest rates.\n    Operators feel the foreign exchanges are likely to test\nsterling on the downside and that this seems to make a fall in\nU.K. Base lending rates even less likely in the near term,\ndealers said.\n    The feeling remains in the market, however, that\nfundamental factors have not really changed and that a rise in\nU.K. Interest rates is not very likely. The market is expected\nto continue at around these levels, reflecting the current 10\npct base rate level, for some time.\n    The key three months interbank rate was 1/16 point firmer\nat 10 9-7/8 pct.\n\u0003","date":" 2-APR-1987 04:24:27.56","topics":["money-fx","interest","stg"],"places":["uk"]},"12419":{"title":"DANISH PLAN TO HELP CRISIS-HIT BANK DEPOSITORS","body":"The Danish Banks Association\nannounced a plan to help depositors in the small Sixth of July\nBank (6. Juli Banken A/S), which ceased payments on March 23\nafter the Government Bank Inspectorate said provisions were too\nlow.\n    The Association said in a statement that its 80 members\nwould give full cover for private deposits up to 50,000 Danish\ncrowns, with 80 pct cover for deposits between 50,000 and\n100,000 crowns and for special pension savings accounts up to\n500,000 crowns.\n    Non-pension deposits over 100,000 crowns and business\ncustomers are not covered by the plan, the statement added.\n REUTER\n\u0003","date":" 2-APR-1987 04:25:44.99","places":["denmark"]},"12420":{"title":"AWB CALLS FOR TIGHTER WHEAT QUALITY CONTROLS","body":"Australia is risking wheat export\nsales by not providing enough specific quality grades to meet\nbuyer requirements, the Australian Wheat Board (AWB) said.\n    \"Many AWB customers are becoming increasingly quality\nconscious, demanding strict adherence to contractual quality\nspecifications,\" the board said in a submission to the Royal\nCommission into Grain Storage, Handling and Transport.\n    \"Many of the specifications are more specific than the\ncurrent categories used in Australia,\" it said.\n    The commission is trying to identify ways of saving costs\nand boosting efficiency of the grain handling system.\n    Australia must rely on quality to retain its wheat market\nshare because its competitors are supplying cheaper but\nlower-quality grades, the AWB submission said.\n    It stressed the need to segregate wheat categories at every\nstage from receival to shipping.\n    Better industrial relations at grain terminals, more\nuniform transport systems across the states and extensive stock\ncontrol were vital to improved marketing, it said.\n    The submission also said Australia's federal system impeded\nthe AWB's role of coordinating and managing the marketing of\nwheat.\n    The AWB called for an end to physical and legislative\nconstraints at state borders that prevent the efficient\ntransport of grains to other states for shipment.\n    \"It is essential that wheat moves by the most economic mode\nto the nearest efficient port, irrespective of the state in\nwhich the wheat is grown or stored,\" it said.\n    For example, wheat grown in northern New South Wales (NSW)\nmight move more efficiently to Brisbane, in Queensland, than to\nSydney or Newcastle in New South Wales, it said. Similarly,\nsouthern NSW wheat might better be shipped to Portland or\nGeelong, in Victoria.\n    Legislation giving state rail authorities a monopoly over\ngrain shipments was one notable impediment, it said.\n    The AWB said the current approach of state-based bulk\nhandling authorities is not essential, although it said it\nfavoured the authorities maintaining at least their current\nlevel of control of storage and transport as long as quality\nwas maintained.\n    An appendix on port loading costs showed it cost between\n26,500 and 34,700 U.S. Dlrs to load a 50,000-tonne vessel at\nvarious Australian ports compared with 21,200 dlrs at Houston\nand 16,300 at Port Cartier, Quebec, for a 60,000-tonner.\n REUTER\n\u0003","date":" 2-APR-1987 04:35:11.94","topics":["grain","wheat"],"places":["australia"]},"12421":{"title":"Bayer world group 1986 pre-tax profit 3.30 billion marks (3.15 billion) - official\n","date":" 2-APR-1987 04:38:02.81","topics":["earn"]},"12422":{"title":"JAPAN MINISTRY ASKS TRUST BANKS TO CUT DLR SALES","body":"The Finance Ministry has asked trust banks\nto moderate their dollar selling, trust banking sources said.\n    A Ministry official told Reuters earlier this week the\nMinistry had recently surveyed foreign exchange transactions by\ninstitutional investors, but he declined to say whether this\nwas aimed at moderating the dollar sales.\n    Dealers said institutional investors were reluctant to sell\ndollars aggressively today partly because of the Ministry\nmonitoring.\n    One senior trust bank source said that while sympathizing\nwith the Ministry position, the trust banks had to conduct\ntheir foreign exchange operations according to the dictates of\nthe market.\n    A Bank of Japan official said the central bank approved of\nthe survey as long it was not used too forcefully.\n    But another official denied local press reports that the\ncentral bank itself had asked investors to moderate their\ndollar sales. \"We are not legally authorized to do that,\" he\nsaid.\n    A Bank of Japan official also said the central bank will\nrenew its call on financial institutions to moderate excessive\nloans for the purpose of land and securities investment as such\ninvestments threaten to cause inflation.\n    Bank of Japan Governor Satoshi Sumita had previously\nexpressed concern about excessive investment in land and\nsecurities resulting partly from eased credit conditions.\n REUTER\n\u0003","date":" 2-APR-1987 04:42:58.46","topics":["money-fx","dlr"],"places":["japan"]},"12423":{"title":"EC SUGAR TENDER SAID TO MARK NO CHANGE IN POLICY","body":"The maximum rebate granted at\nyesterday's European Community (EC) sugar tender marked no\nchange in policy towards producers' complaints that they are\nlosing money on exports outside the EC, EC commission sources\nsaid.\n    They said this was despite the fact that the commission\naccepted over 785,000 tonnes of sugar into intervention\nyesterday from traders protesting that rebates are being set\ntoo low.\n    The maximum rebate at yesterday's tender was 46.864 Ecus\nper 100 kilos, up from 45.678 Ecus the previous week.\n    London traders said yesterday the rebate was the largest\never granted. The commission sources said today the increase\nwas entirely explained by world market conditions. The amount\nby which the rebate fell short of what producers claim is\nneeded to obtain an equivalent price to that for sales into\nintervention remained at 0.87 Ecus per 100 kilos, they said.\n    Operators offered a total of 854,000 tonnes of sugar into\nintervention last month to protest at rebates which they said\nwere too low. The sources said about 706,470 tonnes of French\nsugar and 79,000 tonnes of German sugar had been accepted, the\nremainder being rejected as of too low quality.\n    The sources noted the operators could withdraw their offers\nin the five week period between the acceptance of the sugar and\npayment for it.\n    They said they saw no sign of planned withdrawals as yet,\nadding that they would expect operators to wait another week or\ntwo to review commission policy before making up their minds.\n    The sources said the commission felt entitled to offer\nrebates at slightly below the level theoretically justifiable\nin the light of its 1987/88 farm price package proposal to\nreduce guaranteed prices for sugar by two pct from the start of\nthe new season in July.\n REUTER\n\u0003","date":" 2-APR-1987 04:51:36.70","topics":["sugar"],"organisations":["ec"],"places":["belgium"]},"12424":{"title":"KENYAN COFFEE NEEDS RAIN, TRADERS SAY","body":"Kenya's late coffee crop is flowering\nwell, but the main coffee areas were generally dry and hot in\nthe week ended Wednesday, trade sources said.\n    \"Machakos, Embu, Meru and Kirinyaga in eastern Kenya, and\nNyeri and Thika in central, have been dry in the past week. The\nfarmers expect rain this week. If it does not fall output of\nthe late (October-November-December) crop will decline sharply,\"\none source said.\n    He said that since most growers did not irrigate their crop\nthey could do nothing but wait for rain, the main factor which\ndetermines Kenyan coffee production.\n    Two months ago the International Coffee Organization issued\na forecast of Kenyan exportable coffee production in the\n1986/87 (Oct-Sept) season at 1.82 mln bags.\n REUTER\n\u0003","date":" 2-APR-1987 04:57:06.30","topics":["coffee"],"places":["kenya"]},"12425":{"title":"CARGILL U.K. STRIKE TALKS BREAK OFF WITHOUT RESULT","body":"Two days of talks between management and\nunions to try to end the 3-1/2 month labour dispute at Cargill\nU.K. Ltd's oilseed crushing plant at Seaforth ended yesterday\nwithout resolving the situation, a company spokesman said.\n    Fresh talks are expected to be held early next week but the\nactual date has not yet been fixed, he added.\n    Oilseed processing at the mill has been at a standstill\nsince December 19 and the company has declared force majeure\nfor deliveries of soymeal and soyoil ahead to May.\n REUTER\n\u0003","date":" 2-APR-1987 05:04:59.21","topics":["oilseed","soybean","soy-meal","veg-oil","soy-oil"],"places":["uk"]},"12426":{"title":"PRICES RISE AT BANGALORE COFFEE AUCTION","body":"Prices rose at the fortnightly\nexport auction here on March 25 for sales of 1,907.1 tonnes of\ncoffee from the 1986/87 and 1985/86 crops out of a total\noffering of 1,940.7 tonnes, the Coffee Board said.\n    Withdrawals amounted to 33.6 tonnes. The type and grade,\nquantity sold, average prices in rupees per 50 kilos, exclusive\nof sales tax, with previous prices at the March 11 auction in\nbrackets -\n    1986/87 crop\n    Plantation \"A\" 592.2   1,284.50 (1,223.50)\n    Plantation \"B\" 74.1    1,095.50 (1,122.00)\n    Plantation \"C\"        208.2    1,019.00 (1,017.50)\n    Arabica Cherry \"AB\"    33.3      976.50  (NA)\n    Arabica Cherry \"PB\"    22.5      949.00  (NA)\n    Arabica Cherry \"C\"     58.2      889.50  (NA)\n    Robusta Cherry \"AB\"    90.9    1,256.00  (NA)\n    Robusta Cherry \"PB\"    43.8    1,039.50  (NA)\n    Robusta \"PMT AB\"       49.2    1,255.50  (NA)\n    Robusta \"PMT PB\"       13.5    1,200.00  (NA)\n    REP Bulk \"A\"           93.9    1,057.50 (908.50)\n    REP Bulk \"B\"          256.5    1,079.00 (930.00)\n    Robusta Cherry Bulk    40.2   1,082.50  (NA)\n    Robusta Cherry \"C\"      9.0     997.00  (NA)\n    Robusta Cherry \"BBB\"    9.6     700.00  (NA)\n    1985/86 crop\n    Arabica Cherry \"AB\"   123.3     961.00  (951.50)\n    Arabica Cherry \"BBB\"  160.8     635.50  (613.50)\n    Robusta Cherry \"BBB\"    4.2     735.00  (704.50)\n    Monsooned coffee\n    Monsooned Robusta \"AA\" 23.7   1,265.50  (NA)\n REUTER\n\u0003","date":" 2-APR-1987 05:05:54.52","topics":["coffee"],"places":["india"]},"12427":{"title":"HONGKONG LAND MAY SEEK RE-INCORPORATION IN BERMUDA","body":"Hong Kong Land Co Ltd <HKLD.HK> said\nit might look for overseas investments and that could lead it\nto consider re-registering in Bermuda.\n    Asked if Hong Kong Land had any plans for investment\noverseas a spokesman said \"Not at the moment. It's a long-term\nconcept.\"\n    The London newspaper Daily Telegraph yesterday quoted Simon\nKeswick, chairman of Hong Kong Land's parent company, Jardine\nMatheson Holdings Ltd <JARD.HK>, as saying the company was at a\ncrossroads because the last of its non-property assets will\nsoon be spun off.\n    Hongkong Land's residential properties have also been sold,\nleaving the firm largely with commercial property in the main\nbusiness district of the British colony.\n    \"If we can't find any opportunities we might have to look\nabroad,\" Keswick was quoted by the newspaper as saying.\n    A re-registration in Bermuda would be largely to shelter\noverseas income from Hong Kong taxes, analysts said.\n    Jardine Matheson reincorporated in Bermuda in 1984 in a\nmove that raised fears over the colony's political future and\nstunned the local stock market.\n    That response was not repeated when <Dairy Farm\nInternational Holdings Ltd> then a Hongkong Land subsidiary,\nand <Mandarin Oriental International Ltd>, soon to be spun off\nfrom Land, announced plans for similar re-registrations.\n    Jardine Strategic Holdings Ltd <JSH.HK>, another Jardine\nsubsdidiary, is also registered in Bermuda.\n REUTER\n\u0003","date":" 2-APR-1987 05:09:57.18","places":["hong-kong","bermuda"]},"12428":{"title":"U.K. GRAIN EXPORTS CONTINUE TO RISE SHARPLY","body":"The U.K. Exported 517,600 tonnes of wheat\nand 315,800 tonnes of barley in the first 25 days of March, the\nHome Grown Cereals Authority (HGCA) said, quoting provisional\nCustoms and Excise figures.\n    This brought combined wheat and barley exports since the\nseason started on July 1 to 7.60 mln tonnes, substantially up\non the 4.02 mln exported in the same 1985/86 period.\n    This season's total comprises 3.94 mln tonnes of wheat and\n3.66 mln barley, compared with 1.63 mln and 2.39 mln,\nrespectively, a year ago.\n REUTER\n\u0003","date":" 2-APR-1987 05:10:11.50","topics":["grain","wheat","barley"],"places":["uk"]},"12429":{"title":"INDIA'S CREDIT POLICY AIMS TO CONTROL LIQUIDITY","body":"India's credit policy package for\nfiscal 1987/88 (April-March) will help ease inflationary\npressures and control the growth of overall liqudity, the\nReserve Bank of India (RBI) said in a statement.\n    The package, announced earlier this week, will raise\ncommercial bank statutory liquidity ratios to 37.5 pct from 37\npct, effective April 25, and will increase cash reserve ratios\non foreign currency (non-resident) accounts to 9.5 pct from\nthree pct, effective May 23, it said.\n    Excess liquidity pushed wholesale and consumer retail\nprices higher in 1986/87 on previous year levels, RBI governor\nR. N. Malhotra said in a statement.\n    Malhotra said India's M-3 money supply grew 209.24 billion\nrupees in the fiscal year to March 13, compared to a growth of\n155.38 billion in the same period the year before.\n    Commercial bank aggregate deposits rose to 164.10 billion\nin the same period, against 120.66 billion in the corresponding\nmonths of fiscal 1986/87, he said.\n    The Finance Ministry in a report issued in February\npredicted India's fiscal 1986/87 wholesale price-linked\ninflation rate at about 6.5 pct against 3.8 pct in 1985/86.\n REUTER\n\u0003","date":" 2-APR-1987 05:15:52.29","topics":["money-supply","wpi"],"places":["india"]},"12430":{"title":"BANK OF FRANCE SELLS 8.45 BILLION FRANCS OF TREASURY TAP STOCKS - OFFICIAL\n","date":" 2-APR-1987 05:21:43.77","places":["france"]},"12431":{"title":"CHINA TAKES SHARE TRADING OFF REFORM AGENDA","body":"China opened its fifth securities market\nyesterday, in Tianjin, but share issues and share trading are\nno longer on the agenda of economic reform, official newspapers\nand Western diplomats said.\n    One Western diplomat said share issues are on the\nbackburner because they are ideologically too sensitive.\n    The People's Daily said last month that trading shares is\n\"not compatible with socialist materialist civilisation.\"\n    The newly opened market traded bonds in four state-owned\nfirms and buyers outnumbered sellers, the China Daily said.\n    China's first securities market since 1949 opened last\nAugust in Shenyang, followed by markets in Shanghai in\nSeptember and in Peking and Harbin this year. They trade mostly\nbonds.\n    \"Bonds are all right. There is no risk to the holder and\nthere is no question of his having any ownership stake in the\nfirm,\" the diplomat said.\n    The People's Daily article said joint stock companies might\nnot be the way to reform large and medium-size state firms nor\nthe model for reforming China's ownership system.\n    Share issues would make the workers owning them think only\nof the economic advantage of their own firms, rather than the\nnation as a whole, the People's Daily said.\n    As late as December, officials were pushing the idea of\nshare issues as a way to channel excess cash in the economy\ninto production, reduce the state's investment burden and\nmotivate share-owning employees to work harder.\n    In November, Liu Hongru, deputy governor of the People's\nBank of China, told a delegation from the New York Stock\nExchange that a long-term funds market should be built up, \"with\nstocks and bonds issuance as the main form.\"\n    \"Stocks and bonds should be issued through banks, trust and\ninvestment companies ... The transfer of securities should be\nconducted through financial institutions ... The opening up of\nsecondary markets should be studied after trials and\nexperiments,\" Liu said.\n    The subject of share issues and trading was widely covered\nin the official press last year, usually in a positive way.\n    One of the most far-reaching proposals came from a Peking\nuniversity professor. He said all but essential state firms\nshould become joint stock holding companies, with the state\nholding a controlling share that could be as low as 33 pct.\n    The professor argued this would separate government\nadministrators from managers of the firms, a key goal of\nChina's reforms. He said his plan would make the companies\nindependent units under a board of directors.\n    The diplomat said the dropping of share issues may be the\nresult of conservative backlash since the January resignation\nof reformist Communist Party chief Hu Yaobang. He said share\nissues raise sensitive questions: \"What happens if the value\nfalls? People are not used to this and may be dissatisfied.\nWhat happens if a person gets very rich through share\nownership? The government does not want disparity in income.\"\n    One Chinese journalist said conditions are not ripe for\nwidespread share issues. \"In China, the success or failure of a\nfirm does not entirely lie within its own hands. There are many\nexternal factors beyond its control,\" he said. \"To make share\npurchasing attractive, you need a secondary market and perhaps\nspeculators,\" he said. \"But speculation is not acceptable in\nChina.\"\n    Asked if there are political reasons for putting aside\nshare issues, he said that in China economics and politics\ncannot be separated.\n    \"There is a very major review of the economic reforms going\non. There are political factors involved,\" the journalist said.\n\"If the economy runs well this year, the political pressure will\nbe less.\"\n    Comments by officials of the new Tianjin market echoed his\ncaution. The China Daily quoted one official as saying China\ndoes not intend to develop stock exchanges equivalent to those\nin the West while it has a socialist economic system. \"Given the\nspecial circumstances of our country, we must approach the new\nphenomenon in a contemplative and comprehensive way so as to\nguide trading onto a healthy track,\" he said.\n REUTER\n\u0003","date":" 2-APR-1987 05:24:37.82","places":["china"]},"12432":{"title":"BAYER CONFIDENT OF POSTING GOOD 1987 RESULTS","body":"Chemicals group Bayer\nAG <BAYG.F> said it expects to post another good result in 1987\nafter raising pre-tax profit to a new record high in 1986.\n    The company said that this was despite the mark's further\nstrengthening against the dollar and other currencies and\ndespite an increase in competitive pressure.\n    \"The further progress of our business will depend largely on\nthe extent to which threats to free trade materialise and on\nthe developments of exchange rates, raw material and energy\ncosts.\n    Bayer said world group pre-tax profit rose to 3.30 billion\nmarks in 1986, exceeding the previous year's record of 3.15\nbillion. Parent company pre-tax profit increased to 1.72\nbillion from 1.62 billion.\n    The company gave no net profit figures or any indication of\nthe likely 1986 dividend. Bayer paid a 10-mark dividend on 1985\nresults, up one mark from a year earlier.\n    Bayer said that world group operating profit declined\nslightly in 1986 against 1985 but non-operating results showed\na further improvement.\n    Bayer said that the decline in world group turnover to\n40.75 billion marks from 45.93 billion in 1985 reflected mainly\nthe sharp fall in the dollar against the mark.\n    Lower prices on the raw material side had also brought\npressure on selling prices, it added.\n    In volume terms, however, 1986 sales rose slightly against\n1985, the company said without giving details.\n    \"The western Europe, North America and Far East regions\ndeveloped well in local currency, but here too the translation\nof local currency sales into marks distorted the picture,\nespecially in the case of North America,\" it said.\n    Bayer said parent company volume sales were also higher in\n1986, although turnover fell 4.3 pct to 16.77 billion marks.\n    Capacity use was high at the parent company in 1986,\nresulting in a decline in marginal unit costs. This, combined\nwith savings in raw material and energy costs, helped offset\nfalling prices and cost increases in other areas.\n    The rise in pre-tax parent company profit was due to lower\nextraordinary expenses and higher net interest income.\nPlastics, organic chemicals, polyurethanes and coating raw\nmaterials all developed well, it said.\n    Turning to the 1986 fourth quarter, Bayer said that world\ngroup turnover fell to 9.67 billion marks in the last three\nmonths of 1986 from 10.43 billion in the same 1985 period.\n    Parent company turnover in the fourth quarter fell 7.1 pct\nto 3.69 billion marks, with domestic turnover 4.1 pct lower and\nforeign turnover 8.6 pct lower.\n    Exports accounted for 65.3 pct of turnover in the quarter\nagainst 66.4 pct in the same quarter of 1985.\n REUTER\n\u0003","date":" 2-APR-1987 05:25:16.15","topics":["earn"],"places":["west-germany"]},"12433":{"title":" UK reserves rise underlying 1.785 billion dlrs in March - official\n","date":" 2-APR-1987 05:31:16.17","topics":["reserves"],"places":["uk"]},"12434":{"title":"NEW SINGAPORE FINANCIAL MARKET SET TO OPEN","body":"The new Singapore government\nsecurities market will start trading in late April or early May\nafter President Wee Kim Wee signs the Development Loan Bill\napproved by parliament last week, bankers said.\n    But the new market is unlikely to attract many overseas\ninvestors, particularly as non-residents will be subject to a\nwithholding tax on interest earned, Loh Hoon Sun, general\nmanager of <Overseas Union Bank Ltd>, said.\n    Overseas Union Bank Ltd is one of the five primary dealers\napproved to underwrite the auctions and ensure liquidity.\n    The Monetary Authority of Singapore (MAS), which approved\nthe five underwriters, aims to issue seven billion dlrs of\ntreasury bills, notes and bond issues in the first year.\n    A MAS spokesman said a steering committee has yet to\ndetermine details, but most of the new government securities\nwill have a maturity of up to five years and 10-year paper may\nbe issued if demand emerges. Bonds and treasury bills will be\nissued in denominations of 1,000 dlrs and treasury bills in a\nminimum denomination of 10,000 dlrs.\n    Bankers said these rates will put the securities within\nreach of almost everyone and will create a more active market.\n    Allocations will be made first for non-competitive bids\nfrom primary dealers prepared to accept average yields on up to\n500,000 dlrs worth of notes and bonds and an unlimited volume\nof treasury bills. The remainder will be awarded to competitive\nbidders offering the lowest yields.\n    The new market should stimulate the local economy. Funds\nwill come from savings and fixed deposit accounts, \"but just how\nmuch will depend on the bond yields,\" Loh told Reuters.\n    Loh said bank interest rates currently stand at 3.0 to 3.5\npct for fixed deposits and the prime rate is 5.5 pct, and these\nrates are expected to remain fairly steady this year.\n    An act of parliament passed last week granted the Singapore\nauthorities permission to raise 35 billion dlrs in the new\nmarket over the next four years.\n    Trading will be computerised and scripless.\n REUTER\n\u0003","date":" 2-APR-1987 05:33:30.68","places":["singapore"]},"12435":{"title":"U.K. RESERVES SHOW LARGE UNDERLYING RISE IN MARCH","body":"Britain's gold and currency reserves\nshowed an underlying rise of 1.785 billion dlrs in March after\na 287 mln dlr rise in January, the Treasury said.\n    This was considerably above market expectations for a 650\nmln dlr rise.\n    The underlying trend, which is a guide to Bank of England\noperations to support the pound on foreign exchanges, is net of\nborrowings and repayments.\n    The Treasury declined comment on the figures. Last month it\nsaid the Bank of England took the opportunity of strong demand\nto rebuild reserves after losses last autumn.\n    Actual reserves rose by 1.89 billion dlrs, after rising 305\nmln in February, to 22.26 billion. Total reserves were revalued\nto 27.04 billion dlrs, but would have totalled 24.15 billion\nunder the previous valuation, the Treasury said. Gold reserves\nwere revalued by 895 mln dlrs, while SDRs, ECU and convertible\ncurrency holdings were revalued by 1.995 billion.\n    Accruals of borrowings under the exchange cover scheme were\n361 mln dlrs last month, after 36 mln in February. Repayments\nwere 240 mln dlrs after the previous 16 mln. Capital repayments\ntotalled 14 mln dlrs, after February's two mln dlrs repayment.\n REUTER\n\u0003","date":" 2-APR-1987 05:33:42.55","topics":["reserves"],"places":["uk"]},"12436":{"title":"ZAMBIA EXPECTS SHARPLY REDUCED MAIZE CROP","body":"Zambia's marketed maize production will\nprobably fall to less than 630,000 tonnes in 1986/87 (May-Apr),\nfrom 918,000 last year, because of poor rainfall in major\nproducing areas, Agriculture Minister Kingsley Chinkuli said.\n    He told Parliament that in the southern provinces the\nharvest would be over 50 pct down on the level in the previous\nmarketing year.\n    \"The nation would be lucky to produce over seven mln bags\n(630,000 tonnes) of maize this year,\" he stated.\n    Chinkuli added that Zambia was setting up an irrigation\nfund with Canadian aid to lessen the effects of poor rainfall.\n REUTER\n\u0003","date":" 2-APR-1987 05:34:11.77","topics":["grain","corn"],"places":["zambia"]},"12437":{"title":"JAPAN ASKS BANKS TO MODERATE DOLLAR SALES - JIJI","body":"The Finance Ministry has asked commercial\nbanks to moderate their dollar sales, JiJi News Agency\nreported, quoting financial sources.\n    Finance Ministry officials were unavailable for comment.\nThe report also could not be confirmed by several bank dealers.\n    Earlier, Japanese trust banking sources said the Ministry\nhad asked them to moderate their dollar sales.\n    A Ministry official said earlier this week the ministry had\nrecently surveyed currency transactions by investors, but\ndeclined to say whether this aimed at reducing their dollar\nsales.\n REUTER\n\u0003","date":" 2-APR-1987 05:34:30.63","topics":["money-fx","dlr"],"places":["japan"]},"12438":{"title":"ZAMBIAN CENTRAL BANKER CRITICISES IMF POLICIES","body":"Bank of Zambia general manager Michael\nMwape has accused the International Monetary Fund of ignoring\nsocial conditions when drawing up its economic reform\nprogrammes for African countries.\n    Mwape said in a speech to businessmen in the southern town\nof Livingstone yesterday that the IMF's approach had caused\nsocial and political unrest across the continent.\n    There was widespread rioting and looting in Zambia last\nDecember after the government abolished subsidies on refined\nmaize meal in line with IMF recommendations.\n    Mwape said told businessmen \"The question which should be\nasked and answered when designing programmes is who is going to\nbear the brunt of adjustment ... And what cushion is available\nto minimise the burden ?\"\n    Zambia has had five IMF adjustment programmes since 1976,\nthe last of which was cancelled in February last year, he said.\n\"In spite of these, the economy has shown signs of stress, with\nno significant improvement in a number of areas,\" he added.\n    Zambia has just completed a new round of IMF talks on its\nforeign exchange system and has obtained enough commercial\nloans to pay off its IMF arrears for 1985 and 1986, paving the\nway for a new stand-by credit.\n    Zambian politicians have frequently criticised the fund,\nhowever, and diplomats say President Kenneth Kaunda faces\nconsistent opposition inside the ruling party's central\ncommittee over dealings with the IMF.\n REUTER\n\u0003","date":" 2-APR-1987 05:34:45.33","organisations":["imf"],"places":["zambia"]},"12439":{"title":"ZIMBABWE BANS POLYPROPYLENE BAGS FOR OILSEEDS","body":"Zimbabwe's Grain Marketing Board has\nbanned the packing of oilseeds in locally-made polypropylene\nbags and will supply jute bags instead, board officials said.\n    It said the quality of oilseeds such as soybeans,\ngroundnuts and sunflower seed packed in polypropylene bags\ndeteriorated after two weeks.\n    Zimbabwe began producing 10 mln polypropylene grain bags\nthis year to replace jute bags imported mainly from Bangladesh.\n REUTER\n\u0003","date":" 2-APR-1987 05:35:13.47","topics":["pet-chem","oilseed"],"places":["zimbabwe"]},"12440":{"title":"NAKASONE SAID WILLING TO REVISE SALES TAX PLAN","body":"Japanese press reports said Prime Minister\nYasuhiro Nakasone has said he may compromise on his\ncontroversial sales tax plan, bowing to widespread opposition\neven within his own party.\n    The reports said he told a meeting of supporters of his\nruling Liberal Democratic Party today the proposed five pct tax\nshould be amended if there was anything wrong with it.\n    Officials were not immediately available for comment.\n    Until now, Nakasone had vowed to press on with the tax as\npart of his plan to reform Japan's 36-year-old tax system.\n    But most Japanese newspapers and news agencies quoted him\nas saying today he would not foist the tax on the Japanese\npeople if they hated it.\n    Opposition parties and some industry groups say the tax\nbreaks Nakasone general election campaign promises last July\nand would discourage consumer spending, needed to meet\ngovernment pledges to try to stimulate economic growth.\n    Pressure for the tax to be amended or shelved is likely to\nincrease soon, before a first round of local elections due on\nApril 12, political analysts said. Resistance has spread from\nopposition parties and affected industries to the LDP.\n    Some 36 of Japan's 47 provincial governments have called\nfor the plan to be scrapped or handled carefully, government\nofficials said.\n    Some leading LDP candidates for the local polls have not\nasked Nakasone to make a campaign speech for them as they fear\nhis presence would weaken their position in the elections.\n REUTER\n\u0003","date":" 2-APR-1987 05:36:40.65","places":["japan"]},"12441":{"title":"GUINNESS TO SELL RETAIL INTERESTS","body":"Guinness Plc <GUIN.L> said that as part\nof a new strategy for the company it will be selling its retail\ninterests to concentrate resources on developing its\ninternational beverage businesses.\n    Among the firms to be sold are Martin's and Gordon Drummond\npharmacies, the 7-Eleven convenience stores, speciality U.S.\nFood importer Richter Brothers and the health products company\nNature's Best/DSL.\n    Guinness said in a statement that the company's strength\nwas in its well known beer and spirits brands.\n    Several had good brand development potential, including\nGleneagles, Champneys, Cranks, Hediard and and Guinness\npublications.\n    Guinness shares were trading at 323p after the announcement\nafter closing yesterday at 317p.\n REUTER\n\u0003","date":" 2-APR-1987 05:42:17.92","topics":["acq"],"places":["uk"]},"12442":{"title":"INDUSTRIAL ACTION ENDS AT SOUTH AFRICAN MINE","body":"About 8,000 black miners returned\nto work after a week-long industrial action at South Africa's\nlargest gold mine, mine owner Anglo American Corp of South\nAfrica Ltd <ANGL.J> said.\n    A spokesman for the mining house said the action started on\nWednesday last week when thousands of miners staged a go-slow\nat One underground shaft of the Free State Geduld division of\nFree State Consolidated Gold Mines Ltd <FSCN.J>.\n    The action later escalated into an underground sit-in at\nthe mine over the weekend, prompting management to close the\naffected shaft because of what the company described as \"the\ncreation of unsafe working conditions.\"\n    Anglo American spokesman John Kingsley-Jones said the\ncompany held talks with the National Union of Mineworkers\n(NUM), South Africa's biggest trade union which claims a\nmembership of 360,000 black workers, but failed to establish\nthe cause of worker dissatisfaction. He acknowledged that the\nmine suffered a loss of production, but declined to give\nestimates.\n    Free State Consolidated last year produced 104 tonnes of\ngold from 28 underground shafts.\n    The NUM was not immediately available for comment on the\naction. But a spokesman for the union earlier told the South\nAfrican Press Association that miners had been locked out of\nthe mine at the weekend after staging a strike in protest\nagainst being ordered to carry bags containing explosives as\nwell as food for white miners.\n REUTER\n\u0003","date":" 2-APR-1987 05:47:19.89","topics":["gold"],"places":["south-africa"]},"12443":{"title":"COMPROMISE CITED ON SAN MIGUEL SHARES","body":"<San Miguel Corp>, SMC, and <United\nCoconut Planters Bank>, UCPB, have reached a compromise on a\ndisputed block of 38.1 mln shares of SMC, the head of a\ngovernment panel that controls the sequestered shares said.\n    Ramon Diaz, Chairman of the Presidential Commission on Good\nGovernment (PCGG) told Reuters SMC had offered a price of 126\npesos per share for the block, held in trust by the UCPB.\n    \"It looks good,\" Diaz said. But he added several issues,\nincluding the identity of the ultimate buyers of the shares,\nhad to be resolved before the PCGG gave its approval to the\nsale.\n    The PCGG's sequestration last year of 33 mln shares aborted\nSMC's bid to buy them back from 14 trading companies in the\nUCPB group. The commission said it suspected the shares were\nactually controlled by Eduardo Cojuangco, an associate of\nformer President Ferdinand Marcos.\n    Cojuango, who headed the boards of both SMC and UCPB when\nhe fled last year after Marcos was toppled, personally owned 24\nmln shares in SMC. His holdings are also under sequestration.\n    \"The shares that SMC now proposes to buy from the UCPB are\nowned by 1.4 mln coconut farmers,\" Diaz said. \"Naturally we do\nnot want them to go back into the hands of Marcos cronies.\"\n    PCGG sources said a compromise would end a row over a down\npayment of 500 mln pesos made by SMC's Hong Kong subsidiary\nNeptunia Corp Ltd in a bid to buy back the shares last year.\n    The UCPB had said the 500 mln peso payment would be\nforfeited because SMC Chairman Andres Soriano III had failed to\nfulfil his commitment to buy back the shares at an originally\nnegotiated price of 3.3 billion pesos.\n    PCGG sources said SMC, the Philippines' largest food and\nbeverage manufacturer, has agreed to sell 14 mln \"B\" class shares\nfrom the 38.1 mln shares to Australian brewer Alan Bond at a\nprice of 150 pesos per share.\n    The PCGG sources said of the proposed 4.79 billion peso\ntransaction, 1.6 billion pesos would be offset against the 500\nmln peso down payment, the 500 mln pesos worth of preferred\nshares in UCPB held by SMC, 210 mln pesos in uncollected\ndividends on the UCPB shares and 400 mln pesos advanced to\nUCPB-controlled trading companies.\n    The UCPB rejected an original offer of 100 pesos per share\nmade by SMC for 33 mln shares, which grew to 38 mln after a 15\npct stock dividend declared in June last year.\n    A spokesman for SMC said the company's 15-member board met\ntoday to discuss the proposed compromise.\n    The spokesman declined comment on the outcome of the board\nmeeting, saying the dispute was under arbitration.\n    President Corazon Aquino last month asked SMC and UCPB to\nset up a three-man arbitration panel to resolve the ownership\nissue. The panel is due to submit its report by April 15.\n    Eduardo de Los Angeles, a government nominee in the SMC\nboard, filed a formal complaint before the Securities and\nExchange Commission last week, accusing Soriano and eight other\ndirectors of violating \"fiduciary duty.\"\n    De Los Angeles was said to have opposed a decision by SMC's\nboard last December to assume the 500 mln peso Neptunia loan.\n REUTER\n\u0003","date":" 2-APR-1987 05:49:23.68","topics":["acq"],"places":["philippines"]},"12444":{"title":"BANK OF FRANCE SELLS 8.45 BILLION FRANC TAP STOCKS","body":"The Bank of France said it sold a total\n8.45 billion francs worth of treasury tap stocks through its\nlatest monthly tender, at which it offered a choice of one\nfloating rate and two fixed rate tranches.\n    It sold 3.6 billion francs worth of the treasury's 8.50 pct\nJune 1997 tap at an average price of 96.86 pct giving an\naverage yield of 8.78 pct, up from 8.72 pct at its last tender\nof the same tap a month ago.\n    It also sold 3.15 billion worth of 8.50 pct November 2002\nstock at an average price of 97.24 pct and average yield of\n8.83 pct, against 8.98 pct when it was last sold on January 8.\n    The bank sold 1.7 billion francs of floating rate 1999 tap\nstock at an average price of 97.06 pct, giving an average\nspread of 0.39 percentage points above the 13-week treasury\nbill reference rate, little changed from the 0.40 point spread\nat the last offering a month ago.\n    Total demand at today's auction was 28.7 billion francs,\nincluding 5.1 billion for the 8.50 pct 2002 tranche, 13.95\nbillion for the 8.50 pct 1997 tranche and 9.65 billion for the\n1999 floating rate tranche.\n REUTER\n\u0003","date":" 2-APR-1987 05:51:38.58","places":["france"]},"12445":{"title":"TOKYO OPTICAL ISSUES EQUITY WARRANT EUROBOND","body":"Tokyo Optical Co Ltd is issuing a 40 mln\ndlr equity warrant eurobond due April 27, 1992 paying an\nindicated coupon of 2-1/4 pct and priced at par, lead manager\nDaiwa Europe Ltd said.\n    The issue is guaranteed by Mitsui Bank Ltd and final terms\nwill be set on April 9. The issue is available in denominations\nof 5,000 dlrs and will be listed in Luxembourg. The selling\nconcession is 1-1/2 pct while management and underwriting\ncombined pays 3/4 pct.\n    The warrants are exercisable from May 19, 1987 until April\n9, 1992. The payment date is April 27.\n REUTER\n\u0003","date":" 2-APR-1987 05:55:01.46","places":["uk"]},"12446":{"title":"KEIHANSHIN REAL ESTATE ISSUES EQUITY WARRANT BOND","body":"Keihanshin Real Estate Co Ltd is issuing\na 25 mln dlr equity warrant eurobond due April 27, 1992 paying\nan indicated coupon of 2-1/4 pct and priced at par, lead\nmanager Daiwa Europe Ltd said.\n    The issue is guaranteed by Sumitomo Bank Ltd and final\nterms will be set on April 8. The issue is available in\ndenominations of 5,000 dlrs and will be listed in Luxembourg.\nThe selling concession is 1-1/2 pct while management and\nunderwriting combined pays 3/4 pct.\n    The warrants are exercisable from May 18, 1987 until April\n13, 1992. The payment date is April 27.\n REUTER\n\u0003","date":" 2-APR-1987 05:58:43.56","places":["uk"]},"12447":{"title":"LAWSON REMARKS DASH HOPES OF EARLY U.K. RATE CUT","body":"Chancellor of the Exchequer Nigel\nLawson's remarks yesterday suggesting there are precise\nexchange rate targets for the pound undermined sterling,\ndashing hopes for an early cut in U.K. Base rates, analysts\nsaid.\n    But the market's reaction, testing exchange rate levels\nindicated by Lawson, was probably overdone and the longer term\noutlook for sterling remained bullish, they agreed.\n    In an apparent break with the previous policy of secrecy,\nLawson told a National Economic Development Council meeting he\nwas comfortable with sterling exchange rates around current\nlevels, specifying rates of around 1.90 marks and 1.60 dlrs.\n    Lawson added the U.K. Government intended to keep sterling\nat about present levels, using currency intervention and\ninterest rates to achieve this.\n    The February 22 Paris agreement of the Group of Five and\nCanada to stabilise exchange rates is widely believed to\ninclude target ranges, but all participants to the meeting had\nso far refused to specify these.\n    Markets were quick to react to the statement, chopping\nabout one U.S. Cent and over one pfennig off the pound to match\nthe levels mentioned by Lawson.\n    But most analysts polled said they did not believe Lawson's\nstatement signalled a change in U.K. Policy.\n    Keith Skeoch, chief economist at stockbrokers James Capel\nand Co, said, \"the remarks have been blown out of proportion.\nLawson is paying now for a little bit of a slip of the tongue.\"\n    Barclays de Zoete Wedd economist Mark Brett said, \"there is\nnothing great and fantastic in the Chancellor's statement.\"\n    He said he did not believe the rates indicated by the\nChancellor were precise targets, but merely represented central\nrates around which sterling would be allowed to fluctuate,\nperhaps by as much as 10 pct.\n    \"It would be insane to pinpoint an exchange rate ahead of an\nelection ... I don't believe Lawson is mad enough to tie\nhimself to a fixed rate,\" Brett said.\n    Currency markets were keen for official statements to\nclarify the scope of the Paris accord and reactivate currency\ntrading. This mood easily led to over-reaction, analysts said.\n    \"Making similar statements when the market is high strung\nand ready to bounce is perhaps a mistake,\" one senior dealer\nwith a U.S. Bank said.\n    Capel's Skeoch said, \"it gives the foreign exchange markets\nsomething to shoot at.\"\n    \"It is obvious that the government, as a member of the Group\nof Six, has agreed exchange rate bands. But they are not cut in\nstone, they can change with time,\" Skeoch said.\n    Brett said, \"we think the 2.90 marks level is a central\nrate. Give or take 10 pfennigs and all is fine.\"\n    Not all analysts played down the significance of the\nremarks, however. Chris Dunn, economist at Royal Bank of\nCanada, said the remarks may signal a decisive move to insulate\nsterling from the fortunes of the dollar.\n    Although about two-thirds of Britain's trade is conducted\nwith European countries, sterling has traditionally shadowed\nthe dollar rather than the mark, analysts noted.\n    \"Britain must decide whether it wants to follow the U.S. Or\nthrow in its lot with Europe,\" Dunn said.\n    \"It suggests that while the U.K. Is not actually applying to\njoin the European Monetary System, it is seeking protection by\nshadowing it ... The Bundesbank has made it clear that it wants\nthe U.K. To clarify its position relative to the mark,\" he said.\n    Analysts said sterling's dip on currency markets following\nLawson's remarks made an early half-point cut in U.K. Base\nrates from current 10 pct levels unlikely in the short term.\n    \"Over the next three weeks, a cut is out, unless we get some\nextremely good economic indicators,\" Capel's Skeoch said.\n    Base rates have been cut twice by one-half point in March,\nthe last after the March 17 budget presentation, and analysts\nhad been expecting another half point cut shortly afterwards.\n REUTER\n\u0003","date":" 2-APR-1987 06:03:36.27","topics":["interest","money-fx","stg"],"places":["uk"]},"12448":{"title":"NV HOOGOVENS 1986 NET PROFIT 154.6 MLN GUILDERS VS 278.8 MLN -- OFFICIAL\n","date":" 2-APR-1987 06:12:23.55","topics":["earn"]},"12449":{"title":"RANK MAKES INCREASED AVANA OFFER FINAL","body":"Ranks Hovis McDougall Plc <RHML.L> said\nit was making an increased and final offer for the Avana Group\nPlc <AVNA.L>. The company already holds about 22.9 pct or 7.1\nmln Avana ordinary shares.\n    It said in a statement the terms of the offer will be 13\nnew Rank Hovis shares for every five Avana ordinary shares,\nvaluing each Avana share at 829p.\n    Avana shareholders will be entitled to receive and retain\nthe net interim dividend of 5.25p per Avana share for the year\nending 28 March 1987.\n    Accepting Avana shareholders will also be entitled to\nreceive Ranks Hovis's forecast net interim dividend of 2.65p\nfor the financial year ending 5 September 1987.\n    Ranks Hovis said that full acceptance of the increased\noffer would result in the issue of a maximum of 72.3 mln new\nRanks Hovis shares or about 20 pct of the enlarged issued\nordinary share capital of the company.\n    The latest offer will lapse on 17 April. Ordinary\nshareholders in Avana who accept the increased offer will have\nthe opportunity to elect for cash for all or part of their\nholdings on the basis of 800p cash for each Avana share.\n    Ranks Hovis said the cash required for the cash alternative\nwould be met by one of several methods.\n    For the first 10 mln Avana shares received opting for the\ncash alternative, Ranks Hovis would make a cash payment from\nits own resources.\n    For cash alternatives of more than 10 mln Avana shares,\nMorgan Grenfell, as agent for participants, will make a\nseparate offer to purchase at 300p per share, net of expenses,\nup to 46.3 mln Ranks Hovis new shares to which such\nshareholders will be entitled under the increased offer. This\nis equivalent to 780p per Avana ordinary.\n    In addition, Ranks Hovis will make a further cash payment\nof 20p per Avana ordinary. Avana shares traded at 800p after\nthe announcement, 32p up from last night's close of 768p. REUTER\n\u0003","date":" 2-APR-1987 06:19:25.74","topics":["acq"],"places":["uk"]},"12450":{"title":"LUFTHANSA ORDERS TWO AIRBUS 310S","body":"Deutsche Lufthansa AG <LHAG.F> said it\nhas ordered two Airbus A-310-300s from the Airbus Industrie\n<ainp.Pa> consortium.\n    The planes will be delivered at the end of 1988 or\nbeginning of 1989, a company statement said.\n    There was no Lufthansa spokesman immediately available to\ncomment on the purchase price or give details about the engines\nthat will power the planes.\n    One of the new A-310s will be used by Lufthansa itself and\nthe other by its <Condor Flugdienst GmbH> charter travel\nsubsidiary, the statement said.\n    The orders bring Lufthansa's purchases of Airbus A-300s and\nA-310s to a total of 34.\n REUTER\n\u0003","date":" 2-APR-1987 06:20:55.26","places":["west-germany"]},"12451":{"title":"LUCAS INDUSTRIES ISSUING CONVERTIBLE EUROBOND","body":"Lucas Industries Plc <LUCS.L> said its\nLucas Industries Inc unit is issuing a 75 mln dlr convertible\neurobond due April 28, 2002 paying an indicated coupon of 5-1/4\nto 5-1/2 pct and priced at par.\n    The issue is callable at 106 pct declining by one pct per\nannum to par thereafter but is not callable until 1994 unless\nthe share price reaches 130 pct of the conversion price.\n    There is a put option after seven years which will be\npriced to give the investor a yield to the put of 7-1/4 to\n7-3/4 pct. The issue is guaranteed as to interest and the put\npremium by Lucas Industries Plc.\n    The issue is being lead managed by J. Henry Schroder Wagg\nLtd, which has already formed a group of 19 co-managers. The\nselling concession is 1-1/2 pct while management and\nunderwriting each pay 1/2 pct.\n    The issue is available in denominations of 1,000 dlrs,\nwhile the payment is April 27.\n    Lucas said it intended to use the proceeds of the issue for\ngeneral corporate purposes.\n REUTER\n\u0003","date":" 2-APR-1987 06:24:19.42","places":["uk"]},"12452":{"title":"H.K. STOCK EXCHANGE MULLS NEW RULE FOR \"B\" SHARES","body":"The Hong Kong Stock Exchange is\nconsidering new rules governing different classes of shares\nfollowing a spate of new \"B\" share issues by leading local firms,\nexchange chairman Ronald Li said.\n    He told reporters the rules will allow settlement of \"A\"\nshare transactions with cheaper \"B\" shares at a ratio equivalent\nto their par values. But \"A\" shares cannot be used to settle\ntransactions of \"B\" shares.\n    Jardine Matheson Holdings Ltd <JARD.HK>, Cheung Kong\n(Holdings) Ltd <CKGH.HK> and Hutchison Whampoa Ltd <HWHH.HK>\nhave all announced proposals for issuing \"B\" shares.\n    These would have substantially reduced par values but would\nhave voting rights equal to the existing shares or \"A\" shares.\n    Li said the exchange does not want to restrict the issue of\n\"B\" shares but it is concerned about huge discrepancies between\nmarket prices of existing \"A\" and \"B\" stocks.\n    The exchange said yesterday it will not accept further\nproposals by listed firms to issue such new shares.\n    Li said that if the exchange did not take action numerous\nother companies would make similar issues. <Evergo Industrial\nEnterprise Ltd>, now suspended from trading, has already made\nsuch a proposal, he added.\n    Li said the exchange will consult legal advisers in Britain\nfor the proposals from Cheung Kong, Hutchison and Jardine\nMatheson. If the rules of settlement cannot be implemented, the\nthree firms must present alternative methods to guarantee\nreasonable price differentials between the \"A\" and \"B\" shares.\n    Both Jardine and Hutchison declined comment. But local\nnewspapers quoted Cheung Kong's director Albert Chow as saying\nthe firm will withdraw its issue if the new rule is approved.\n    Analysts have said the \"B\" shares are designed largely to\nprotect the interests of majority shareholders. There is little\nliquidity in them and they trade at big discounts.\n    Stock brokers noted the \"A\" shares of Swire Pacific Ltd\n<SWPC.HK> closed at 22 H.K. Dlrs today while the \"B\" shares ended\nat 3.95 dlrs. The stocks have a par value of 60 and 12 cents\nrespectively, or a one-to-five ratio. At those levels that\nrepresents an \"A\" share premium of about 11.4 pct over the \"B\"\nshares.\n    Li said the exchange has not considered any measures\nagainst existing \"B\" stocks. Other existing \"B\" stocks are all\nissued by units of Wharf (Holdings) Ltd <KOWL.HK>, including\n<Hong Kong Realty and Trust Co Ltd>, <Lane Crawford Holdings\nLtd> and <Realty Development Corp Ltd>.\n  REUTER\n\u0003","date":" 2-APR-1987 06:25:17.70","places":["hong-kong"]},"12453":{"title":"U.K. MONEY MARKET GIVEN 345 MLN STG ASSISTANCE","body":"The Bank of England said it had provided\nthe money market with 345 mln stg help in the morning session.\nThis compares with its forecast of a shortage of around 800 mln\nstg in the system today.\n    The central bank made outright purchases of bank bills\ncomprising 58 mln stg in band one at 9-7/8 pct, 227 mln stg in\nband two at 9-13/16 pct, 56 mln stg in band three at 9-3/4 pct\nand four mln stg in band four at 9-11/16 pct.\n    Dealers noted that this was the first time bills in band\nfour, which have a maturity of between two and three months,\nhave been dealt in the market since mid-February.\n REUTER\n\u0003","date":" 2-APR-1987 06:31:41.55","topics":["money-fx","interest"],"places":["uk"]},"12454":{"title":"CABLE UNIMPRESSED BY NEW JAPANESE TELECOMS OFFER","body":"Cable and Wireless Plc <CAWL.L> said new\nproposals unveiled by Japan for it to become a core member of a\nmerged telecommunications firm to compete for\ntelecommunications contracts did not remove the group's\nobjections.\n    The suggestions by Federation of Economic Organisations\nofficial Fumio Watanabe was a formal announcement of proposals\nmade earlier this week and reported in the Japanese press.\n    Cable has a 20 pct stake in one of the two groups trying to\ncompete against Japan's <Kokusai Denshin Denwa Co Ltd> which\nmonopolises Japan's overseas telephone business.\n    But a Cable spokesman said it still believed a merger of\nthe two consortia would be impracticable. \"They are like oil and\nwater,\" he said.\n    The Japanese authorities want only one competitor and have\nproposed that the two consortia band together. The issue has\nbeen taken up by the British government as a test case on the\nopenness of Japanese markets. Watanabe's latest proposals said\nthat the eight core companies of the new group should have\nequal share holdings but added that they could work out the\nprecise percentages amongst themselves.\n    The reports earlier this week said that Cable would be\noffered a five pct stake, up from an originally proposed three\npct.\n    Despite the apparent differences in stakes offered, the\nCable spokesman said the two offers appeared to be essentially\nthe same.\n    Cable shares at 1100 GMT were quoted nine pence firmer at\n374p.\n REUTER\n\u0003","date":" 2-APR-1987 06:33:33.01","topics":["acq"],"places":["uk","japan"]},"12455":{"title":" Bundesbank leaves credit policies unchanged\n","date":" 2-APR-1987 06:34:02.72","topics":["interest"]},"12456":{"title":"BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED","body":"The Bundesbank left credit policies\nunchanged after today's regular meeting of its council, a\nspokesman said in answer to enquiries.\n    The West German discount rate remains at 3.0 pct, and the\nLombard emergency financing rate at 5.0 pct.\n REUTER\n\u0003","date":" 2-APR-1987 06:35:19.50","topics":["money-fx","interest"],"places":["west-germany"]},"12457":{"title":"JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED","body":"Japan is doing all it can to solve its\ntrade problems with the United States but the two nations will\nremain at odds as long as the trade account is lopsided in\nJapan's favour, a senior official said.\n    \"So long as there is an external imbalance there will be\ntrade friction and ...Harsh words between the two governments,\"\nthe Foreign Ministry official told reporters.\n    Last year, Japan racked up a 51.5 billion dlr surplus with\nthe United States and economists said they do not see it\nfalling significantly any time soon.\n    Washington announced plans last week to slap up to 300 mln\ndlrs in tariffs on Japanese electronic goods, raising the\nspectre of a trade war between the two countries.\n    \"We take the current situation very seriously,\" said the\nofficial, who declined to be identified. \"The basic stance of\nthe Japanese government is to tackle the issues with all\navailable resources.\"\n    The United States has accused Japan of reneging on an\nagreement that called on it to stop selling cut-price computer\nmicrochips in world markets and to try to import more American\nsemiconductors. Tokyo has denied the charges.\n    The Foreign Ministry official refused to rule out Japanese\nretaliation if America went ahead with its threatened tariffs\nin the middle of this month. But he said that any response\nwould be in accordance with international law and Japan's\ninternational obligations.\n    He added that both Japan and the United States must take\naccount of the impact of their dispute on their own and the\nworld economy.\n REUTER\n\u0003","date":" 2-APR-1987 06:40:24.69","topics":["trade"],"places":["usa","japan"]},"12458":{"title":"FRANCE SOLD WHEAT FLOUR TO CHINA - ONIC","body":"France has sold between 50,000 to 100,000\ntonnes of wheat flour to China, the Director General of\nFrance's Cereal Intervention Board (ONIC) Bernard Vieux said.\n    He gave no further details of the sale, but added French\nmillers were worried about the unfair competition facing French\nflour due the lack of end-of-season storage premiums for wheat.\n    ONIC raised its estimate of 1986/87 flour exports to 1.70\nmln tonnes compared 1.65 mln forecast in March and the 1.87 mln\nexported in 1985/86.\n REUTER\n\u0003","date":" 2-APR-1987 06:41:22.63","topics":["grain","wheat"],"places":["france","china"]},"12459":{"title":"CABLE AND WIRELESS IN MALAYSIA CABLE DEAL","body":"Malaysia's telecommunication\nauthority has entered into a deal with a British firm to instal\na 100 mln dlrs fibre optic submarine cable to link Peninsula\nMalaysia with eastern Sabah and Sarawak states, the national\nnews agency Bernama reported.\n    <Syarikat Telekom Malaysia Bhd> (STM) signed an agreement\nto set up a joint venture company with Britain's Cable and\nWireless PLC <CAWL.L> to instal, maintain and operate the 1,500\nkms-long cable by 1989, it said.\n    STM Chairman Mohamed Rashdan Baba and Cable and Wireless\nChairman and Chief Executive Eric Sharp signed the agreement.\n    The joint venture company will be 51 pct owned by STM and\n49 pct by Cable and Wireless, the news agency said. It gave no\ndetails on equity or when the project will be started.\n    Mohamed Rashdan said the cable link will carry domestic and\ninternational telecommunication traffic and added that STM\nplanned to ask other telecommunication administrations in\nSoutheast Asia to use the cable.\n    Sharp said the cable could make Malaysia a major\ntelecommunications centre in the region.\n    STM, which used to be the government's telecommunication\ndepartment previously, was privatised in January 1987.\n REUTER\n\u0003","date":" 2-APR-1987 06:42:04.23","places":["malaysia"]},"12460":{"title":"DECISION EXPECTED ON U.K ROYAL ORDNANCE SALE","body":"U.K. Defence secretary George Younger is\nexpected to announce the government's decision on the sale of\nstate-owned arms manufacturer <Royal Ordnance> today,\nparliamentary sources said.\n    The government originally intended to float the munitions\nand explosives concern on the stock market, but last July said\na private sale was a more appropriate way to dispose of the\nfirm.\n    The bidders for the company were British Aerospace Plc\n<BAEL.L> and engineering group GKN Plc <GKN.L>. Royal Ordnance\nsold its Leeds tank factory last summer to Vickers Plc\n<VICK.L>.\n    Defence electronics manufacturer Ferranti Plc <FNTI.L> and\nshipping and property group Trafalgar House Plc <THSL.L> both\npulled out of the bidding shortly before last month's deadline.\n    Royal Ordnance made pre-tax profits of 26 mln stg on sales\nof 487 mln stg in calendar 1985, its first full year of\ncommercial operation. The company has assets of around 240 mln\nstg and employs 17,000 at 15 sites in Britain.\n    Other state-held companies earmarked for privatisation this\nyear include engine maker <Rolls Royce Plc> and the <British\nAirports Authorities Plc>.\n REUTER\n\u0003","date":" 2-APR-1987 06:45:42.32","topics":["acq"],"places":["uk"]},"12461":{"title":"JAPANESE GROUPS URGE DRASTIC ECONOMIC PACKAGE","body":"Japan's leading economic organisations\nurged the Government to prepare drastic pump-priming measures\neven at the cost of shelving Prime Minister Yasuhiro Nakasone's\nplanned tax reforms, officials involved said.\n    Officials of the Federation of Economic Organisations\n(Keidanren) said in a meeting with government officials the\nGovernment should issue construction bonds as an emergency\nmeasure to prop up the economy.\n    Keidanren suggested that proceeds from sales of stocks in\nthe newly-privatised Nippon Telegraph and Telephone Corp should\nalso be used to stimulate the economy.\n    Keidanren Chairman Eishiro Saito said the dollar's fall\nbelow 150 yen would create huge unemployment and bankruptcies\nthat could shake the foundation of the Japanese economy.\n    The Keidanren meeting coincided with a written request for\ndrastic reflationary measures sent to the Government by the\nJapan Chamber of Commerce and Industry.\n    Both organisations called for stepped-up Bank of Japan\nintervention to stabilise exchange rates.\n    Chamber head Noboru Gotoh told a press conference the\nawaited economic package should be powerful enough to push up\nJapan's Gross National Product (GNP) by about two pct.\n    Gotoh said the Government could cope with the present\ncritical economic condition even if it put off its plan to stop\nthe issue of deficit-covering bonds by fiscal 1990.\n    The plan to reduce the fiscal budget is a pillar of\nNakasone's fiscal reconstruction program.\n  REUTER\n\u0003","date":" 2-APR-1987 06:47:51.31","topics":["gnp"],"places":["japan"]},"12462":{"title":"SYRIA SEEKING WHITE SUGAR ON APRIL 8 - TRADE","body":"Syria will hold a buying tender on April\n8 for 36,000 tonnes of white sugar for shipment in June, July\nand August at a rate of 12,000 tonnes a month, traders said.\n REUTER\n\u0003","date":" 2-APR-1987 06:51:29.07","topics":["sugar"],"places":["uk","syria"]},"12463":{"title":"HOOGOVENS EXPECTS CLEAR LOSS IN 1987","body":"<Koninklijke\nNederlandsche Hoogovens en Staalfabrieken NV> said it expected\na \"clear loss\" for 1987.\n     The company reported its 1986 profits were 44 pct lower at\n154.6 mln guilders than in the year before.\n     Turnover was 18 pct lower than in 1985.\n     The main reason fo the fall in turnover was the lower rate\nof the dollar, the company said. The lower costs for raw\nmaterials and energy, resulting from the lower dollar, could\nnot compensate the fall in revenues.\n     Costs 5.61 billion guilders vs 6.66 billion\n     Depreciation 457 mln vs 493 mln\n     Operating profit 375 mln vs 598 mln\n     Financial charges 155.1 mln vs 169.4 mln\n     Extraordinary loss 12 rpt 12 mln vs 138 mln\n     Crude steel production five mln tonnes vs 5.3 mln\n     Aluminium production 96,000 tonnes vs same.\n REUTER\n\u0003","date":" 2-APR-1987 06:54:33.02","topics":["earn"],"places":["netherlands"]},"12464":{"title":"GERMAN MARCH COST OF LIVING DATA CONFIRMED","body":"The cost of living was unchanged in\nMarch compared with February but stood 0.2 pct lower than in\nthe same month in 1986, the Federal Statistics Office said.\n    This confirms provisional figures released at the end of\nlast month.\n    In February the cost of living in West Germany rose 0.1 pct\nfrom January to stand 0.5 pct lower than in February 1986.\n REUTER\n\u0003","date":" 2-APR-1987 07:02:14.73","topics":["cpi"],"places":["west-germany"]},"12465":{"title":"SEASONAL STABILISATION SEEN FOR COFFEE PRICES","body":"The onset of cooler weather in Brazil\nduring the southern hemisphere winter is expected to have a\nstabilising effect on a weak coffee market, West German trade\nsources said.\n    \"The annual fear of frost in Brazil will probably grip the\nmarket sometime this month until June or early July,\" one trader\nsaid.\n    The trade believes the International Coffee Organization\n(ICO) is unlikely to tackle the re-introduction of quotas\nbefore its September meeting and until then the market will not\nsee any unexpected sharp moves in either direction.\n REUTER\n\u0003","date":" 2-APR-1987 07:05:02.65","topics":["coffee"],"organisations":["ico-coffee"],"places":["west-germany","brazil"]},"12466":{"title":"GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY","body":"West German industrial production,\nseasonally adjusted, rose a provisional 3.2 pct in February\nafter a downwards revised decline of 3.4 pct in January, the\nEconomics Ministry said.\n    The ministry had originally estimated that industrial\nproduction fell 3.0 pct in January.\n    The February figure is likely to be revised upwards by just\nunder one percentage point next month when the March figure is\nreleased, a ministry statement said.\n    The industrial production index, base 1980, stood at a\nprovisional 104.1 in February against 100.9 in January and\n104.5 in December. The ministry had previously put the January\nand December indices at 101.6 and 104.7 respectively.\n    In February 1986 the output index had stood at 103.7,\nproducing a year-on-year rise for February 1987 of 0.4 pct.\n    The February rise in production was aided by a sharp 19 pct\nincrease in construction output compared with January, when\nproduction in many industrial sectors was depressed by\nunusually severe winter weather.\n    Manufacturing industry registered a 3-1/2 pct rise in\nproduction in February compared with January. But energy sector\noutput fell nine pct and mining production declined seven pct.\n    The ministry, which considers two-monthly comparisons to be\na better guide to trends, said output in January and February\ntogether fell around two pct against November and December.\n    The ministry said construction output fell 13-1/2 pct in\nJanuary/February against November/December due to the cold\nJanuary weather. Output in the energy sector rose four pct and\nmining output 10 pct.\n    Manufacturing industry's production fell 1-1/2 pct in\nJanuary/February compared with November/December.\n    Within this sector, the output of both basic products and\nof food, tobacco and alcohol fell 1-1/2 pct. Production of\ncapital goods fell 2-1/2 pct while output of consumer goods was\nunchanged.\n Reuter\n\u0003","date":" 2-APR-1987 07:08:55.41","topics":["ipi"],"places":["west-germany"]},"12467":{"title":"HERTZ REALTY ISSUES 75 MLN CANADIAN DLR EUROBOND","body":"Hertz Realty Corp is issuing a 75 mln\nCanadian dlr bond due April 30, 1993 paying nine pct and priced\nat 100-3/4 pct, syndicate sources said.\n    The non-callable bond is guaranteed by Hertz Corp. It is\navailable in denominations of 1,000 and 10,000 Canadian dlrs\nand will be listed in Luxembourg. The selling concession is\n1-1/4 pct while management and underwriting combined pays 5/8\npct.\n    The payment date is April 30.\n REUTER\n\u0003","date":" 2-APR-1987 07:09:28.74","places":["uk"]},"12468":{"title":"TOSHIBA REGRETS LINK WITH U.K. ACCESS ISSUE","body":"Toshiba Corp <TSBA.T> said it regrets its\nplan to enter the U.K. Business facsimile and telephone market\nmay be caught up in a diplomatic row over the position of Cable\nand Wireless Plc's <CAWL.L> in the Japanese market.\n    Britain is considering how to retaliate against Japan's\nattempt to prevent Cable and Wireless from taking a major\nposition in a Japanese international telecommunications\nventure.\n    \"As a matter of timing it is regrettable that this has been\nlinked with the question of market access in Japan,\" a Toshiba\nspokesman told Reuters.\n    <Toshiba Information Systems (U.K.) Ltd>, a Toshiba\nsubsidiary, said yesterday it planned to enter the U.K. Market\nunder the Toshiba own brand name and had applied for government\napproval to do so.\n    Toshiba has supplied equipment to U.K. Manufacturers for\nsale under their brand names since last year.\n    The Toshiba spokesman said the sale of such equipment was\nnot comparable to Cable and Wireless' efforts to take a stake\nin the new Japanese telecommunications firm.\n    \"They are matters of a different category,\" he said.\n REUTER\n\u0003","date":" 2-APR-1987 07:12:08.46","topics":["acq"],"places":["uk","japan"]},"12469":{"title":"WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE","body":"Westpac Banking Corp in New Zealand\nsaid it will increase its indicator lending rate by 1.5\npercentage points to 22.5 pct from April 7.\n    Westpac said in a statement the increase reflects high\ncosts of funding.\n    The bank said nervousness in the wholesale deposit market\nis creating uncertainty about the immediate outlook for\ninterest rates. Liquidity is expected to remain tight over the\nnext month and this will put upward pressure on interest rates.\nBase lending indicator rates of the other three trading banks\nrange between 21.0 pct and 21.5 pct.\n REUTER\n\u0003","date":" 2-APR-1987 07:12:43.73","topics":["interest"],"places":["new-zealand"]},"12470":{"title":"BANK OF JAPAN INTERVENES JUST AFTER TOKYO OPENING","body":"The Bank of Japan intervened just after\nthe Tokyo market opened, buying dollars at around 147.65 yen,\ndealers said.\n    They were unsure of the amount of the central bank's\npurchasing, but it seemed to prevent the dollar from weakening\nagainst the yen amid bearish sentiment for the U.S. Currency,\nthey said.\n    The dollar opened at 147.65 yen against 147.20/30 in New\nYork and 146.90 at the close here yesterday.\n REUTER\n\u0003","date":" 2-APR-1987 07:19:18.07","topics":["money-fx","dlr","yen","interest"],"places":["japan"]},"12471":{"title":"BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED","body":"The Bundesbank left credit policies\nunchanged after today's regular meeting of its council, a\nspokesman said in answer to enquiries.\n    The West German discount rate remains at 3.0 pct, and the\nLombard emergency financing rate at 5.0 pct.\n REUTER\n\u0003","date":" 2-APR-1987 07:20:54.01","topics":["money-fx","interest"],"places":["west-germany"]},"12472":{"title":"JAPAN WARNS OF ANTI-U.S. SENTIMENT IN TRADE ROW","body":"Japan is sending a three-man team to\nWashington to try to halt threatened trade sanctions that\nofficials warn could spark a wave of anti-U.S. Sentiment here.\n    The team will lay the groundwork for high-level emergency\ntalks next week aimed at defusing an increasingly bitter row\nover trade in computer microchips, officials said.\n    \"The sanctions are against the free trade system,\" Ministry\nof International Trade and Industry (MITI) director general\nNoboru Hatakeyama told reporters, adding: \"If these measures are\ntaken, the atmosphere in Japan against the United States would\nbecome not so good as before.\"\n    Other officials were more blunt. \"The U.S. Action will have\na significant impact on the growing anti-U.S. Feeling (here),\"\nanother MITI official said.\n    A senior Foreign Ministry official, who declined to be\nidentified, told Reuters the U.S. Threats have undercut those\nin the government who argue for conciliation.\n    \"There is a very strong argument in Japan that since the\nUnited States is imposing tariffs unilaterally, why should we\nbother doing anything,\" he said. \"Anything we do, we will be\nbashed.\"\n    The senior official sounded pessimistic about the\nlikelihood of Prime Minister Yasuhiro Nakasone defusing U.S.\nAnger over Japanese trade practices when he visits Washington\non April 29.\n    \"I don't think trade friction will be solved all of a sudden\n(by the visit),\" he said.\n    Nakasone is widely expected to present a package of\nmeasures to President Reagan to help contain U.S. Frustration\nover Japan's large trade surplus.\n    But the senior official played down those expectations.\n REUTER\n\u0003","date":" 2-APR-1987 07:22:47.91","topics":["trade"],"places":["japan","usa"]},"12473":{"title":"JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED","body":"Japan is doing all it can to solve its\ntrade problems with the United States but the two nations will\nremain at odds as long as the trade account is lopsided in\nJapan's favour, a senior official said.\n    \"So long as there is an external imbalance there will be\ntrade friction and ...Harsh words between the two governments,\"\nthe Foreign Ministry official told reporters.\n    Last year, Japan racked up a 51.5 billion dlr surplus with\nthe United States and economists said they do not see it\nfalling significantly any time soon.\n    Washington announced plans last week to slap up to 300 mln\ndlrs in tariffs on Japanese electronic goods, raising the\nspectre of a trade war between the two countries.\n    \"We take the current situation very seriously,\" said the\nofficial, who declined to be identified. \"The basic stance of\nthe Japanese government is to tackle the issues with all\navailable resources.\"\n    The United States has accused Japan of reneging on an\nagreement that called on it to stop selling cut-price computer\nmicrochips in world markets and to try to import more American\nsemiconductors. Tokyo has denied the charges.\n    The Foreign Ministry official refused to rule out Japanese\nretaliation if America went ahead with its threatened tariffs\nin the middle of this month. But he said that any response\nwould be in accordance with international law and Japan's\ninternational obligations.\n    He added that both Japan and the United States must take\naccount of the impact of their dispute on their own and the\nworld economy.\n REUTER\n\u0003","date":" 2-APR-1987 07:32:48.44","topics":["trade"],"places":["usa","japan"]},"12474":{"title":"UK MOVES DATE FORWARD ON FINANCIAL RECIPROCITY PROVISIONS TO PRESS JAPAN, GOVERNMENT SOURCES  SAY\n","date":" 2-APR-1987 07:37:34.41"},"12475":{"title":"FRENCH MED/LONG TERM DEBT 398.2 BILLION FRANCS END 1986 (419.6 BILLIOn end SEPT) - OFFICIAL\n","date":" 2-APR-1987 07:42:32.52"},"12476":{"title":"BHF UNIT ISSUES 30 MLN AUSTRALIAN DLR EUROBOND","body":"und\nFrankfurter Bank (BHF) is raising 30 mln Australian dollars\nthrough a five-year bullet eurobond with a 14-1/4 pct coupon\nand priced at 101-1/4, sole manager BHF said.\n    The bond, for BHF Finance Jersey Ltd, pays annual interest\non April 28, and investors pay for the bond on the same day. It\nwill mature on that day in 1992.\n    The bond is guaranteed by the parent. Listing is in\nLuxembourg. Denominations are 1,000 and 10,000 dlrs. Yield at\nissue is 13.89 pct. No fees were stated.\n REUTER\n\u0003","date":" 2-APR-1987 07:44:35.00","places":["west-germany"]},"12477":{"title":"FRENCH DEBT FELL TO 398.2 BILLION FRANCS END-1986","body":"French medium and long-term debt fell to\n398.2 billion francs at end-1986 from 419.6 billion at\nend-September and 464.7 billion at end-1985, the Finance\nMinistry said.\n    The 66.5 billion franc reduction over the full year mainly\nreflected a 44.8 billion difference between debt redemption and\nnew foreign borrowings, it said.\n    The 21.4 billion franc reduction in the fourth quarter\nmainly reflected an 11.4 billion franc difference between\nredemptions and new borrowing, the ministry added.\n    The balance reflected revisions to the previous figures,\nand the impact of the currency fluctuations on the French franc\nvalue of foreign currency denominated borrowings, it said.\n    Expressed in dollar terms, medium and long-term debt fell\nto 62.7 billion dlrs at end-1986 from 63.4 billion at\nend-September.\n    The ministry said although the dollar's depreciation\nfavoured a reduction in foreign debt, this was largely offset\nby the appreciation of other currencies in which 63 pct of\nFrench medium and long term debts were denominated at end-1986.\n    While the dollar remained the main borrowing currency,\naccounting for 37 pct of medium and long-term debt, the mark\naccounted for 11.5 pct, the European Currency Unit 10.8 pct,\nthe yen 9.4 pct, the Eurofranc 8.7 pct, the Swiss franc 7.3\npct, the Guilder 4.6 pct, sterling 3.7 pct and seven pct\nothers.\n    Taking into account external lending, net foreign debt fell\nto 81.5 billion francs at end-1986 from 106.7 billion at\nend-September and 153.7 billion at end-1985.\n    External lending, comprising export credits of more than\none year maturity, and public sector foreign loans, were\nestimated at about 316.7 billion francs at end-1986 against\n312.9 mln at end-September.\n    Total foreign medium and long-term debt included seven\nbillion francs of direct state debt at end 1986, reduced from\n15.6 billion three months earlier, the ministry said.\n REUTER\n\u0003","date":" 2-APR-1987 07:57:01.74","places":["france"]},"12478":{"title":"UK MOVES DATE FORWARD ON FINANCIAL RECIPROCITY","body":"Britain will arm itself earlier than\nhitherto planned with statutory powers to retaliate if decided\nnecessary against Japanese banking and insurance companies, on\ngrounds that similar U.K. Based financial institutions do not\nenjoy the same market access in Japan, government sources said.\n    The provisions being brought forward under the new\nFinancial Services Act are reciprocity clauses 183 to 186. The\npowers will allow Britain to revoke or deny licences to\nJapanese banking and insurance businesses, but will not affect\nlicensed dealers in securities, the sources said. The news\nfollows a cabinet meeting during which U.K./Japanese trade\nproblems were discussed.\n    The government decided on the steps at its cabinet meeting\nthis morning and aims to maintain pressure to ensure that U.K.\nFirms be allowed the same access to Japanese markets as\nJapanese banking and insurance firms enjoy in London's\nfinancial areas, government sources said.\n    One source said \"we want reciprocity in those fields. And\nwhat we are saying is that, if not, then we can pull the plug\nand stop you from having an unfair and uncompetitive advantage.\"\n    The provisions being brought forward under the Financial\nServices Act will take effect after Easter, or in around 21\ndays, the sources said.\n MORE\n\u0003","date":" 2-APR-1987 07:57:52.05","places":["uk","japan"]},"12479":{"title":"AMSTERDAM BOURSE TURNOVER UP SHARPLY IN MARCH","body":"Turnover on the Amsterdam Bourse rose\n38 pct in March to 25.8 billion guilders from 18.7 billion in\nFebruary compared with 27.6 billion in March last year, the\nBourse said in its monthly review.\n    Sentiment improved last month after a weak performance in\nJanuary and lacklustre trading in February, helped by good\ncorporate results and falling interest rates, the Bourse said.\n    However, sentiment was dampened by reports of declining\nexports, a drop in trade with West Germany, a slower world\neconomic growth rate and trade tensions.\n    Share turnover was up 5.1 billion guilders last month at\n14.4 billion from 9.3 billion in February.\n    Bond turnover rose to 11.4 billion guilders in March from\n9.4 billion in February.\n    On the second tier parallel market, March turnover rose 62\npct to 267 mln guilders from 165 mln in February.\n REUTER\n\u0003","date":" 2-APR-1987 07:58:45.64","places":["netherlands"]},"12480":{"title":"BANK OF FRANCE FOREIGN ASSETS RISE LATEST WEEK","body":"Weekly figures published by the Bank of\nFrance showed its gross foreign assets rose by about two\nbillion francs last week, when it was reported by banks to have\nintervened on the foreign exchange markets to support the\ndollar against the yen.\n    The figures showed its gold, foreign currency and other\nexternal assets rose to 415.1 billion francs from 413 billion,\nmainly reflecting a rise to 116.7 billion from 114.7 billion in\nforeign exchange holdings.\n REUTER\n\u0003","date":" 2-APR-1987 08:01:28.08","topics":["reserves"],"places":["france"]},"12481":{"title":"HOKKAIDO TAKUSHOKU BANK ISSUES 100 MLN SFR NOTES","body":"Hokkaido Takushoku Bank Ltd is launching\n100 mln Swiss francs of convertible notes due September 30,\n1992, indicated at 1-1/4 pct and par, lead manager Swiss Bank\nCorp said.\n    Pricing and conversion terms will be fixed on April 19 and\npayment date is April 30. Interest is payable half-yearly.\n    Early redemption is possible from March 31, 1990 at 104\npct, declining by one point per half-year thereafter, and for\ntax reasons from 1988 at 102 pct, declining by 1/2 point\nannually thereafter.\n REUTER\n\u0003","date":" 2-APR-1987 08:10:53.07","places":["switzerland"]},"12482":{"title":"NITTO BOSEKI LAUNCHES 60 MLN SFR 4-7/8 PCT BOND","body":"Nitto Boseki Co Ltd of Tokyo is launching\na 60 mln Swiss franc 4-7/8 pct bond due April 27, 1995 at\n100-1/4 pct, lead manager Union Bank of Switzerland said.\n    Subscriptions close April 8 and payment date is April 27.\n REUTER\n\u0003","date":" 2-APR-1987 08:10:57.14","places":["switzerland"]},"12483":{"title":"BANKAMERICA <BACP> RAISES PRIME RATE TO 7.75 PCT","body":"BankAmerica Corp, following moves\nby other major banks, said it has raised its prime rate to 7.75\npct from 7.50 pct, effective today.\n Reuter\n\u0003","date":" 2-APR-1987 08:12:38.81","topics":["interest"],"places":["usa"]},"12484":{"title":"LME DETAILS MARCH 1987 TURNOVER","body":"The London Metal Exchange, LME, issued\nturnovers for March 1987, with figures for corresponding period\n1986 in brackets.\n    All in tonnes except Silver which in troy ounces.\n    Copper higher grade nil (2,526,425), Standard cathodes nil\n(6,325), Grade A 2,429,200 (nil), Standard Copper 17,050 (nil),\nLead 443,850 (538,750), Zinc High grade 598,550 (304,825),\nSilver large 10,350,000 (17,400,000), Small nil (2,000),\nAluminium 1,693,375 (1,301,850), Nickel 62,004 (65,040).\n    Cumulative figures for January-March were as follows -\nCopper higher grade nil (7,703,625), Standard cathodes nil\n(24,700), Grade A 6,455,525 (nil), Standard Copper 62,075\n(nil), Lead 1,567,000 (1,979,750), Zinc High grade 1,746,675\n(1,356,400), Silver large 41,770,000 (65,620,000), Small nil\n(8,000), Aluminium 4,984,650 (4,974,950), Nickel 199,944\n(179,328).\n Reuter\n\u0003","date":" 2-APR-1987 08:23:16.95","topics":["copper","lead","zinc","silver","nickel","alum"],"places":["uk"]},"12485":{"title":"NEWS CORP <NWS> STARTS HARPER/ROW <HPR> BID","body":"News Corp Ltd of Australia said it has\nstarted its previously announced tender offer for all shares of\nHarper and Row Publishers Inc at 65 dlrs per share.\n    In a newspaper advertisement, the company said the offer is\nconditioned on received of at least 51 pct of Harper and Row's\nshares.  The offering and withdrawal rights expire April 29\nunless extended.\n    A merger at the tender price is to follow the offer, which\nhas been approved by the Harper and Row board.  Harper and Row\nhas granted NEw Corp an option to buy up to 800,000 new shares\nor a 15.4 pct interest at 65 dlrs each.\n    News Corp said if the merger agreement were terminated\nunder certain circumstances, News would be entitled to a 16 mln\ndlr cash payment.\n    Last month, Theodore Cross offered to acquire Harper and\nRow for 34 dlrs per share but was soon outbid by Harcourt Brace\nJovanovich Inc, which offered 50 dlrs per share.  Late in the\nmonth, Harper and Row said its board had received expressions\nof interest from a number of domestic and foreign companies.\n Reuter\n\u0003","date":" 2-APR-1987 08:23:50.52","topics":["acq"],"places":["usa"]},"12486":{"title":"BFCE ISSUES 17 BILLION YEN EUROBOND","body":"Banque Francaise du Commerce Exterieur\n(BFCE) is issuing a 17 billion yen eurobond due May 11, 1992\nwith a 4-3/8 pct coupon and priced at 102-3/8 pct, lead manager\nNippon Credit International Ltd said.\n    The bonds, guaranteed by the Republic of France, carry a\nput and call option at par on the interest payment date in\n1990. Listing will be in Luxembourg and the bonds will be\nissued in denominations of one mln yen. Payment date is May 11.\n    Gross fees of 1-7/8 pct comprise 5/8 pct for management and\nunderwriting combined and 1-1/4 pct for selling.\n REUTER\n\u0003","date":" 2-APR-1987 08:24:07.75","places":["uk"]},"12487":{"title":"INTERNATIONAL TECHNOLOGY <ITX> SEES 4TH QTR LOSS","body":"International Technology corp\nsaid it expects to report a loss for the fourth quarter ended\nMarch 31 of about 20 cts per share, compared with a\nyear-earlier profit of 11 cts.\n    The company blamed the expected loss on regulatory and\npermitting issues that limited the full utilization of\nhazardous waste treatment cites in Califoirnia, continued\nstartup delays for major remediation projects, the writeoff of\nan investment in a subsidiary and a settlem,ent with the\nCalifornia Attorney General's Office and Department of Health\nServices.\n    The company said the settlement relates to regulatory\nviolations alleged by the U.S. Environmental Protection Agengy\nand the California Health Services department at the company's\nVine Hill and Panoche treatment facilities in Northern\nCalifornia.\n    It said under the agreement, it will pay the state\n2,100,000 dlrs in civil penalties over a two-year period and\npay 500,000 dlrs over five years to local medical facilities as\npart of a community awareness and emergency response program\ndeveloped by local communities.  The expenses will be charged\nagainst fourth quarter results, it said.\n    The company said it has agreed as well to make compliance\nand public safety capital expenditures of about 600,000 dlrs.\n    It said it has now received an operating permit for a new\n250,000 cubic yard landfill cell at its Imperial County,\nCalif., from the Health Services department.\n    The company said the Panoche facility remains closed but is\nexpected to reopen for liquid and sludge receipts in the near\nfuture.  But it said receipts of solid material, which had\naccounted for the majority of the revenue at the site, could be\nrestricted until 1988 pending resolution of capacity issues in\nthe Panoche site permit.\n Reuter\n\u0003","date":" 2-APR-1987 08:24:17.92","topics":["earn"],"places":["usa"]},"12488":{"title":"WESTLB LUXEMBOURG REPORTS LOWER 1986 NET PROFIT","body":"Westdeutsche Landesbank Girozentrale\n<WELG.F> said its wholly-owned Luxembourg subsidiary WestLB\nInternational SA posted a decline in 1986 net profit to 12.6\nmln marks from 48.5 mln a year earlier.\n    WestLB International will pay a 12.5 mln mark dividend to\nWestLB, down from 47.7 mln a year earlier.\n    The dividend was lower than in 1985 because the record\nprofit of the previous year could not be repeated, due to\nchanged market conditions, it said. Increased funds were also\nallocated for provisions. Business in the first three months of\n1987 developed positively, it added.\n    WestLB International set aside 115.3 mln marks for\ninternational credit risks in 1986, up from 97.4 mln marks in\n1985, bringing the total amount of provisions shown in the\nbalance sheet to 580.3 mln marks.\n    Operating profit fell to 122 mln marks in 1986 from 150 mln\nin 1985. Balance sheet total fell to 9.7 billion marks from\n10.8 billion, reflecting the lower dollar and the fact that\ncredit business redemptions were not fully offset by new\nlending.\n    The statement said WestLB International's business with\nprivate customers showed a pleasing expansion last year.\n    This development was aided by cooperation between the bank\nand the savings banks in the West German state of North\nRhine-Westphalia, where parent bank WestLB is based.\n    Deposits by non-banks rose more than 40 pct to a total of\n1.1 billion.\n    WestLB International said it plans to expand its range of\nservices for private clients.\n REUTER\n\u0003","date":" 2-APR-1987 08:24:45.47","topics":["earn"],"places":["west-germany"]},"12489":{"title":"40 MINERS TRAPPED BY FIRE IN GASPE COPPER MINE","body":"Some 40 miners were trapped\nunderground today by a fire in a copper mine in the Gaspe area\nof eastern Quebec, officials said.\n    There were no reports of any deaths.\n    A mine official said that the fire broke out last night and\nabout 25 of the miners made it to safety.\n    He said telephone contact had been established with the\ntrapped miners but they could not be brought to the surface\nuntil the fire was extinguished.\n    The cause of the fire was not known.\n Reuter\n\u0003","date":" 2-APR-1987 08:25:50.93","topics":["copper"],"places":["canada"]},"12490":{"title":"OTHER MILDS COFFEE PRODUCERS TO MEET MAY 4","body":"Coffee producers belonging to the \"Other\nMilds\" group will meet May 4 in Guatemala to discuss the\npossibility of restoring export quotas, producer delegates told\nreporters after the closing session of the International Coffee\nOrganization, ICO, executive board meeting.\n    The \"Other Milds\" group, comprising Costa Rica, Dominican\nRepublic, Ecuador, El Salvador, Guatemala, Honduras, India,\nMexico, Nicaragua, Papua New Guinea and Peru, might consult\nwith Brazil and Colombia on this meeting, but it was not\ncertain whether these two countries would attend, they said.\n    The ICO board meeting ended without moves to restart\nnegotiations on quotas, which broke down last month, producer\ndelegates said.\n    Producers are expected to hold other consultations in the\ncoming months on how to proceed with quota negotiations, but no\ndate for a full producer meeting has been mentioned, they said.\n    The board completed reports on stock verification and the\nnext regular board session will be in Indonesia June 1-5,\ndelegates said.\n Reuter\n\u0003","date":" 2-APR-1987 08:32:04.26","topics":["coffee"],"organisations":["ico-coffee"],"places":["uk","costa-rica","dominican-republic","el-salvador","ecuador","honduras","guatemala","india","nicaragua","mexico","papua-new-guinea","peru","brazil","colombia"]},"12491":{"title":"NIPPON SIGNAL SWISS FRANC NOTES SET AT 1-1/4 PCT","body":"Nippon Signal Co Ltd's 50 mln Swiss franc\nfive-year notes issue with warrants has been priced at 1-1/4\npct compared with the originally indicated 1-3/8 pct, lead\nmanager Morgan Stanley SA said.\n    Each 50,000-franc bond carries 81 warrants entitling the\nholder to buy 100 Nippon Signal shares for 594 yen each. The\nshares last traded at 579 yen.\n    The Swiss franc/yen exchange rate was fixed at 97.27.\n REUTER\n\u0003","date":" 2-APR-1987 08:34:01.16","places":["switzerland"]},"12492":{"title":"<ALOHA INC> BUYOUT COMPLETED","body":"Aloha Inc said its leveraged buyout by\nAQ Corp, which acquired 91 pct of Aloha common and 82 pct of\nAloha preferred in a tender offer that concluded December 26,\nhas been completed for 28.50 dlrs per common or preferred\nshare.\n    AQ is controlled by Aloha chairman Hung Wo Ching, vice\nchairman Sheridan C.F. Ing and president A. Maurice Myers.\n Reuter\n\u0003","date":" 2-APR-1987 08:34:11.83","topics":["acq"],"places":["usa"]},"12493":{"title":"IBM INTRODUCES FOUR NEW PERSONAL COMPUTERS COMPATIBLE WITH EXISTING PC'S\n","date":" 2-APR-1987 08:34:21.30"},"12494":{"title":"U.K. MONEY MARKET GIVEN FURTHER 152 MLN STG HELP","body":"The Bank of England said it had given the\nmoney market a further 152 mln stg assistance in the afternoon\nsession.\n    This takes the Bank's total help so far today to 497 mln\nstg and compares with its forecast of a shortage in the system\nof around 700 mln stg which it earlier revised down from 800\nmln.\n    The central bank made outright purchases of bank bills\ncomprising 34 mln stg in band one at 9-7/8 pct, 39 mln stg in\nband two at 9-13/16 pct, 51 mln stg in band three at 9-3/4 pct\nand 28 mln stg in band four at 9-11/16 pct.\n REUTER\n\u0003","date":" 2-APR-1987 08:38:53.27","topics":["money-fx","interest"],"places":["uk"]},"12495":{"title":" BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL\n","date":" 2-APR-1987 08:39:23.74","topics":["interest"],"places":["france"]},"12496":{"title":"IBM <IBM> INTRODUCES NEW PERSONAL COMPUTERS","body":"International Business Machines Corp\nsaid it introduced four new personal computers, including a top\nof the line unit based on the powerful Intel Corp <INTC> 80386\nchip.\n    The company said the new PC's are compatible with most\nexisting IBM PC applications.          \n    The new computers, which mark the first major overhaul of\nthe IBM PC line since the company entered the business in 1981,\ninclude a PC based on the Intel Corp <INTC> 80386\nmicroprocessor, making it the most powerful IBM PC to date.\n    Also included is an Intel 8086 based system which IBM said\nis up to two and a half times as fast as its IBM PC XT model.\n    IBM also introduced two new versions of its PC AT system.\nThese use an Intel 80286 chip running at 50 pct faster than the\nexisting IBM PC AT.\n    The new line of PC's, which IBM calls the Personal\nSystem/2, uses 3.5 inch diskettes instead of the conventional\n5.25 inch diskettes.\n    The company said the smaller diskettes store from two to\nfour times more data than larger diskette, which typically\nhandle 360 kilobytes of data.\n    IBM said the new PC AT's and the 80386-based PC use a new\nIBM-designed 32-bit data bus. This carries data internally\nwithin the PC.\n    The company said the new bus offers processing power up to\ntwo to three-and-a-half times the existing IBM PC AT.\n    IBM said the new PC's can run a new operating system,\ncalled IBM DOS Version 3.3, which is now available.\n    The company also said it will offer a second operating\nsystem, called IBM Operating System/2, developed jointly with\nMicrosoft Corp <MSFT>. This will be available in stages,\nbeginning in the first quarter of 1988.\n    IBM said Operating System/2 will for the first time give\nIBM PC users the ability to access multiple applications and\nvery large programs and amounts of data.\n    IBM said said its Personal System/2 Model 30, which is an\nIntel 8-megahertz (MHz) 8086-based system, is now available at\na list price of 1,695 dlrs each with two diskette drives and\nfor 2,295 dlrs with one diskette and one 20-megabyte fixed disk\ndrive. The unit weighs 17 pounds.\n    It said an 8087 math coprocessor that runs at the same\neight MHz rate as the 8086 is available.\n    The company said the Personal System/2 Model 50, an Intel\n10 MHz 80286-based desktop system, is now available at a cost\nof 3,595 dlrs.\n    IBM said said its Personal System/2 Model 60, which is also\nan Intel 10 MHz 80286-based system, is a floor-standing system\navailable in two configurations. This system, which is\nscheduled for availability in the second quarter, lists at\n5,295 dlrs with a 44MB fixed disk drive and 6,295 dlrs on the\n70MB fixed disk drive.\n    The company said the Personal System/2 80 is the most\npowerful member of the new family of PC's, using an Intel\n80386-based mocroprocessor. The floor-standing machine will be\navailable in three configurations.\n    IBM said one Model 80 configuration, scheduled for July\navailability at a cost of 6,995 dlrs, runs at 16 MHz, contains\n1MB of memory and features a 44MB fixed disk drive.\n    A second configuration, also scheduled for July at 8,495\ndlrs each, runs at 16 MHz and has 2MB of memory and a 70MB\nfixed disk drive.\n    The company said the third Model 80 is scheduled for the\nfourth quarter and features IBM-designed one-megabit memory\ntechnology. Expected to cost 10,995 dlrs, it runs at 20 MHz and\nfeatures 2MB of memory and a 115 MB fixed disk drive.\n   \n    IBM said its Personal System/2 incorporates enhanced\nintegrated graphics functions including significantly improved\ntext, expanded colors up to 256 out of a palette of more than\n256,000, and sharper business graphics.\n    The company said the Models 50, 60 and 80 Video Graphics\nArray supports 640 x 480 x 16 colors in graphics mode and 720 x\n400 x 16 colors in text mode. It will also support the new 320\nx 200 x 256 color mode.\n    With the addition of the new advanced graphics feature, IBM\nsaid, 1024 x 768 addressability also can be obtained.\n Reuter\n\u0003","date":" 2-APR-1987 08:44:55.23","places":["usa"]},"12497":{"title":"SENATE VOTE ON REAGAN'S VETO REMAINS IN DOUBT","body":"A partisan battle over President\nReagan's veto of an 88-billion dlr highway bill resumes in the\nSenate today after an apparent victory for the White House was\nleft in doubt when a key Democrat switched his vote \n    The Senate yesterday had voted to sustain Reagan's veto by\na narrow margin, but Democrats moved to reconsider the vote.\nTerry Sanford of North Carolina, the only Democrat to support\nReagan, later said he had decided to vote to override when the\nbill is reconsidered.\n    If no other votes switch, the Senate would override the\nveto on reconsideration, Senate Republican leader Robert Dole\nof Kansas said. He said Reagan and Administration officials\nwould continue to lobby for votes to sustain the veto.\n    \"As of right now, the vote would be 67 to 33 (in favor of\nthe bill) and the veto would be overriden,\" Dole said. \n    After several hours of delay, Senate leaders were unable to\nagree on a time for a second vote and the Senate recessed until\nthis morning with the issue unresolved.\n    Sanford denied he had been pressured to change his vote,\nbut told the Senate, \"I have talked to and have been talked to\nby a number of senators. I have thought a little more deeply\nabout this vote.\"\n    The first Senate vote put Reagan on the verge of a\npolitical triumph he had sought to show he is rebounding\nstrongly from the Iran arms scandal.\n\u0003","date":" 2-APR-1987 08:45:16.26","places":["usa"]},"12498":{"title":"THOUSANDS STAGE STRIKES IN EASTERN YUGOSLAVIA","body":"About 10,000 workers have gone on\nstrike in eastern Yugoslavia during the past few days demanding\nhigher wages, the official Tanjug news agency said.\n    It said about 20 strikes broke out in the Yugoslav republic\nof Montenegro, triggered by falling incomes and minimum wages.\nMore than 600 workers in the Visokogradnja construction firm at\nTitograd left their jobs because they had not been paid for\nthree months, Tanjug said.\n    Yugoslavia has been hit by a wave of strikes after the\ngovernment introduced a pay freeze in February to try to stem\nwage rises and almost 100 pct inflation.\n    Tanjug said the majority of the strikes in Montenegro were\nin loss making companies whose weaknesses would have led to\nunrest even if a wages freeze had not been implemented.\n Reuter\n\u0003","date":" 2-APR-1987 08:48:15.78","places":["yugoslavia"]},"12499":{"title":"IRELAND ISSUES 300 MLN MARK EUROBOND","body":"Ireland is raising 300 mln marks\nthrough a 10-year eurobond with a 6-1/2 pct coupon priced at\n100-1/2, lead manager Commerzbank AG said.\n    The bond, with a yield at issue of 6.43 pct, will pay\nannual interest on April 29. Listing is in Frankfurt, the bank\nsaid.\n    Investors will pay for the bond on April 29, and the bond\nmatures on the same day in 1997. The bond will be issued in\ndenominations of 1,000 and 10,000 marks.\n    Fees total 2-1/2 pct, with 1-1/2 points for selling and 1/2\neach for management and underwriting.\n REUTER\n\u0003","date":" 2-APR-1987 08:49:35.49","places":["west-germany","ireland"]},"12500":{"title":"FRENCH FREE MARKET CEREAL EXPORT BIDS DETAILED","body":"French operators have requested licences\nto export 422,000 tonnes of free market maize, 212,000 tonnes\nof barley and 20,000 tonnes of feed wheat at today's EC tender,\ntrade sources said.\n    For the maize, rebates requested range between 129.25 and\n138.74 European currency units per tonne, for the barley\nbetween 138.94 and 145 Ecus and for feed wheat 141.75 Ecus.\n Reuter\n\u0003","date":" 2-APR-1987 08:50:51.72","topics":["grain","wheat","corn"],"organisations":["ec"],"places":["france"]},"12501":{"title":"BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED","body":"The Bank of France said it left its\nintervention rate unchanged at 7-3/4 pct when it injected funds\nto the market against first category paper in todays money\nmarket intervention tender.\n    Money market dealers had earlier expressed mixed views on a\npossible quarter point cut.\n    The rate was last adjusted on March 9, when it was reduced\nto 7-3/4 pct from the eight pct rate set in January.\n REUTER\n\u0003","date":" 2-APR-1987 08:52:30.45","topics":["money-fx","interest"],"places":["france"]},"12502":{"title":"MAURITIUS LIFTS DUTY ON TEXTILE-RELATED GOODS","body":"Mauritius has lifted import duties on\ntextiles and other goods connected with the textile industry as\npart of its economic liberalisation programme, Finance Minister\nVishnu Lutchmeenaraido said.\n    Lutchmeenaraido said the move was aimed at boosting the\nlocal textiles industry and making this Indian Ocean island a\nshopping paradise for textile goods. He said all types of\ntextiles, textile machinery and associated goods such as sewing\nthread, buttons and collar supports would be placed on the\nduty-free list, effective from April 1.\n    Official sources said the government was also planning to\nabolish import duties on fertiliser and agricultural equipment,\nwith the liberalisation measures would be extended to other\nareas of industry later.\n    The textiles industry dominates Mauritius's Export\nProcessing Zone, and the island has become a major exporter of\nwoollen knitwear.\n Reuter\n\u0003","date":" 2-APR-1987 09:00:26.33","topics":["wool"],"places":["mauritius"]},"12503":{"title":"NP ENERGY <NPEEQ> SAYS TRUSTEE APPOINTED","body":"NP Energy Corp said the U.S.\nBankruptcy Court has indicated it will appoint a trustee to\noversee the company's Chapter 11 bankruptcy proceedings.\n    It said it hopes the appointment will thwart \"hostile\"\nactions being pursued by two unsecured creditors to whose\nclaims the company objects.\n    NP further said the Nielsen 1-20 well in Duchesne County,\nUtah, has tested 300 barrels of oil per day.  NP owns a 61 pct\nworking interest.\n Reuter\n\u0003","date":" 2-APR-1987 09:03:21.43","topics":["crude"],"places":["usa"]},"12504":{"title":"CPC INTERNATIONAL <CPC> SELLS SOUTH AFRICAN UNIT","body":"CPC International Inc\nsaid it has completed the sale of its South African subsidiary\nRobertsons Pty Ltd to a consortium of European and South\nAfrican investors for an undisclosed amount in excess of book\nvalue due to the increasing difficulty of operating there.\n    It said the operation accounted for less than two pct of\nworldwide sales of 4.5 billion dlrs in 1986.\n    The company said small royalties expected to result from\nuse of CPC trademarks by the new owners will be utilized for\nsocial programs in south Africa.\"  It said no significant\nimpact on earnings is expected from the sale.\n Reuter\n\u0003","date":" 2-APR-1987 09:05:13.58","topics":["acq"],"places":["usa","south-africa"]},"12505":{"title":"<GIANT YELLOWKNIFE MINES LTD> 4TH QTR NET","body":"Shr 23 cts vs 46 cts\n    Net 987,000 vs 1,990,000\n    Revs 14.6 mln vs 15.0 mln\n    Year\n    Shr 89 cts vs 1.32 dlrs\n    Net 3,846,000 vs 5,690,000\n    Revs 58.1 mln vs 56.6 mln\n    \n Reuter\n\u0003","date":" 2-APR-1987 09:05:33.73","topics":["earn"],"places":["canada"]},"12506":{"title":"NORTH EAST INSURANCE CO <NEIC> 4TH QTR LOSS","body":"Shr loss 85 cts vs loss 1.36 dlrs\n    Net loss 1,653,386 vs loss 2,646,876\n    Year\n    Shr loss 12 cts vs loss 1.30 dlrs\n    Net loss 236,469 vs loss 2,522,293\n    NOTE: Year net includes realized investment gains of\n734,609 dlrs vs 645,438 dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 09:05:51.64","topics":["earn"],"places":["usa"]},"12507":{"title":"U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK","body":"New applications for unemployment\ninsurance benefits rose to a seasonally adjusted 355,000 in the\nweek ended March 21 from 341,000 in the prior week, the Labor\nDepartment said.\n    The number of people actually receiving benefits under\nregular state programs totaled 2,480,000 in the week ended\nMarch 14, the latest period for which that figure was\navailable.\n    That was up from 2,454,000 the previous week.\n     \n Reuter\n\u0003","date":" 2-APR-1987 09:06:01.52","topics":["jobs"],"places":["usa"]},"12508":{"title":"MELLON BANK EXPECTS TO REPORT A FIRST QUARTER LOSS OF 55 MLN TO 65 MLN DLRS\n","date":" 2-APR-1987 09:07:54.45","topics":["earn"]},"12509":{"title":"FIRST CHICAGO <FNB> RAISES PRIME RATE","body":"First Chicago Corp said its First\nNational Bank of Chicago raised its prime rate to 7-3/4 pct\nfrom 7-1/2 pct, effective immediately.\n Reuter\n\u0003","date":" 2-APR-1987 09:09:03.65","topics":["interest"],"places":["usa"]},"12510":{"title":"HOKKAIDO TAKUSHOKU BANK ISSUES CONVERTIBLE BOND","body":"Hokkaido Takushoku Bank Ltd is issuing a\n100 mln dlr convertible eurobond due March 31, 2002 paying an\nindicated coupon of two pct lead managed by Takugin\nInternational, bookrunner Yamaichi International Ltd said.\n    The par-priced issue is callable from 1990 at 104 pct\ndeclining by 1/2 pct per annum to par thereafter but is not\ncallable until 1991 unless the share price exceeds the\nconversion price by 150 pct.\n    Final terms will be fixed on April 9. The selling\nconcession is 1-1/2 pct while management and underwriting each\npay 1/2 pct. The payment date is April 30 and there is a short\nfirst coupon.\n REUTER\n\u0003","date":" 2-APR-1987 09:09:27.27","places":["uk"]},"12511":{"title":"MELLON BANK SAYS IT WILL CUT DIVIDEND TO 35 CTS A SHR FROM 69 CTS\n","date":" 2-APR-1987 09:10:20.29","topics":["earn"]},"12512":{"title":"AMERICAN BARRICK <ABX> SELLS OHIO ASSETS","body":"American Barrick Resources Corp said it\nsold two coal supply agreements and substantially all assets at\nits two coal mines in Ohio to <Peabody Coal Co> of Henderson,\nKentucky, for an undisclosed price.\n    The company said proceeds from this sale, together with the\nsale of the remaining coal assets, should allow it to fully\nrecover its investment in the operations.\n    It said the transactions will complete its previously\nannounced plan to sell all non-gold assets.\n Reuter\n\u0003","date":" 2-APR-1987 09:11:22.61","topics":["acq"],"places":["canada","usa"]},"12513":{"title":"TOSHIBA PRODUCES SUPERCONDUCTIVE WIRE","body":"Officials at Toshiba <TSBA.T> told\nreporters they have developed a kind of wire which can conduct\nelectricity with no resistance and therefore no loss of power.\n    Although other firms have developed such superconductive\nmaterials, Toshiba scientists said their discovery is the first\nthat allows the material to be formed into a pliable wire.\n    Developing a superconducting material that works at room\ntemperature with no resistance is the object of a frenetic\nworldwide scientific race. The main applications would be in\nsuper powerful magnets, small computers of immense power and\nspeed, electric transmission lines which use negligible power,\nand electric generators which consume no power.\n    Toshiba said that it will probably be five years before it\ncan incorporate superconductors in marketable machines.\n    But problems still have to be surmounted. Present\nsuperconductors, including Toshiba's, need to be cooled to very\nlow temperatures before they can pass electricity with no\nresistance. This requires costly liguid gas coolants.\n    Superconductors developed to date transmit only small\ncurrents and cannot conduct alternating current, only direct\ncurrent, government scientists said.\n    Toshiba, which spent 190.3 billion yen on research and\ndevelopment in the year ended March 31 1986, counts itself\namong the leading superconductor research companies in Japan,\nmanager of Toshiba's public relations Yuji Wakayama said..\n    The wires the company uses are a blend of yttrium, barium\nand copper oxide and can conduct with no resistance at minus\n179.5 degrees centigrade.\n REUTER\n\u0003","date":" 2-APR-1987 09:11:32.01","places":["japan"]},"12514":{"title":"COMERICA <CMCA> RAISES PRIME RATE","body":"Comerica Inc said it raised its prime\ninterest rate to 7-3/4 pct from 7-1/2 pct, effective April 1.\n Reuter\n\u0003","date":" 2-APR-1987 09:12:36.81","topics":["interest"],"places":["usa"]},"12515":{"title":"NORTH EAST <NEIC> MAY VIOLATE CAPITAL RULES","body":"North East Insurance Co said due\nto the magnitude of its losses in 1986 and 1985, it may be\nfound in violation of minimum capital and surplus requirements\nby officials in Maine and New York and be subject to sanctions\nand administrative actions in those and other states.\n    The company today reported a 1986 loss of 236,469 dlrs,\nafter realized investment gains of 734,609 dlrs, compared with\na 1985 loss of 2,522,293 dlrs, after investment gains of\n645,438 dlrs.  Its fourth quarter net loss was 1,653,386 dlrs,\ncompared with 2,646,876 dlrs.\n    The company said its fourth quarter and year losses\nresulted from additions to loss reserves.\n Reuter\n\u0003","date":" 2-APR-1987 09:13:33.99","topics":["earn"],"places":["usa"]},"12516":{"title":"ELECTROMEDICS INC <ELMD> YEAR NET","body":"Shr profit nil vs loss three cts\n    Net profit 140,022 vs loss 882,869\n    Revs 13.3 mln vs 8,870,035\n    Avg shrs 45.0 mln vs 35.0 mln\n    Backlog 1,683,000 vs 978,000\n    NOTE: Current year net includes tax credit of 51,000 dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 09:13:45.25","topics":["earn"],"places":["usa"]},"12517":{"title":"ELECTROMEDICS <ELMD> TO TAKE 1ST QTR CHARGE","body":"Electromedics Inc said it\nexpects to take a 150,000 dlr charge against first quarter\nresults due to the conversion of debentures.\n    The company said, however, it expects \"positive\" operating\ncomparisons for the period.  Electromedics lost 6,000 dlrs in\nlast year's first quarter.\n Reuter\n\u0003","date":" 2-APR-1987 09:14:01.88","topics":["earn"],"places":["usa"]},"12518":{"title":"BRITISH TELECOM TO SELL EQUIPMENT IN NORTH AMERICA","body":"British Telecommunications Plc <BTY.L>\nwill market electronic data transmission equipment of its own\ndesign in North America, a spokesman said.\n    The spokesman told Reuters the equipment, known as\nfourth-generation modems, will be sold by <Mitel Datacom Inc>,\na wholly-owned subsidiary of Canada's Mitel Corp <MLT.TO>, in\nwhich British Telecom has a controlling stake.\n    He declined to comment on the volume of projected sales. He\nsaid the modems, already available in Europe where they hold a\nmajority share of the market, were the first of their kind to\ncomply with the latest international standards.\n Reuter\n\u0003","date":" 2-APR-1987 09:15:38.54","places":["uk"]},"12519":{"title":"LABOUR GROUP URGES SUPPORT FOR RAILWAY STRIKERS","body":"South Africa's largest labour\nfederation has issued a broad call to the country's trade union\nmovement to support thousands of striking black railway workers\nand criticised the state-owned rail company for threatening to\nreplace the strikers with whites.\n    Jay Naidoo, general secretary of the Congress of South\nAfrican Trade Unions (COSATU), which claims a membership of\nover 600,000 workers, most of whom are black, urged labour\nunions to show solidarity with the striking railwaymen, adding\nthat a key issue in the strike was the freedom of workers to\njoin trade unions of their choice.\n    Naidoo criticised the government-run South African\nTransport Services (SATS) for refusing to recognise the South\nAfrican Railway and Harbours Workers Union, which represents\nmost of the strikers.\n    He also accused SATS of applying \"racist labour policies,\" by\nthreatening to replace the strikers and added that the\ncorporation's decision had further \"inflamed the dispute.\"\n    The strike began on March 14 when workers walked out\nfollowing the railway company's refusal to go to formal\narbitration talks over the dismissal of a train driver.\n    SATS says that some 13,000 workers are involved in the\nstoppage, but union leaders put the number of strikers closer\nto 18,000.\n    The Cosatu official said a number of its affiliate unions\nhad resolved to \"take solidarity action\" and would inform South\nAfrica's Labour Minister of their decision. He also urged the\ncountry's two largest employer groups, the Association of\nChambers of Commerce and the Federated Chamber of Industries,\nto intervene to resolve the strike.\n REUTER\n\u0003","date":" 2-APR-1987 09:16:48.83","places":["south-africa"]},"12520":{"title":"SHELDAHL INC <SHEL> 2ND QTR FEB 28 NET","body":"Shr 24 cts vs four cts\n    Net 663,000 vs 109,000\n    Sales 20.5 mln vs 13.9 mln\n    Six mths\n    Shr 48 cts vs nine cts\n    Net 1,311,000 vs 255,000\n    Sales 43.2 mln vs 30.0 mln\n    Avg shrs 2,719,205 vs 2,804,048\n Reuter\n\u0003","date":" 2-APR-1987 09:19:50.61","topics":["earn"],"places":["usa"]},"12521":{"title":"MELLON <MEL> SEES LARGE FIRST-QUARTER LOSS","body":"Mellon Bank Corp said it expects\nto report a loss for the first quarter in the range of 55 mln\nto 65 mln dlrs or 2.13 to 2.15 dlrs a share.\n    The company also said it intends to reduce its second\nquarter common stock dividend to 35 cts a share from 69 cts.\n    Mellon said it will make a provision for loan losses in the\nfirst quarter of 175 mln dlrs, reflecting about 95 mln dlrs in\ncharge-offs and 80 mln dlrs in additions to the loan-loss\nreserve.\n    It will also put 310 mln dlrs in Brazilian loans on a cash\nbasis, resulting in interest reversals of 10 mln dlrs.\n    In the first quarter of 1986, Mellon earned 60.4 mln dlrs\nor 2.13 dlrs a share.\n    Chairman David Barnes said the loan charge-offs and\nincreased provisions address four areas of concern in the\nbank's wholesale lending portfolio - the energy sector,\ndeveloping countries, some basic industrial companies and\nseveral commercial real estate businesses.\n    Mellon said the loan loss reserve at the end of the first\nquarter is estimated to be 575 mln dlrs, or about 2.5 pct of\nthe loan book, compared with 493.8 mln dlrs or 2.17 pct of\ntotal loans at the end of 1986.\n    Mellon said its primary capital ratio at the end of the\nfirst quarter will be in line with the end-1986 figure of 7.23\npct, well in excess of regulatory guidelines.\n    Non-performing loans at quarter-end are estimated at 1.45\nbillion dlrs, or 6.5 pct of the loan portfolio, compared with\n928 mln dlrs or 3.94 pct at the end of 1986.\n    Barnes noted that Mellon has a bigger involvement in\nenergy-based lending than many other banks. Because of the lack\nof a substantial recovery in energy prices this year,\nespecially in natural gas prices, it was felt prudent to\nincrease reserves and take losses on loans in this sector.\n    \"This action relates both to loans to companies directly\ninvolved in energy, as well as loans to real estate developers,\nhome builders and financial institutions in the Southwestern\nUnited States,\" Barnes said.\n    As for LDC loans, he said Mellon had removed about 80 mln\ndlrs in fully current Argentine loans from cash basis but had\ncharged off about 20 mln dlrs in private-sector Mexican debt.\n    He said Mellon, which was ordered in December to quit\nBrazil because of its refusal to renew some short-term credit\nlines, expects to participate in efforts to helpt Brazil and\nother sovereign borrowers to reschedule their debts.\n    Loans to basic industries were not major contributors to\nthe increase in non-performing assets or to first-quarter\ncharge offs, but Mellon said it remains concerned about the\nabsence of a strong recovery in steel and related industries.\n    The increase in reserves, the dividend cut and continued\nmanagement cost-cutting are aimed at ensuring that Mellon has\nthe financial strength to deal with current uncertainties,\nBarnes said.\n    \"We cannot predict when the uncertainties that presently\ntrouble us will end, but we are confident we are managing them\naggressively,\" he added.\n Reuter\n\u0003","date":" 2-APR-1987 09:20:46.03","topics":["earn"],"places":["usa"]},"12522":{"title":"TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES","body":"Turkey's Central Bank set a lira/dollar\nrate for April 3 of 782.50/786.41 to the dollar, down from\n780.00/783.90. It set a lira/D-mark rate of 428.30/430.44 to\nthe mark, up from 429.15/431.30.\n REUTER\n\u0003","date":" 2-APR-1987 09:21:03.46","topics":["money-fx","dlr","dmk"],"places":["turkey"]},"12523":{"title":"U.K. MONEY MARKET GIVEN 40 MLN STG LATE HELP","body":"The Bank of England said it had provided\nthe money market with around 40 mln stg late assistance. This\ntakes the Bank's total help today to some 537 mln stg and\ncompares with its estimate of a 700 mln stg shortage.\n REUTER\n\u0003","date":" 2-APR-1987 09:21:33.27","topics":["money-fx"],"places":["uk"]},"12524":{"title":"KLOECKNER SEES FURTHER GROWTH IN ENGINEERING","body":"Kloeckner-Werke AG\n<KLKG.F> should have turnover this year around 1985/86's 2.4\nbillion marks though more growth is likely in engineering in\ncoming years, management board chairman Herbert Gienow said.\n    He told a news conference at the trade fair here that by\nthe mid-1990s turnover should reach between six and seven\nbillion marks, mainly through acquisitions totalling \"several\nhundred million marks.\"\n    Kloeckner reported in March higher profits in its\nengineering sector which enabled it to raise profits by nearly\na third in the 1985/86 year to 45.2 mln marks from 33.8 mln.\n Reuter\n\u0003","date":" 2-APR-1987 09:23:12.98","topics":["earn"],"places":["west-germany"]},"12525":{"title":"CITIBANK SELLS MARK/AUSTRALIAN DLR WARRANTS","body":"Citicorp said that on behalf of its\nCitibank N.A. Subsidiary, it is issuing 100,000 naked currency\nwarrants priced at 67-1/2 marks each to purchase Australian\ndlrs for marks at a rate of 1.1825 marks per Australian dlr.\n    The current rate is 1.2850 marks per Australian dlr. Each\nwarrant is for a nominal amount of 1,000 marks and the minimum\npurchase will be for 100 warrants.\n    The warrants expire on January 8, 1988. Payment is due on\nApril 8 and the warrants will be listed on the Luxembourg Stock\nExchange.\n REUTER\n\u0003","date":" 2-APR-1987 09:23:23.28","topics":["austdlr","dmk"],"places":["uk"]},"12526":{"title":"PIER ONE ACCELERATES WARRANT <PIRWS> EXPIRATION","body":"Pier One Imports Inc <PIR>\nsaid its board has accelerated the expiration date of the\ncompany's warrants to May 11, 1987, from July 15, 1988.\n    To the extent any warrants remain outstanding after May 11,\nthey will automatically convert into common shares at the rate\nof one share for each 100 warrants.\n    Each warrant entitles the holder to purchase 3.46 common\nshares and 0.17 of its 25 cts preferred for 22 dlrs, the\ncompany noted.\n Reuter\n\u0003","date":" 2-APR-1987 09:26:20.40","places":["usa"]},"12527":{"title":"THERMO ELECTRON <TMO> SELLS CONVERTIBLE DEBT","body":"Thermo Electron Corp is raising 75 mln\ndlrs via an offering of convertible subordinated debentures due\n2012 with a 5-3/4 pct coupon and par pricing, said lead manager\nShearson Lehman Brothers Inc.\n    The debentures are convertible into the company's stock at\n30.50 dlrs per share, representing a premium of 25.77 pct over\nthe stock price when terms on the debt were set.\n    Non-callable for two years, the issue is rated Ba-3 by\nMoody's Investors and BB by Standard and Poor's. Drexel Burnham\nand Tucker Anthony co-managed the deal.\n Reuter\n\u0003","date":" 2-APR-1987 09:27:05.52","places":["usa"]},"12528":{"title":"LANDMARK SAVINGS <LSA> TO REPURCHASE SHARES","body":"Landmark Savings Association said its\nboard has authorized the repurchase of up to 100,000 shares,\nor four pct of its outstanding stock, from time to time over the\nnext 12 months.\n    It said purchases are expected to start around May Four.\n Reuter\n\u0003","date":" 2-APR-1987 09:27:12.03","places":["usa"]},"12529":{"title":"FIRST FEDERAL FORT MYERS <FFMY> TO MAKE PURCHASE","body":"First Federal Savings and Loan\nAssociation of Fort Myers said its board has executed a letter\nof intent to acquire First Presidential Savings and Loan\nAssociation of Sarasota, Fla., for 8,500,000 dlrs in cash.\n    The company said a definitive agreement is expected to be\nexecuted by May 15 and the transaction is expected to be\ncompleted by year-end.\n    The purchase price is subject to an increase on a dollar\nfor dollar basis to the extent that the net worth of First\nPresidentail exceeds 4,100,000 dlrs at the time of closing, the\ncompany said.\n\u0003","date":" 2-APR-1987 09:27:28.70","topics":["acq"],"places":["usa"]},"12530":{"title":"ELI LILLY AND CO PLANS TO SELL ITS ELIZABETH ARDEN SUBSIDIARY\n","date":" 2-APR-1987 09:27:39.57","topics":["acq"]},"12531":{"title":"SAN DIEGO GAS <SDO> SEES DECISION HURTING NET","body":"San Diego Gas and Electric Co said a\nCalifornia Public Utilities Commission decision to reconsider\nallowing only 20 mln dlrs of the 69 mln dlrs in San Onofre\nnuclear station costs it disallowed makes it likely that\nearnings in 1987 will be reduced at least 36 cts per share.\n    The company said if the decision to disallow the other 20\nmln dlrs is not changed, earnings would be penalized by another\n19 cts.\n Reuter\n\u0003","date":" 2-APR-1987 09:31:17.21","topics":["earn"],"places":["usa"]},"12532":{"title":"ELI LILLY <LLY> TO SELL ELIZABETH ARDEN UNIT","body":"Eli Lilly and Co said its board\ndecided to sell Elizabeth Arden Inc, a wholly owned subsidiary\nthat manufactures and markets cosmetics and fine fragrance\nproducts.\n    It said the business, which had sales of 67 mln dlrs when\nit was acquired in 1971, had sales last year of 398 mln dlrs,\nup 12 pct from 1985. It had operating profits of about 33 mln\ndlrs in 1986.\n    Lilly said it retained Morgan Stanley and Co to help\nevaluate offers.\n    Lilly said it expects to use the after-tax proceeds from\nthe sale of its cosmetics business for general corporate\npurposes, including the repurchase from time to time of its\ncommon stock or warrants on the open market.\n    In a statement, Lilly Chairman Richard Wood said \"This\nstrategic decision was reached on the basis of our belief that\nin the future the corporation's resources, including its\nresearch activities, should be focused on its other business\nwhich have a high technology, life sciences orientation.\"\n Reuter\n\u0003","date":" 2-APR-1987 09:34:34.57","topics":["acq"],"places":["usa"]},"12533":{"title":"MADRID METRO HALTED AS SPANISH STRIKES SPREAD","body":"An estimated 1.2 mln metro users in\nMadrid were stranded today as striking railway workers halted\nthe underground transport system, industry sources said. The\nstrikers joined coal miners, steel and oil refinery workers in\nSpain's latest wave of stoppages over wage demands.\n    Some 10,000 pitmen in the northern province of Leon entered\nthe second day of an indefinite stoppage to demand wage rises\nand a five-day working week, the sources said.\n    Oil refinery workers picketed the state-owned Empresa\nNacional de Petroleo SA (EMP) to prevent fuel lorries leaving\nthe company's largest plant in Puertollano, central Spain.\n    Paramilitary police were guarding steel mills at Reinosa,\nin northern Spain, from the daily protests against planned job\ncuts. A local government official said the police force would\nremain in place until tempers had cooled down.\n    More than 60 people were injured in pitched battles between\npolice and steel foundry workers in Reinosa last month.\n REUTER\n\u0003","date":" 2-APR-1987 09:34:48.21","topics":["iron-steel","crude"],"places":["spain"]},"12534":{"title":"BELGIAN UNEMPLOYMENT FALLS IN MARCH","body":"Belgian unemployment, based on the\nnumber of jobless drawing unemployment benefit, fell to 11.8\npct of the working population at the end of March from 12.1 pct\nat end of February, the National Statistics Office said.\n    The rate compares with 12.0 pct at the end of March, 1986.\n    The total number of jobless stood at 495,208, compared with\n508,392 in February and 504,652 in March last year.\n REUTER\n\u0003","date":" 2-APR-1987 09:37:18.77","topics":["jobs"],"places":["belgium"]},"12535":{"title":"BELL CANADA <BCE> UNIT SETS OFFERING TERMS","body":"<BCE Development Corp>, about 69 pct\nowned by Bell Canada Enterprises Inc, said its previously\nannounced offering of preferred shares will total 90 mln dlrs,\nwith shares priced at 25 dlrs each.\n    It also said it will redeem its 75-cent class A shares at\nsix dlrs a share plus accrued dividends on closing of the\npreferred share issue, expected April 22.\n    BCE Development said the cumulative redeemable retractable\nclass A preferred shares will pay dividends at an annual rate\nequal to the higher of 2.25 Canadian dlrs a share or the\nCanadian dollar equivalent of 1.7186 U.S. dlrs.\n\u0003","date":" 2-APR-1987 09:39:45.38","places":["canada"]},"12536":{"title":"TIDEWATER <TDW> COMPLETES DEBT RESTRUCTURE","body":"Tidewater Inc said it completed\nagreements to restructure about 125 mln dlrs in debt that call\nfor payment of interest only through March 1989.\n    The deferral of all principal payments until April 1989\nwill save the company 12 mln dlrs in cash flow in each of the\nnext two years, it said.\n    The restructured agreements call for suspending dividend\npayment on Tidewater's common and convertible adjustable\npreferred stock and contain other restrictive covenants,\nincluding a requirement to maintain minimum tangible net worth.\n    <Prudential Insurance Co> and Manufacturers Hanover Corp\n<MHC>, the company's principle lenders, will receive as\ncollateral a pledge of stock in Tidewater subsidiaries that own\ninterests in oil and gas ventures offshore Indonesia.\n    Banca Nazionale del Lavoro, an Italian bank, will obtain a\nsecurity interest in Tidewater's assets in Italy.\n Reuter\n\u0003","date":" 2-APR-1987 09:40:11.27","places":["usa"]},"12537":{"title":"STANLEY INTERIORS <STHF> SELLS CONVERTIBLE DEBT","body":"Stanley Interiors Corp is raising 25\nmln dlrs through an offering of convertible subordinated\ndebentures due 2012 with a seven pct coupon and par pricing,\nsaid lead manager Salomon Brothers Inc.\n    The debentures are convertible into the company's common\nstock at 14.06 dlrs per share, representing a 25 pct premium\nover the stock price when terms on the debt were set.\n    Non-callable for two years, the issue is rated B-2 by\nMoody's and B-minus by Standard and Poor's. First Albany and\nWheat First co-managed the deal, which was reduced from an\ninitial offering of 30 mln dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 09:40:30.22","places":["usa"]},"12538":{"title":"KEY CENTURION <KEYC> COMPLETES ACQUISITIONS","body":"Key Centurion Bancshares Inc\nsaid it has completed the previously-announced acquisitions of\nUnion Bancorp of West Virginia Inc and Wayne Bancorp Inc.\n Reuter\n\u0003","date":" 2-APR-1987 09:40:39.48","topics":["acq"],"places":["usa"]},"12539":{"title":"MERCHANTSBANK <MCBK> FORMS NEW UNIT","body":"MerchantsBank said it has formed a new\nsubsidiary, Merchants Title Corp, to provide settlement\nservices for MerchantsBank subsidiaires.\n Reuter\n\u0003","date":" 2-APR-1987 09:40:44.43","places":["usa"]},"12540":{"title":"CB AND T <CBTB> COMPLETES ACQUISITION","body":"CB and T Bancshares Inc said it\nhas completed the acquisition of First Community Bancshares Inc\nOf Tifton, Ga., which as assets of 62 mln dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 09:40:49.33","topics":["acq"],"places":["usa"]},"12541":{"title":"SWISSAIR REVENUE FALLS IN FEBRUARY","body":"Swissair <SWSZ.Z> said that its traffic\n volume rose six pct in February compared with a year earlier\nbut revenues were down seven pct because of currency movements.\n    Cargo traffic rose 11 pct and passenger traffic was up six\npct compared with February 1986.\n    The overall load factor slipped to 60 pct from 61 pct and\nthe seat load factor fell to 56 pct from 58 pct in February\n1986.\n    Costs before depreciation were eight pct lower.\n REUTER\n\u0003","date":" 2-APR-1987 09:41:44.02","places":["switzerland"]},"12542":{"title":"ELI LILLY TO BUY UP TO 2.3 MLN OF ITS COMMON SHARES TO OFFSET DILLUTION OF 10-YEAR NOTES\n","date":" 2-APR-1987 09:42:58.75"},"12543":{"title":"COLOMBIA BUYS 25,000 TONNES FRENCH WHEAT - TRADE","body":"Colombia recently bought 25,000 tonnes of\nFrench soft wheat at 108 dlrs per tonne, c and f, for end-April\nshipment, trade sources said.\n    This follows the country's tender for 25,000 tonnes of\noptional origin wheat for shipment April 20-30, they said.\n    France had not sold wheat to Colombia for several years.\n Reuter\n\u0003","date":" 2-APR-1987 09:43:13.89","topics":["grain","wheat"],"places":["france","colombia"]},"12544":{"title":"GENERAL PUBLIC UTILITIES<GPU> TO MAKE STATEMENT","body":"A spokesman for General Public\nUtilities Corp said the company would have a statement later\nthis morning.\n    Trading in the company's stock was delayed at the opening\nby the New York Stock Exchange, which indicated the company\nwould make an announcement.\n    The spokesman would not elaborate on today's news.\n    Yesterday, the company said power output at its Three Mile\nIsland unit one was cut to 81 pct of reactor power because of\nmineral deposits on the non-nuclear side of two steam\ngenerators.\n Reuter\n\u0003","date":" 2-APR-1987 09:43:49.77","places":["usa"]},"12545":{"title":"GENERAL PUBLIC UTILITIES RESUMES DIVIDENDS ON COMMON STOCK, PAYS 15 CTS\n","date":" 2-APR-1987 09:45:34.65","topics":["earn"]},"12546":{"title":"ZIMBABWE GOVERNMENT BUYS INTO ASTRA","body":"The Zimbabwe government has bought 85 pct\nof the equity in <Astra Corporation> for 25.5 mln dlrs from\nNetherlands-based <Bommenede Houdstermaatschappij (Nederland\nBV)>, Astra announced.\n    Astra owns five companies with interests in engineering,\npaint manufacture and the distribution of farm machinery and\nequipment, motor vehicles and earthmoving equipment.\n    The company is now locally controlled with 80 pct of its\nequity owned by the government, 14 pct by the Dutch firm. A six\npct stake was donated to the Astra Corporation Workers' Trust\nby the government and the Dutch company.\n Reuter\n\u0003","date":" 2-APR-1987 09:45:50.72","topics":["acq"],"places":["zimbabwe"]},"12547":{"title":"HOLIDAY CORP SAID NEW JERSEY CASINO CONTROL CLEARS RECAPITALIZATION\n","date":" 2-APR-1987 09:52:30.14"},"12548":{"title":"ELI LILLY <LLY> TO BUY 2.3 MLN SHARES","body":"Eli Lilly and Co said its board\napproved a plan to buy up to 2.3 mln shares of its common stock\nto offset dilution from conversion of its 10-year notes issued\nin connection with the acquisition of Hybritech Inc in March\n1986.\n    The non-transferable notes pay interest at an annual rate\nof 6.75 pct. The notes, which mature on March 31, 1996, became\nconvertible into 2.3 mln shares of Lilly stock at 66.31 dlrs a\nshare beginning March 18, 1987.\n    Lilly said it will buy shares of stock from time to time in\nthe open market at prevailing prices or in privately negotiated\ntransactions.\n    The newly announced purchase plan is in addition to its\nexisting anti-dilutive stock repurchase programs. Under these\nprograms, the company systematically buys back shares in the\nopen market to replace shares issued under its stock plan and\nacquisition earnout agreements.\n    Currently the only other potentially diluting instruments\nare the warrants that the company also issued in connection\nwith the Hybritech acquisition.\n    Lilly issued 17.1 mln warrants with an expiration of March\n31, 1991. A warrant gives the holder the right to purchase one\nshare of Lilly common at 75.98 dlrs. Since the acquisition,\nLilly has repurchased 2.0 mln warrants, so there are currently\n15.1 mln outstanding.\n    The warrants are publicly traded on the New York Stock\nExchange.\n    Because of the theoretical size of the dilution resulting\nfrom the outstanding warrants, warrants convertible notes,\nstock plan and acquisition earnout agreements, the company said\nit will be required to report earnings per share on a fully\ndiluted basis beginnng with the first quarter of 1987.\n    At the end of February, Lilly had 139.6 mln shares\noutstanding.\n Reuter\n\u0003","date":" 2-APR-1987 09:53:30.85","places":["usa"]},"12549":{"title":"UTILICORP RECOMMENDS THREE-FOR-TWO SPLIT, DIVIDEND INCREASE AND ADDITIONAL CLASS OF STOCK\n","date":" 2-APR-1987 09:53:48.05","topics":["earn"]},"12550":{"title":"GPU <GPU> DECLARES FIRST DIVIDEND SINCE 1979","body":"General Public Utilities Corp\nsaid its board declared a dividend of 15 cts per share on\ncommon stock, its first dividend since it omitted payment in\nFebruary 1980 as a result of the Three Mile Island nuclear\naccident in 1979.\n    The company said it was able to declare the dividend due to\nprogress in the cleanup of Three Mile Island Unit Two.\n    A company spokesman said GPU expects to continue declaring\ndividends on a quarterly basis, with the rate depending on the\nprogress of the cleanup and on other company operations.\n    GPU said the dividend is of \"modest size,\" representing\nless than a third of the amount paid as a dividend by the\naverage electric utility.\n    \"As the operating companies need to return to the capital\nmarkets for debt and preferred stock, this should tend to\nproduce lower cost and better terms,\" the company said.\n    The dividend is payable May 29 to holders of record April\n24.\n Reuter\n\u0003","date":" 2-APR-1987 09:55:29.23","topics":["earn"],"places":["usa"]},"12551":{"title":"BRITTON LEE <BLII> SEES FIRST QUARTER LOSS","body":"Britton Lee Inc said it\nexpects to report a loss on lower sales than it had anticipated\nfor the first quarter.\n    The company earned 119,000 dlrs before a 70,000 dlr tax\ncredit on sales of 7,227,000 dlrs in the year-ago period.\n\u0003","date":" 2-APR-1987 09:56:35.34","topics":["earn"],"places":["usa"]},"12552":{"title":"CHERNOBYL TO CAUSE PROBLEMS FOR SOVIET ELECTRICITY","body":"The Chernobyl nuclear plant disaster\nhas left Soviet plans to extend nuclear power stations\nunchanged, but will in the long run cause major problems for\nthe electricity industry, a Western expert said.\n    West German economics researcher Jochen Bethkenhagen, in a\nreport presented to a NATO economics seminar, said increased\ntargets for Soviet nuclear energy output showed the April,\n1986, disaster had not caused any change in Moscow's energy\npolicy.\n    But the accident was expected to prompt design changes in\nfuture Soviet power stations to \"exclude manipulations of safety\nequipment\" of the sort that occurred at Chernobyl, he said.\n    This will presumably result in substantial delays in the\ncompletion of reactor blocks and in stricter quality controls\nduring the construction of nuclear power stations, he said.\n    Bethkenhagen said the Chernobyl accident was also likely to\nhave frustrated for a long time Soviet hopes of exports of\nnuclear power stations to countries outside the Comecon bloc.\n    \"It is also doubtful that the talks with China, Syria, Libya\nand Iraq with regard to Soviet deliveries in the next few years\nwill have positive results,\" he said.\n    The meeting heard views of academics and Kremlin-watchers\non the impact of Soviet leader Mikhail Gorbachev on energy\npolicy.\n    Several participants today argued that Gorbachev was\nunlikely to extend his internal economic policies to the energy\nsector, at least for now.\n    Bethkenhagen said high energy growth targets set by the\nSoviet Union up to the end of the decade showed Moscow intended\nto stick to a rigid supply-, rather than demand-oriented\npolicy.\n    Norwegian academics Arild Moe and Helge Ole Bergesen said\nthat the Soviet fuel industries represented such a pillar of\nthe economy that immediate reform was tricky. \"Any 'experiment'\non a large scale cannot be allowed, because the negative\nconsequences if a reform backfires will be too great,\" they\nsaid.\n REUTER\n\u0003","date":" 2-APR-1987 09:57:58.36","places":["belgium","ussr"]},"12553":{"title":"FLEET FINANCIAL <FLT> CONSOLIDATES UNITS","body":"Fleet Financial Group's First\nConnecticut Bancorp subsidiary said it has combined its four\nbanking subsidiaries into one operating entity called United\nBank.\n    \n Reuter\n\u0003","date":" 2-APR-1987 09:58:02.26","places":["usa"]},"12554":{"title":"NEW DUTCH SPECIAL ADVANCES UNCHANGED AT 5.3 PCT","body":"The Dutch central bank announced new\n12-day special advances at an unchanged rate of 5.3 pct to\ncover money market tightness for the period April 3 to 15.\n     The amount will be set at tender on April 3 between 0700\nand 0730 hours GMT.\n    The new facility replaces the current 4.2 billion guilders\nof nine-day advances which expire tomorrow.\n    Money market dealers said the rate for the new advances was\nin line with expectations. They added they expect the Bank to\nallocate between 4.0 and 4.5 billion guilders.\n REUTER\n\u0003","date":" 2-APR-1987 10:00:18.48","topics":["money-fx","interest"],"places":["netherlands"]},"12555":{"title":"EC TO BOOST SPENDING ON JOB CREATION THIS YEAR","body":"The European Community (EC) is to boost\nspending to help the jobless this year.\n    The EC's executive commission said in a statement spending\non its so-called social fund would rise to 3.1 billion European\nCurrency Units from 2.5 billion ECUs in 1986. The fund is\ndesigned to help boost job creation and improve worker\nmobility, and supplement national schemes in the EC's 12 member\nstates.\n    Another 60 mln ECUs could be added if EC ministers switch\nunused project credits to other programs, the Commission said.\n    Italy is the largest net beneficiary in 1987, getting 635\nmln ECUs, with Britain in second place with 580 mln.\n REUTER\n\u0003","date":" 2-APR-1987 10:03:01.88","topics":["jobs"],"organisations":["ec"],"places":["belgium"]},"12556":{"title":"BACOB FINANCE ISSUES 50 MLN AUSTRALIAN DLR BOND","body":"Bacob Finance NV is issuing a 50 mln\nAustralian dlr eurobond due July 5, 1990 paying 14-3/4 pct and\npriced at 101-3/8 pct, lead manager Goldman Sachs International\nCorp said.\n    The non-callable bond is available in denominations of\n1,000 and 10,000 Australian dlrs and will be listed in\nLuxembourg. The selling concession is one pct while management\nand underwriting combined pays 1/2 pct.\n    The payment date is May 5 and there will be a long first\ncoupon. The issue is guaranteed by Bacob Savings Bank.\n REUTER\n\u0003","date":" 2-APR-1987 10:03:29.04","places":["uk"]},"12557":{"title":"JACOBS TAKES MAJORITY STAKE IN COTE D'OR","body":"Jacobs Suchard AG said it acquired a\n\"comfortable majority\" interest in its takeover bid for Cote d'Or\nSA, Belgium's leading producer of chocolate.\n    In a statement, Jacobs said it had acquired all the shares\ntendered by the time its offer expired on March 30. The offer,\nfor 100 pct of Cote d'Or at 8,050 Belgian francs per ordinary\nshare, was agreed with the Belgian firm's board.\n    A Jacobs spokesman declined to specify the size of the\nmajority stake and said Jacobs had not decided what it would do\nabout acquiring the outstanding shares.\n Reuter\n\u0003","date":" 2-APR-1987 10:04:55.22","topics":["acq"],"places":["switzerland"]},"12558":{"title":"YEUTTER SAYS U.S. SHOULD STRESS TRADE NEGOTIATIONS AS LONG-TERM U.S. TRADE POLICY\n","date":" 2-APR-1987 10:06:52.52","topics":["trade"],"places":["usa"]},"12559":{"title":"HOLIDAY <HIA> RECAPITALIZATION APPROVED","body":"Holiday Corp said the New Jersey\nCasino Control Commission has approved its recapitalization\nplan, providing the final regulatory approval needed.\n    The company said it expects to announce next week the\nrecord date for the special 65 dlr per share dividend\nshareholders will receive under the plan and to pay the\ndividend during the month of April, with the exact timing\ndepending on the closing of financing arrangements.\n    Holiday operates Harrah's Marina Hotel and Casino in\nAtlantic City, N.J.\n Reuter\n\u0003","date":" 2-APR-1987 10:09:08.72","topics":["earn"],"places":["usa"]},"12560":{"title":"ITALY'S IMI HAS NO PRESENT PLAN FOR FIAT ISSUE","body":"Istituto\nMobiliare Italiano> said it was not in a position at present to\nformulate proposals on an IMI bond issue convertible into Fiat\nSpA <FIAT.MI> shares or carrying warrants for exercise into\nthese shares.\n    The IMI statement, which referred to recent press reports\nthat such an issue was imminent or possible, said IMI was still\nexamining the problems involved, but gave no further details.\n Reuter\n\u0003","date":" 2-APR-1987 10:10:03.85","places":["italy"]},"12561":{"title":"LOWE'S <LOW> SALES UP SEVEN PCT","body":"Lowe's Cos Inc said sales\nfor the four weeks ended March 27 were up seven pct to 183.9\nmlnm dlrs from 171.1 mln dlrs a year earlier, with same-store\nsales up one pct to 172.5 mln dlrs from 170.4 mln dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 10:10:10.53","places":["usa"]},"12562":{"title":"COMP-U-CARD INTERNATIONAL INC <CUCD> 4TH QTR NET","body":"January 31 end\n    Oper shr profit 16 cts vs loss six cts\n    Oper net profit 2,879,000 vs loss 958,000\n    Revs 41.9 mln vs 24.1 mln\n    Avg shrs 18.2 mln vs 15.8 mln\n    Year\n    Oper shr profit 49 cts vs profit 18 cts\n    Oper net profit 8,660,000 vs profit 2,832,000\n    Revs 141.8 mln vs 87.5 mln\n    Avg shrs 17.8 mln vs 15.8 mln\n    NOTE: Net excludes extraordinary tax charge 156,000 dlrs vs\ncredit 2,257,000 dlrs in quarter and credits 1,041,000 dlrs vs\n3,589,000 dlrs in year.\n Reuter\n\u0003","date":" 2-APR-1987 10:13:12.35","topics":["earn"],"places":["usa"]},"12563":{"title":"YEUTTER STRESSES IMPORTANCE OF TRADE TALKS","body":"U.S. Trade Representative Clayton\nYeutter stressed the importance of trade negotiations to open\nforeign markets rather than trade restrictions in a statement\nto the Senate Finance Committee.\n    \"In the long term we cannot repeatedly bludgeon other\nnations into opening their markets with threats of U.S.\nrestrictions. Rather, we must be able to negotiate credibly for\nglobal liberalization,\" Yeutter said.\n    Yeutter did not mention the recent U.S. trade sanctions\nagainst Japanese semiconductors in his testimony on the pending\ntrade bill.\n    Yeutter said the trade bill should increase U.S.\ncompetitiveness, aid U.S. trade negotiating leverage, and avoid\nprovoking foreign retaliation.\n    He urged Congress to reject provisions that would mandate\nU.S. retaliation against foreign unfair trade practices.\n    Yeutter emphasized the importance of the new multilateral\ntrade negotiating round and called on Congress to quickly\napprove an extension of U.S. negotiating authority.\n    \"We want to open foreign markets and establish and enforce\nrules of international competition, not foster dependence on\nprotection and subsidies,\" he said.\n Reuter\n\u0003","date":" 2-APR-1987 10:15:47.80","topics":["trade"],"places":["usa"]},"12564":{"title":"EC MUST EXPLAIN FARM POLICY TO U.S., FRANCE SAYS","body":"The U.S. and the European Community could\nenter into a new trade dispute unless urgent action is taken to\nexplain EC farm policy to the U.S. Congress, French official\nsources said.\n    They said Prime Minister Jacques Chirac planned to urge EC\nCommission president Jacques Delors to send a team of experts\nto Washington as soon as possible.\n    Chirac returned to Paris this morning after three days of\ntalks in New York and Washington in which trade and\nprotectionism featured prominently.\n    At the centre of the new trade tension is an EC Commission\nproposal to tax vegetable oils, the sources said.\n Reuter\n\u0003","date":" 2-APR-1987 10:18:08.65","topics":["trade"],"organisations":["ec"],"places":["france","usa"]},"12565":{"title":"C.J. LAWRENCE HAS BUY ON BETHLEHEM STEEL <BS>","body":"Aldo Mazzaferro, analyst at C.J.\nLawrence Inc, issued an agressive buy opinion on Bethlehem\nSteel Corp, traders said.\n    Bethlehem rose 7/8 to 10-3/4, the first time in several\nmonths the stock has been over 10 dlrs.\n    Mazzaferro was not immediately available for comment.\n Reuter\n\u0003","date":" 2-APR-1987 10:19:36.77","places":["usa"]},"12566":{"title":"AETNA LIFE/CASUALTY <AET> FILES TO OFFER NOTES","body":"Aetna Life and Casualty Co said\nit filed a shelf registration with the Securities and Exchange\nCommission for the issue of 200 mln dlrs of debt securities.\n    Managers of the offering have not been selected. Terms of\nthe securities will be based on market conditions, the company\nsaid.\n    Proceeds will be added to general funds and used to support\nAetna's basic insurance and financial services businesses.\n Reuter\n\u0003","date":" 2-APR-1987 10:20:22.01","places":["usa"]},"12567":{"title":"S/P RATES NOMURA INTERNATIONAL PLC BONDS AAA","body":"Standard and Poor's Corp said it\nassigned a preliminary AAA rating to 150 mln dlrs of 7-1/4 pct\nguaranteed subordinated bonds due 1992 of Nomura International\nFinance PLC, the U.K. unit of Nomura Securities Co Ltd.\n    S and P cited the guarantee, which is a senior obligation\nof the parent company, the largest of the Big Four securities\nhouses in Japan.\n    The rating agency noted that Nomura Securities has by far\nthe largest capital base in nominal terms of any securities\nfirm in the world and is conservatively leveraged.\n Reuter\n\u0003","date":" 2-APR-1987 10:21:24.92","places":["usa"]},"12568":{"title":"STATUS GAME <STGM> TO SELL CONDOMS","body":"Status Game Corp said it will\nimmediately start selling condoms through the 500 cigarette\nmachines it owns and operates in Las Vegas.\n    The company said it is negotiating a contract with one of\nthe world's largest condom maker, which it did not identify,\nfor the production of specially-packaged condoms for the\ncigarette machine sales.\n Reuter\n\u0003","date":" 2-APR-1987 10:21:37.16","places":["usa"]},"12569":{"title":"CENTRONICS CORP <CEN> YEAR LOSS","body":"Oper shr loss 11 cts vs loss 36 cts\n    Oper net loss 2,383,000 vs loss 4,285,000\n    Total income 2,194,000 vs nil\n    NOTE: Resultes restated for discontinued operations and\nexclude discontinued operations loss 5,755,000 dlrs vs gain\n4,933,000 dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 10:21:42.57","topics":["earn"],"places":["usa"]},"12570":{"title":"SANDSPORT DATA SERVICES INC <SAND> 3RD QTR NET","body":"Feb 28 end\n    Shr nil vs nil\n    Net 132,804 vs 53,510\n    Revs 2,001,107 vs 1,467,742\n    Avg shrs 73.9 mln vs 56.7 mln\n    Nine mths\n    Shr nil vs nil\n    Net 302,316 vs 171,034\n    Revs 5,230,014 vs 4,112,562\n    Avg shrs 74.4 mln vs 56.7 mln\n Reuter\n\u0003","date":" 2-APR-1987 10:21:49.33","topics":["earn"],"places":["usa"]},"12571":{"title":"NORTH CAROLINA FEDERAL <NCFS> RAISES PRIME RATE","body":"North Carolina Federal Savings\nand Loan Association said it has raised its prime rate to 7-3/4\npct from 7-1/2 pct, effective yesterday, following moves by\nmajor banks.\n Reuter\n\u0003","date":" 2-APR-1987 10:21:57.61","topics":["interest"],"places":["usa"]},"12572":{"title":"HEALTH IMAGES INC <HIMG> 4TH QTR LOSS","body":"Shr loss one ct vs loss seven cts\n    Net profit 108,419 vs loss 241,192\n    Revs 2,044,882 vs 317,266\n    Year\n    Shr loss 18 cts vs loss 23 cts\n    Net loss 430,027 vs loss 432,982\n    Revs 5,088,065 vs 416,777\n    NOTE: Share after preferred dividends.\n Reuter\n\u0003","date":" 2-APR-1987 10:22:45.10","topics":["earn"],"places":["usa"]},"12573":{"title":"SHELL CANADA SEES BETTER PROFIT, LOWER SPENDING","body":"<Shell Canada Ltd>, 72 pct\nowned by Royal Dutch/Shell Group, anticipates an improved level\nof earnings in 1987, assuming a continuation of prices and\nmargins that existed at the end of 1986 and early 1987, the\ncompany said in the annual report.\n    Shell previously reported 1986 operating profit fell to 130\nmln dlrs, excluding a 24 mln dlr unusual gain, from 146 mln\ndlrs in the prior year.\n    The company also said 1987 capital and exploration spending\nof 420 mln dlrs will be 160 mln dlrs lower than last year, due\nto the uncertain short-term outlook.\n\u0003","date":" 2-APR-1987 10:23:19.52","topics":["earn"],"places":["canada"]},"12574":{"title":"UTILICORP <UCU> SEEKS TO SPLIT STOCK","body":"Utilicorp United Inc said its\nmanagement is recommending to the board of directors a\nthree-for-two stock split and an increase in the quarterly cash\ndividend rate, currently at 37 cts per common share.\n    The company said it is also submitting to shareholders at\nits May 21 annual meeting a proposal authorizing an additional\nclass of common stock.\n    Utilicorp said the board of directors will vote on the\nsplit at its next regularly scheduled board meeting on May 6.\n    It added that its semi-annual four pct stock dividend will\nnot change.\n    Utilicorp said the proposal to create a new class of stock,\nif approved, will authorize 20 mln shares of Class A common\nstock with a par value of one dlr.\n    The stock could be issued in various series with terms,\nrights and preferences designated by the board in each\ninstance, Utilicorp said.\n    The company said the new stock is intended to enhance\nUtilicorp's ability to carry out future financings,\ninvestments, acquisitions or for other corporate purposes.\n Reuter\n\u0003","date":" 2-APR-1987 10:24:55.74","topics":["earn"],"places":["usa"]},"12575":{"title":"CHEROKEE GROUP <CHKE> SHARE OFFERING UNDERWAY","body":"Cherokee Group said an\noffering of 2,500,000 common shares is underway at 22 dlrs each\nthrough underwriters First Boston Inc <FBC> and American\nExpress Co's <AXP> Shearson Lehman Brothers Inc.\n    The company is selling 1,800,000 shares and shareholders\n700,000.\n Reuter\n\u0003","date":" 2-APR-1987 10:25:13.46","places":["usa"]},"12576":{"title":"BANK OF SPAIN GOVERNOR SAYS MONEY GROWTH TOO FAST","body":"Bank of Spain governor Mariano Rubio said\nthe central bank was worried that money supply was growing too\nfast, reflecting excessive internal demand in the Spanish\neconomy, but added that he was confident recent measures would\nsucceed in restricting money growth.\n    In testimony to the economic commission of Congress, Rubio\nsaid the main measure of money supply, the broad-based Liquid\nAssets in Public Hands, grew at an estimated annualised rate of\n17 pct in March, the same as in February.\n    The bank's target range for growth in this measure in 1987\nis 6.5 to 9.5 pct, compared with 11.4 pct last year.\n    Rubio said he was aiming for the lower end of the range.\n    He added that real GDP growth of three pct in 1986 was due\nto a six pct increase in real internal demand and a three pct\nreal drop in the contribution of the external sector.\n    The aim for 1987 was for the same real growth in GDP but a\ndrop in the internal contribution to 4.5 pct with the negative\ncomponent of the external sector trimmed to 1.5 pct, he said.\n REUTER\n\u0003","date":" 2-APR-1987 10:25:24.96","topics":["money-supply","gnp"],"places":["spain"]},"12577":{"title":"PRESIDENT REAGAN COMING TO CAPITOL TO LOBBY SENATORS ON HIGHWAY BILL VETO\n","date":" 2-APR-1987 10:26:26.96"},"12578":{"title":"MDU <MDU> PREFERRED STOCK UPGRADED TO A BY S/P","body":"Standard and Poor's Corp said it raised\nto A from BBB-plus the preferred stock of MDU Resources Group\nInc.\n    S and P affirmed the company's A-rated first mortgage bonds\nand A-minus unsecured industrial revenue bonds. About 300 mln\ndlrs of debt and preferred were outstanding at December 31,\n1986.\n    The rating agency cited recent redemptions that reduced the\nlayer of preferred in the company's capital structure. S and P\nexpects fundamentals to remain strong for electric utility and\nnatural gas pipeline and distribution units.\n Reuter\n\u0003","date":" 2-APR-1987 10:27:24.21","places":["usa"]},"12579":{"title":"AMERICAN REALTY <ARB> SETS RECORD DATE FOR OFFER","body":"American Realty Trust said its board has\nset April 3 as the record date for its previously announced\nrights offering, and the rights will be issued on April 6 and\nexpire May 22.\n    Shareholders will be able to subscribe for 1.25 shares for\neach share held, at a price of 3.75 dlrs per share.\n Reuter\n\u0003","date":" 2-APR-1987 10:30:54.44","topics":["earn"],"places":["usa"]},"12580":{"title":"CARTER-WALLACE INC <CAR> SETS REGULAR PAYOUT","body":"Qtly div 20 cts vs 20 cts prior\n    Pay June 1\n    Record April 16\n Reuter\n\u0003","date":" 2-APR-1987 10:31:18.71","topics":["earn"],"places":["usa"]},"12581":{"title":"REAGAN TO LOBBY SENATORS ON HIGHWAY BILL","body":"President Reagan is going to the U.S.\nCapitol to personally urge senators to support his veto of an\n88 billion dlr highway and mass transit funding bill,\nRepublican leader Robert Dole of Kansas said.\n    Reagan will meet with senators at 1115 est/1615 gmt Dole\ntold the senate.\n   \n Reuter\n\u0003","date":" 2-APR-1987 10:32:56.00","places":["usa"]},"12582":{"title":"SOFTWARE PUBLISHING <SPCO> USING SMALLER DISKS","body":"Software Publishing Corp said it has\nconverted all of its programs to the three and a half inch disk\nformat required to run on International Business Machines\nCorp's <IBM> new Personal System/2 computers.\n Reuter\n\u0003","date":" 2-APR-1987 10:33:22.67","places":["usa"]},"12583":{"title":"EC SETS EXPORT LICENCES ON 20,000 TONNES MAIZE","body":"The European Community Commission awarded\nexport licences for 20,000 tonnes free market French maize at a\nmaximum export rebate of 129.40 European currency units (Ecus)\nper tonne, trade sources said here.\n    All requests for export licences for free market feed wheat\nand barley were rejected, they said.\n Reuter\n\u0003","date":" 2-APR-1987 10:33:51.60","topics":["grain","corn"],"organisations":["ec"],"places":["france"]},"12584":{"title":"FRENCH FARMERS ATTACK LACK OF EC PRICE DECISION","body":"France's major farm union, the FNSEA,\ncriticised the recent European Community farm ministers'\nmeeting for failing to come to any agreement on 1987/88 farm\nprices before the start of the crop year on April 1.\n    It was damaging that no important decision was taken and\nthat there will be no further meeting of EC agricultural\nministers before the end of this month when the meat and milk\ncampaigns started on April 1, the union said in a statement.\n    The FNSEA also criticised the failure of the ministers to\nuphold their intention to suspend monetary compensatory\namounts, mcas, in the pork sector.\n Reuter\n\u0003","date":" 2-APR-1987 10:34:00.14","organisations":["ec"],"places":["france"]},"12585":{"title":"PAKISTAN TO TENDER FOR RBD PALM OLEIN TOMORROW","body":"Pakistan will tender tomorrow for 12,000\ntonnes of refined bleached deodorised palm olein tomorrow,\nsplit in two equal cargo lots for first and second half April\nshipments, traders said.\n    The tender will be financed with Islamic Development Bank\ncredit.\n Reuter\n\u0003","date":" 2-APR-1987 10:35:37.87","topics":["veg-oil","palm-oil"],"places":["uk","pakistan"]},"12586":{"title":"FLORIDA INVESTMENT FIRM SHUT BY SEC","body":"The Securities and Exchange Commission\n(SEC) had Elliott Enterprises, an investment firm in Naples,\nFla., shut down, accusing it of defrauding investors and\nmisusing funds.\n    An SEC spokesman in Miami said the agency closed the\ninvestment holding company and two related firms, Elliott\nSecurities and Elliott Mortgage Co.\n    In a complaint filed in federal court in Miami, the SEC\nsaid the firms had at least 1,000 customers who invested around\n50 mln dlrs.\n    U.S. District Judge William Hoeveler ordered the company\nclosed, appointed a receiver and froze the assets of the firm's\nexecutives.\n Reuter\n\u0003","date":" 2-APR-1987 10:36:20.55","places":["usa"]},"12587":{"title":"USDA DENIES CHANGES IN TEXAS GULF DIFFERENTIALS","body":"No changes have been made or are\nbeing planned in the Agriculture Department's calculation of\nprice differentials between interior grain locations and the\nTexas Gulf, a senior USDA official said.\n    Ralph Klopfenstein, USDA deputy administrator for commodity\noperations, told Reuters, \"We do not anticipate any changes to\nbe made\" in the Texas Gulf differentials used to calculate\nposted county prices for corn.\n    \"We do not relate the Texas Gulf structure with the\nLouisiana Gulf structure at all. It's a totally different\nsituation,\" he said.\n    Rumors had circulated through the market this morning that\nUSDA had widened Texas Gulf differentials in a similar manner\nto last weekend's adjustments with the Louisiana Gulf.\n Reuter\n\u0003","date":" 2-APR-1987 10:37:20.31","topics":["grain","corn"],"places":["usa"]},"12588":{"title":" Lawson says his sterling target comments were misunderstood, and insignificant\n","date":" 2-APR-1987 10:39:40.51","topics":["money-fx","stg"]},"12589":{"title":"IBM <IBM> DOWN ON LOWER MORGAN STANLEY OPINION","body":"The stock of International Business\nMachine Corp declined slightly today and shares of Digital\nEquipment Corp <DEC> rose after brokerage house Morgan Stanley\nand Co reiterated a negative opinion on IBM and a buy on\nDigital, traders said.\n    IBM, which this morning introduced four new personal\ncomputers, the first major overhaul of its PC line since it\nentered the business in 1981, fell 1-3/4 to 149-3/8.\n    Digital Equipment rose 1-3/8 to 163-5/8.\n    Analyst Carol Muratore of Morgan Stanley was unavailable\nfor comment.\n\u0003","date":" 2-APR-1987 10:41:44.88","places":["usa"]},"12590":{"title":"LONE STAR <LCE> FORMS JOINT VENTURE","body":"Lone Star Industries Inc said\nit formed a joint venture with Monier Ltd of Australia to make\nand sell concrete railroad ties in North America.\n    The equally owned venture, Lone Star Monier Concrete Tie\nCo, initially will operate a new Denver, Colo., plant that will\nmake 1.75 mln ties ordered by Burlington Northern Inc <BNI>.\n    In addition, the venture will market ties made at Lone\nStar's existing Massachusetts facilities.\n    Based in Chatswood, New South Wales, Monier is a\nmanufacturer of building and construction products and concrete\nties.\n Reuter\n\u0003","date":" 2-APR-1987 10:42:22.45","places":["usa"]},"12591":{"title":"SEC WOULD BACK ONE-DAY DISCLOSURE RULE ON FIVE PCT STOCKHOLDINGS\n","date":" 2-APR-1987 10:43:08.76"},"12592":{"title":"J.P. MORGAN <JPM> INCREASES PRIME RATE","body":"J.P. Morgan and Co Inc said it is\nraising its prime lending rate to 7-3/4 pct from 7-1/2 pct,\neffective today.\n    Most major U.S. banks are now posting a 7-3/4 pct rate.\nCitibank was the first to announce an increase on Tuesday.\n Reuter\n\u0003","date":" 2-APR-1987 10:43:43.23","topics":["interest"],"places":["usa"]},"12593":{"title":"LAWSON SAYS HIS STERLING-TARGET COMMENTS WERE MISUNDERSTOOD AND INSIGNIFICANT\n","date":" 2-APR-1987 10:43:57.63","topics":["money-fx","stg"]},"12594":{"title":"NO EXTENSION ON U.S. DAIRY HERD BUYOUT - LYNG","body":"U.S. Agriculture Secretary Richard\nLyng said he would not agree to an extension of the 18-month\nwhole dairy herd buyout program set to expire later this year.\n    Speaking at the Agriculture Department to representatives\nof the U.S. National Cattlemen's Association, Lyng said some\ndairymen asked the program be extended.\n    But he said the Reagan administration, which opposed the\nwhole herd buyout program in the 1985 farm bill, would not\nagree to an extension.\n    The program begun in early 1986, is to be completed this\nsummer. U.S. cattlemen bitterly opposed the scheme, complaining\nthat increased dairy cow slaughter drove cattle prices down\nlast year.\n Reuter\n\u0003","date":" 2-APR-1987 10:49:54.58","topics":["livestock"],"places":["usa"]},"12595":{"title":"BRAZIL TO EXPORT POULTRY, MEAT TO IRAQ FOR OIL","body":"Brazil will export 6,000 tonnes\nof poultry and 10,000 tonnes of frozen meat to Iraq in exchange\nfor oil, Petrobras Commercial Director Carlos Sant'Anna said.\n    Brazil has a barter deal with Iraq and currently imports\n215,000 barrels per day of oil, of which 170,000 bpd are paid\nfor with exports of Brazilian goods to that country.\n Reuter\n\u0003","date":" 2-APR-1987 10:51:21.09","topics":["crude","livestock","carcass"],"places":["brazil","iraq"]},"12596":{"title":"MICHAELS STORES INC <MKE> YEAR FEB ONE","body":"Shr 35 cts vs 19 cts\n    Net 3,336,000 vs 1,484,000\n    Sales 115.9 mln vs 76.2 mln\n    Avg shrs 9,461,000 vs 7,897,000\n    NOTE: Prior year ended December 29, 1985.\n Reuter\n\u0003","date":" 2-APR-1987 10:51:27.86","topics":["earn"],"places":["usa"]},"12597":{"title":"WORLD BANK TO REDEEM EARLY TWO SWISS FRANC BONDS","body":"The World Bank will prepay on July 9,\n1987 and July 17, 1987 the total amount outstanding of two\nSwiss franc public issues, in the first of what could be a\nseries of similar moves in other capital markets, a spokesman\nfor the Bank said in a telephone call from Washington.\n    The prepayments cover 96 mln Swiss francs of 6-1/2 pct\nSwiss franc bonds of 1976 and due 1991, lead managed by Swiss\nBank Corporation and 100 mln Swiss francs of 7-3/8 pct bonds of\n1981 and due 1991, lead managed by Credit Suisse.\n    Eugene Rotberg, World Bank vice president-treasurer, said\nin a prepared statement that the prepayments are being made\nbecause of the substantial decline in interest rates over the\npast two years, the spokesman said.\n    The World Bank intends to exercise early redemption on\nselected public issues of its securities in Switzerland and\nother capital markets if the exercise is financially beneficial\nand consistent with the Bank's overall funding strategy.\n    Last month, Rotberg said that the World Bank planned to\nbring forward to the first half of 1987 its borrowing plans for\nthe year because of its expectations that world interest rates\nwill rise by the year end.\n REUTER\n\u0003","date":" 2-APR-1987 10:51:54.56","organisations":["worldbank"],"places":["uk"]},"12598":{"title":"U.S. URGED TO STRENGTHEN DEBT STRATEGY","body":"Several industrial nations are\npressing the United States to consider whether its debt\nstrategy, under increasing fire in the developing world, needs\nto be strengthened, monetary sources say.\n    While few nations are ready to pour vast sums of money into\nradical \"debt relief\" style solutions to the debt crisis,\npressure is building for a greater International Monetary Fund\nrole in the plan.\n    But U.S. officials, who are fighting off demands for change\nby Congress, are confident they will retain support for their\nstrategy which will probably be endorsed in a communique\nissued by the IMF's policy-making Interim Committee.\n    One Reagan administration official said a recent discussion\namong leading industrial countries showed there was \"very broad\nand strong support for continuing the strategy\".\n    The official said in an interview, \"I don't sense that\nthere's a strong desire to revise the debt strategy, except of\ncourse here on (Capitol) Hill.\"\n    But monetary sources said some industrial nations, like\nFrance and Italy, are troubled by signs the strategy is\nincreasingly strained. Britain too is said to be concerned.\n    In late 1985, Washington called on multilateral development\nbanks, like the World Bank, and commercial banks to increase\nloans to the 15 major debtors by 29 billion dlrs over three\nyears.\n    In return, the major debtors were expected to undertake\nreforms promoting inflation-free economic growth, more open\nmarkets and a reduced government role in the economy.\n    The IMF was to retain a \"central role\" in the strategy,\nshifting its economic reform programs from emphasizing\nausterity to stressing growth, freer trade policies and foreign\ninvestment in debtor nations.\n    But monetary sources said some nations want even more\nflexibility from the IMF when it sets economic programs tied to\nloans for debtor nations.\n    Such flexibility would include less rigid economic targets\n-- which often lead to artificial crises when they are not met\n-- and more reliance on ranges and benchmarks to monitor\neconomic performance.\n    There is also concern that the level of IMF lending is too\nlow and the commercial banks, themselves under attack for\ntawdry loan levels to debtors, want to see it increased.\n    The IMF, which holds its semi-annual meetings with the\nWorld Bank next week, will only be a small net lender this\nyear. Much of its loan disbursements are offset by repayments.\n    Meanwhile, most countries, including the United States,\nacknowledge the banks have not lived up to their commitments.\n    Paul Volcker, chairman of the Federal Reserve Board, is \nparticularly irritated with the reluctance of commercial banks\nto lend more to reforming debtors, monetary sources say.\n    New IMF managing director Michel Camdessus is understood to\nbe worried about the Fund's image in the developing world,\nwhere it is often depicted as the source of economic ills.\n    Camdessus' experience as former chairman of the so-called\n\"Paris Club\" of western creditor governments, has given him\nextensive first-hand experience of the debt crisis.\n    Brazil, which in February declared an interest paymernts\nmoratorium on 67 billion dlrs of commercial bank debt, has\nflatly ruled out adopting a program of IMF-sponsored economic\nreforms. Peru too has rejected an IMF program, curbing debt\nrepayments to 10 pct of exports.\n    But the administration official said Brazil's strategy of\nusing a moratorium as a negotiating tool might backfire. \"It's\nprobably turning out to be more complicated than they thought.\nIt underlines the extreme risk that a debtor country takes on\nitself when it begins down that road,\" the official said.\n    Indeed, U.S. banks are laying the groundwork for writing\ndown their Brazilian loans.\n    U.S. officials have generally praised most debtors for\nadopting genuine economic reforms and the multilateral\ninstitutions for stepping up their lending.\n    And they point out that Venezuela, Chile and the\nPhilippines have struck agreement with commercial banks\nstretching out debt repayments.\n    But problems still dog assembly of a 7.7 billion dlrs bank\nloan for Mexico, which many officials acknowledge may be the\nlast major cash loan for a debtor country.\n    Instead, banks are being pressed to come up with more novel\nways of easing the liquidity squeeze in debtor nations.\n    The prospect of greater official involvement in the debt\nstrategy depends chiefly on the ability of western nations to\ncome up with more finance.\n    While there is sympathy in Congress for various forms of\ndebt relief, more U.S. funds for the World Bank or the IMF are\na virtual impossibility in today's era of budget restraint.\n    That leaves rich surplus nations like Japan and West\nGermany, but neither country favors generalized debt relief.\n    And the Reagan administration is not inclined to bow to\nCongressional pressure for changes in regulations governing\nforeign loans, to make it easier for banks to account for\ndelays in interest and principal repayments.\n Reuter\n\u0003","date":" 2-APR-1987 10:53:39.49","organisations":["imf"],"places":["usa"]},"12599":{"title":"MORTON THIOKOL <TKI> UNIT TO MARKET RESINS","body":"Morton Thiokol Inc said its Morton\nChemical Division entered into an agreement with <Mitsubishi\nChemical Industries Ltd>, Japan, to market extrudable adhesive\nresins based on Mitsubishi's Novatec AP product line\ntechnology.\n    It said the resins are used in a broad range of\napplications, including barrier co-extrusion with nylon and\nEthylene-Vinylalcohol Copolymer for film, sheet and bottles.\n Reuter\n\u0003","date":" 2-APR-1987 10:53:51.69","topics":["pet-chem"],"places":["usa"]},"12600":{"title":"HAWLEY BUYS U.S. CRIME CONTROL FOR 51.3 MLN DLRS","body":"<Hawley Group Ltd> said it has agreed to\nbuy <Crime Control Inc> of Indiana for 51.3 mln dlrs cash.\n    Crime control is a security service group that sells,\ninstalls and services electronic security systems which would\nexpand the coverage of Hawley's <Electro-Protective Corp> unit.\n    Hawley said the acquisition moved it into 12 new market\nareas including the West and South-West and would create the\nfourth largest provider of security systems in the U.S.\n    Hawley is a Bermuda-based holding company whose main\nsubsidiary is the U.K. Security, home improvements and cleaning\noperation <Hawley Group Plc>.\n    Earlier this week, Hawley launched a 196 mln stg\nrecommended offer for <British Car Auction Group Plc> and last\nmonth it said it planned to issue 150 mln dlrs in 15 year\nconvertible redeemable preference shares.\n    It said in a statement that Crime Control reported\noperating profit of 4.0 mln dlrs in 1986 and had end-year net\ntangible assets of 4.5 mln dlrs.\n REUTER\n\u0003","date":" 2-APR-1987 10:54:42.28","topics":["acq"],"places":["uk","usa"]},"12601":{"title":"LAWSON SAYS STERLING TARGET COMMENTS INSIGNIFICANT","body":"Chancellor of the Exchequer Nigel Lawson\ncriticised media coverage of comments he made yesterday, when\nhe was reported as saying he wanted sterling to stay roughly\nwhere it was, specifying a rate of around 2.90 marks and 1.60\ndlrs to the pound.\n    Holding up a newspaper report on his comments headed\n\"Exchange Rate Targets Set\" Lawson told journalists \"This story is\na complete non-event.\"\n    He criticised the report, which said he was now targetting\nsterling against the dollar and mark. \"Nothing of the sort\noccurred,\" Lawson said.\n    Lawson said he had only told National Economic Development\nCouncil panel members what the pound's current dollar/mark\nrates were that day, after saying he was happy with current\nsterling levels. He said he had told the NEDC, a tripartite\nforum of government, unions and industry, that the pound would\nbe kept near its present level by a mixture of interest rates\nand intervention on foreign exchange markets.\n    He then repeated to the panel that he remained satisfed\nwith sterling at around its current levels following the Paris\naccord in February on currency stabilisation.\n REUTER\n\u0003","date":" 2-APR-1987 11:04:55.52","topics":["stg","money-fx"],"places":["uk"]},"12602":{"title":"EC PUBLISHES LIST OF U.S. BARRIERS TO FREE TRADE","body":"The European Community responded to\nwidespread U.S. criticism of its trade policies by publishing\nan extensive list of U.S. actions which pose obstacles to EC\nexports.\n    A spokeswoman for the EC Commission said the detailed\n25-page report of alleged malpractices was in response to a\nsimilar document issued by U.S. Administration officials in\nNovember, and updated a previous EC list.\n    EC External Trade Relations Commissioner Willy De Clercq\nsaid its object was to show such actions were not solely taken\nby trading partners of the U.S. And that \"the U.S. Were not\ninnocents in the matter.\"\n    The report covers the entire field of EC-U.S. Commercial\nrelations and lists more than 30 obstacles ranging from tariff\nmeasures, import quotas, customs duties, anti-dumping\nprocedures, fiscal barriers and export subsidies.\n    The Commission said not all the barriers mentioned were\nnecessarily inconsistent with U.S. International obligations,\nand emphasised many of them could be removed at upcoming\ninternational trade talks. \"The purpose of the report is to make\nclear that trade practices which impede exports are not a\nunique problem only faced by U.S. Exporters. Europeans face\nsimilar problems in the U.S.,\" it said.\n    Among the obstacles detailed in the report are import\nrestrictions on food products, such as cheese, sugar and syrup,\ncertain wines, beers and juices, as well as on firearms and\nmachine tools.\n    It also criticises programs to boost U.S. Cereals exports.\nThe document said the U.S.'s three-year export enhancement\nprogram (EEP), which began in 1985, had subsidised exports of\n9.7 mln tonnes of wheat, two mln tonnes of wheat flour and 2.8\nmln tonnes of barley up to mid-March this year. The subsidies\ngranted so far were worth about 620 mln dlrs, it added.\n    \"The Community has already reacted where necessary to U.S.\nEEP subsidies by increasing its exports refunds, and will\ncontinue to do so,\" it said, adding the current GATT round would\nalso provide an opportunity to address the subject.\n    The document also says import quotas maintained by the U.S.\nOn a range of farm products, including sugar, peanuts and\ncertain cottons, restrict EC exports.\n    In addition, the report deplores a recent U.S.-Japan accord\non semi-conductors, export controls on technology transfers,\nstandards tests in the telecommunications arena and the U.S.\nAdministration's \"buy American\" public procurement policy.\n Reuter\n\u0003","date":" 2-APR-1987 11:07:29.90","topics":["trade"],"organisations":["ec"],"places":["usa"]},"12603":{"title":"LYNG SETS TOUGH U.S. STANCE WITH JAPAN ON BEEF","body":"U.S. Agriculture Secretary Richard\nLyng warned Japan that the failure to remove a longstanding \nimport quota on Japanese beef might spark a protectionist\nresponse in the United States.\n    \"Given the protectionist mood in the Congress and the\ncountry, if I were a leader in Japan I would certainly be very\nconcerned...and the failure to remove it (the beef quota) might\nbe very serious,\" Lyng told a group of U.S cattlemen.\n    Lyng said he and Trade Representative Clayton Yeutter,\nduring a visit to Japan later this month, will demand \"total\nelimination\" of the beef import quota by April 1988.\n    The current dispute with Japan over semiconductor may\nstrengthen the U.S. stance in farm trade negotiations, Lyng\nsaid, because Japan does not want a trade war with the U.S.\n    Lyng dismissed recent statements in Tokyo that Japan might\nretaliate against U.S. products as a result of the\nsemiconductor dispute.\n    \"They (Japan) aren't going to pick a fight with us,\" Lyng\nsaid, adding that with its huge bilateral trade surplus Japan\nhas more to lose in a trade war than the United States.\n    Lyng told the U.S. cattlemen that the quota on Japanese\nbeef imports does not allow consumers there an adequate choice\nin food purchases.\n    He said in addition to beef, the U.S. will press for\neliminiation of import barriers on Japan's citrus and rice as\nwell.\n    Lyng noted that Japan is the largest buyer of U.S. farm\nproducts, principally grains and soybeans.\n Reuter\n\u0003","date":" 2-APR-1987 11:11:23.62","topics":["livestock","carcass","trade"],"places":["usa","japan"]},"12604":{"title":"YEUTTER DOUBTS JAPAN CAN AVOID U.S. SANCTIONS","body":"U.S. Trade Representative Clayton\nYeutter said he doubted Japan could avoid the April 17\nimposition of U.S. tariffs on its semiconductor products.\n    The three high-level Japanese government representatives\nwho would be coming here in the next few days to discuss the\nissue would probably be unable to show evidence of continued\ncompliance with the semiconductor trade agreement, Yeutter told\nreporters.\n    \"It would be impossible to provide evidence of compliance\nwith the agreement\" based on sales of only a few days time, he\nsaid.\n    Asked by reporters if the sanctions were 100 pct certain\nfor April 17, he said, \"One could never foreclose all options.\nWe have an obligation to listen to the arguments our trading\npartners make.\"\n    He said the length of the sanctions will be determined by\nJapan and Japanese semiconductor firms.\n    \"They would be lifted only when persuasive evidence provided\ndemonstrates compliance,\" he said.\n    \"Whether a few weeks or a few months depends on their\nactions,\" Yeutter added.\n Reuter\n\u0003","date":" 2-APR-1987 11:13:25.96","topics":["trade"],"places":["usa","japan"]},"12605":{"title":"U.K. TO SELL ROYAL ORDNANCE TO BRITISH AEROSPACE","body":"U.K. Defence Minister George Younger said\nhe had accepted an offer from British Aerospace Plc <BAEL.L> to\nbuy state-owned armaments manufacturer <Royal Ordnance> for 190\nmln stg.\n    The British Aerospace bid had been competing against a\nrival offer from engineering group GKN Plc <GKN.L>.\n    Younger told Parliament the sale was conditional on\nconsideration by the Office of Fair Trading.\n    He said its recommendation should be available next week\nand, subject to approval by the Secretary of State for Trade\nand Industry, should be completed before Easter.\n    The decision marks the end of a period of uncertainty about\nownership of the company, Younger said.\n    \"But, equally important, it opens up the full range of\nopportunities for development and growth of business which are\nonly really available under good private sector management,\" he\nsaid.\n Reuter\n\u0003","date":" 2-APR-1987 11:14:28.95","topics":["acq"],"places":["uk"]},"12606":{"title":"FREEPORT MCMORAN <FTX> DEBT AFFIRMED BY S/P","body":"Standard and Poor's Corp said it\naffirmed Freeport McMoRan Inc's 265 mln dlrs BB-minus\nsubordinated debt. The implied senior debt rating is BB-plus.\n    S and P cited a decline in debt leverage to a pro forma 50\npct from 66 pct at year-end 1986.  Equity and gas and oil\nproperty sales reduced debt incurred in acquiring Petro-Lewis\nCorp, American Royalty Trust and Agrico Chemical Co.\n    The doubling of oil and gas reserves from a year earlier \nand synergies between the firm's agricultural operations and\nAgrico strengthen its competitive position, but a rise in\nfinancial risk slows the improvement, S and P pointed out.\n Reuter\n\u0003","date":" 2-APR-1987 11:15:31.42","places":["usa"]},"12607":{"title":"LAWSON SAYS STERLING COMMENTS INSIGNIFICANT","body":"Chancellor of the Exchequer Nigel Lawson\ncriticised media coverage of comments he made yesterday, when\nhe was reported as saying he wanted sterling to stay roughly\nwhere it was, specifying a rate of around 2.90 marks and 1.60\ndlrs to the pound.\n    Holding up a newspaper report on his comments headed\n\"Exchange Rate Targets Set\" Lawson told journalists \"This story is\na complete non-event.\"\n    He criticised the report, which said he was now targetting\nsterling against the dollar and mark. \"Nothing of the sort\noccurred,\" Lawson said.\n    Lawson said he had only told National Economic Development\nCouncil panel members what the pound's current dollar/mark\nrates were that day, after saying he was happy with current\nsterling levels. He said he had told the NEDC, a tripartite\nforum of government, unions and industry, that the pound would\nbe kept near its present level by a mixture of interest rates\nand intervention on foreign exchange markets.\n    He then repeated to the panel that he remained satisfed\nwith sterling at around its current levels following the Paris\naccord in February on currency stabilisation.\n Reuter\n\u0003","date":" 2-APR-1987 11:15:40.08","topics":["stg","money-fx"],"places":["uk"]},"12608":{"title":"SUN <SUN> RAISES HEATING OIL BARGE PRICE","body":"Sun Co's Sun Refining and Marketing Co\nsubsidiary said it raised the price it charges contract barge\ncustomers for heating oil in ny harbor by 0.50 cent a gallon,\neffective today.\n    The 0.50 cent price hike brings Sun's heating oil price to\n50.75 cts a gallon, the company said.\n Reuter\n\u0003","date":" 2-APR-1987 11:15:57.17","topics":["heat"],"places":["usa"]},"12609":{"title":"WORLD ENERGY OFFICIAL OPPOSES U.S OIL IMPORT FEE","body":"Helga Steeg, executive director of\nthe International Energy Agency, said a U.S. oil import fee\nwould disrupt world markets and could prompt trade retaliation\nagainst the United States.\n    She told the U.S. chapter of the World Energy Conference \nshe believed \"an oil import fee would be difficult to operate,\nwould generate unacceptable economic costs and that it would\ngravely hamper and distort international trade in energy.\"\n    Steeg also said it would violate the General Agreement on\nTariffs and Trade (GATT) by imposing a discriminatory tariff,\npermitting retaliation by oil exporting countries.\n    Steeg praised President Reagan's opposition to a tax, which\nwould be aimed at helping the U.S. oil industry.\n Reuter\n\u0003","date":" 2-APR-1987 11:20:50.47","topics":["crude"],"organisations":["iea"],"places":["usa"]},"12610":{"title":"HONG KONG FIRM BOOSTS OGLEBAY <OGLE> STAKE","body":"Industrial Equity (Pacific) Ltd, a\nHong Kong investment firm, said it raised its stake in Oglebay\nNorton Co to 351,500 shares, or 10.6 pct of the total\noutstanding common stock, from 286,500 shares, or 8.6 pct.\n    In a filing with the Securities and Exchange Commission,\nIndustrial Equity, which is principally owned by Brierley\nInvestments Ltd, a publicly held New Zealand firm, said it\nbought 65,000 Ogelbay shares on March 27 at 27.00 dlrs each.\n    It also said the Federal Trade Commission had no objection\nto its notification that it may buy between 15 and 24.9 pct of\nOgelbay's common stock.\n Reuter\n\u0003","date":" 2-APR-1987 11:21:12.80","topics":["acq"],"places":["hong-kong","usa"]},"12611":{"title":"UTILICORP <UCU> DIVISION CUTS GAS RATES","body":"Utilicorp United said the Iowa\nUtilities Board has ordered its Peoples Natural Gas division to\nreduce its rates to customers by 313,937 dlrs.\n    Utilicorp said it will request a reconsideration of the\norder within 20 days and the Board will have 20 days to act\nupon the request.\n    The company said the reduction was the result of a rate\nrequest filed by Peoples in May 1986 for an 8.6 mln dlr\nincrease. The Board granted Peoples an interim increase of 4.2\nmln dlrs in August 1986, Utilicorp said.\n Reuter\n\u0003","date":" 2-APR-1987 11:24:03.21","topics":["nat-gas"],"places":["usa"]},"12612":{"title":"NAKASONE SAID WILLING TO REVISE SALES TAX PLAN","body":"Japanese press reports said Prime Minister\nYasuhiro Nakasone has said he may compromise on his\ncontroversial sales tax plan, bowing to widespread opposition\neven within his own party.\n    The reports said he told a meeting of supporters of his\nruling Liberal Democratic Party today the proposed five pct tax\nshould be amended if there was anything wrong with it.\n    Officials were not immediately available for comment.\n    Until now, Nakasone had vowed to press on with the tax as\npart of his plan to reform Japan's 36-year-old tax system.\n    But most Japanese newspapers and news agencies quoted him\nas saying today he would not foist the tax on the Japanese\npeople if they hated it.\n    Opposition parties and some industry groups say the tax\nbreaks Nakasone general election campaign promises last July\nand would discourage consumer spending, needed to meet\ngovernment pledges to try to stimulate economic growth.\n    Pressure for the tax to be amended or shelved is likely to\nincrease soon, before a first round of local elections due on\nApril 12, political analysts said. Resistance has spread from\nopposition parties and affected industries to the LDP.\n    Some 36 of Japan's 47 provincial governments have called\nfor the plan to be scrapped or handled carefully, government\nofficials said.\n    Some leading LDP candidates for the local polls have not\nasked Nakasone to make a campaign speech for them as they fear\nhis presence would weaken their position in the elections.\n REUTER\n\u0003","date":" 2-APR-1987 11:24:34.96","places":["japan"]},"12613":{"title":"HITECH ENGINEERING CO <THEX> YEAR NET","body":"Shr profit nil vs loss 10 cts\n    Net profit 19,000 vs loss 1,825,000\n    Revs 2,611,000 vs 610,000\n    Avg shrs 19.3 mln vs 18.0 mln\n    NOTE: 1986 net includes 4,000 dlr tax credit.\n Reuter\n\u0003","date":" 2-APR-1987 11:24:54.75","topics":["earn"],"places":["usa"]},"12614":{"title":"GENERAL DYNAMICS <GD> SETS DIVIDEND","body":"Qtly div 25 cts vs 25 cts prior\n    Pay May 15\n    Record April 20\n Reuter\n\u0003","date":" 2-APR-1987 11:25:14.38","places":["usa"]},"12615":{"title":"EC TO RELEASE MORE UK INTERVENTION FEED WHEAT","body":"The European Community Commission decided\ntoday to make available a further 70,000 tonnes of British\nintervention feed wheat for sale on to the British domestic\nmarket, trade sources said here.\n    This will be additional to the 31,000 tonnes remaining\nafter this week's sale of 126,031 tonnes of domestic feed wheat\nto the home market, British officials said in London.\n Reuter\n\u0003","date":" 2-APR-1987 11:27:26.83","topics":["grain","wheat"],"places":["france","uk"]},"12616":{"title":"FMI FINANCIAL CORP <FMIF> 4TH QTR NET","body":"Shr seven cts vs 47 cts\n    Net 652,000 vs 11.3 mln\n    Year\n    Shr 2.77 dlrs vs 73 cts\n    Net 77.6 mln vs 16.6 mln\n    NOTE: 1986 year net includes gain 51.0 mln dlrs from sale\nof American Cellular Telephone Corp shares.\n    1985 net both periods includes 15.2 mln dlr gain from sale\nof Washington office building.\n Reuter\n\u0003","date":" 2-APR-1987 11:35:42.72","topics":["earn"],"places":["usa"]},"12617":{"title":"U.S. REGULATORS DOWNGRADE BRAZIL TO SUBSTANDARD","body":"In a fresh sign of the strains caused\nby Brazil's suspension of interest payments on its medium-and\nlong-term debt, U.S. bank regulators have lowered their rating\nof the country's creditworthiness to \"substandard,\" bankers\nsaid.\n    Brazil was previously ranked as an \"other transfer risk\nproblem.\" Reserves would have to be set aside for loans to\nBrazil only if its credit rating were lowered by another notch\nto \"value impaired,\" but bankers said the regulators' decision\nshould be read as a sign of official concern about the\ndeterioration in Brazil's finances.\n    The downgrading was decided by the Interagency Country\nValuation Review Committee, which groups regulators from\nthe Federal Reserve Board, the Federal Deposit Insurance Corp\nand the Comptroller of the Currency.\n    The downgrading coincides with the move by several major\nU.S. banks to place their loans to Brazil on non-accrual status\nbecause of the February 20 suspension of interest on 68 billion\ndlrs of term debt.\n    By declaring the loans non-performing, the banks wipe out\ntens of millions of dollars of accrued, but uncollected,\ninterest payments from their first-quarter accounts.\n Reuter\n\u0003","date":" 2-APR-1987 11:38:47.13","places":["brazil","usa"]},"12618":{"title":"LYNG DEFENDS U.S. MEAT INSPECTION SYSTEM","body":"U.S. Agriculture Secretary Richard\nLyng, reacting to recent criticism of U.S. meat inspection,\ndefended the program saying the United States has the best\ninspection system in the world.\n    Speaking to representatives of the U.S. National\nCattlemen's Association, NCA, Lyng attacked what he called\nrecent \"terribly biased\" press reports critical of USDA poultry\ninspection. He cited a report on CBS \"60 Minutes\" which\ncriticized USDA salmonella detection in poultry.\n    \"I know we have the finest meat and poultry inspection\nsystem in the world,\" Lyng told the cattlemen.\n    Lyng said USDA makes every effort to minimize the levels of\nsalmonella in poultry, but added \"the total elimination of\nharmful bacteria is virtually impossible in this world.\"\n Reuter\n\u0003","date":" 2-APR-1987 11:40:49.21","topics":["livestock","carcass"],"places":["usa"]},"12619":{"title":"ENS BIO LOGICALS INC <BIOLF> YEAR NET","body":"Shr 22 cts vs not given\n    Net 1.6 mln vs 1.4 mln\n    Revs 35 mln vs 14 mln\n    NOTE: 1985 results restated from originally reported loss\nof 1.6 mln dlrs or 28 cts a share.\n    1986 figures reflect reverse takeover accounting to include\n12-month results of the Rose Group, but only three months for\nTele-Radio Systems Ltd and Ens Bio Logicals.\n Reuter\n\u0003","date":" 2-APR-1987 11:41:19.04","topics":["earn"],"places":["canada"]},"12620":{"title":"VERNITRON <VRN> TENTATIVELY SETS MERGER VOTE","body":"Vernitron Corp said it\nanticipates that a special shareholders meeting will be held in\nJune to vote on a proposed merger with SB Holding Corp.\n    Vernitron said the record date for the meeting has been\ntentatively set for May 15.\n    The company said it filed preliminary proxy materials with\nthe Securities and Exchange Commission for the special\nshareholders meeting.\n    Following its tender offer in November 1986, SB Holding\nowns 54.7 pct of Vernitron.\n Reuter\n\u0003","date":" 2-APR-1987 11:41:51.25","topics":["acq"],"places":["usa"]},"12621":{"title":"BETHLEHEM STEEL <BS> RAISES H-PILE PRICES","body":"Bethlehem Steel Corp said\neffective with shipments of May 3 transaction prices for all\nH-piles will be increased by 30 dlrs per short ton.\n    The company said a new base price, coupled with revised\nsize extras, will result in a published price of 446 dlrs per\nton HP14 and 420 dlrs for all other H-pile sizes.\n Reuter\n\u0003","date":" 2-APR-1987 11:42:34.53","topics":["iron-steel"],"places":["usa"]},"12622":{"title":"TO-FITNESS <TFIT> CHANGES OFFERING TERMS","body":"To-Fitness Inc said it\nhas changed the terms of a proposed five mln unit offering\nexpected to be made at 1,000 dlrs per unit through underwriter\nEastlake Securities Inc.\n    The company said now each unit will consist of 100\nredeemable cumulative preferred shares and a number of common\nshares to be determined at the time of the offering.\nPreviously, the units were to consist entirely of preferred.\n Reuter\n\u0003","date":" 2-APR-1987 11:45:31.59","places":["usa"]},"12623":{"title":"YEUTTER SEES POSSIBLE EUROPEAN, JAPAN RECESSION","body":"U.S. Trade Representative Clayton\nYeutter said a possible recession in western Europe or Japan\nwas possible as a result of the U.S. dollar's decline and the\nresulting drop in the U.S. trade deficit.\n    Yeutter told the Senate Finance Committee, \"They certainly\nhave the macroeconomic policy tools to adjust\" to the U.S.\nreduction in imports.\n    Asked if the U.S. trade deficit was preventing them from\ngoing into a recession, Yeutter replied that result was\n\"certainly possible\" and was the reason why they should adjust\ntheir monetary, fiscal and tax policies.\n    Asked by Sen. Bill Bradley (D-N.J.) whether the U.S. trade\ndeficit would improve more if the value of the dollar dropped\nfurther, Yeutter replied, \"That should be a mathematical truism.\"\nBut he added that markets are more complicated than that.\n    He said he expected the current decline in the dollar to\nshow up soon in the decline in the value of imports.\n    He expected the U.S. would soon start importing less from\nJapan and Europe and would start exporting more to Europe where\nthere's less rigidity on imports.\n Reuter\n\u0003","date":" 2-APR-1987 11:45:41.56","topics":["trade"],"places":["usa","japan"]},"12624":{"title":"MEDICORE INC <MDK> YEAR NET","body":"Oper shr 15 cts vs 32 cts\n    Oper net 656,927 vs 1,388,765\n    Revs 15.4 mln vs 11.3 mln\n    NOTE: 1985 net includes pretax gain 1,880,056 dlrs on sale\nof stock in subsidiary.\n    Net excludes discontinued operations loss 641,001 dlrs vs\nprofit 281,818 dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 11:46:56.68","topics":["earn"],"places":["usa"]},"12625":{"title":"GENERAL AUTOMATION <GENA> COMPLETES PURCHASE","body":"General Automation Inc said it\ncompleted its previously announced acquisition of Parallel\nComputers Inc, of Santa Clara, Calif.\n    The company said the purchase price consisted of 615,000\nGeneral Automation restricted shares together with 5-year\nwarrants to buy an aggregate 445,000 additional shares at 5.25\ndlrs each.\n Reuter\n\u0003","date":" 2-APR-1987 11:48:37.88","topics":["acq"],"places":["usa"]},"12626":{"title":"COMDISCO <CDO> SEES RECORD 2ND QTR EARNINGS","body":"Comdisco Inc expects record\nearnings for the second quarter ended March 31 in the range of\n65 to 75 cts a share, Chairman Kenneth Pontikes said in remarks\nprepared for delivery to a group of Los Angeles financial\nexecutives.\n    In the year-earlier second quarter, Comdisco reported\nearnings of 40 cts a share.\n    Pontikes reiterated that earnings for the full fiscal year\nshould be \"at record levels of 2.10 dlrs to 2.25 dlrs a share\ncompared with 1.91 dlrs a share a year ago.\"\n    Comdisco said the anticipated higher earnings are the\nresult of strong performance by its risk arbitrage subsidiary\nand increased profitability from the marketing of its lease\nportfolio and its disaster recovery services.\n    It said the loss incurred from risk arbitrage activities in\nthe first fiscal quarter of 1987 has been completely recovered.\n Reuter\n\u0003","date":" 2-APR-1987 11:53:26.08","places":["usa"]},"12627":{"title":"ROYAL BANK CANADA LOWERS CREDIT CARD RATE","body":"<Royal Bank of Canada> said it would\nlower its Visa credit card interest rate to 15.9 pct from 18.6\npct, effective with the May billing statement.\n    The bank said it would retain the credit card user fee of\n12 dlrs yearly or 15 cts a transaction.\n    Its move came one day after <Canadian Imperial Bank of\nCommerce> lowered its credit card interest rate to the same\nlevel. The Canadian government last month threatened to\nlegislate lower credit card rates if financial institutions did\nnot voluntarily do so. <Toronto Dominion Bank> lowered its rate\nto 15.9 pct before the government warning.\n Reuter\n\u0003","date":" 2-APR-1987 11:54:02.32","topics":["interest"],"places":["canada"]},"12628":{"title":"DANISH RESERVES RISE IN MARCH","body":"Denmark's net official reserves rose\nto 49.49 billion crowns in March from 36.34 billion in\nFebruary, against 43.13 billion in March 1986, the central bank\nsaid in its monthly balance sheet report.\n    Total net reserves, including reserves held by commercial\nand major savings banks and corrected for exchange rate\nadjustments, rose to 45.263 billion crowns from 37.26 billion\nin February, compared with 35.31 billion in March 1986.\n    \"The increase must be seen against the background of a\nconsiderable inflow of foreign exchange after the outflow up to\nthe EMS realignment in January,\" the bank said in a statement.\n REUTER\n\u0003","date":" 2-APR-1987 11:59:15.70","topics":["reserves"],"places":["denmark"]},"12629":{"title":"COMPUTER FIRM SELLS 5.4 PCT XYVISION <XYV> STAKE","body":"A group led by Leading Edge Hardware\nProducts Inc, a Massachusetts computer firm, told the\nSecurities and Exchange Commission it sold its entire 5.4 pct\nstake in Xyvision Inc.\n    The group, which includes Leading Edge and companies\naffiliated with it, said it sold the 324,200 Xyvision common\nshares between February 27 and April 1 for a total of 5.0 mln\ndlrs.\n Reuter\n\u0003","date":" 2-APR-1987 12:00:03.14","topics":["acq"],"places":["usa"]},"12630":{"title":"CREDIT LYONNAIS <CRLP.PA> 1986 PROFIT UP SHARPLY","body":"Parent company net profit 965 mln francs vs 442 mln.\n    Dividend 22.50 francs vs 6.32.\n    Net banking income 22.23 billion francs vs 20.33 billion.\n    Net operating provisions 5.50 billion francs vs 5.19\nbillion, with most of increase going to cover loans to\nheavily-indebted countries.\n Reuter\n\u0003","date":" 2-APR-1987 12:00:40.20","topics":["earn"],"places":["france"]},"12631":{"title":"UNITED STATIONERS INC <USTR> 2ND QTR FEB 28 NET","body":"Shr 29 cts vs 28 cts\n    Net 4,411,000 vs 4,210,000\n    Revs 185.5 mln vs 159.4 mln\n    Six mths\n    Shr 58 cts vs 60 cts\n    Net 8,821,000 vs 8,603,000\n    Revs 362.6 mln vs 331.4 mln\n Reuter\n\u0003","date":" 2-APR-1987 12:00:58.24","topics":["earn"],"places":["usa"]},"12632":{"title":"MICHIGAN NATIONAL <MNCO> RAISES PRIME","body":"Michigan National Corp\nsaid it raised the prime rate for its subsidiary Michigan\nNational Bank to 7-3/4 pct from 7-1/2 pct, effective yesterday.\n    The move follows similar increases earlier in the week by\nother banks.\n Reuter\n\u0003","date":" 2-APR-1987 12:07:39.74","topics":["interest"],"places":["usa"]},"12633":{"title":"NORANDA <NOR> COPPER MINE BLAZE KILLS ONE","body":"One miner has died and 44\nminers remain trapped a half mile underground in a fire at a\nNoranda Inc copper mine, officials said.\n    Noranda said 26 miners had made it to a lunch room, where\nthey had air and water, but 18 others were unaccounted for.\n    Two rescue teams were searching for the missing men.\n    Noranda spokesman Lionel Gleeton said miner Ange-Marie\nKenney, in his 30s, died when he was caught in thick smoke\nabout 1,000 feet from the lunch room. His body was found by\nrescuers.\n Reuter\n\u0003","date":" 2-APR-1987 12:09:59.46","topics":["copper"],"places":["canada"]},"12634":{"title":"WORLD BANK REFINANCED 500 BILLION YEN OF LOANS","body":"The World Bank over the last month repaid\nand refinanced 500 billion yen in loans at more favourable\ninterest rates in what was the first step in a plan to\nrefinance its existing debt, Eugene Rotberg, World Bank\nvice-president/treasurer said.\n    He told Reuters in a telephone interview from Washington\nthat the moves are consistent with, but not driven by, the\nBank's view that interest rates have essentially bottomed out\nand will move higher by year-end.\n    Rotberg was responding to a question following news the\nBank would exercise its option to prepay early some 196 mln\nSwiss francs of existing bonds in the Swiss franc market.\n    The bond redemptions are the first in the public market and\nmay be followed by similar moves in other capital markets if\nthe Bank considers the exercise financially beneficial and\nconsistent with its overall funding strategy.\n    Rotberg noted that the World Bank is very liquid right now,\nwith some 18 billion dlrs in cash available. The Bank will be\nlooking at various instruments and the levels they are trading\nat in determining what issues will be repaid, he said.\n    However, Rotberg said that unlike the yen loans, there was\nno immediate plan to refinance the Swiss franc bonds, although\nthe Bank could possibly issue new debt in that market over the\nnext few months.\n    He said that the yen loans, which were the equivalent of\nsome three billion dlrs principal amount, had been from the\nJapanese long-term credit banks, trust banks and insurance\ncompanies and had interest rates of between seven and nine pct.\n    All the borrowings were refinanced as traditional\nsyndicated loans with the same parities at the Japanese\nlong-term prime rate, currently 5.8 pct.\n    The World Bank borrows in excess of 10 billion dlrs a year,\nwith almost all its borrowings in medium and long-term fixed\nrate markets.\n    Rotberg declined to say whether the 1/4 point rise in U.S.\nPrime rates yesterday to 7-3/4 pct signalled a reversal in the\ntrend in interest rates. \"Over the short term, rates could go up\nor they could go down,\" he said, adding that the bank takes a\nlonger view on interest rates when deciding its financing\nstrategy. However, given the current level of interest rates,\nit would not be wise to take short-term money on to the\nliability side of the Bank's balance sheet, he said.\n REUTER\n\u0003","date":" 2-APR-1987 12:10:42.65","organisations":["worldbank"],"places":["uk"]},"12635":{"title":"BRITISH TELECOM <BTY> GIVES CTG TO MITEL <MLT>","body":"British Telecommunications PLC has\ntransferred the information systems division of its wholly\nowned Canadian subsidiary, CTG Inc, to 51-pct-owned Mitel Corp,\nMitel said.\n    It said the transfer was designed to strengthen Mitel's\nposition in the Canadian market.\n    British Telecom acquired 51 pct of Mitel in March, 1986,\nwhile CTG became a wholly owned British Telecom subsidiary in\nMay, 1985.\n    Mitel said the transfer of holdings represents a\nrestructuring of British Telecom's private branch exchange\n(PBX) interests in Canada.\n    It said the CTG unit will become the center of a newly\nformed Mitel direct sales division, which will sell SX-2000\nproducts to major Canadian business customers.\n Reuter\n\u0003","date":" 2-APR-1987 12:12:24.64","places":["canada","uk"]},"12636":{"title":"POLYSAR, ALBERTA COMPLETES PURCHASE","body":"Polysar Ltd said Alberta Natural\nGas Co Ltd completed its purchase of Canstates Energy's shares\nheld by Rankin Holdings Ltd for undisclosed terms.\n    Polysar said its previous partnerships with Rankin in\nCanstates Energy, a natural gas liquid company, will continue\nwith Alberta. Polysar, an international petrochemical company,\nsaid the new partnership will be beneficial to putting together\na natural gas liquid system to serve the petrochemical\nfeedstock requirements of its business.\n Reuter\n\u0003","date":" 2-APR-1987 12:14:08.24","topics":["acq"],"places":["canada"]},"12637":{"title":"WARNER COMMUNICATIONS <WCI> UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nupgraded 924 mln dlrs of debt of Warner Communications Inc.\n    Raised to Baa-1 from Ba-1 were the company's subordinated\ndebt and Series A convertible exchangeable preferred stock.\nMoody's also affirmed Warner's Prime-2 commercial paper.\n    The agency cited substantial improvements in Warner's\noperating performance, a stronger balance sheet and favorable\nlong-term prospects for its core business.\n    Warner's increased earnings and selective asset sales\nsignificantly reduced leverage and strengthened its equity\nbase, Moody's said. Fixed-charge coverages have also improved.\n Reuter\n\u0003","date":" 2-APR-1987 12:17:38.30","places":["usa"]},"12638":{"title":"EC FREES MORE U.K. INTERVENTION WHEAT FOR SALE","body":"The EC Cereals Management Committee\nagreed in Brussels today that 300,000 tonnes of U.K.\nIntervention wheat would be made available for sale on the U.K.\nHome market over the next three months, the Ministry of\nAgriculture said.\n    The committee agreed that 70,000 tonnes of wheat would be\nmade available on April 14 followed by a further 30,000 tonnes\nlater in the month.\n    It also gave an assurance that a further 100,000 tonnes\nwould be allocated for both May and June, which would complete\nthe 300,000 tonnes originally requested by the U.K..\n    The ministry said sales out of intervention for July and\nAugust would be discussed later.\n    Earlier, Paris trade sources said the EC Commission made\navailable a further 70,000 tonnes of British intervention feed\nwheat for sale to the domestic market.\n Reuter\n\u0003","date":" 2-APR-1987 12:18:45.58","topics":["grain","wheat"],"organisations":["ec"],"places":["uk"]},"12639":{"title":"SUNSHINE MINING CHIEF SEES SILVER AT 9.00 DLRS","body":"Heightened concern over renewed\ninflation is feeding the rally in silver and the upward move\ncould drive the inflation hedge metal this year to as much as\n9.00 dlrs per troy ounce, Mike Boswell chairman of Sunshine\nMining Co told Reuters in an interview.\n    \"The anticipated higher inflation is being manifested in\nsilver rather than in gold which is the traditional choice of\ninflation hedgers,\" said Boswell.\n    The strength could put silver in a range of \"8.00 to 9.00\ndlrs even without any material swings in supply/demand,\"\nBoswell said.\n    The buying interest for silver on the New York Commodity\nExchange (Comex) continued strong, with prices rising today to\na September 1986 high of 6.465 dlrs per ounce. However gold\nlagged at 426.30 dlrs, the strongest price since late January\nthis year.\n    Boswell said silver has been \"under-valued for so long\nrelative to gold but it's closing up the price gap.\"\n    He noted that silver last year held at the depressed level\nof 5.00 dlrs while gold was soaring to more than 400.00 dlrs on\nconcern over the heated political unrest in South Africa. \"The\nstrength was not filtering down to silver last year. Now\nwe're seeing a delayed reaction,\" the Sunshine Mining official\nsaid.\n    Almost a year ago, U.S. producers shut down two of their\nlargest silver properties, Sunshine and Hecla mining companies,\nboth located in Idaho.\n    Boswell estimated that the closings slashed U.S. silver\nproduction by 10 mln ounces last year to less than 40 mln\nounces.\n    \"Low silver prices and high labor costs made it\nuneconomical to keep the mines opened,\" he said.\n    Increased imports from Mexico and Peru have made up for the\nloss of production in the United States which consumes 160 to\n170 mln ounces annually, Boswell said.\n Reuter\n\u0003","date":" 2-APR-1987 12:19:12.89","topics":["silver"],"places":["usa"]},"12640":{"title":"BELGIUM TO SIMPLIFY BOURSE TAX SYSTEM","body":"Belgian Finance Minister Mark Eyskens\nsaid he will announce measures in the next few days making it\neasier for non-residents to recoup the 25 pct withholding tax\nlevied on investment income in Belgium.\n    In an interview with Reuters, Eyskens also said he hoped\nthe cabinet would tomorrow approve the abolition of bourse\ntransaction taxes for non-residents, making Brussels one of the\nfew stock exchanges in the world where foreign investors were\nnot subjected to such a tax.\n    He said both measures were aimed at attracting capital\nimports, reducing Belgium's heavy net capital outflows.\n    Under the present system, non-residents pay withholding tax\non their income from Belgian investments and can then reclaim\nit from Belgian authorities.\n    But financial analysts said the procedure for recouping the\ntax is so bureaucratic and slow that it effectively acts as a\nbarrier to foreign investment in Belgium, especially in the\nsecondary bond market.\n    Eyskens said he was ready to \"simplify and eventually\nsuppress\" the procedure for non-residents and would announce\ndetails in the next few days.\n    Financial analysts said the move would be far more\nsignificant than the imminent abolition for non-residents of\nthe minimal bourse transaction taxes. These are set at three\nrates - 0.07 pct, 0.14 pct and 0.35 pct - according to the type\nof paper transacted.\n    Eyskens said he hoped later to be able to abolish the\ntransaction taxes for residents as well, but this would depend\non progress in cutting the government's high budget deficit.\n    He called the current 25 pct level of witholding tax \"much\ntoo high\" and said he hoped to reduce it in the longer term,\nperhaps as part of an overall reform of Belgian tax.\n    But he added this would have to be done progressively\nbecause of its budgetary impact. The tax raises 170 billion\nfrancs a year in revenues, he said.\n    Eyskens envisaged a cut to a basic 15 pct, after which a\nrate could be set for each new security issued.\n    He said that as well as aggravating net capital outflows,\nthe high rate of withholding tax also meant the treasury was\nforced to borrow at higher interest rates.\n    But he said it was politically impossible to reduce taxes\non investment income before those on earned income had been cut\nas part of the tax reform, planned for late 1980s.\n REUTER\n\u0003","date":" 2-APR-1987 12:20:32.01","places":["belgium"]},"12641":{"title":"NORANDA'S MURDOCHVILLE MINE SHUT DOWN BY FIRE","body":"<Noranda Inc> said production at its\nMurdochville, Quebec, copper mine was shut down by the fire\nthat trapped 44 miners and killed at least one.\n    Noranda spokesman Denis Morin said it was impossible to\njudge right now how long the shutdown might last, but said he\nthought it could be at least one week.\n    The mine produced 1,792,000 metric tons of ore in 1986,\nMorin said. It has a mineral inventory of 35,065,000 tons.\n    In the mine's three zones last year, copper grade was 1.10\npct at Needle Mountain, 0.30 pct at Copper Mountain Oxide and\n1.32 pct at Murdochville, Morin said.\n    Another Noranda spokesman said the smelter at Murdochville,\nwhich has not been shut down, has the capacity to treat 218,000\ntons of mineral concentrate per year.\n    The smelter treats ore from other mines as well as product\nfrom the Murdochville facility, he said.\n Reuter\n\u0003","date":" 2-APR-1987 12:20:58.08","topics":["copper"],"places":["canada"]},"12642":{"title":"G-7 TO REVIEW PARIS ACCORD IN WASHINGTON - LAWSON","body":"The Group of Seven industrialised\ncountries will make use of next week's International Monetary\nFund meetings in Washington to evaluate the Paris accord on\ncurrency stabilisation, U.K. Chancellor of the Exchequer Nigel\nLawson told reporters.\n    \"On Tuesday I shall be going to Washington for meetings of\nthe (IMF) Interim Committee and Development Committee, and we\nshall of course be having a meeting of the G-7,\" Lawson said.\n    \"And on the G-7, although there is no formal agenda, I would\nimagine that the first thing we do would be to review how the\nParis accord has gone since it was agreed in February.\"\n    Lawson said G-7 finance ministers will be reviewing\nmedium-term economic objectives and projections involving\ndomestic and external variables. Also examined will be\nperformance indicators for each country.\n    The Paris accord set objectives for such sectors as growth,\ninflation, current account and trade balances, budget\nperformances, monetary conditions and exchange rates.\n    Lawson said \"At both the G-7 and the Interim Committee we\nwill undoubtedly be discussing the debt problem. Clearly the\ndebt problem is still with us, and still with us in quite a big\nway.\"\n    \"In many ways the problems of the big debtor countries, and\nindeed the poorest countries, are every bit as acute as they\nwere when they began. It will be with us for a very long time.\"\n    Lawson said he knew of no new debt initiative which might\nbe presented and discussed next week in Washington. \"We've got\nto go on a case-by-case basis,\" Lawson said.  Possibilities for\na coordinated approach to the problem would be something he\nwould raise within the IMF, Lawson said.\n    He noted the rise this week in U.S. Short-term interest\nrates, and said that a significant rise in borrowing costs\nwould make the debt problem more acute.\n    Special attention would go to Brazil next week, but Lawson\nadded, \"I do not expect anything to come to a head on that.\"\n    Lawson said he told Brazilian Finance Minister Dilson\nFunaro here in February that Britain would not intervene and\npress British commercial banks into giving Brazil easier\nborrowing conditions. \"I told him it was a matter for the banks,\nnot governments,\" Lawson said.\n    The IMF Interim Committee is to meet formally in Washington\nnext Thursday, while the Development Committee was set to\nconvene on Friday, Treasury officials said.\n REUTER\n\u0003","date":" 2-APR-1987 12:25:37.78","organisations":["imf"],"places":["uk","usa"]},"12643":{"title":"STANDARD MOTOR PRODUCTS INC <SMP> SETS PAYOUT","body":"Qtly div eight cts vs eight cts prior\n    Pay June 1\n    Record May 15\n Reuter\n\u0003","date":" 2-APR-1987 12:27:09.63","places":["usa"]},"12644":{"title":"NATIONAL VIDEO <NVIS>, UNIVISA IN AGREEMENT","body":"National Video Inc said it entered an\nagreement with Univisa Inc for the development of 600 National\nVideo franchised stores in Hispanic communities by 1992.\n    Univisa, a Spanish-language group with interests in\ntelevision, cable, program distribution, news services and\nrecords, will translate the National Video System into Spanish\nand market the franchises.\n    National Video currently operates 700 stores. Franchises\nsell for 14,900 dlrs to 29,900 dlrs and require an initial\ninvestment of 100,000-389,000 dlrs, it said.\n     Under terms of the agreement, Univisa is to sell not less\nthan 600 National Video franchises to open by December 31,\n1992. Subject to board approval, National Video will grant\noptions to Univisa to buy up to 200,000 shares at six dlrs per\nshare by April 1, 1990 and an additional 160,000 shares at nine\ndlrs per share by April 1992.\n    In related agreements, National Video agreed to distribute\nUnivisa Spanish video tapes and promotional materials\ndistributed by of such video cassettes and will buy advertising\non Univisa's national television network and on local Spanish\nlanguage television stations.\n Reuter\n\u0003","date":" 2-APR-1987 12:28:05.43","topics":["acq"],"places":["usa"]},"12645":{"title":"MONOLITHIC MEMORIES INC <MMIC> 2ND QTR NET","body":"Period ended March 15.\n    Shr 28 cts vs five cts\n    Net 6,203,000 vs 1,030,000\n    Sales 52.6 mln vs 42.7 mln\n    Six Mths\n    Shr 34 cts vs seven cts\n    Net 7,543,000 vs 1,376,000\n    Sales 100.1 mln vs 82.0 mln\n Reuter\n\u0003","date":" 2-APR-1987 12:32:08.20","topics":["earn"],"places":["usa"]},"12646":{"title":"VERNITRON <VRN> SETS SHAREHOLDER VOTE ON MERGER","body":"Vernitron Corp said it\nexpects to hold a special meeting in June for a vote on its\nproposed merger into SB Holding Corp, which acquired 54.7 pct\nof Vernitron in a tender offer last November.\n Reuter\n\u0003","date":" 2-APR-1987 12:33:11.57","topics":["acq"],"places":["usa"]},"12647":{"title":"DUFF/PHELPS PUTS STANDARD OIL<SRD> ON WATCH LIST","body":"Duff and Phelps put the outstanding\nfixed income securities of of Standard Oil Co on its watch list\nfollowing the tentative offer by British Petroleum of North\nAmerica <BP> to buy the company.\n    Standard Oil's nearly three billion dlrs of long-term debt\nis currently rated DP-5 (high A) by the ratings agency.\n    British Petroleum currently owns about 55 pct of Standard\nOil's outstanding common stock and to acquire the remainder at\nthe tender offer price of 70 dlrs per share would cost 7.4\nbillion dlrs.\n    British Petroleum intends to fund two-thirds of that\npurchase with borrowed funds and the rest with cash.\n    The additional debt will raise the fixed obligation ratio\nof British Petroleum from under 30 pct to perhaps 45 pct and\nincrease its debt service requirements, Duff and Phelps said.\n    However, putting Standard Oil's debt on its watch list,\nwhich Duff and Phelps said had \"potentially negative\nimplications,\" may eventually result in an upgrade depending on\nhow British Petroleum restructures the company, Howard Mount of\nthe ratings agency said.\n    Mount said that acquiring Standard Oil's substantial cash\nflows and eliminating the annual dividend, which totaled 305\nmln dlrs to common shareholders in 1986, would help satisfy\nBritish Petroleum's higher debt service.\n Reuter\n\u0003","date":" 2-APR-1987 12:35:14.38","topics":["acq"],"places":["usa"]},"12648":{"title":"SWEDEN OKAYS CYTRX <CYTR> BIOPOOL ACQUISITION","body":"CytRx Corp said the Swedish authorites\nand the Bank of Sweden approved its acquisition of Biopool AB\nof Sweden through a 60 pct owned Delaware corporate subsidiary,\nCytRx Biopool Ltd.\n Reuter\n\u0003","date":" 2-APR-1987 12:36:05.86","topics":["acq"],"places":["usa","sweden"]},"12649":{"title":"ALAMCO INC <AXO> 4TH QTR","body":"Shr loss 10 cts vs profit three cts\n    Net loss 1.5 mln vs profit 442,000\n    Revs 2.6 mln vs 6.5 mln\n    Year\n    Shr loss 54 cts vs loss 77 cts\n    Net loss 7.9 mln vs loss 11.3 mln\n    Revs 14.2 mln vs 23.0 mln\n Reuter\n\u0003","date":" 2-APR-1987 12:36:26.99","topics":["earn"],"places":["usa"]},"12650":{"title":"EYSKENS SAYS US PRIME RISES WILL AID CURRENCIES","body":"Belgian Finance Minister Mark Eyskens\nwarmly welcomed this week's increase in U.S. Prime rates,\ncalling it a move that went beyond the Group of Five and Canada\nParis accord on stabilising currencies.\n    The rate rise would underpin economic and financial policy\nconvergence among major countries, he added.\n    In an interview with Reuters, Eyskens also made clear he\nbelieved the countries involved in the accord - the U.S.,\nJapan, West Germany, France, Britain and Canada - had agreed\n\"tentative\" fluctuation ranges for exchange rates.\n    Eyskens was speaking before hosting an informal meeting of\nEuropean Community finance ministers and central bank chiefs in\nBelgium this weekend focusing on the international monetary\nsituation and proposals for strengthening the European Monetary\nSystem (EMS).\n    Asked about the dollar's recent fall on currency markets,\nEyskens said he believed the Paris agreement was proving \"more\nor less workable\" despite what he called evident disagreements\nover U.S. Economic and monetary policy between Treasury\nSecretary James Baker and Federal Reserve Chairman Paul\nVolcker.\n    Besides Baker's public statements that had dramatically\ninfluenced exchange markets, trade tensions between the U.S.And\nJapan had also caused the dollar's fall, expecially against the\nyen, he said.\n    But he expressed optimism that Washington and Tokyo could\nreach a compromise in their row over semi-conductor trade. \"I\nthink agreement is quite possible,\" he said.\n     Eyskens said he was \"very agreeably surprised\" by this\nweek's quarter-point increase in U.S. Prime rates despite the\nobvious negative consequences for debtor countries.\n    \"It is a positive element which goes further than the\n(Paris) Louvre agreement ...It is the market taking account of\nits content,\" he said.\n    He added that coordination of interest rates was a\nfundamental element of economic and monetary convergence\nbetween leading industrialised economies.\n    \"A policy of maintaining exchange rates within fluctuation\nranges is not possible if it is not accompanied at least by a\nmore coordinated policy of interest rates,\" he said.\n    Eyskens made clear he believed the G-6 countries had agreed\nin Paris on ranges in which to hold their currencies.\n    He said the end of the February 22 Louvre accord, in which\nthe partners agreed to cooperate closely to foster exchange\nrate stability around current levels, clearly alluded to a\n\"system of tentative (fluctuation) margins.\"\n    He added the meeting and the statement would have been\nmeaningless if the G-6 had not discussed the technicalities of\nimplementing it.\n    Eyskens said there was growing economic convergence among\nleading industrialised countries pointing towards greater order\nin the international monetary system.\n    \"That doesn't mean we are ready to restore Bretton Woods\n(the post-World War Two system of fixed exchange rates), but\nwithin the (International Monetary Fund) Interim Committee we\nare thinking in terms of target zones, fluctuation ranges to be\nimplemented and defended,\" he said.\n    The Interim Committee meets next week in Washington ahead\nof the IMF's Spring meetings, and Eyskens said the EC ministers\nwould prepare for the gatherings at this weekend's talks.\n    He said he hoped for wide-ranging talks on the future of\nthe EMS at the weekend meeting, based on proposals from the\nEC's Monetary Committee and Committee of Central Bank Governors\nfor strengthening the system through technical and\ninstitutional changes.\n    Eyskens said he expected EC Commission President Jacques\nDelors to submit proposals for fully liberalising capital\nmovements within the 12-nation bloc and made clear he shared\nDelors' view that this must be accompanied by a reinforcement\nof the EMS. \"Both are totally linked. Liberalisation without\nstrengthening the EMS would destabilise the Community,\" he said.\n REUTER\n\u0003","date":" 2-APR-1987 12:36:52.68","topics":["interest","money-fx"],"places":["belgium"]},"12651":{"title":"NORANDA COPPER MINE SHUT DOWN AFTER FIRE","body":"Noranda Inc said production at its\nMurdochville, Quebec copper mine was shut down by the fire that\nbroke out last night, trapping 44 miners and killing one.\n    Noranda spokesman Denis Morin said it was impossible to\njudge how long the shutdown might last but said he thought it\ncould be at least one week.\n    The mine produced 1,792,000 tonnes of ore in 1986, Morin\nsaid. It has a mineral inventory of 35,065,000 tonnes.\n    In the mine's three zones last year, copper grade was 1.10\npct at Needle Mountain, 0.30 pct at Copper Mountain Oxide and\n1.32 pct at Murdochville, Morin said.\n    Another Noranda spokesman said the smelter at Murdochville,\nwhich has not been shut down, has the capacity to treat 218,000\ntonnes of mineral concentrate per year.\n    The smelter treats ore from other mines as well as product\nfrom the Murdochville facility, he said.\n    The fire broke out last night in the mine which is situated\nin the Gaspe district of eastern Quebec.\n Reuter\n\u0003","date":" 2-APR-1987 12:45:49.79","topics":["copper"],"places":["canada"]},"12652":{"title":"CHEMFIX <CFIX> ACQUIRES BALANCE OF AFFILIATE","body":"Chemfix Technologies Inc said it\nacquired the remaining 50 pct of its California affiliate,\nVenVirotek, previously owned by a Ventura, Calif. businessman.\n    Terms were not disclosed.\n    VenVirotek proved the Chemfix Process could be successfully\napplied to convert spent drilling fluids into a reusable\nclay-like product that is suitable for use as landfill cover.\n Reuter\n\u0003","date":" 2-APR-1987 12:50:51.37","topics":["acq"],"places":["usa"]},"12653":{"title":"BELGIUM SAYS U.S PRIME RISES WILL AID CURRENCIES","body":"Belgian Finance Minister Mark Eyskens\nwarmly welcomed this week's increase in U.S. Prime rates,\ncalling it a move that went beyond the Group of Five and Canada\nParis accord on stabilising currencies.\n    The rate rise would underpin economic and financial policy\nconvergence among major countries, he added.\n    In an interview with Reuters, Eyskens also made clear he\nbelieved the countries involved in the accord -- the U.S.,\nJapan, West Germany, France, Britain and Canada -- had agreed\n\"tentative\" fluctuation ranges for exchange rates.\n    Eyskens was speaking before hosting an informal meeting of\nEuropean Community finance ministers and central bank chiefs in\nBelgium this weekend focusing on the international monetary\nsituation and proposals for strengthening the European Monetary\nSystem (EMS).\n    Asked about the dollar's recent fall on currency markets,\nEyskens said he believed the Paris agreement was proving \"more\nor less workable\" despite what he called evident disagreements\nover U.S. Economic and monetary policy between Treasury\nSecretary James Baker and Federal Reserve Chairman Paul\nVolcker.\n    Besides Baker's public statements that had dramatically\ninfluenced exchange markets, trade tensions between the U.S.And\nJapan had also caused the dollar's fall, expecially against the\nyen, he said.\n    But he expressed optimism that Washington and Tokyo could\nreach a compromise in their row over semi-conductor trade. \"I\nthink agreement is quite possible,\" he said.\n     Eyskens said he was \"very agreeably surprised\" by this\nweek's quarter-point increase in U.S. Prime rates despite the\nobvious negative consequences for debtor countries.\n    \"It is a positive element which goes further than the\n(Paris) Louvre agreement ...It is the market taking account of\nits content,\" he said.\n    He added that coordination of interest rates was a\nfundamental element of economic and monetary convergence\nbetween leading industrialised economies.\n    \"A policy of maintaining exchange rates within fluctuation\nranges is not possible if it is not accompanied at least by a\nmore coordinated policy of interest rates,\" he said.\n Reuter\n\u0003","date":" 2-APR-1987 12:52:30.20","topics":["interest","money-fx"],"places":["belgium"]},"12654":{"title":"NIGERIAN NAIRA FIRMS AFTER RULE CHANGE","body":"The Nigerian naira firmed  against the\ndollar, banking sources said, after the rules governing foreign\nexchange auctions at the central bank were changed.\n    The marginal rate set at today's auction, from which\nreporters were barred for the first time since the sessions\nbegan last September, was 3.7001 to the dollar compared with\n4.0002 at the last session on March 19, the sources said.\n    Under the new system unveiled on March 20 and in operation\nfor the first time today, bidding banks must pay for foreign\nexchange at the rate they bid, rather than as previously at the\nrate of the lowest successful bid.\n    The measure was aimed at discouraging banks from bidding\nhigh and thus driving down the naira's value. But banking\nsources and other analysts said demand for foreign exchange\nremained sharply higher than the available funds.\n    Henceforth the sessions will be held every fortnight,\ninstead of weekly, and today only 80 mln dlrs was on offer\ncompared with the 50 mln dlrs usually on sale each week.\n    The rule change appeared to have an immediate impact on\nbids. Today's highest bid was 4.06 to the dollar, compared with\na top bid of 4.25 two weeks ago.\n    Banks who bid higher than the marginal rate will be able to\npass on their rate to their customers, while the marginal rate\nwill only act as a marker for transactions.\n REUTER\n\u0003","date":" 2-APR-1987 12:53:35.81","topics":["money-fx"],"places":["nigeria"]},"12655":{"title":"COFFEE PRICES SET TO CONTINUE SLIDE - TRADERS","body":"Coffee prices look set to continue\nsliding in the near term, given the lack of progress towards a\nnew International Coffee Organization (ICO) export quota\naccord, according to coffee traders and analysts.\n    Robusta coffee futures dipped sharply to 4-1/2 year lows\nyesterday at 1,220 stg per tonne, basis the May position, when\nthe lack of new debate on quotas at ICO talks here confirmed\nexpectations that efforts to restore quotas would not be\nrevived at this stage, they said.\n    The 15-day ICO average composite price fell to 99.69 cents\na lb for April 1, the lowest for 5-1/2 years.\n    Quotas will not now be renegotiated before the ICO's annual\nSeptember council session, and in the interim the Brazilian\nfrost season from June to August may prove the only bullish\nfactor to stem further price weakness, they said. Futures\nbounced back from the lows today towards the previous trading\nrange around 1,260/1,270 stg per tonne on May as the market\nrecovered from yesterday's \"confidence blip,\" one trader\ncommented.\n    But despite today's upturn, the overall trend is for lower\nprices in the near future, one trade source said.\n    The market had become increasingly vulnerable to\nyesterday's shakeout, having held within a 1,250/1,350 stg\nsecond position trading range for 22 successive sessions, he\nsaid.\n    Technically the market is more likely to decline further as\nit absorbs today's brief rally. Steep declines towards the\n1,100/1,050 stg area could foster a \"three figure mentality,\" and\nspeculators may elect to push for coffee prices below the\npsychological 1,000 stg level, he added.\n    Some traders said today's upturn was in part due to\nBrazil's opening last night of May green coffee export\nregistrations.\n     This had been widely anticipated by the market and came as\nno surprise, but it did remove some prevailing uncertainty and\nlight trade buying was seen this morning as a consequence.\n    However, the overall trend remains downwards and a test of\nsupport at 1,200 stg should be expected soon, with the only\npossible supportive influence on the horizon being the approach\nof Brazil's frost season, they said.\n    Roasters are believed to be well covered, limiting\nactivities to modest hand-to-mouth purchases and generally not\ntaking up producer offers, they added.\n    Central American producers have sold the bulk of their\ncurrent crops, but robusta producers in West Africa and\nIndonesia need to sell coffee for April through July shipment,\nand this could pressure prices further, traders said.\n    However, one dealer, although seeing no reason to be\nbullish, advised caution. \"Everybody's bearish now, just as they\nwere bullish when the market was at 3,100 stg,\" he said.\n    Arthur Cherry, coffee analyst at E.D. and F. Man, expressed\ndoubts the price spiral would continue much below current\nlevels. \"One dlr coffee is catastrophic for many producers --\nthere must be a minimum below which prices cannot fall.\"\n    While prices dropped to the lowest levels since September\n1982 yesterday, manufacturers have no plans to cut their retail\nprices.\n    \"Its impossible to say, we can't predict anything like that\nat this stage,\" a General Foods spokesman said.\n    Manufacturers have lowered prices recently anyway in\nresponse to market weakness. At the beginning of March the\nprice of a 100 gram jar of coffee was cut to 1.55 stg from 1.65\nstg in Britain. But should coffee market prices continue to\nfall, the situation would be reviewed, the spokesman added.\n    Nestle also has no plans to make additional price cuts in\nthe near future.\n    \"The market seems to have established some equilibrium and\ndoesn't look set to go much lower,\" a Nestle spokesman\ncommented.\n    Coffee's plunge this week has been mirrored by tea, which\nfell to a 5-1/2 year low at today's auction at 1.18 stg per\nkilo for medium quality, traders added.\n Reuter\n\u0003","date":" 2-APR-1987 12:58:34.26","topics":["coffee"],"organisations":["ico-coffee"],"places":["uk"]},"12656":{"title":"LAWSON SAYS G-7 TO REVIEW PARIS ACCORD NEXT WEEK","body":"The Group of Seven industrialised\ncountries will make use of next week's International Monetary\nFund meetings in Washington to evaluate the Paris accord on\ncurrency stabilisation, U.K. Chancellor of the Exchequer Nigel\nLawson told reporters.\n    \"On Tuesday I shall be going to Washington for meetings of\nthe (IMF) Interim Committee and Development Committee, and we\nshall of course be having a meeting of the G-7,\" Lawson said.\n    \"And on the G-7, although there is no formal agenda, I would\nimagine that the first thing we do would be to review how the\nParis accord has gone since it was agreed in February.\"\n    Lawson said G-7 finance ministers will be reviewing\nmedium-term economic objectives and projections involving\ndomestic and external variables. Also examined will be\nperformance indicators for each country.\n    The Paris accord set objectives for such sectors as growth,\ninflation, current account and trade balances, budget\nperformances, monetary conditions and exchange rates.\n    Lawson said \"At both the G-7 and the Interim Committee we\nwill undoubtedly be discussing the debt problem. Clearly the\ndebt problem is still with us, and still with us in quite a big\nway.\"\n Reuter\n\u0003","date":" 2-APR-1987 13:19:54.29","organisations":["imf"],"places":["uk"]},"12657":{"title":"FIRST INTERSTATE <I> RAISES PRIME RATE","body":"The First Interstate Bank of\nCalifornia subsidiary of First Interstate Bancorp said it is\nraising its prime lending rate to 7-3/4 pct from 7-1/2 pct,\neffective immediately.\n Reuter\n\u0003","date":" 2-APR-1987 13:21:14.31","topics":["interest"],"places":["usa"]},"12658":{"title":"CORRECTED - DEROSE INDUSTRIES INC <DRI> 4TH QTR","body":"Shr loss 56 cts vs loss 71 cts\n    Net loss 809,000 vs loss 1.0 mln\n    Revs 5.3 mln vs 5.3 mln\n    Year\n    Shr loss 1.51 dlrs vs loss 1.59 cts\n    Net loss 2.2 mln vs loss 2.3 mln\n    Revs 26.5 mln vs 29.1 mln\n    (Company corrects 1985 year per share figure)\n Reuter\n\u0003","date":" 2-APR-1987 13:22:02.07","topics":["earn"],"places":["usa"]},"12659":{"title":"FLORAFAX INTERNATIONAL INC <FIIF> 2ND QTR FEB 28","body":"Shr profit five cts vs loss two cts\n    Net profit 219,000 vs loss 84,000\n    Revs 11.7 mln vs 11.8 mln\n    1st half\n    Shr profit 11 cts vs profit 12 cts\n    Net profit 467,000 vs profit 555,000\n    Revs 21.2 mln vs 21.0 mln\n    NOTE: Half net includes 93,000 dlrs vs 300,000 dlrs from\nlitigation gains.\n Reuter\n\u0003","date":" 2-APR-1987 13:22:16.82","topics":["earn"],"places":["usa"]},"12660":{"title":"UNION CARBIDE FRENCH UNIT IN TAKEOVER BID","body":"Union Carbide France, a unit of Union\nCarbide Corp <UK>, has launched a bid to buy shares of French\nchemical group <Duffour et Igon> at 2,100 francs a share until\nMay 4, the stockbrokers' association CSAC said in a statement.\n    Duffour et Igon has capital of 13.3 mln francs, divided\ninto 133,100 shares with a nominal value of 100 francs. They\nwere last traded on January 9 at 856 francs.\n    <Rothschild et Associes Banque> is acting for Union\nCarbide.\n Reuter\n\u0003","date":" 2-APR-1987 13:24:16.71","topics":["acq"],"places":["france"]},"12661":{"title":"SUFFIELD <SPCP> COMPLETES COASTAL <CSBK> BUY","body":"Suffield Financial Corp said it\nhas completed the acquisition of Coastal Bancorp of Portland,\nMaine, in an exchange of 2.05655 Suffield shares for each\nCoastal share.\n Reuter\n\u0003","date":" 2-APR-1987 13:29:20.59","topics":["acq"],"places":["usa"]},"12662":{"title":"BANK MONTREAL REASONABLY OPTIMISTIC ON BRAZIL","body":"Bank of Montreal <BMO.M> Chairman\nWilliam Mulholland said he was reasonably optimistic that debt\nnegotiations between Brazil and its commercial bank creditors\ncan be accomplished satisfactorily in the long run.\n    \"It's going to be a bit rocky short term ... a couple of\nmonths ... but I am reasonably optimistic longer term,\" he told\na press briefing here.\n    Earlier, Mulholland announced that Bank of Montreal has\nformally applied to swap up to 100 mln dlrs of its roughly one\nbillion dlr cross border exposure to Brazil into local equity\ninvestments under a novel conversion scheme.\n    Tensions have been running high between Brazil and its bank\ncreditors since President Jose Sarney imposed a unilateral\nsuspension of interest payments on some 68 billion dlrs of\ncommercial bank debt on February 20, bankers said.\n    Only yesterday, three leading U.S. banks voluntarily put\ntheir Brazilian loans on non-accrual status and took a hefty\ncut in net income for the first quarter ended March 31.\n    Bankers saw this as a clear refusal to be intimidated into\ngranting major concessions as forthcoming refinancing talks.\n    Bank of Montreal's Mulholland regretted Brazil's action but\ndeclined to discuss what action his bank might take.\n    Mulholland merely said that Bank of Montreal had not\ncanceled any of its short-term credit lines that came up for\nrenewal on March 31.\n    However, John Bradlow, senior vice president of the\ncorporate and goverment banking division, said that it was\npossible that Bank of Montreal might follow the U.S. banks'\nlead in its second quarter results accounting.\n    \"A decision will be made at April 30 or in the first weeks\nof May,\" he told reporters after the briefing. Unlike most\nmajor U.S. banks, whose reporting year ends on December 31,\nCanadian banks operate on a November through October basis.\n    At the press briefing, Mulholland detailed the proposed\ndebt/equity conversion scheme, which is aimed at boosting\ninvestment capital and conserving foreign exchange reserves.\n    Unlike many existing programs, Bank of Montreal intends to\nsell its own dollar-denominated debt at par to either the\nobligor or local investors for cruzados, which would then be\nploughed into Brazilian assets.\n    Mulholland said current debt/equity schemes, in which bank\ndebt is often sold to foreign third parties at a discount, were\nlike \"peddling off debt at fire sale prices\". He added that\nthey could do pyschological harm to investor confidence.\n    While acknowledging that Brazil has yet to give its\nofficial blessing to the plan, Mulholland predicted, \"if it is\nsupported, we are going to see more of this.\"\n    Sources at other large banks with sizeable exposure to\nBrazil were not so sure about the scheme's success.\n    \"I don't think it's going to fly because of the impact it\nwould have on money supply and other political reasons,\" said\none banker, noting that earlier informal proposals along the\nsame lines received \"fairly neutral responses.\"\n    \"And is there a market for such investment in a time of\ngreat uncertainty,\" he added.\n    Mulholland admitted, \"it is something of an experiment....\nsome one has to screw up the courage and do something.\"\n    \"It is very important that avenues (to reversing net\ncapital outflows) are broadened,\" he added, noting that in\nrecent years the options have in fact been narrowing.\n    Another senior banker agreed that debt/equity swap\nproposals, such as Bank of Montreal's, should be explored and\ndeveloped but warned that Brasilia has been \"very ambivalent\"\nabout debt/equity schemes thus far.\n    The banker added, \"debt/equity conversion should happen but\nit is not a major instrument for solving debt problems.\"\n Reuter\n\u0003","date":" 2-APR-1987 13:31:38.87","places":["canada","brazil","usa"]},"12663":{"title":"MCDOWELL ENTERPRISES <ME> MAKES ACQUISITION","body":"McDowell Enterprises Inc said\nit has completed the acquisition of 80 pct of privately-held\nInterpharm Inc, a maker of generic pharmaceuticals, for 488,000\ncommon shares, plus another 521,000 to be issued on approval by\nMcDowell shareholders.\n    It said subject to future sales and profit levels, McDowell\ncould over a four-year period acquire the remaining 20 pct of\nInterpharm for another 1,543,000 shares.\n Reuter\n\u0003","date":" 2-APR-1987 13:37:49.58","topics":["acq"],"places":["usa"]},"12664":{"title":"LAIDLAW INDUSTRIES INC <LWSI> 2ND QTR FEB 28","body":"Shr 20 cts vs 20 cts\n    Net 4.1 mln vs 4.0 mln\n    Qtly div five cts vs five cts prior\n    Revs 118.0 mln vs 45.2 mln\n    Six months\n    Shr 40 cts vs 35 cts\n    Net 8.1 mln vs 6.9 mln\n    Revs 215.6 mln vs 90.3 mln\n    NOTE:Dividend payable July 31 to holders of record July 15.\n Reuter\n\u0003","date":" 2-APR-1987 13:37:57.59","topics":["earn"],"places":["usa"]},"12665":{"title":"COMPUTER NETWORK TECH <CMNT> SIGNS PACT","body":"Computer Network Technology Corp\n(CNT) said it signed an equipment maintenance agreement with\nStorage Technology Corp <QSTK> that would allow Storage to\nprovide field support and maintenance in the U.S. for Computer\nNetwork Technology products.\n    CNT designs, manufactures and markets products for high\nspeed networking systems.\n Reuter\n\u0003","date":" 2-APR-1987 13:38:59.36","places":["usa"]},"12666":{"title":"MCDOWELL <ME> TO GET QUALIFIED AUDIT","body":"McDowell Enterprises Inc said\nits auditors have decided to qualify their opinion on 1986\nfinancial statements due to questions about the company's\nability to continue as a going concern.\n    McDowell said it will file its annual report for 1986 by\nApril 15, after applying for an extension, and will report a\nloss for the year of about six mln dlrs after a substantial\nwritedown of assets and an increase in costs associated with\nits withdrawal from the construction business.\n    In 1985, McDowell lost 2,152,000 dlrs before a 1,240,000\ndlr loss from discontinued operations.\n Reuter\n\u0003","date":" 2-APR-1987 13:41:01.24","places":["usa"]},"12667":{"title":"MCKESSON <MCK> SELLS CULINARY ACADEMY","body":"McKesson Corp said it sold the\nCalifornia Culinary Academy of San Francisco to an investor\ngroup headed by the academy's president, Fred Seymour, for\nundisclosed terms.\n    The 400-student academy was founded nine years ago and was\nacquired in 1982 by McKesson. The company said it sold it\nbecause it no longer fits with its business direction.\n Reuter\n\u0003","date":" 2-APR-1987 13:41:22.61","topics":["acq"],"places":["usa"]},"12668":{"title":"VANGUARD TECHNOLOGIES <VTI> ACQUIRES COMPANY","body":"Vanguard Technologies International Inc\nsaid it acquired 100 pct of the stock of <Diversified Data\nCorp>.\n    Diversified, and its wholly-owned subsidiary, TECHPRO Corp,\nhave current revenues from operations of approximately four mln\ndlrs, Vanguard said.\n    The acquisition was for cash, but the amount was not\ndisclosed.\n Reuter\n\u0003","date":" 2-APR-1987 13:42:57.32","topics":["acq"],"places":["usa"]},"12669":{"title":"AMEX LISTS PORTAGE INDUSTRIES <PTG>","body":"The American Stock Exchange said it has\nlisted the common shares of Portage Industres Corp, which went\npublic today.\n Reuter\n\u0003","date":" 2-APR-1987 13:58:36.62","places":["usa"]},"12670":{"title":"NYMEX SCHEDULES START OF HEATING OIL OPTIONS","body":"The New York Mercantile Exchange said\noptions on heating oil futures will begin trading June 26.\n    This would be the second options contract to trade at the\nexchange. NYMEX introduced crude oil options last November.\n    \"Heating oil options are a logical complement to our\nexisting energy complex,\" said NYMEX Chairman William Bradt.\n    \"From our experience in crude, we fully expect heating oil\noptions to offer significant new trading opportunities to\ncurrent market participants and also draw additional users into\nthis marketplace,\" he said.\n    Six consecutive trading months in heating oil options will\nbe introduced on June 26, led by the September 1987 contract,\naccording to the exchange.\n    Strike prices wil be in increments of two cts per gallon\nand seven strike prices for puts and for calls will be\navailable, the exchange said. The middle strike price will\ncorrespond closely to the settlement price of the previous\nday's futures close, it said.\n    Expiration will be on the second Friday of the month\npreceding delivery of the underlying futures contract, it said,\nmeaning that the September options contract would expire August\n14.\n    Prices for heating oil options will be quoted in cts per\ngallon with a minimum fluctuation of 0.01 cent per gallon,\nNYMEX said.\n    The options will be based on the underlying futures\ncontract of 42,000 gallons each. Trading hours will be the same\nas heating oil futures, beginning at 0950 EST and ending 1505\nEST.\n    NYMEX received approval for heating oil options from the\nCommodity Futures Trading Commission on September 16, 1986, the\nexchange said.\n Reuter\n\u0003","date":" 2-APR-1987 13:59:49.22","topics":["heat"],"places":["usa"]},"12671":{"title":"ARK RESTAURANTS <RK> BEGINS TRADING ON AMEX","body":"Ark Restaurants Corp's 3,333,333 shares\nof common stock began trading today on the American Stock\nExchange, the exchange said.\n    The common opened on 100 shares at 4-3/8, the exchange\nsaid.\n    The company, which is a holding company for 12 restaurants\nin New York City and New Jersey, formerly traded on NASDAQ, the\nexchange said.\n Reuter\n\u0003","date":" 2-APR-1987 14:00:00.81","places":["usa"]},"12672":{"title":"VMS HOTEL INVESTMENT TRUST <VHT> 4TH QTR NET","body":"Shr 19 cts\n    Net 1,906,850\n    12 mths\n    Shr 60 cts\n    Net 5,871,258\n    NOTE: company began trading Jan 17, 1986.\n Reuter\n\u0003","date":" 2-APR-1987 14:03:11.53","topics":["earn"],"places":["usa"]},"12673":{"title":"STERLING REBOUNDS ON LAWSON \"TARGET\"-DENIAL","body":"Sterling made a sharp recovery when U.K.\nChancellor of the Exchequer Nigel Lawson described remarks he\nmade yesterday on targets for the pound as \"insignificant,\"\nrallying back up almost exactly to the levels it had fetched\nbefore Lawson spoke yesterday, dealers and analysts said.\n    They said sterling would likely leave the limelight once\nagain to trade quietly around current levels, as the markets\nset their sights on the dollar, yen and mark again ahead of key\ninternational monetary talks in Washington next week.\n    Sterling ended its European day at 1.6020/30 dlrs,\nvirtually unchanged from yesterday's last 1.6040/50 dlrs,\nfetched before Lawson's first comment. But it was well up on\nlevels just above 1.59 dlrs which it had held until the second\ncomment came.\n    Against the mark, sterling recovered to close at\n2.9190/9240 marks after today's opening 2.9040/90 and last\nnight's 2.9210/45.\n    \"On balance, it is as if nothing happened ... We are back to\nwhere we were before,\" Mark Brett, economist at securities house\nBarclays de Zoete Wedd said.\n    \"This whole story is like a storm in a teacup,\" a dealer with\na U.K. Bank commented.\n    The pound's recovery was triggered when Lawson criticised\nmedia coverage of comments he made yesterday, when he told a\nconference he wanted sterling to stay roughly where it was.\n    In this context, Lawson was reported to have specified\nrates of around 2.90 marks and 1.60 dlrs to the pound in\nremarks which markets were quick to interpret as a signal to\nsell sterling.\n    Lawson said today he had merely stated yesterday's\napproximate value of the pound.\n    \"The wrong end of the stick was picked up,\" he told\nreporters, adding his comments did in no way signal a change in\nBritish exchange rate policies.\n    Dealers and analysts said the reactions to both statements\nwere clear evidence that the market, frustrated by the relative\ncurrency stability after the February 22 Paris agreement, was\ndesperate to reactivate trading and would react to any clues\noffered about the contents of the currency accord.\n    In Paris, finance ministers of the Group of Five and Canada\nare widely believed to have agreed exchange rate targets,\nalthough no participant has specified these in an apparent bid\nto foster stability by keeping markets guessing.\n    \"The markets are absolutely desperate to get clues on Group\nof Six (countries that are part to the Paris agreement) targets\n... The number of rumours flying around is bigger than ever\nbefore,\" said Barclays de Zoete Wedd's Brett.\n    Analysts said neither yesterday's remarks nor today's had\nchanged their impression that after Paris, sterling was\ntargeted to trade in broad ranges against major currencies.\n     All polled analysts said if anything, the 2.90 marks level\nmentioned by Lawson was probably the centre of a wide\n20-pfennig range which sterling would easily hold, helped by\ngood economic indicators and relatively high interest rates.\n    \"It would be insane to pinpoint an exchange rate ahead of an\nelection ... I don't believe Lawson is mad enough to tie\nhimself to a fixed rate,\" Brett said. He expected sterling to\nfirm over the next few weeks, to around 2.95 marks and 1.63\ndlrs, as overseas investors reappraised high-yielding\ninvestments here.\n    Robin Marshall, chief economist at Chase Manhattan\nSecurities, said he was not surprised to see Lawson qualify his\nsterling target comments so quickly.\n    \"His remarks gave markets a target to aim at,\" he said,\nadding, \"He (Lawson) talked himself into a bit of a corner on\nthis ... It made him a hostage to fortune.\"\n    Marshall and other analysts dismissed a theory, that by\nquoting target rates Lawson had attempted to put pressure on\nprime Minister Margaret Thatcher to agree to British membership\nof the European Monetary System (EMS), as implausible.\n Reuter\n\u0003","date":" 2-APR-1987 14:04:53.46","topics":["stg","money-fx"],"places":["uk"]},"12674":{"title":"VMS SHORT TERM INCOME TRUST <VST> 4TH QTR NET","body":"Shr 34 cts vs 32 cts\n    Net 2,328,515 vs 2,175,046\n    12 mths\n    Shr 1.14 dlrs vs 1.25 dlrs\n    Net 7,857,997 vs 8,615,439\n    NOTE company attributed decrease to significant drop in\nprime lending rate as its principal business is pegged to the\ninterest rate.\n Reuter\n\u0003","date":" 2-APR-1987 14:11:50.05","topics":["earn"],"places":["usa"]},"12675":{"title":"DOLE SAYS REAGAN CHANGED NO MINDS ON VETO","body":"Senate Republican leader Robert Dole\nsaid President Reagan changed no minds in a meeting with\nRepublican senators to seek support for his veto of an 88\nbillion dlr highway bill.\n    \"I think it's safe to say no minds were changed,\" Dole said\nbefore the Senate began a final vote on the veto.\n Reuter\n\u0003","date":" 2-APR-1987 14:22:28.50","places":["usa"]},"12676":{"title":"BILZERIAN BIDS 19 DLRS/SHARE FOR PAY 'N PAK <PNP>","body":"Investor Paul Bilzerian said he has\noffered to buy all of the Pay 'N Pak Stores Inc stock he does\nnot already own in a proposed 19 dlr a share cash merger.\n    In a filing with the Securities and Exchange Commission,\nBilzerian said he made the proposal in a letter to Pay 'N Pak\nChairman David Heerensperger.\n    Bilzerian said he proposed buying the Kent, Wash.-based\nretailing company through a new company he would set up which\nwould buy up all the Pay 'N Pak common shares at 19 dlrs each.\n    The Florida investor reported Monday that he has 1,000,000\nmln Pay 'N Pak common shares, or 9.9 pct of the total\noutstanding common stock.\n    He initially disclosed last Friday that he had bought 7.2\npct of the company's stock for investment purposes, but said he\nmight increase his stake, seek representation on the company's\nboard or launch a tender offer.\n Reuter\n\u0003","date":" 2-APR-1987 14:23:40.77","topics":["acq"],"places":["usa"]},"12677":{"title":"RJR <RJR> UNIT SELLS FOUR TOBACCO BRANDS","body":"RJR Nabisco Inc's RJ Reynolds Tobacco\nUSA unit said it sold four of its smoking tobacco brands to\n<John Middleton Inc> for undisclosed terms.\n    The brands sold were Prince Albert, Carter Hall, Apple and\nRoyal Comfort. The terms were not dislcosed.\n    The company said these brands represent less than one pct\nof the RJ Reynolds Tobacco's USA total sales which amounted to\n4.7 bilion dlrs in 1986.\n     John Middleton is a family-owned tobacco business in King\nof Prussia, Pa which has manufactured and marketed pipe tobacco\nfor 131 years.\n    In January, the company said it was holding talks with\npotential buyers for the sale of the businesses but then said\nin February it was studying the transfer of the businesses\nto a master limited partnership.\n    R.J. Reynolds said it will continue to sell the brands\nuntil July three.\n    On March six, RJR completd the sale of its Heublein Inc\nunit to Grand Metropolitan PLC for 1.2 billion dlrs. It said it\nwould use proceeds from that sale to redeem its 11.20 pct notes\ndue Aug 1, 1997.\n Reuter\n\u0003","date":" 2-APR-1987 14:23:56.90","topics":["acq"],"places":["usa"]},"12678":{"title":"ALCATEL TO RESTRUCTURE SPANISH SUBSIDIARIES","body":"<Alcatel NV>, the telecommunications\nventure set up by ITT Corp <ITT> and France's <Cie Generale\nd'Electricite>, has accepted a proposal from the Industry\nMinistry to restructure ITT's former Spanish subsidiary,\n<Standard Electrica SA>, a Standard spokesman said.\n    He said Alcatel also has agreed to sell <Marconi Espanola\nSA>, owned 80 pct by Standard and 20 pct by Alcatel.\n    Negotiations to put Standard on a sounder financial footing\nhave involved the government, Alcatel and Spain's telephone\ncompany, Compania Telefonica Nacional de Espana SA <TELF.MA>,\nwhich has a small stake in Standard and is its main customer.\n Reuter\n\u0003","date":" 2-APR-1987 14:24:16.64","places":["spain","france"]},"12679":{"title":"ACME STEEL <ACME> TO ACQUIRE UNIVERSAL TOOL","body":"Acme Steel Co said it has agreed\nin principle to acquire <Universal Tool and Stamping Inc> for\nan undisclosed price.\n    The agreement is subject to approval by Acme's board and\nexecution of a definitive purchase agreement, the companies\nsaid.\n    Universal Tool makes and distributes automotive jacks and\nrelated equipment for the domestic auto industry.\n Reuter\n\u0003","date":" 2-APR-1987 14:25:14.89","topics":["acq"],"places":["usa"]},"12680":{"title":"AMOCO <AN> SEES 1ST QTR NET TOPPING 4TH QTR","body":"Amoco Corp first quarter profits are\nexpected to exceed the 165 mln dlrs, or 65 cts per share,\nreported for 1986's fourth quarter, chairman Richard Morrow\nsaid.\n    Speaking to reporters after a security analyst meeting, he\nsaid the gain was expected because of higher oil and gas\nprices, but declined to compare his expectations with the 331\nmln dlrs, or 1.28 dlrs per share, the company earned in 1986's\nfirst quarter.\n    Earlier, Morrow told the analysts that Amoco's first\nquarter refining and marketing results \"will look pretty poor,\"\nbecause of low margins in January and February. The margins\nbegan to improve last month and look pretty good now, he added.\n    Morrow said he expects oil product margins to remain good\nfor the rest of the year, \"but it remains to be seen if they\nwill match 1986 levels.\" The Amoco chairman said he expects\ncrude oil prices to remain in the 17 to 20 dlr barrel range for\nthe rest of 1988 based on his belief that OPEC's agreement will\nhold.\n    Morrow said his best estimate for 1989 crude oil prices is\n21 dlrs per barrel, adding he believes this price level would\nresult in a 40 pct increase in oil company exploration\nspending.\n    President H. Lawrance Fuller told the analysts Amoco\nreduced its estimates of worldwide oil and gas reserves by a\ntotal of 201 mln equivalent barrels last year because of a drop\nin oil and gas prices.\n    Noting the Securities and Exchange Commission requires that\nreserves be estimated on the assumption that year-end prices\nwill remain fixed for the life of the properties, he said the\ndrop in oil prices to 16 dlrs a barrel at the end of 1986 from\n27 dlrs a year earlier forced the company to reduce its reserve\nestimate by four pct.\n    Fuller said Amoco expects its U.S. oil and natural gas\nliquids production to decline about five pct this year from\nlast year's 121 mln barrels because of drilling deferrals made\nlast year when oil prices were falling.\n    He said the full impact of the deferrals was off-set by the\npurchase of properties which will add about 5,000 barrels per\nday to the company's 1987 U.S. production.\n    Fuller said U.S. refining capacity is expected to be\nincreasingly strained by the rising demand for lead-free\ngasoline, especially the higher octane grades.\n    He said expected federal regulations on gasoline vapor\npressure will further tighten the industry's gasoline\nproduction capacity.\n Reuter\n\u0003","date":" 2-APR-1987 14:26:38.95","topics":["crude"],"places":["usa"]},"12681":{"title":"CELINA FINANCIAL CORP <CELNA> 4TH QTR NET","body":"Shr profit 1.49 dlrs vs loss 8.96 dlrs\n    Net profit 2,461,906 vs loss 14,676,385\n    Rev 7.2 mln vs 10.9 mln\n    Year\n    Shr profit 2.12 dlrs vs loss 6.41 dlrs\n    Net profit 3,506,112 vs loss 10,508,083\n    Revs 34.2 mln vs 50.7 mln\n    NOTE: Realized investment gains for the qtr were 96,000\ndlrs vs nil for 1985's 4th qtr.\n    1986 losses from investments were 203,000 dlrs, or 12 cts a\nshare, vs losses of 354,000 dlrs, or 21 cts a share, in 1985.\n    Qtr net includes extraordinary gain of 1.7 mln dlrs, vs\nextraordinary loss of 512,000 in the prior year's 4th qtr. 1985\nnet includes extraordinary gain of 2.5 mln dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 14:26:48.07","topics":["earn"],"places":["usa"]},"12682":{"title":"PACIFIC FIRST <PFFS> SEES HIGHER 1ST QTR NET","body":"Pacific First Financial Corp said\nit expects to report a sharp increase in first quarter earnings\nas compared to the 4.1 mln dlrs, or 54 cts per share, reported\na year earlier.\n    The company also said earnings for the quarter should\nexceed the record 7.9 mln dlrs, or 1.05 dlrs per share,\nreported in last year's final quarter.\n    The gains will be due to strong net interest income and\nprofits on the sale of certain mortgage loans and mortgage\nbacked securities, Pacific First said. The company expects to\nreport first quarter results the week of April 13.\n Reuter\n\u0003","date":" 2-APR-1987 14:27:10.85","places":["usa"]},"12683":{"title":"17 MISSING NORANDA MINERS FOUND ALIVE","body":"Seventeen miners who were\nmissing in a copper mine fire were found today and efforts were\nunderway to rescue them and 29 others who were trapped but safe\nin an underground lunch room, officials said.\n    The mine's owner, Noranda Inc. <NOR>, said one miner died\nin the fire, six miners escaped unharmed, 29 made it to an\nunderground lunch room, where they had air and water, and 17\nwere later found safe in other lunch rooms.\n Reuter\n\u0003","date":" 2-APR-1987 14:35:20.69","topics":["copper"],"places":["canada"]},"12684":{"title":"U.S SENATE OVERRIDES REAGAN'S HIGHWAY BILL VETO","body":"The Senate overrode President\nReagan's veto of an 88 billion dlr highway funding bill, 67-33.\n    The measure now becomes law. It was a major personal loss\nfor Reagan, who came to the Capitol earlier in the day to\ncampaign for support.\n Reuter\n\u0003","date":" 2-APR-1987 14:39:38.37","places":["usa"]},"12685":{"title":"CHEMFIX <CFIX> BUYS REST OF UNIT","body":"Chemfix Technologies Inc said it\nhas acquired the 50 pct of its VenVirotek unit that it did not\nalready own from Ventura, Calif., businessmen for undisclosed\nterms.\n Reuter\n\u0003","date":" 2-APR-1987 14:43:35.69","topics":["acq"],"places":["usa"]},"12686":{"title":"SUN <SUN> IN NORTH DAKOTA OIL FIND","body":"Sun Co Inc said the O.M. Steel Federal\nNumber One well in Williams County, N.D., flowed 660 barrels of\noil and 581,000 cubic feet of natural gas per day through a\n13/64 inch choke from depths of 13,188 to 13,204 feet.\n    Sun said it has a 50 pct interest and Comdisco Resources\nInc the remainder.  An offset well is under consideration, it said.\n Reuter\n\u0003","date":" 2-APR-1987 14:43:59.58","topics":["crude","nat-gas"],"places":["usa"]},"12687":{"title":"MERIDIAN BANCORP <MRDN> RAISES PRIME RATE","body":"Meridian Bancorp Inc said it has\nraised its prime rate to 7-3/4 pct from 7-1/2 pct, effective\nimmediately.\n Reuter\n\u0003","date":" 2-APR-1987 14:44:03.60","topics":["interest"],"places":["usa"]},"12688":{"title":"3M <MMM> COMPLETES UNITEK ACQUISITION","body":"Minnesota Mining and Mfg Co said it\ncompleted the acquisition of Unitek Corp, a supplier of\northodontic products, from Bristol-Myers Co <BMY>.  The\npurchase agreement was announced February 12.\n    It said Unitek, based in Monrovia, Calif., will operate as\nan independent subsidiary of 3M.\n Reuter\n\u0003","date":" 2-APR-1987 14:45:54.12","topics":["acq"],"places":["usa"]},"12689":{"title":"COLOMBIA COFFEE CHIEF WELCOMES BRAZIL MEASURES","body":"Jorge Cardenas, manager of Colombia's\nCoffee Growers' Federation, welcomed Brazil's export measures\nand said they clarified the market situation.\n    He told journalists the measures \"set the rules clearly\" and\nhelped dissipate whatever doubts the market might have had\nabout the world's biggest exporter's policies.\n    Brazil's coffee institute, IBC, today opened export\nregistrations for May with no quantity limit set. The\ncontribution quota will be 15 pct of the minimum registration\nprice, which will vary daily.\n Reuter\n\u0003","date":" 2-APR-1987 14:47:14.28","topics":["coffee"],"places":["brazil","colombia"]},"12690":{"title":"U.S. SUGAR PRODUCT AMENDMENT UNLIKELY TO SURVIVE","body":"An amendment approved by the House\nAgriculture Committee yesterday requiring quotas on U.S.\nimports of products containing sugar is unlikely to remain in a\ncomprehensive trade bill, Congressional sources said.\n    The amendment, offered by Rep. Arlan Stangeland, R-Minn.,\nwould require quotas on the import of any merchandise\ncontaining over 25 pct sugar or other farm products which are\nnow subject to U.S. quotas.\n    Supporters of the amendment said it is aimed at curbing\nshipments of food products containing sugar from Canada.\nHowever, the Ways and Means committee, which has overall\njurisdiction on trade legislation, will try to kill the\namendment as protectionist, a committee aide said.\n    An Agriculture committee aide acknowledged the proposal\nprobably will not survive scrutiny by other House committees.\nBut he said the amendment was introduced in part to send a\nwarning to U.S. companies considering moving food processing\nplants to Canada to avoid the restrictive U.S. sugar quota.\n    In debate on the amendment yesterday, Rep. Stangeland and\nother supporters said the proposal would have no effect on the\nstatus of foreign trade zones.\n    Sugar producer groups pushed for the amendment on\nsugar-containing products because they believe sugar is being\nshipped to the United States in food products as a way to\ncircumvent the quota on raw sugar.\n    The sugar quota is only one mln short tons this year.\n Reuter\n\u0003","date":" 2-APR-1987 14:48:36.83","topics":["sugar"],"places":["usa","canada"]},"12691":{"title":"EPA TO SHIELD WATER SUPPLY FROM GASOLINE LEAKS","body":"The Environmental Protection Agency\nproposed rules to shield water supplies from potential leaks\nfrom 1.4 mln underground storage tanks, nearly half of which\nare used to store gasoline at service stations.\n    It said the rules would require owners and operators of the\ntanks containing petroleum products or certain hazardous\nchemicals to monitor the tanks for leaks and, in case of leaks,\nto notify appropriate authorities.\n    The owners and operators of petroleum tanks would also be\nfinancially responsible for any contamination, the EPA said.\n    It said financial requirements for chemical tanks will be\nproposed later.\n    Hazardous tanks are regulated separately.\n    EPA Administrator Lee Thomas said \"Thousands of underground\nstorage tanks are currently leaking and, without adequate\ncontrols, many more can be expected to leak in the future,\nendangering our nation's drinking-water supplies.\"\n    He added in a statement \"We intend to ensure that each\nunderground tank is either upgraded or closed down and that\nsafe operating and cleanup procedures are following to provide\nmaximum protection from any future leaks.\"\n reuter\n\u0003","date":" 2-APR-1987 15:05:45.68","topics":["gas"],"places":["usa"]},"12692":{"title":"SEVENTEEN MISSING COPPER MINERS FOUND ALIVE","body":"Seventeen miners who were\nmissing in a copper mine fire were found today and efforts were\nunderway to rescue them and 29 others who were trapped but safe\nin an underground lunch room, officials said.\n    The mine's owner, Noranda Inc., said one miner died in the\nfire, six miners escaped unharmed, 29 made it to an underground\nlunch room, where they had air and water, and 17 were later\nfound safe in other lunch rooms.\n Reuter\n\u0003","date":" 2-APR-1987 15:07:11.67","topics":["copper"],"places":["canada"]},"12693":{"title":"WHITE HOUSE DISAVOWS YEUTTER COMMENTS ON DOLLAR","body":"White House spokesman Marlin\nFitzwater said that comments made in congressional testimony by\nTrade Representative Clayton Yeutter do not reflect the\ngovernment's position.\n    Yeutter was questioned about the dollar during testimony to\nthe Senate Finance Committee. \n    Fitzwater said in a statement Yeutter's comments were in\nresponse to a hypothetical question \"and do not reflect the\ngovernment's position.\"\n    \"I want to emphasize that only the president and the\nsecretray of the treasury are authorized to comment on the\ndollar,\" the spokesman said.\n    Yeutter, asked whether the U.S. trade deficit would improve\nmore if the value of the dollar dropped further, replied, \"That\nshould be a mathematical truism.\" But he added that markets are\nmore complicated than that.\n    He said he expected the current decline in the dollar to\nshow up soon in the decline in the value of imports.\n Reuter\n\u0003","date":" 2-APR-1987 15:10:07.63","topics":["dlr","money-fx"],"places":["usa"]},"12694":{"title":"BANK OF NOVA SCOTIA RAISES U.S. DLR BASE RATE","body":"<Bank of Nova Scotia> said it raised its\nU.S. dlr base lending rate in Canada to 8-1/4 pct from eight\npct, effective immediately.\n Reuter\n\u0003","date":" 2-APR-1987 15:12:06.64","topics":["interest"],"places":["canada"]},"12695":{"title":"USSR ADDS CORN TO PURCHASES -- USDA","body":"The Soviet Union has added 50,000\ntonnes to its previous purchases of U.S. corn purchases, the\nU.S. Agriculture Department said.\n    In its Export Sales Report covering transactions in the\nweek ended March 26, the department said changes in\ndestinations of 250,000 tonnes of corn to the Soviet Union were\nreported. However, 200,000 tonnes of the transaction was\nreported under the daily reporting system.\n    Total corn commitments for delivery in the fourth year of\nthe U.S.-USSR Grain Supply Agreement amount to 2,650,000 tonnes.\n Reuter\n\u0003","date":" 2-APR-1987 15:13:35.43","topics":["grain","corn"],"places":["usa","ussr"]},"12696":{"title":"LITTLE SCOPE FOR U.S. RATE RISE - FANNIE MAE<FNM>","body":"There is little scope for a substantial\nincrease in U.S. interest rates during 1987, said Federal\nNational Mortgage Association chairman David Maxwell.\n    Speaking to the New York Financial Writers' Association,\nMaxwell said he viewed this week's rise in U.S. banks' prime \nrates to 7-3/4 pct from 7-1/2 pct as a temporary phenomenon.\n    \"I don't see a substantial rise in rates this year. If\nanything, the Federal Reserve is more likely to ease than to\ntighten (monetary policy) because so many sectors of the\neconomy are showing weakness,\" Maxwell said. Fannie Mae buys\nmortgages from lenders and issues mortgage-backed securities.\n    Maxwell said restructuring of Fannie Mae over the last two\nyears had limited its exposure to interest rate fluctuations. A\none pct rise in rates in 1987 would cost shareholders about 18\ncts a share versus one dlr a share in 1981, he said.\n    Maxwell also questioned the view that housing crowds out\nother sectors of the economy from obtaining needed capital.\n    \"There's no evidence that housing is crowding firms out of\nthe long-term debt market,\" he said. Both home mortgage debt\nand long-term corporate debt grew at about equal annual rates\nof about 13 pct in 1986 -- a year when mortgage originations of\n442 billion dlrs needed record housing capital, he said.\n Reuter\n\u0003","date":" 2-APR-1987 15:13:50.77","topics":["interest"],"places":["usa"]},"12697":{"title":"CORNING <GLW>, HAZLETON <HLC> COMPLETE MERGER","body":"Corning Glass Works and Hazleton\nLaboratories Corp jointly said they completed a merger of the\ntwo companies in a deal valued at about 120 mln dlrs.\n    A joint statement said Hazleton stockholders will receive\n.5165 shares of Corning common for each Hazleton share.\n    Hazleton, a supplier of biological and chemical services\nand products, will operate as a Corning subsidiary under its\ncurrent management team, the statement said.\n Reuter\n\u0003","date":" 2-APR-1987 15:14:21.12","topics":["acq"],"places":["usa"]},"12698":{"title":"LANE <LANE> BOARD SUPPORTS INTERCO <ISS> MERGER","body":"Lane Co said its baord\nunanimously reaffirmed its support for a proposed merger with\nInterco Inc, following a Lane board meeting.\n    Lane said its board recommends that shareholders vote for\nadoption of the merger at a special meeting of shareholders on\nApril 13.\n\n Reuter\n\u0003","date":" 2-APR-1987 15:18:47.74","topics":["acq"],"places":["usa"]},"12699":{"title":"PAY'N PAK <PNP> TO CONSIDER BILZERIAN OFFER","body":"Pay 'N Pak Stores, which previously\nannounced plans to explore all alternatives for maximizing\nshareholder values, said it intends to consider investor Paul\nBilzerian's offer for the company in due course as part of that\nprocess.\n    Pay 'N Pak has already retained Salomon Brothers Inc to\nassist it in exploring its alternatives.\n    Retail analysts have stated that Pay' N Pak's alternatives\ncould include downsizing its operations, a leveraged buyout or\na combination with a friendly merger partner.\n    Bilzerian, in a filing with the Securities and Exchange\nCommission, said he is offering to buy all of the Pay 'N Pak\nstock he does not already own for 19 dlrs per share.\n    The Florida investor currently controls 9.9 pct of Pay 'N\nPak's stock.\n Reuter\n\u0003","date":" 2-APR-1987 15:25:45.18","topics":["acq"],"places":["usa"]},"12700":{"title":"BHOPAL CASE JUDGE SEEKS INTERIM COMPENSATION","body":"A judge hearing the Bhopal gas\ndisaster case asked Union Carbide Corp <UK> and the Indian\ngovernment to agree on interim compensation for the victims.\n    Judge M.W. Deo said he had made the appeal because the\ncourt case was likely to be a long struggle for the disaster\nvictims.\n    The Indian government is demanding more than three billion\ndlrs from Union Carbide on behalf of some 526,000 claimants\nfollowing the world's worst industrial disaster in December\n1984.\n    According to official Indian figures, 2,413 people were\nkilled and more than 200,000 injured when a cloud of methyl\nisocyanate gas from a Union Carbide pesticide plant enveloped\nBhopal.\n Reuter\n\u0003","date":" 2-APR-1987 15:32:13.47","places":["india"]},"12701":{"title":"GOURMET COFFEE MAKES U.S. SUPERMARKET DEBUT","body":"Shoppers who buy Haagen-Daas ice cream,\nDijon mustard or Tuborg beer on their weekly trip to the\nsupermarket are soon to be the target of a promotional blitz\nfor national-brand \"gourmet\" coffees.\n    General Foods, the largest U.S. coffee roaster, and A and\nP, which shares the third place in the U.S. market, are the\nonly two national brand roasters so far to introduce the\nhigher-quality coffees into selected supermarkets.\n    But industry insiders believe there is substantial growth\npotential in upscale coffee, despite years of flat sales in\nregular ground roast types.\n    \"I would suspect General Foods will make a name for\nthemselves with their gourmet line,\" said a coffee trade\nsource. \"What it could do is really dent the small-store,\nwhole-bean business,\" the trade source added.\n    The new lines are designed to appeal to a classic\nadvertising composite--the \"yuppie\" consumer.\n    They buy fresh pasta, subscribe to Bon Appetit magazine and\nwere \"first on their block with a wok,\" as described by Karin\nBrown, General Foods senior product manager for its new coffee,\ncalled Private Collection out of GF's Maxwell House division.\n    Paul Gallant, president of A and P's Compass Foods\nsubsidiary that makes the new A and P gourmet line, described\nits potential appeal as \"a status thing.\"\n    At an initial price of 4.99 dlrs for 12 ounces it is\nexpensive, though not more so than high quality coffee sold in\nsmall specialty stores. General Foods' Maxwell House Div. has\njust cut the price on its new offering by 50 cents to 4.49 dlrs\nfor 12 ounces--a move competitor A and P is bound to imitate,\naccording to an A and P executive.\n    Number two U.S. roaster Folgers has \"nothing to announce at\nthis point\" in the gourmet line, a spokesman said. Neither does\nHills Bros., a subsidiary of Nestle that shares the third and\nfourth size market spot by volume with A and P.\n    Competitors believe Folgers will watch the progress of\nGeneral Foods' offering, prepared to jump in if the market\ntakes off.\n    General Foods and A and P hope their new products will help\npush coffee sales out of the doldrums. Coffee consumption in\nthe United States has fallen 44 pct since 1962, according to a\n1986 study by the International Coffee Organization. Sales show\nno signs of picking up.\n    Compass's Gallant blames the falloff on declines in coffee\nquality since the 1960's and aggressive soft drink marketing.\n    \"The national brands began to cheapen the blend in the name\nof profit but spent 100 mln dlrs a year telling consumers this\nwas quality coffee,\" Gallant said.\n    As a result, first time consumers never got a taste for the\nbrew. The first time a young consumer tries coffee, \"they turn\naround and say 'My God this is awful, I think I'll have a\nCoke',\" he said.\n    Having now mostly written off the 16-25 age group, who have\nconfirmed their loyalty to soft drinks, coffee marketers are\naiming at the high income, free-spending, self-treating crowd\n-- the yuppie composite.\n    \"Where else are you going to go?,\" an industry source said.\n\"Kids aren't going to drink coffee, that's apparent. There are\nno other markets. The only area that's not been promoted is\ngourmet,\" he said.\n    In addition to perking up sales, success in the gourmet\nline could provide much higher margins to roasters than regular\nground roast coffees produce.\n    Generally, retail prices are about twice the price of\ngreen, unroasted coffee beans, taking into account the costs of\nroasting, packaging and distribution, and then deducting\noften-generous trade discounts. Supermarkets tend to sell\ncoffee near the trade price as a \"loss leader,\" a product\ndesigned to draw shoppers into the store.\n    But with the new gourmet lines, a different pricing\nstructure prevails, industry sources said. There is no trade\ndiscounting and an emphasis on expensive packaging, including a\nspecial valve designed to keep the beans fresher.\n    Dealers said roasters were buying the higher quality green\nbeans at about 1.60 dlrs a lb. Thus, retail prices on gourmet\ncoffee are now almost three times the price of green.\n    Targetted consumers seem willing to pay the difference.\nGeneral Foods claims 80 pct of consumers in their test market\nsurveys for Private Collection came back for more.\n    And product manager Brown points to the success of more\nexpensive beers, mustard and ice cream, that began selling in\nrestricted high income areas and are now available in almost\nevery supermarket in the country.\n    A and P is similarly optimistic. \"We think we'll do\nextremely well in the gourmet market,\" Gallant said.\n    Maxwell House is marketing its eight types of Private\nCollection in selected high income areas, while A and P offers\nits 14 different whole bean gourmet coffees, called 8 O'Clock\nRoyale, only in their own stores in Philadelphia, Baltimore,\nNew York, Atlanta and some other metropolitan areas.\n Reuter\n\u0003","date":" 2-APR-1987 15:33:26.07","topics":["coffee"],"places":["usa"]},"12702":{"title":"REEBOK <RBK> COMPLETED AVIA GROUP MERGER","body":"Reebok International Ltd said it\ncompleted the previously announced acquisition of <Avia Group\nInternational Inc> for about 180 mln dlrs or 16.35 dlrs a\nshare.\n    It said litigation begun by certain Avia stockholders\nchallenging the transaction and seeking damages is in the\npretrial discovery process. Reebok announced the acquisition\nagreement on March 10.\n    Reebok said Avia will operate as a wholly-owned subsidiary\nwith Dean Croft continuing as Avia's president.\n Reuter\n\u0003","date":" 2-APR-1987 15:36:16.60","topics":["acq"],"places":["usa"]},"12703":{"title":"ASSETS OF U.S. MONEY FUNDS FELL IN WEEK","body":"Assets of money market mutual funds\ndecreased 833 mln dlrs in the week ended yesterday to 235.40\nbillion dlrs, the Investment Company Institute said.\n    Assets of 197 general purpose funds rose 1.10 billion dlrs\nto 63.21 billion dlrs, 92 broker-dealer funds fell 1.59 billion\ndlrs to 107.02 billion dlrs and 91 institutional funds fell 341\nmln dlrs to 65.17 billion dlrs.\n Reuter\n\u0003","date":" 2-APR-1987 15:54:27.48","topics":["money-supply"],"places":["usa"]},"12704":{"title":"NICHOLS RESEARCH CORP <NRES> 2ND QTR FEB 28","body":"Shr 14 cts vs 11 cts\n    Net 430,364 vs 265,672\n    Revs 8,846,627 vs 5,644,160\n    Six mths\n    Shr 26 cts vs 21 cts\n    Net 737,283 vs 526,071\n    Revs 17.6 mln vs 11.4 mln\n Reuter\n\u0003","date":" 2-APR-1987 15:54:54.24","topics":["earn"],"places":["usa"]},"12705":{"title":"LINEAR CORP <LINE> 3RD QTR FEB 28 NET","body":"Shr profit 15 cts vs profit six cts\n    Net profit 471,000 vs profit 193,000\n    Sales 14 mln vs 9,795,000\n    Nine Mths\n    Shr profit 77 cts vs loss six cts\n    Net profit 2,324,000 vs loss 183,000\n    Sales 41.9 mln vs 30.3 mln\n Reuter\n\u0003","date":" 2-APR-1987 15:55:11.52","topics":["earn"],"places":["usa"]},"12706":{"title":"TREASURY BALANCES AT FED ROSE ON APRIL 1","body":"Treasury balances at the Federal\nReserve rose on April 1 to 4.602 billion dlrs from 3.576\nbillion dlrs on the previous business day, the Treasury said in\nits latest budget statement.\n    Balances in tax and loan note accounts rose to 6.495\nbillion dlrs from 5.394 billion dlrs on the same respective\ndays.\n    The Treasury's operating cash balance totaled 11.097\nbillion dlrs on April 1 compared with 8.969 billion dlrs on\nMarch 31.\n Reuter\n\u0003","date":" 2-APR-1987 16:07:29.06","topics":["money-supply"],"places":["usa"]},"12707":{"title":"PHILLIPS <P> EXTENDS AVIATION FUEL, LUBE MARKETS","body":"Phillips Petroleum Co said\nits Phillips 66 Co subsidiary is expanding its aviation fuel\nand lubricants marketing activities into Southern California.\n    The company said it bagan selling aviation products on the\nWest Coast today at Combs Gates Palm Springs, which serves most\nof Southern California.\n Reuter\n\u0003","date":" 2-APR-1987 16:12:17.09","topics":["jet"],"places":["usa"]},"12708":{"title":"NYMEX SURVEILLANCE ADEQUATE, CFTC SAYS","body":"The New York Mercantile Exchange,\nNYMEX, has adequate trade practice surveillance and\ndisciplinary programs, but could take steps to improve them,\nthe Commodity Futures Trading Commission, CFTC, said.\n    In a rule enforcement review, CFTC said NYMEX was able to\nidentify possible \"violative market activity\" and that\ninvestigations were generally thorough.\n    However, the commission faulted the exchange for limiting\naccess to its computer-assisted trade practice surveillance\nsystem and recommended NYMEX enhance its computerized\nsurveillance system.\n    CFTC also found NYMEX had an adequate disciplinary program,\nbut noted that the disciplinary process sometimes was delayed\nbecause of failure to promptly schedule hearings.\n Reuter\n\u0003","date":" 2-APR-1987 16:13:25.97","places":["usa"]},"12709":{"title":"U.S. ACREAGE CUTS SEEN LIMITING STOCK BUILD","body":"Sharp cuts this year in U.S. planted\nacreage may not make a big dent in the U.S. grain stockpile but\nwill at least keep grain surpluses from increasing, Agriculture\nDepartment and industry commodity analysts said.\n    \"The scenario is turning around on stocks. The whole\nsupply/demand picture could finally be getting more in\nbalance,\" a USDA analyst said.\n    The USDA prospective plantings report this week indicated\nthat U.S. farmers will idle 52 to 55 mln acres in annual\nacreage reduction programs this year. An additional 20 mln\nacres have been enrolled in the conservation reserve program,\nbringing total idled acreage in the U.S. to 72-75 mln acres,\nalmost a third of the nation's total 235 mln acre crop base.\n    Production of wheat, corn and soybeans in 1986/87 will\nprobably closely match annual usage, limiting any buildup in\nstocks, analysts said.\n    \"It's a substantially different story from last year when\nwe added 1.5 billion bushels of corn to the stockpile,\" Vernon\nMcMinimy, director of commodity research for Staley Co. said.\n    Interviewed at an agribusiness education conference here,\nMcMinimy said that 67.6 mln planted acres of corn will likely\ntranslate into 60 mln harvested acres, and with normal yields,\nfinal production of 6.9 to 7.0 billion bushels.\n    McMinimy estimated that total U.S. corn disappearance in\n1986/87 could end up at 7.1 billion bushels, possibly resulting\nin a 200-million bushel reduction in the current corn stockpile\nof 5.45 billion bushels.\n    \"To say this represents a turn-around is wrong, but we're\nat least in a holding pattern,\" George Hoffman, director of\ncommodity analysis for Pillsbury said.\n    Hoffman said wheat stocks could rise slightly by the end of\n1986/87 to 1.9 billion bushels due to \"significantly less\"\ndomestic feed use for wheat because of lower corn prices.\n    USDA analysts, however, project slightly higher usage and\nsaid wheat stocks will either decrease slightly or at least not\nincrease. With yearly use at around two billion bushels, next\nyear's projected crop could be used up, an analyst said.\n    \"We won't be adding to stocks. Stocks are at a record now,\nso if we can begin to touch them even minutely through acreage\nreductions, that would be an improvement,\" an Agriculture\nDepartment wheat analyst said.\n    Soybean planted acreage, at 56.9 mln acres, would be the\nsmallest planted soybean acreage since 1976 and could lower\nfinal production by 150 mln bushels and ending stocks by 50 to\n100 mln bushels, analysts said.\n    As more marginal, erodable acreage is enrolled in the\nconservation reserve program, annual acreage reduction programs\nwill be more effective because they will force more high\nproducing land out of production, a USDA analyst said.\n    \"We can now maybe see the light at the end of a very long\ntunnel,\" the analyst said.\n Reuter\n\u0003","date":" 2-APR-1987 16:14:33.37","topics":["grain","wheat","corn","oilseed","soybean"],"places":["usa"]},"12710":{"title":"JAPANESE CRUSHERS BUY CANADIAN RAPESEED","body":"Japanese crushers bought 2,000 tonnes\nof Canadian rapeseed in export business overnight for May\nshipment, trade sources said.\n    They also reported rumors that Mexico may have purchased a\nsizeable quantity of Canadian flaxseed, although no price or\nshipment details were available.\n Reuter\n\u0003","date":" 2-APR-1987 16:19:49.42","topics":["oilseed","rapeseed"],"places":["japan","canada","mexico"]},"12711":{"title":"GRAIN SHIPMENTS TO THE USSR -- USDA","body":"There were 106,200 tonnes of U.S.\ncorn shipped to the Soviet Union in the week ended March 26,\naccording to the U.S. Agriculture Department's latest Export\nSales report.\n    There were no wheat or soybean shipments during the week.\n    The USSR has purchased 2.65 mln tonnes of U.S. corn, as of\nMarch 26, for delivery in the fourth year of the U.S.-USSR\ngrain agreement.\n    Total shipments in the third year of the U.S.-USSR grains\nagreement, which ended September 30, amounted to 152,600 tonnes\nof wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of\nsoybeans.\n Reuter\n\u0003","date":" 2-APR-1987 16:27:26.80","topics":["grain","corn","wheat","oilseed","soybean"],"places":["usa","ussr"]},"12712":{"title":"MEXICO BUYS CANADIAN RAPESEED","body":"Mexico bought 11,000 to 14,000 tonnes\nof Canadian rapeseed, as rumored earlier this week, with price\nand shipment period details unavailable, trade sources said.\n Reuter\n\u0003","date":" 2-APR-1987 16:30:49.43","topics":["oilseed","rapeseed"],"places":["canada","mexico"]},"12713":{"title":"PIK-AND-ROLL PRESSURES CORN BASIS VALUES","body":"Changes by the USDA in its posted county\nprices have successfully increased PIK-and-roll activity as a\nway to pull corn out of government stockpiles, with the\nresulting jump in free supplies pressuring terminal corn basis\nvalues, cash grain dealers said.\n    Processors dropped spot Chicago corn basis bids three cents\nafter covering most of the April needs this week, with river\ncorn basis bids following CIF Gulf corn values lower.\n    The surge in PIK-and-roll also pressured corn futures, with\nMay settling today down three cents per bushel at 1.58-1/2\ndlrs, near the contract low of 1.49-1/4 dlrs. But unlike in the\npast when lower prices slowed country movement, now lower\ncounty prices widen the differentials with the corn loan and\nmake PIK-and-roll even more attractive, they noted.\n Reuter\n\u0003","date":" 2-APR-1987 16:33:41.65","topics":["grain","corn"],"places":["usa"]},"12714":{"title":"U.S. M-1 MONEY SUPPLY RISES ONE BILLION DLRS","body":"U.S. M-1 money supply rose 1.0 billion\ndlrs to a seasonally adjusted 741.0 billion dlrs in the March\n23 week, the Federal Reserve said.\n    The previous week's M-1 level was revised to 740.0 billion\ndlrs from 740.2 billion, while the four-week moving average of\nM-1 rise to 739.7 billion dlrs from 739.1 billion.\n    Economists polled by Reuters said that M-1 would be\nanywhere from down 2.1 billion dlrs to up two billion dlrs. The\naverage forecast called for an 800 mln dlr increase.\n Reuter\n\u0003","date":" 2-APR-1987 16:38:36.43","topics":["money-supply"],"places":["usa"]},"12715":{"title":"FOREST CITY ENTERPRISES INC <FCEA> 4TH QTR NET","body":"Oper shr 27 cts vs 37 cts\n    Oper net 2,211,000 vs 2,907,000\n    Revs 84.5 mln vs 74.1 mln\n    Year\n    Oper shr 1.15 dlrs vs 59 cts\n    Oper net 9,161,000 vs 4,690,000\n    Revs 251.4 mln vs 230.0 mln\n    Note: Oper excludes loss from discontinued operations of\n294,000 vs gain of 294,000 for qtr and gain of 279,000 vs gain\nof 979,000 for year.\n Reuter\n\u0003","date":" 2-APR-1987 16:41:50.41","topics":["earn"],"places":["usa"]},"12716":{"title":"CAREMARK <CMRK> COMPLETES UNIT SALE","body":"Caremark Corp said it\ncompleted the sale of its America's Pharmacy Inc unit to\nNewport Pharmaceuticals International Inc for 12 mln dlrs.\n    America's Pharmacy, based in Des Moines, Iowa, provides\nprescription drugs and other health care products.\n Reuter\n\u0003","date":" 2-APR-1987 16:52:58.44","topics":["acq"],"places":["usa"]},"12717":{"title":"BELL PETROLEUM <BPSIQ> DISCUSSES REORGANIZATION","body":"Bell Petroleum Services Inc said it will\ncontinue to talk with Regal International Inc <RGL> about being\nacquired, but maintained it will pursue alternatives as part of\nits reorganization plan.\n    Any plan of reorganization Bell arrives at would be subject\nto approval by the U.S. Bankruptcy Court in Midland, Texas,\nBell said.\n    The agreement also terminates all current litigation\nbetween Regal and Bell involving previous reorganization plans,\nin which Regal attempted to acquire Bell, the company said.\n Reuter\n\u0003","date":" 2-APR-1987 16:55:43.94","topics":["acq"],"places":["usa"]},"12718":{"title":"500 MLN STARVING IN THE WORLD, SAYS FAO DIRECTOR","body":"An estimated 500 million people,\nor about 10 pct of the world's population, are living in\ncritical condition, starving, Food and Agricultural\nOrganisation (FAO) director Edouard Saouma said.\n    Saouma, in Brazil for talks with agriculture officials,\nsaid he invited President Jose Sarney to make the opening\nspeech at the International Day of Food in Rome October 16.\n    He also said he offered to send a technical mission to\nBrazil to help the government's land reform campaign.\n    During his stay at the federal capital, Saouma said he\nsigned three accords for development of technical projects by\nthe FAO in Brazil, the largest of which calls for a 57 mln dlrs\ninvestment for irrigation of areas in the drought- stricken\nBrazilian northeast.\n Reuter\n\u0003","date":" 2-APR-1987 17:00:36.21","organisations":["fao"],"places":["brazil"]},"12719":{"title":"ARBITRAGER ACQUIRES 9.98 PCT OF DECISION <DCF>","body":"Decision/Capital Fund Inc said\nentities associated with Mario Gabelli, an arbitrager, have\nacquired 9.98 pct of the shares in a friendly transaction.\n    In a 13D filed with the Securities and Exchange Commission,\nThe Gabelli Group Inc of New York, said it acquired 200,000\nshares of the fund in stock exchange transactions on March 25\n\"in the ordinary course of business and not to acquire control\"\nof the fund.\n    Decision has said it will seek shareholder approval to\nconvert to an operating company. It also plans to acquire\nHopper, Soliday and Co Inc, a regional stock brokerage.\n Reuter\n\u0003","date":" 2-APR-1987 17:09:24.60","topics":["acq"],"places":["usa"]},"12720":{"title":"U.S. ACREAGE CUTS SEEN LIMITING STOCK BUILD","body":"Sharp cuts this year in U.S. planted\nacreage may not make a big dent in the U.S. grain stockpile but\nwill at least keep grain surpluses from increasing, Agriculture\nDepartment and industry commodity analysts said.\n    \"The scenario is turning around on stocks. The whole\nsupply/demand picture could finally be getting more in\nbalance,\" a USDA analyst said.\n    The USDA prospective plantings report this week indicated\nthat U.S. farmers will idle 52-55 mln acres in annual acreage\nreduction programs this year. An additional 20 mln acres have\nbeen enrolled in the conservation reserve program, bringing\ntotal idled acreage in the U.S. to 72-75 mln acres, almost a\nthird of the nation's total 235 mln acre crop base.\n    Production of wheat, corn and soybeans in 1986/87 will\nprobably closely match annual usage, limiting any buildup in\nstocks, analysts said.\n    \"It's a substantially different story from last year when\nwe added 1.5 billion bushels of corn to the stockpile,\" Vernon\nMcMinimy, director of commodity research for Staley Co. said.\n    Interviewed at an agribusiness education conference here,\nMcMinimy said that 67.6 mln planted acres of corn will likely\ntranslate into 60 mln harvested acres, and with normal yields,\nfinal production of 6.9 to 7.0 billion bushels.\n    McMinimy estimated that total U.S. corn disappearance in\n1986/87 could end up at 7.1 billion bushels, possibly resulting\nin a 200-million bushel reduction in the current corn stockpile\nof 5.45 billion bushels.\n    \"To say this represents a turn-around is wrong, but we're\nat least in a holding pattern,\" George Hoffman, director of\ncommodity analysis for Pillsbury said.\n    Hoffman said wheat stocks could rise slightly by the end of\n1986/87 to 1.9 billion bushels due to \"significantly less\"\ndomestic feed use for wheat because of lower corn prices.\n    USDA analysts, however, project slightly higher usage and\nsaid wheat stocks will either decrease slightly or at least not\nincrease. With yearly use at around two billion bushels, next\nyear's projected crop could be used up, an analyst said.\n    \"We won't be adding to stocks. Stocks are at a record now,\nso if we can begin to touch them even minutely through acreage\nreductions, that would be an improvement,\" an Agriculture\nDepartment wheat analyst said.\n Reuter\n\u0003","date":" 2-APR-1987 17:10:38.00","topics":["grain","wheat","corn","oilseed","soybean"],"places":["usa"]},"12721":{"title":"MARS GRAPHIC SERVICES INC <WMD> 4TH QTR","body":"Shr four cts vs 16 cts\n    Net 70,000 vs 153,000\n    Revs 4.0 mln vs 3.1 mln\n    Year\n    Shr 40 cts vs 50 cts\n    Net 520,000 vs 473,000\n    Revs 15.0 mln vs 12.1 mln\n    NOTE:Above results pro forma because company went public in\nAugust 1986.\n Reuter\n\u0003","date":" 2-APR-1987 17:23:56.78","topics":["earn"],"places":["usa"]},"12722":{"title":"DEFENSE CONTRACTOR BOOSTS BIRD <BIRD> STAKE","body":"Entwistle Co, a Hudson, Mass.,-based\ndefense contractor, said it raised its stake in Bird Inc to the\nequivalent of 572,100 shares, or 13.9 pct of the total\noutstanding common stock, from 470,100 shares, or 11.4 pct.\n    Entwistle, a privately held company, said it bought 102,000\nBird common shares on April 1 at 9.625 dlrs a share.\n    It said it may buy up to 24 pct of the total outstanding\nfor investment purposes. Entwistle also said it has met with\nBird representatives on its request for board representation,\nbut the talks were inconclusive. Its stake includes 562,000\ncommon shares, with the rest in convertible preferred stock.\n Reuter\n\u0003","date":" 2-APR-1987 17:24:35.12","topics":["acq"],"places":["usa"]},"12723":{"title":"JORDAN TENDERING FOR U.S. WHEAT - EXPORTERS","body":"Jordan will tender Monday for\n225,000 tonnes of U.S. hard and soft wheat under the USDA's\nExport Bonus program for April through November shipment,\nprivate export sources said.\n Reuter\n\u0003","date":" 2-APR-1987 17:25:43.39","topics":["grain","wheat"],"places":["usa","jordan"]},"12724":{"title":"THAI AIRWAYS BUYS TWO MCDONNELL <MD> DC-10S","body":"Thai Airways International\nLtd said it purchased two McDonnell Douglas Corp's DC-10\nextended range wide-body jets for over 125 mln dlrs.\n    The jets will be delivered at year end.\n    Thai Airways said the jets will operate flights between\nThailand, northern Europe and New Zealand.\n Reuter\n\u0003","date":" 2-APR-1987 17:44:30.09","places":["usa","thailand"]},"12725":{"title":"RESCUE WORKERS BRINGING MINERS FROM UNDERGROUND","body":"Rescue workers are bringing\nout miners who have been trapped in a <Noranda Inc>\ncopper mine for almost 24 hours by fire which has so far killed\none and sent 17 to hospital, company officials said.\n    \"We're working to take the men out - everybody that's\nunderground is safe, we're established contact with them and\nnow it's really just finding out how to take them out,\" Andre\nFortier, a vice president with Noranda Minerals, which owns the\nmine said.\n    Ange-Aime Kenny died after being trapped by smoke from the\nfire, company officials said. Fortier said he believed all the\nworkers would be rescued by the end of the night. He said he\ndid not believe any of the 17 men taken to hospital were\nseriously injured.\n Reuter\n\u0003","date":" 2-APR-1987 17:49:47.90","topics":["copper"],"places":["canada"]},"12726":{"title":"BRAZIL BUYS FRENCH WHEAT AT TENDER","body":"Brazil bought 75,000 tonnes of\nFrench wheat at tonight's tender, a Brazilian Wheat Board\nspokesman said.\n    For May shipment, it accepted offers from J. Souflet for\n50,000 tonnes of wheat at 83.49 dlrs Fob per tonne.\n    For June shipment, Brazil bought 25,000 tonnes from J.\nSouflet also at 83.49 dlrs Fob per tonne.\n    The next tender is set for April 9, for May, June and July\nshipment, the spokesman said.\n Reuter\n\u0003","date":" 2-APR-1987 18:02:26.94","topics":["grain","wheat"],"places":["brazil","france"]},"12727":{"title":"CANUC COMPLETES URANIUM SALE TO DENISON","body":"<Canuc Resources Inc> said it completed\nthe previously announced sale of its 80 uranium mining claims\nin Elliot Lake, Ontario to <Denison Mines Ltd> for an initial\npayment of 150,000 dlrs and certain royalties.\n    Canuc said it anticipated that Denison would start mining\nthe property in 1989, with production reaching a yearly peak of\nbetween one mln and 1.5 mln pounds uranium oxide in 1992.\n    It said it would receive production royalties of about\n1.025 dlrs for each pound of uranium oxide contained in ore\nbroken during mine development and a minimum advance of 25,000\ndlrs a quarter until production starts.\n Reuter\n\u0003","date":" 2-APR-1987 18:11:47.15","topics":["strategic-metal"],"places":["canada"]},"12728":{"title":"COOPER BASIN NATURAL GAS RESERVES UPGRADED","body":"Remaining recoverable gas reserves in\nthe areas held by the Santos Ltd <STOS.S>-led Cooper Basin\njoint ventures have been upgraded to 2,721.7 billion cubic feet\n(bcf) from the 2,466 estimated last May, Santos said.\n    The upgrading followed a re-review by consultant <Coles\nNikiforuk Pennell Associates> in light of the large number of\ngas finds since May 1986, Santos said in a statement.\n    This means that total contractual commitments of 2,455.5\nbcf to <The Australian Gas Light Co> of New South Wales and the\nPipeline Authority of South Australia can be met with spare gas\navailable for sale in South Australia, it said.\n REUTER\n\u0003","date":" 3-APR-1987 00:23:21.70","topics":["nat-gas"],"places":["australia"]},"12729":{"title":"SOVIET UNION STAGES THIRD NUCLEAR TEST","body":"The Soviet Union conducted an underground\nnuclear test aimed at perfecting military technology, the\nofficial news agency Tass reported.\n    Tass said the test was carried out at 0120 gmt at the\nSemipalatinsk testing ground in Kazakhstan, Soviet Central\nAsia.\n    It was the third Soviet underground blast since Moscow\nhalted an 18-month nuclear test moratorium last February,\nsaying Washington's refusal to join the ban had forced it to\nresume testing.\n REUTER\n\u0003","date":" 3-APR-1987 00:34:19.18","places":["ussr"]},"12730":{"title":"JAPANESE BANKS EXPAND HONG KONG PRESENCE","body":"At a time when Britain is threatening\nto revoke the license of Japanese banks in retaliation for\nrestrictive trade practices, Hong Kong is rolling out the\nwelcome mat to Japan.\n    The British colony last week issued a banking licence to\nthe Bank of Fukuoka Ltd, making it the 24th Japanese bank here.\n    Japan has the largest banking contingent in Hong Kong,\nfollowed by the U.S. With 22 banks. Eleven Japanese banks have\nrepresentative offices here and Japanese institutions operate\n34 deposit-taking companies (DTCs).\n    Assistant banking commissioner K.K Wong told Reuters: \"There\nare no special favours towards the Japanese...But because of\nJapan's strong economy and currency, they easily meet our\nrequirement on assets (14 billion U.S. Dlrs).\"\n    The Japanese control the largest share of assets of the\nfinancial institutions here but incorporated elsewhere, with\n980.5 billion H.K. Dlrs at end-1986, or 57.5 pct of the total.\n    \"Hong Kong authorities welcome Japanese banks,\" said Haruo\nKimura, assistant general manager of the Bank of Tokyo. \"But the\nU.S. And Britain are unhappy with the slow liberalisation of\nthe Tokyo financial market.\"\n    Japanese bankers said Hong Kong offers good business\nopportunities, especially in China trade, to Japanese banks who\nare following their clients' international expansion.\n    \"As their clients become more international, they have to\nkeep up and follow them,\" said Yutaka Toda, Dai-Ichi Kangyo\nBank's general manager here.\n    \"We can have access to local traders and regional\ncorporations,\" said Bank of Tokyo's Kimura. \"We can also pick up\nbusiness with China.\"\n    Bankers said more Japanese banks are on the way. An influx\nof Japanese banks began in the late 1970s when the government\nlifted a moratorium on new licences. But newcomers are allowed\none branch each and only the Bank of Tokyo, Sanwa Bank and\nSumitomo Bank have more than one branch.\n    Because of this limitation, Japanese banks have mostly\nconcentrated on wholesale business.\n    \"It is very difficult to compete with those giants such as\nthe Hongkong Bank and the Bank of China,\" said Kimura of the\nBank of Tokyo.\n    Bank of Tokyo has the largest Japanese bank network here\nwith seven branches, while Hongkong and Shanghai Banking Corp\nand the Bank of China groups each have hundreds of branches.\n    To broaden their client and deposit base, some Japanese\nbanks have taken equity in local banks. The latest such move\nwas Dai-Ichi Kangyo's increase of its stake in Chekiang First\nBank last year to 95 pct from 33 pct.\n    Tokai Bank, Fuji Bank and Mitsubishi Bank also have\ninterests in small local banks.\n    But Mitsubishi, not content with its single-branch licence\nand a 25 pct stake in the small Liu Chong Hing Bank, bought\nMercantile Bank Ltd's multi-branch licence early this year.\n    \"We will open one more branch in (Hong Kong's district of)\nKowloon soon, to better serve our clients on the other side of\nthe harbour,\" said Mitsubishi Bank general manager Takeshi\nTange.\n    Their weakness in the retail market forces Japanese banks\nto rely on the interbank market for funding.\n    Government data show that despite their large share of\ntotal assets, Japanese banks had only 54.4 billion dlrs in\ndeposits at end-1986, or 17.1 pct of deposits of banks in Hong\nKong incorporated elsewhere.\n    \"Most Japanese banks' international lendings in the region\nare booked in Hong Kong,\" said a Japanese banker who declined to\nbe named.\n    He said it is mainly for tax reasons, adding that assets\nsuch as loans booked in Hong Kong are not subject to Japanese\ntax.\n    Japanese banks are barred by the Tokyo government from\nissuing Eurobonds, but their Hong Kong subsidiaries can tap the\nEuromarket and lend the funds to the parent.\n    Bankers said this role could be undermined by a five pct\ncapital adequacy ratio that goes into effect next year,\nrequiring many DTC's to increase their capital. Many Japanese\nbanks are seeking special treatment for their largely offshore\noperations or a different risk calculation for their assets.\n    \"I don't think this will stop them from coming here,\" said a\nbanker. \"But it may mean they have to conduct some of their\noffshore funding operations elsewhere.\"\n REUTER\n\u0003","date":" 3-APR-1987 00:56:20.61","places":["japan","hong-kong","uk"]},"12731":{"title":"ANZ BANK TO CUT AUSTRALIAN PRIME RATE TO 18 PCT","body":"Australia and New Zealand Banking\nGroup Ltd <ANZA.S> said it will lower its Australian prime\nlending rate to 18 pct from 18.25, effective April 6.\n    The cut is the second announced by the bank in the last\nweek, following a cut from 18.5 pct effective last Monday.\n    The ANZ's new rate will be the lowest prime set by the four\nmajor trading banks and matches the rate set by one of the\nsmaller foreign banks in January and left unchanged during the\nrise in primes over the last three months.\n    Other primes range from 18.25 to 18.5 pct, including those\nof the other three majors.\n REUTER\n\u0003","date":" 3-APR-1987 01:13:50.54","topics":["interest"],"places":["australia"]},"12732":{"title":"ANZ BANK IN N.Z. RAISES INDICATOR LENDING RATE","body":"The Australia and New Zealand Banking\nGroup Ltd in New Zealand said it will raise its indicator\nlending rate to 23 pct from 21.5 pct on April 7.\n    A bank statement said the continuing rise in the cost of\nfunds had to be passed on to the lending customers.\n    ANZ managing director Brian Weeks said: \"Recent developments\nin the money markets are of deep concern to all participants\n... Market participants are understandably nervous and cautious\nabout future developments.\n    These include flows to and from the government relating to\nthe privatisation of seven government departments on April 1.\n    \"We welcome the flexibility evident in the Reserve Bank's\nmove to raise the system cash target yesterday, but feel that\nto reduce the present nervousness the cash target and primary\nliquidity level need to be raised further...,\" he said.\n    The Reserve Bank has raised its daily cash target to 45 mln\nN.Z. Dlrs from its normal 30 mln dlrs.\n    Call rates have traded as high as 65 pct this week because\nof business year-end March 31 balance date book squaring.\n    Westpac Banking Corp in New Zealand announced yesterday it\nwould increase its indicator lending rate by 1.5 percentage\npoints to 22.5 pct on April 7.\n REUTER\n\n\n\n\u0003","date":" 3-APR-1987 01:15:32.00","topics":["interest"],"places":["new-zealand"]},"12733":{"title":"Tokyo stockmarket index rises 43.13 to record 22,410.85 closing high\n","date":"  3-APR-1987 01:28:58.30","places":["japan"]},"12734":{"title":"CITIC TO ISSUE 30 BILLION YEN BOND IN TOKYO","body":"The China International Trust and\nInvestment Corp (CITIC) will issue a 30 billion yen, 10-year\nbond on April 23, Daiwa Securities said as lead manager.\n    The samurai bond, to be signed on on April 14, will be the\nfirst since an Asian Development Bank issue in February.\n    The coupon is expected to be around five pct, Daiwa said.\n    The April Japanese government 10-year bond coupon has been\nset at 4.7 pct against five pct on the March bond.\n REUTER\n\u0003","date":" 3-APR-1987 01:31:41.25","places":["japan","china"]},"12735":{"title":"AUSTRALIAN TREASURY NOTE TENDER 200 MLN DLRS","body":"The Reserve Bank said it would offer for\ntender 200 mln dlrs of 13-week treasury notes next week.\n    The Bank added it would take up 300 mln dlrs of 13-week\nnotes at the average yield.\n    The bank will not offer any 26-week notes for tender next\nweek.\n REUTER\n\u0003","date":" 3-APR-1987 01:42:56.06","places":["australia"]},"12736":{"title":"LIBYA STILL BOMBING CHAD AIRSTRIP SAY FRENCH","body":"Libyan forces are still bombing the key\nOuadi Doum airstrip in northern Chad captured by Chadian troops\non March 22, French Defence Minister Andre Giraud said.\n    The bombing was still going on even though Libyan troops\nhad been driven out of most of northern Chad, Giraud told Radio\nFrance Internationale in an interview monitored by the British\nBroadcasting Corporation. He added Chad had not asked France to\nhelp drive the Libyans out of the north.\n    Chad said yesterday its troops had captured the Libyan\noutpost of Gouro, some 150 km south of the disputed Aouzou\nstrip in the far north of the central African country.\n REUTER\n\u0003","date":" 3-APR-1987 02:07:27.85","places":["uk","libya","chad","france"]},"12737":{"title":"JAPAN/U.S. AGRICULTURE TALKS SET FOR APRIL 17, 20","body":"Agriculture Minister Mutsuki Kato said he\nwill meet U.S. Agriculture Secretary Richard Lyng here on April\n17 and 20 to discuss bilateral farm trade issues. Lyng will\nvisit Tokyo from April 16 to 27.\n    Kato told reporters after a cabinet meeting all topics ofconcern to the U.S. Will be discussed, such as trade in beef\n\nand oranges and import controls on farm products. He said\nShintaro Abe, the ruling Liberal Democratic Party's executive\ncouncil chairman, would propose some unspecified measures in\nresponse to demands to ease import controls on U.S. Farm\nproducts. Kato declined to give any details.\n REUTER\n\u0003","date":" 3-APR-1987 02:09:34.44","topics":["carcass","livestock","orange"],"places":["japan","usa"]},"12738":{"title":"LUCAS INDUSTRIES CONVERTIBLE BOND INCREASED, FIXED","body":"Lucas Industries Inc's convertible\neurobond has been increased to 83 mln dlrs from the initial 75\nmln dlrs due to strong demand for the deal, lead manager J.\nHenry Schroder Wagg and Co Ltd said.\n    The coupon has been set at 5-1/4 pct. The conversion price\nis fixed at 640 pence per share, representing a premium of\n11-1/2 pct over yesterday's mid-price close of 574 pence.\n    The seven year put option was priced at 118 pct to give the\ninvestor a yield to the put of 7.31 pct. The foreign exchange\nrate was fixed at 1.6030 U.S. Dlrs to one stg. The borrower is\na unit of Lucas Industries Plc <LUCS.L>.\n\n REUTER\n\u0003","date":" 3-APR-1987 02:52:30.41","places":["uk"]},"12739":{"title":"BP PLANS CAPITALISATION SHARE ISSUE","body":"British Petroleum Co Plc <BP.L> said it\nis proposing a capitalisation share issue of two new ordinary\nshares for each ordinary share held at the close of business on\nApril 15.\n    The move is subject to the approval of shareholders at an\nextraordinary general meeting to be held on April 30, it said\nin a statement.\n    The new shares will not participate in the proposed final\ndividend for 1986, expected to be paid on May 7.\n REUTER\n\u0003","date":" 3-APR-1987 02:54:02.93","places":["uk"]},"12740":{"title":"SWEDEN ISSUES SEVEN-YEAR DOMESTIC BOND","body":"Sweden's National Debt Office said it\nwas issuing a four billion crown, seven-year domestic\ngovernment bond with a coupon of 10.75 pct.\n    It invited bids by April 6 and payment date for the loan is\nApril 10.\n    The issue, like all Swedish domestic paper, is closed to\nnon-residents.\n REUTER\n\u0003","date":" 3-APR-1987 03:00:00.32","places":["sweden"]},"12741":{"title":"NEW DUTCH ADVANCES TOTAL 4.1 BILLION GUILDERS","body":"The Duth Central bank said it accepted\nbids totalling 4.086 billion guilders at tender for the new\ntwelve-day special advances at an unchanged 5.3 pct.\n    Bids up to 30 mln guilders were met in full, amounts above\nat 40 pct.\n    The new advances, covering the period April 3 to 15,\nreplace the current 4.2 billion guilder nine-day facility at\n5.3 pct, which expires today.\n    Money market dealers said the total amount allocated was in\nline with expectations and would be sufficient to cover the\nmoney market shortage for the duration of the facility.\n REUTER\n\u0003","date":" 3-APR-1987 03:07:28.47","topics":["money-fx","interest"],"places":["netherlands"]},"12742":{"title":"TOYO TRUST ISSUES 100 MLN DLR CONVERTIBLE BOND","body":"Toyo Trust and Banking Co Ltd is issuing\na 100 mln dlr convertible eurobond due March 31, 2002 paying an\nindicated two pct and priced at par, lead manager Toyo Trust\nInternational said.\n    The issue is callable after three years at 104 pct\ndeclining by 1/2 pct per annum to par thereafter. It is not\ncallable unless the share price exceeds the conversion price by\n150 pct.\n    The selling concession is 1-1/2 pct while management and\nunderwriting each pay 1/2 pct. Final terms will be fixed on\nApril 10. The payment date is April 30 and there will be a\nshort first coupon period. The issue will be listed in\nLuxembourg.\n REUTER\n\u0003","date":" 3-APR-1987 03:08:59.18","places":["uk"]},"12743":{"title":"GERMAN MARCH UNADJUSTED JOBLESS FALLS","body":"West German unemployment, unadjusted\nfor seasonal factors, fell to 2.41 mln in March from 2.49 mln\nin February, the Federal Labour Office said.\n    The total represents 9.6 pct of the workforce compared with\n10.0 pct in February.\n    The seasonally adjusted jobless total rose, however, in\nMarch to 2.23 mln from 2.18 mln in February, it added.\n    In March last year the unadjusted unemployment total stood\nat 2.45 mln and represented 9.8 pct of the workforce.\nSeasonally adjusted unemployment was 2.29 mln.\n    The Federal Labour Office said the number of workers on\nshort time rose by 80,629 to 462,802 and the number of\nvacancies increased by 15,263 to 180,047.\n    Labour Office President Heinrich Franke, announcing the\nfigures, said the hesitant decline in the unadjusted jobless\ntotal reflected continuing bad weather, slack activity in the\ncapital goods sector and structural changes in the coal and\nsteel industry.\n    In a separate statement, the Federal Statistics Office said\nthe rise in the overall number of people in employment had\nslowed in February.\n    The Office said that, according to estimates for February,\n25.7 mln people were in work, a rise of around 240,000 or 0.9\npct compared with the same month in 1986.\n    It noted that in January the year-on-year rise was 250,000\nor 1.0 pct and the number in work stood at 25.78 mln. The\ndecline in February compared with January reflected seasonal\nfactors, it added.\n REUTER\n\u0003","date":" 3-APR-1987 03:36:13.79","topics":["jobs"],"places":["west-germany"]},"12744":{"title":"THATCHER PROSPECTS BOOSTED BY USSR TRIP, POLL SAYS","body":"British Prime Minister Margaret Thatcher\nhas improved her standing with voters, according to the first\nopinion poll published since her return from the Soviet Union.\n    Thatcher is seeking re-election for a third term and the\nnewspaper said there would now be pressure on her to go for a\nJune or even a May election to capitalise on her Soviet trip.\n    The survey, by the Harris Research Centre for today's\nLondon Daily News, said more than half of the 767 voters polled\nby telephone believed she had improved the prospects of arms\nreductions and peace while 22 pct said they were more likely to\nvote for her now than before her visit.\n    The poll was bad news for Labour opposition leader Neil\nKinnock. It showed that his popularity had slumped following\nhis trip to Washington last week to explain his anti-nuclear\npolicies. Thirty five pct of those polled said their opinion of\nhim had gone down since the trip and only 13 pct were more in\nfavour of him.\n    In contrast, 46 pct said they were more impressed with\nThatcher after her trip to the Soviet Union. Only 14 pct rated\nher less highly. REUTER\n\u0003","date":" 3-APR-1987 04:03:09.92","places":["uk","ussr"]},"12745":{"title":"U.K. MONEY MARKET DEFICIT FORECAST AT 700 MLN STG","body":"The Bank of England said it has forecast\na shortage of around 700 mln stg in the system today.\n    Among the main factors, maturing assistance and take-up of\ntreasury bills will drain 546 mln stg, bills for repurchase by\nthe market 76 mln, a rise in note circulation 310 mln and\nbankers balances below target 105 mln.\n    The outflow will be partly offset by 340 mln stg exchequer\ntransactions.\n REUTER\n\u0003","date":" 3-APR-1987 04:03:33.71","topics":["money-fx","interest"],"places":["uk"]},"12746":{"title":"PORLA CRUDE PALM OIL TRADE REPORT FOR APRIL 2","body":"The Palm Oil Registration and\nLicensing Authority (PORLA) reports trade in crude palm oil\n(cpo) on April 2 as follows in ringgit per tonne delivered\nunless stated.\n    April 752.50 south and central 751 north average 752.50\ndown 6.50. May 750 south down 11.\n    Refined palm oil traded in bulk US dlrs per tonne fob. RBD\npalm oil May 320. RBD palm olein April 336 May 337.50 June 337.\nRBD palm stearin May 275.\n    The cpo market was lower in light trading, with April\ntraded between 747.50 and 755 ringgit per tonne.\n    The refined palm oil market was slightly easier and April\ndelivery of RBD palm olein to Singapore traded at 856.50\nringgit per tonne.\n REUTER\n\u0003","date":" 3-APR-1987 04:07:46.21","topics":["palm-oil","veg-oil"],"places":["malaysia"]},"12747":{"title":"SHEARSON LEHMAN NO LONGER ADVISING KHOO","body":"Shearson Lehman Brothers Inc will no\nlonger be working as financial advisers for financier Khoo Teck\nPuat, Shearson said in a statement.\n    Acting as Khoo's advisers, Shearson formulated a repayment\nproposal to the National Bank of Brunei Bhd (NBB). Brunei\nauthorities closed the bank last November, alleging 90 pct of\nits loans of 1.3 billion Brunei dlrs had been extended, without\ndocumentation or guarantee, to firms controlled by Khoo's\nfamily and friends.\n    Sources close to Khoo said creditor banks and the NBB are\nstill studying the proposal submitted in February.\n REUTER\n\u0003","date":" 3-APR-1987 04:15:03.84","places":["singapore","brunei"]},"12748":{"title":"TAIWAN ISSUES MORE CERTIFICATES OF DEPOSIT","body":"The Central Bank issued 5.65 billion dlrs\nworth of certificates of deposit (CDs), boosting CD issues so\nfar this year to 147.58 billion, a bank spokesman told Reuters.\n    The new CDs, with maturities of six months, one year and\ntwo years, carry interest rates ranging from 4.07 pct to 5.12\npct, he said.\n    The issues are intended to help curb the growth of the M-1b\nmoney supply which has grown as a result of increasing foreign\nexchange reserves.\n    The reserves hit a record 53 billion U.S. Dlrs last month.\n REUTER\n\u0003","date":" 3-APR-1987 04:16:23.72","topics":["money-supply"],"places":["taiwan"]},"12749":{"title":"TOYO UMPANKI MAY MAKE FORKLIFTS IN EUROPE","body":"<Toyo Umpanki Co Ltd> said it is\nconsidering setting up a European unit to produce forklifts, in\nview of the yen's rise and Japan's self-imposed restriction on\nforklift exports to the European Community (EC).\n    Belgium, Britain and France are candidates for the plant.\nThe company is negotiating with unspecified European makers and\na decision is expected in August, a spokesman said.\n    Toyo currently exports 40 pct of its annual production of\n14,000 to 15,000 units. Some 40 pct of exports go to the EC.\n    Overall Japanese forklift exports in calendar 1986 fell to\n14,005 from 15,991 a year earlier.\n REUTER\n\u0003","date":" 3-APR-1987 04:30:28.57","places":["japan"]},"12750":{"title":"CHINA CURTAILS KEY REFORM GOAL OF REALISTIC PRICES","body":"Fear of social instability and inflation\nhas forced China to curtail a major economic reform --\noverhauling a pricing system in which prices bear no relation\nto production costs.\n    Despite pledges last year that price changes were needed to\nget the economy on the right track, Peking has repeatedly said\nno major change will happen this year. The backtracking has\noccurred during a conservative backlash following the\nresignation in January of reformist Communist Party leader Hu\nYaobang, western diplomats and Chinese sources say.\n    \"Price changes in the last two years have aroused great\npublic discontent, especially in the cities,\" one western\ndiplomat said.\n    \"Chinese were used to stable prices for 30 years from 1949\nwhen the communists took over. On a recent visit to two major\ncities, the refrain from all the officials was the need to\npreserve social stability.\"\n    A Chinese journalist said the reformers under-estimated the\npotential public resistance to price increases.\n    \"A major review of all economic reforms is under way, the\nbiggest since the reforms began in 1979, because many things\nare not going well -- a large budget deficit, too rapid price\nincreases and no major improvement in productivity of state\nfirms,\" the Chinese journalist said.\n    This view was reflected by the official People's Daily in a\nmajor article this week. The daily said price increases had\nbeen taking place too quickly in recent years.\n    \"In future, price changes should be only in small steps,\" it\nsaid, adding that wage increases and lax monetary policies had\nresulted in too much money chasing too few goods.\n    The Chinese journalist said the review was in part due to\npolitical factors.\n    \"Economics and politics are inseparable in China. But the\nwestern media are wrong to classify the leadership into\nreformers and conservatives. All the leaders agree on the main\ndirection -- economic reform and the open-door,\" he said.\n    \"But there are differences of opinion on the pace of reform\nand on specific policies. No one is advocating a return to how\nthings were before 1979.\"\n    Those who say prices should reflect production costs\nbelieve the issue is vital to China's economy.\n    Sugar is an example. An official newspaper said earlier\nthis year that over 40 pct of the country's sugar mills were\nlosing money, or had closed because the price of sugar had not\nchanged for 20 years, while the production costs have risen\nsharply over the same period.\n    The western diplomat said Chinese leaders did not fear a\nbacklash against rising prices would result in rioting in the\nstreets, which they had the means to control.\n    \"The bottom line is how such protests would be used by those\nin the power struggle (inside the Communist Party),\" he said.\n    Said a foreign lawyer, referring to the crisis sparked by\nstudent demonstrations which led to Hu's replacement, \"The\nleadership here is a self-perpetuating oligarchy. There is no\nway that it is going to give up power.\"\n    The Chinese journalist added that China appears to have\nreached a crossroads.\n    \"There is no clear proposal as to what to do next,\" he said.\n\"Premier Zhao (Ziyang) has instructed his think-tanks to come up\nwith how to continue the reforms in 1988.\"\n    But for the time being at least, the path leading to price\nreforms is out of favour.\n REUTER\n\u0003","date":" 3-APR-1987 04:30:58.21","places":["china"]},"12751":{"title":"MIM COMPLETES PART OF NORDDEUTSCHE AFFINERIE BUY","body":"MIM Holdings Ltd <MIMA.S> said it has\nissued 23.33 mln shares to Preussag AG <PRSG.F> to complete the\npreviously announced purchase of 20 pct of <Norddeutsche\nAffinerie AG> from Preussag.\n    Terms of the acquisition of 10 pct of Norddeutsche\nAffinerie from Degussa AG <DGSG.F> are currently being\nresolved, MIM said in a statement.\n    Norddeutsche Affinerie will then be owned 40 pct by\nMetallgesellschaft AG <METG.F> and 30 pct each by MIM and\nDegussa, but MIM said it and Metallgesellschaft are proposing a\nfurther arrangement to give them 35 pct each.\n REUTER\n\u0003","date":" 3-APR-1987 04:31:57.41","topics":["acq"],"places":["australia"]},"12752":{"title":"DANISH UNEMPLOYMENT FALLS TO 7.8 PCT IN FEBRUARY","body":"Denmark's seasonally adjusted\nunemployment rate fell to 7.8 pct of the workforce in February\nfrom 7.9 pct in January, against 7.9 pct in February 1986, the\nNational Statistics Office said.\n    The total number of unemployed in February was 213,200\nagainst 215,700 in January and 216,600 in February, 1986.\n REUTER\n\u0003","date":" 3-APR-1987 04:35:11.72","topics":["jobs"],"places":["denmark"]},"12753":{"title":"EUROPEAN SOY/FEED MARKET OPENS QUIETLY","body":"Meals and feed on a cif Rotterdam\nbasis opened quietly this morning with mixed to slighlty firmer\nseller indications compared with yesterday's midday levels,\nmarket sources said.\n    Early buying interest was low despite a weaker dollar\nagainst European currencies, they added. No trades were\nreported so far.\n    US soymeal indicated between unchanged and one dlr a tonne\nlower compared with yesterday. Brazilian soymeal pellets were\noffered between one dlr lower and one higher, while Argentines\nindicated up to two dlrs a tonne higher than yesterday.\n    Cornglutenfeed pellets were indicated between unchanged and\none dlr lower, while citruspulp pellets were offered at\nslightly firmer levels compared with yesterday midday.\n    Seller indications for sunmeal pellets were between one dlr\nhigher and 0.50 dlrs lower than yesterday, while linseed\nexpellers were up to two dlrs above yesterday's midday levels.\n REUTER\n\u0003","date":" 3-APR-1987 04:36:33.09","topics":["meal-feed","soy-meal"],"places":["netherlands"]},"12754":{"title":"PAKISTANI DECISION WILL HURT KENYAN TEA EXPORTS","body":"Pakistan's decision to suspend tea\nimport licences will hurt Kenyan tea exports in the short term\nwhile exporters seek new markets, sources close to Nairobi\nbroking houses and exporters said.\n    Broking house officials in the Sri Lankan capital Colombo\nyesterday told Reuters Pakistan had suspended the licences in\norder to link tea imports to Pakistani exports.\n    The latest available figures show that Kenyan exports to\nPakistan, mainly tea, were worth 75 mln dlrs in 1985, while\nimports from Pakistan amounted to only 4.8 mln dlrs. Kenya\nprovides over 50 pct of Pakistan's tea imports.\n    The Nairobi sources said the Pakistani decision did not\ncome as a surprise as Pakistan had been complaining of the\ntrade imbalance for some time.\n    \"We are very disappointed that Pakistan took such action ...\n(it) will certainly hurt Kenya's tea industry in the short term\nas Pakistan is Kenya's second largest market,\" a source at one\nbroking house told Reuters.\n    One tea broker said Pakistan's move had already affected\nKenya's tea trade and was largely responsible for an average\nfall of two shillings a kilo at the export auction in Mombasa\nlast Monday.\n    \"The trend is likely to continue until other countries\nreplace Pakistan, which usually buys all qualities of our tea,\"\nhe added.\n    Kenya has for a long time relied on Britain, Pakistan,\nEgypt and, to a lesser extent the United States, as major\nmarkets for its tea, the sources added.\n    Small-scale exporters who export mainly to Pakistan would\nbe worst hit by the Pakistani move as it would take them longer\nto find new outlets, they said.\n REUTER\n\u0003","date":" 3-APR-1987 04:38:15.71","topics":["tea"],"places":["kenya","pakistan"]},"12755":{"title":"SWEDISH PRIME MINISTER'S CHINA VISIT BOOSTS TRADE","body":"An big expansion in bilateral trade is\nexpected as a result of Swedish Prime Minister Ingvar\nCarlsson's visit to China, a official of China's Foreign\nEconomic Relations and Trade Ministry official said.\n    He told the China Daily that petroleum, coal, cotton,\nnon-ferrous metals and electric engines could help balance the\ntrade running at over three-to-one in Sweden's favour.\n    Total trade reached 290 mln dlrs last year, up 32 pct on\n1985, according to Chinese statistics. Swedish sources said\nmajor paper mill projects and an aviation agreement would be\ndiscussed during Carlsson's one week visit.\n REUTER\n\u0003","date":" 3-APR-1987 04:42:11.58","topics":["trade"],"places":["china","sweden"]},"12756":{"title":"U.S. FIRMS BID TO BUILD JAPAN'S NEXT FIGHTER","body":"The United States is stepping up its bid\nto win a share of a multi-billion dollar project to build\nJapan's next jet fighter, the FSX, as the country's Defence\nAgency nears a decision, agency sources said.\n    General Dynamics Corp <GD.N> and McDonnell Douglas Corp\n<MD.N> of the U.S. Have separately suggested joint development\nof the FSX with Japanese firms.\n    Officials said the Agency was still studying the project,\nbut agency sources said the assessment was in the final stages.\n    The officials said the agency had received a briefing on a\ndevelopment proposal from General Dynamics to modify its F-16\njet. The firm's team arrived here on March 30. They declined to\nelaborate on the briefing.\n    A team from McDonnell is arriving next Monday with a\nsimilar proposal based on its F/A-18 Hornet, the Agency said.\n    A Pentagon team of about 10 experts will follow up with a\none-week visit starting on April 11 to discuss the projected\nplane with the Agency, the officials said.\n      Five major Japanese makers will also present briefings\nthis month, they said. A spokesman for the group including\nMitsubishi Heavy Industries <MITH.T> and Kawasaki Heavy\nIndustries <KAWH.T> declined to disclose details.\n    The agency has been studying three possibilities:\ndevelopment of a new fighter-bomber by Japanese makers with or\nwithout foreign participation, modifying F-4EJ Phantoms the\nAgency now uses or purchase of a foreign aircraft.\n    The contract will be worth an estimated 1,000 billion yen\nfor 100 FSXs. The agency plans to decide by June and seek\ninitial research funds in the 1988 budget, press reports said.\n REUTER\n\u0003","date":" 3-APR-1987 04:46:17.95","places":["japan","usa"]},"12757":{"title":"TAIWAN BUYS 54,000 TONNES OF U.S. SOYBEANS","body":"The joint committee of Taiwan soybean\nimporters awarded a contract to Cigra Inc of Chicago to supply\na 54,000 tonne cargo of U.S. Soybeans, a committee spokesman\ntold Reuters.\n    The cargo, priced at 213.87 U.S. Dlrs per tonne c and f\nTaiwan, is for delivery between April 20 and May 5.\n REUTER\n\u0003","date":" 3-APR-1987 04:46:29.66","topics":["soybean","oilseed"],"places":["taiwan"]},"12758":{"title":"SOUTH KOREAN MONEY SUPPLY FALLS IN MARCH","body":"South Korea's M-2 money supply fell two\npct to 33,463.4 billion won in March from 34,030.3 billion in\nFebruary, provisional Bank of Korea figures show.\n    It rose a revised 0.5 pct in February and was up 14.7 pct\nfrom a year earlier.\n    M-1 money supply fell 8.7 pct to 7,767.8 billion won in\nMarch against a revised rise of 4.3 pct in February. It has\nincreased 8.3 pct since March last year.\n    Bank officials said the March falls were due mainly to\nvarious measures by the bank to absorb excess money.\n REUTER\n\u0003","date":" 3-APR-1987 04:46:42.93","topics":["money-supply"],"places":["south-korea"]},"12759":{"title":"SKANDIA INTERNATIONAL BUYS STAKE IN NEVI BALTIC","body":"<Skandia International Holding AB>,\nthe overseas offshoot of Swedish insurance group Forsakrings AB\nSkandia <SKDS.ST> said it was buying a 29.9 pct share in the\nLondon-quoted property and financial services company <Nevi\nBaltic Plc>. No financial details were given.\n    Nevi Baltic, with a 1986 turnover of 20 mln stg and total\nassets of 70 mln stg, is controlled by Norwegian finance\ncompany <Nevi AS> which will retain a 30.1 pct stake in the\nBritish unit, Skandia said in a statement.\n    The deal is subject to formal approval from the Swedish\ncentral bank, the statement added.\n REUTER\n\n\u0003","date":" 3-APR-1987 04:48:45.80","topics":["acq"],"places":["sweden"]},"12760":{"title":"LONDON SUGAR OPENS STEADY BUT QUIET","body":"Raw sugar futures had a quiet opening\ncall of 38 lots with prices holding steady from last night with\ngains of 20 to 80 cents a tonne, dealers said.\n    Aug was trading at 157.60 dlrs from 157.40 asked yesterday.\n    The modest rise continued the recent rally from an oversold\nsituation but, dealers noted, there was little fresh physicals\nnews to stimulate activity.\n    Whites tenders are scheduled for next Wednesday by Syria\nfor 36,000 tonnes and Greece for 40,000 tonnes while Pakistan\nis due to tender on April 11 for 100,000 tonnes whites, they\nsaid.\n    This week has seen whites buying by India and Egypt.\n REUTER\n\u0003","date":" 3-APR-1987 04:54:45.94","topics":["sugar"],"places":["uk"]},"12761":{"title":"AUSTRALIAN TUG CREWS DELAY FOREIGN CONTAINER SHIPS","body":"Tug crews are preventing the movement of\nforeign-flag container vessels in and out of the ports of\nSydney, Melbourne and Fremantle, shipping sources said.\n    They said maritime unions imposed bans on late Wednesday\nfor reasons that are obscure but seem to be linked with claims\nfor a pay rise above the 10 dlrs a week awarded by the\nArbitration Commission nationally to all workers recently.\n    Only about 10 vessels are being delayed but the bans will\naffect container terminal movements and will disrupt liner\nschedules, they said.\n    The dispute goes to the Commission on Monday, they said.\n REUTER\n\u0003","date":" 3-APR-1987 04:56:10.57","topics":["ship"],"places":["australia"]},"12762":{"title":"U.K. WHEAT MARKET EASES ON INTERVENTION RELEASE","body":"U.K. Domestic wheat markets dropped about\none stg per tonne early this morning following overnight news\nthat the EC is releasing a further 300,000 tonnes of wheat from\nBritish intervention stores for the home market over a three\nmonth period.\n    April deliveries of denaturable wheat were offered in East\nAnglia at 124 stg and May at 125 stg per tonne, both one stg\ndown on yesterday's traded rates.\n    The market is expecting U.K. Wheat futures to show a\nsimilar loss at today's opening.\n REUTER\n\u0003","date":" 3-APR-1987 05:02:45.07","topics":["wheat","grain"],"places":["uk"]},"12763":{"title":"LONDON COCOA TRADES AT LOWS BY MIDMORNING","body":"Cocoa futures fell to session lows by\nmidmorning, posting losses from last night of six to two stg a\ntonne in 1987 deliveries, dealers said.\n    Weekend profittaking by jobbers and general book-squaring\nfeatured the fall which was aided by steady sterling versus the\ndollar and lack of offtake in the physicals market.\n    Dealers said the market was switch and straddle-bound, in\nthat any pressure on one particular month was certain to be\nreflected in adjacent deliveries.\n    The undertone, however, remained cautious as operators\nawait an eventual start to ICCO buffer stock buying, dealers\nsaid.\n    The market was originally forecast to open with average\nfive stg gains from last night following New York's firmer\nclose yesterday, dealers said.\n    But this was largely counter-balanced by currency factors.\n    Near July traded at its session low of 1,327 stg after one\nhour versus 1,333 bid last night and an early high of 1,335.\n    Volume midmorning was 730 lots including 350 lots crossed\nand 108 switches.\n    There was no sign of any origin activity.\n REUTER\n\u0003","date":" 3-APR-1987 05:05:00.36","topics":["cocoa"],"places":["uk"]},"12764":{"title":"JAPAN STUDY URGES FOREIGN ACCESS TO FARM MARKETS","body":"Japan should increase foreign access to\nits farm products market, while encouraging further development\nof domestic agriculture, a government report said.\n    The white paper on agriculture for the year ended March 31\nsaid active participation in writing world farm trade rules at\nthe next round of General Agreement on Tariffs and Trade (GATT)\ntalks will help prepare Japan to improve access.\n    Agriculture Ministry sources said the paper marked an\neasing in Japan's tough position on agricultural imports which\nstressed the need for strict controls on some products to\nmaintain self-sufficiency in food.\n    Japan now produces only 30 pct of its annual grain needs,\ndown from 61 pct some 20 years ago, official figures show.\n    The paper said Japanese agriculture has been slow to\nimprove productivity and demand/supply imbalances.\n    The relative shortage of farmland in Japan is mainly\nresponsible for higher domestic prices, it said.\n    The strong yen has meant lower input material prices but\nhas also resulted in higher agricultural imports which has\nworsened working conditions among part-time farmers, the paper\nsaid.\n    This could make it difficult to improve the industry's\nstructure, the paper said.\n    To solve these problems and to reduce farm product prices\nto more reasonable levels, Japan should try to restructure the\nthe agricultural sector to improve productivity and make it\nself-supporting, it said.\n REUTER\n\u0003","date":" 3-APR-1987 05:07:04.60","organisations":["gatt"],"places":["japan"]},"12765":{"title":"S. KOREA ATTEMPTS TO COOL OVER-HEATED STOCK MARKET","body":"South Korea will press institutional\ninvestors to sell shares they are holding and oblige them to\nbuy monetary stabilisation bonds if they want to make further\nstock investments, a finance ministry spokesman said.\n    He said Finance Minister Chung In-yong, Bank of Korea\nGovernor Park Sung-sang and officials of the Securities\nSupervisory Board agreed that the stock market was over-heated\nand decided to take measures to cool it down.\n    Ministry officials said the recent market boom was fuelled\nmainly by ample liquidity and excessive demand from\ninstitutions and speculative investors.\n    The spokesman said industrial firms with bank loans worth\n50 billion won or more should either issue convertible bonds or\noffer new shares in order to raise funds to help repay their\nloans.\n    Securities houses will not be allowed to hold shares worth\nmore than 40 pct of their paid-in capital and investment trust\nfirms 50 pct, the spokesman said. But he did not give a\ndeadline for compliance. Other insitutitions should also reduce\nthe volume of their share-holdings, he added.\n    The composite index, a weighted average of 355 listed\nfirms, closed at 398.72 yesterday. It started 1987 at 264.82.\n    The spokesman said industrial firms with bank loans worth\n50 billion won or more should either issue convertible bonds or\noffer new shares in order to raise funds to help repay their\nloans.\n    Securities houses will not be allowed to hold shares worth\nmore than 40 pct of their paid-in capital and investment trust\nfirms 50 pct, the spokesman said. But he did not give a\ndeadline for compliance. Other insitutitions should also reduce\nthe volume of their share-holdings, he added.\n    The composite index, a weighted average of 355 listed\nfirms, closed at 398.72 yesterday. It started 1987 at 264.82.\n REUTER\n\u0003","date":" 3-APR-1987 05:11:28.42","places":["south-korea"]},"12766":{"title":"SUZUKI RECALLS 63,000 CARS","body":"Suzuki Motor Co Ltd <SZMT> said it is\nrecalling about 63,000 of its compact 1,300-cc SA-413 cars.\n    The cars, produced between May 1984 and January 1987, need\nmodifications because insufficient space between the fuel tube\nand the cooling fan switching coupler could cause them to catch\nfire under ordinary driving conditions, the spokesman said.\n    Some 53,100 of the cars affected were sold abroad.\n REUTER\n\u0003","date":" 3-APR-1987 05:11:49.67","places":["japan"]},"12767":{"title":"HORIZ0N AGREES TO 94.8 MLN STG BID FROM BASS","body":"Bass Plc <BASS.L> and <Horizon Travel\nPlc> said terms have been agreed for an offer worth around 94.8\nmln stg for Horizon by Bass.\n    The offer values each Horizon share at some 0.213 of a Bass\nordinary share, or 190p. This is based on a price of 892p, the\nBass share quotation at 1630 gmt on April 2.\n    Horizon said its board and financial advisers consider the\noffer to be fair and reasonable and the board will unanimously\nrecommend acceptance to its shareholders.\n    Horizon shares jumped 23p to 188 after the announcement\nwhile Bass shares dipped 13p to 879.\n    Bass has for some time regarded overseas holidays as an\narea for expansion and in pursuit of this objective, acquired a\n25.6 pct holding in Horizon in 1985 when it set up the jointly\nowned hotel company.\n    Both Bass and Horizon said that Bass's resources will\nenable Horizon's businesses to expand strongly this year.\n    On March 30 Bass said it had agreed to sell its Pontins\nU.K. Holiday camps to a newly formed private company, Pontins\nLtd, for some 57.5 mln stg.\n REUTER\n\u0003","date":" 3-APR-1987 05:13:44.77","topics":["acq"],"places":["uk"]},"12768":{"title":"ROTTERDAM'S MAIN GRAIN TERMINAL CLOSED BY STRIKE","body":"Grain handling at Rotterdam port's\nmain grain terminal was at a standstill today as members of the\nlargest Dutch transport union FNV staged a lightning strike for\nthe third day running.\n    Pieter van der Vorm, managing director of Graan Elevator\nMij (GEM), which handles 95 pct of grain passing through the\nport, said their main Europoort terminal was out of action\nbecause of a strike by technical staff.\n    The actions, in support of union demands in negotiations\nover a new labour agreement, began on Wednesday when grain\nhandlers stopped work.\n    Van der Vorm said that if strikes continued on today's\nscale for some time vessels coming to unload grain in Rotterdam\nwould face delays, but this was not happening yet.\n    Wednesday's actions left GEM's facilities 40 pct\noperational, and there were only limited strikes yesterday.\n    Talks between unions and employers yesterday and today\nproduced no result, but FNV spokesman Bert Duim said the union\nwas prepared to put their key demand, for a 36 hour working\nweek, at the bottom of the agenda.\n    Van der Vorm said, however, the union's demands on a range\nof issues were far in excess of the management's final offer.\n REUTER\n\u0003","date":" 3-APR-1987 05:15:25.68","topics":["grain","ship"],"places":["netherlands"]},"12769":{"title":"CITIBANK AND TOKYO SOGO SIGN RETAIL BANKING ACCORD","body":"<Citibank NA> and <Tokyo Sogo Bank Ltd>,\nthe largest mutual loan and savings bank in the Tokyo area,\nhave signed an agreement to cooperate on retail banking, a\nTokyo Sogo spokesman said.\n    Citibank, a subsidiary of Citicorp <CCI>, plans to start\nretail banking in Japan and is expected to provide Tokyo Sogo\nwith help in this area, he told Reuters.\n    The two banks will exchange customer information and\ncooperate on credit card and foreign exchange business, he\nsaid.\n REUTER\n\u0003","date":" 3-APR-1987 05:15:37.33","places":["japan"]},"12770":{"title":"SOUTH KOREA TO PAY MORE FOR JAPANESE ETHYLENE","body":"South Korea will pay about 20 pct more for\nethylene imported from Japan in the second quarter of the year\nbecause increased plastic production in both countries has\nboosted demand and tightened supplies, chemical industry\nsources said.\n    South Korea has agreed to pay Japanese trading houses just\nover 400 dlrs C and F per tonne, up from an average of 350 dlrs\nin the first quarter and throughout 1986, they said.\n    South Korean demand for imported ethylene this month has\nrisen to 17,000 tonnes from 10,000 last month, and the country\nmay face difficulties covering the extra volume, they said.\n    <Korea Petrochemical Industries Corp>, a producer of high\ndensity polyethylene (HDPE) and polypropylene, will more than\ndouble its ethylene requirements to 9,000 tonnes a month from\n4,000 when it completes a plant expansion at the end of this\nmonth, the sources said.\n    <Honan Ethylene Corp's> import requirements have risen to\n8,000 tonnes a month from 6,000 tonnes last year to meet strong\ndemand from <Honan Petrochemical Co>, which makes HDPE and\nethylene glycol, and <Hangyang Chemical>, which produces\nlow-density polyethylene and vinyl chloride monomer, they said.\n    But Japan's ethylene plants are already operating at almost\nfull capacity of 4.5 mln tonnes a year just to fulfill domestic\ndemand, the sources said.\n    \"And even if Japan had the additional ethylene, there is a\nlogistical problem of finding extra appropriate-sized vessels\nto ship it to Korea,\" said one trading house source.\n    Japanese trading companies are looking to alternative\nsources to supply South Korea's needs, including Saudi Arabia,\nQatar and Mexico, they said.\n    But long-haul voyages are expensive as the product has to\nbe shipped at a temperature of minus 103 degrees centigrade to\nkeep it in a liquid form, they said.\n    Japan has no plans to invest further in the ethylene\nindustry in order to cope with the additional demand, despite\nrising prices, trading house sources said.\n    South Korea has two projects in hand which will increase\nits ethylene production capacity by 500,000 tonnes a year by\nthe end of 1989, so the strong demand surge for imports is only\na medium-term trend, they said.\n REUTER\n\u0003","date":" 3-APR-1987 05:18:20.43","topics":["pet-chem","ship"],"places":["japan","south-korea"]},"12771":{"title":"SWISS 1988 INFLATION SEEN AT TWO PCT - INSTITUTE","body":"Swiss inflation is likely to rise in 1987\nand 1988 because of inflationary tendencies in the domestic\neconomy, the Centre for Economic Research of the Federal\nInstitute of Technology said in its spring review.\n    It forecast a rise in consumer prices of two pct in 1988\ncompared with 1.3 pct in 1987. Low import prices in 1986 helped\nto keep annual inflation down to 0.8 pct.\n    The centre said that in general the outlook for the Swiss\neconomy in 1987 and 1988 remained favourable, despite the more\ndifficult international economic climate facing export\nindustry.\n    The centre repeated its previous forecast that growth in\nSwiss domestic product would slow to 2.2 pct in 1987 from 2.5\npct in 1986. It revised its forecast for 1988 GDP growth to 1.7\npct from 1.6 pct in its last autumn review.\n    Domestic demand will continue to replace exports as the\nmotor of economic growth. Private consumption will grow by\nthree pct in 1987 and two pct in 1988 against 3.75 pct in 1986.\n    Growth in goods exports will slow to 1.75 pct in 1987 from\n2.1 pct in 1986 but pick up slightly to 2.5 pct in 1988. All\nthree figures are well below the Swiss average for recent\nyears. In 1985, for example, exports increased by 9.1 pct.\n    The centre said the strength of the Swiss franc, which has\nfirmed sharply in recent months, would continue to put pressure\non Swiss exporters.\n    It forecast that imports of goods would grow by a more\nmodest 4.5 pct in 1987 and 3.25 pct in 1988 than in 1986, when\nimport prices fell substantially and imports rose by 8.2 pct.\n    Industrial production will grow by 1.6 pct in 1987 and 1.2\npct in 1988 compared with 4.2 pct in 1986.\n REUTER\n\u0003","date":" 3-APR-1987 05:20:37.17","topics":["cpi","gnp","ipi"],"places":["switzerland"]},"12772":{"title":"LONDON SUGAR TRADES AT SESSION HIGHS BY MIDMORNING","body":"Raw sugar futures firmed to session highs\nby midmorning, securing gains from last night's basically\nsteady close of 1.00 to 1.80 dlrs a tonne in a 166 lot volume.\n    Shortcovering against an oversold situation continued to\nplay a part in the extended rally with unsettled dollar rates\nversus sterling providing additional support.\n    Recent and prospective whites buying in the world market\nwas supportive but the raws section lacked feature, dealers\nsaid.\n    India and Egypt bought white sugar this week while next\nweek sees tenders by Pakistan, Greece and Syria, they said.\n    May was at 154 dlrs from 152.80 asked last night.\n    All London Daily prices rose two dlrs a tonne on tone.\n    The Raws price was set at 150 dlrs Fob and 173 dlrs (107.50\nstg) Cif.\n    The Whites price was at 192 dlrs from 190 yesterday.\n REUTER\n\u0003","date":" 3-APR-1987 05:21:24.72","topics":["sugar"],"places":["uk"]},"12773":{"title":"REAGAN'S STRENGTH IN U.S. CONGRESS APPEARS SAPPED","body":"President Reagan's reduced strength\nin Congress has been demonstrated by the U.S. Senate's decision\nto approve a highway spending bill despite his attempts to veto\nit, political analysts said.\n    \"He's very weakened,\" said William Schneider of the private\nAmerican Enterprise public policy group after the Senate voted\n67-33 yesterday to ignore Reagan's veto of the road bill.\n    Schneider contrasted Reagan's failure with his previous\nability to win clear majorities on major issues.\n    Sustaining his veto required him to win just one-third of\nthe votes in either house of Congress.\n    It was the third consecutive fight over a presidential veto\non which Congress had defied Reagan, whose clout with the\nlegislature has been greatly diminished by the arms-for-Iran\nscandal and the capture of a majority in the Senate by the\nopposition Democratic party in the November 1986 election.\n    Congress overrode Reagan's veto of a popular water projects\nbill in January and last autumn Congress rejected his veto of\neconomic sanctions against South Africa.\n    But this time the president laid his full authority on the\nline, even making a rare journey to Capitol Hill to plead for\nsupport in person.\n    With both the House and Senate in Democratic hands,\nanalysts say Reagan is swiftly becoming a lame duck, facing\ndifficulties in enacting his own legislative agenda, especially\ngiven the furore over the Iran arms deal.\n    The situation contrasts with Reagan's first six years in\noffice when a Republican-controlled Senate and the backing of\nconservative Democrats in the House enabled Reagan to win\npassage of most of his legislative priorities.\n    Reagan's ability to veto legislation he dislikes had been\nhis strongest weapon in dealing with Congress, but his defeat\non the highway bill was expected to reduce the credibility of\nhis veto power.\n    Senator John Chafee, a Rhode Island Republican, told the\nNew York Times earlier this week that if Reagan lost \"there will\nbe no brake on -- if you suggest a presidential veto you will\nbe laughed away.\"\n    Yesterday's defeat came two days after the House of\nRepresentatives' overwhelming rejection of a presidential veto\non the highways bill by 350 votes to 73.\n    White House strategists had presented the veto fight as a\ntest of Reagan's strength as he attempted to recover from the\nscandal over secret arms sales to Iran.\n    Senate Republican leader Robert Dole of Kansas pleaded with\nfellow party members to back Reagan because \"this may determine\nthe strength of the presidency for the next 21 months.\"\n    The defeat showed the problems facing any president in his\nfinal years in office. Reagan's term expires in January 1989.\n    A majority of Republicans in the House of Representatives\nand 13 in the Senate apparently decided their own political\nconcerns have become more important than the president's.\n    \"President Reagan, he ain't going to be running in 1988, but\nI am,\" Congressman Arthur Ravenel, a South Carolina Republican,\nsaid on Tuesday of his decision to back a bill that means money\nand jobs for his home district in new highway construction.\n    The defeat interrupted a good streak for Reagan, who won\napplause for his selection in February of former Senate\nmajority leader Howard Baker to replace Donald Regan as White\nHouse chief of staff, and was believed by most political\nanalysts to have benefitted from a televised speech and a news\nconference on the Iran affair last month.\n    A steady drop in Reagan's job approval ratings appeared to\nlevel off in recent weeks. The president slumped from about 65\npct last autumn to about 42 pct after the Tower Commission\nreport in February said he had failed to exercise proper\ncontrol over the dealings with Iran.\n    His approval rating hovers at 50 pct.\n    Reagan said he was deeply disappointed by the Senate defeat\nbut \"my efforts to control spending are not diminished.\"\n    Democratic leader Robert Byrd said \"this isn't going to make\nor break the president.\"\n REUTER\n\u0003","date":" 3-APR-1987 05:22:22.73","places":["usa"]},"12774":{"title":"BELGIUM CUTS TREASURY CERTIFICATE RATES","body":"The Belgian National Bank cut interest\nrates on one, two and three-month treasury certificates to 7.30\npct from 7.40 pct effective immediately, the bank said in a\ntelex message.\n    The Bank last adjusted its short-term treasury certificate\nrates on March 23, when it also reduced rates for all three\nperiods by 0.10 points.\n    A National Bank spokesman said the latest adjustment would\nbring the rates closer in line with currently prevailing\ninterbank interest rates.\n    The spokesman said it was too early to predict whether the\nmove would herald a reduction in discount rate, which currently\nstands at eight pct, when the Bank holds its regular weekly\nmeeting at which the rate is discussed next Wednesday.\n    The discount rate generally moves in tandem with the\nthree-month treasury certificate rate. However, there is no\nformal link and the discount rate was not adjusted following\nthe March 23 changes.\n REUTER\n\u0003","date":" 3-APR-1987 05:36:28.16","topics":["interest"],"places":["belgium"]},"12775":{"title":"CLOSURE OF BP SWEDEN REFINERY FORECAST","body":"A Swedish Finance Ministry committee\nforecast that British Petroleum Plc <BP.L> may have to close\nits refinery in Gothenburg because of an anticipated worsening\nof the Swedish petroleum industry's competitiveness.\n    It said in a report that the future of the Swedish refining\nbusiness was bleak due to the steady drop in domestic oil\nconsumption since the mid-1970s, a possible tightening of rules\non sulphur content and competition from Norway's Mongstad\nfacility of <Den Norske Stats Olieselskab> (Statoil) <STAT.OL>\nwhen its expansion is completed in the 1990s.\n    The committee said the BP refinery, which lacks a\nde-sulphurisation plant, was likely to be closed or sold unless\ncostly investments were made to enhance the facility's capacity\nto refine a broader range of products.\n    But the committee noted that capacity utilisation had in\nrecent years been above that of the European refining industry\non average. The BP plant, in which Sweden's state-owned <OK\nPetroleum AB> has a 22 pct, started up in 1967 and has an\nannual capacity of 4.7 mln tonnes.\n    There was nobody at British Petroleum immediately available\nfor comment.\n\u0003","date":" 3-APR-1987 05:43:59.11","topics":["crude"],"places":["sweden","uk"]},"12776":{"title":"JAPAN DENIES CHIP MARKET DOMINATION CHARGES","body":"A top Japanese official has insisted that\nthe country was living up to its microchip pact with the US.\n    \"It cannot be thought, nor should it be thought, we are\ntrying to dominate semiconductors,\" Ministry of International\nTrade and Industry (MITI) vice minister Makoto Kuroda said in a\nnewspaper interview.\n    Kuroda, who will head a Japanese team going to Washington\nnext week for emergency talks on semiconductors, told the Tokyo\nShimbun that he would try his best to convince the United\nStates of Japan's case. \n    Washington last week announced an imposition of tariffs on\nJapanese electronic products in retaliation for what it sees as\nTokyo's failure to abide by the pact. Under the agreement Japan\nwould stop selling cut-price chips in world markets and try to\nbuy more American chips.\n    Kuroda told the newspaper that Tokyo has already taken\nmeasures to back up the pact, including production cutbacks.\n    While Japanese users are trying to increase chip imports,\nTokyo cannot guarantee the United States a specified share of\nwhat in Japan is a free market, he said.\n REUTER\n\u0003","date":" 3-APR-1987 05:48:33.73","places":["japan","usa"]},"12777":{"title":"BELGIAN BOURSE PREPARES FOR SECOND BIG FLOTATION","body":"Investors on the Brussels bourse who\nflocked to participate in the flotation of shares in glassmaker\n<Glaverbel SA> may be rather more cautious when the offer of\nthree million new shares in Belgian sugar refiner <La\nRaffinerie Tirlemontoise SA> takes place next month, analysts\nsaid.\n    This is mainly because Raffinerie Tirlemontoise is in the\nrelatively static sugar market, they added. The Glaverbel issue\nof 755,000 shares at 1,850 francs each was more than 100 times\noversubscribed and analysts said this showed that there will be\nno lack of liquidity for the sugar refiner's offer. \n    He declined to say at what price the new shares will be\noffered when they are floated between May 5 and 15, saying\nBelgium's Banking Commission has yet to approve arrangements.\n    However, analysts said local press speculation that the\nprice would be between 1,500 and 1,800 francs appeared not too\nfar from the mark.\n    Although the bourse saw some selling recently because of\ninternational factors, the key Belgian cash market index closed\nyesterday at 4,436.05 against 3,582.17 a year ago, a rise which\nhas been fuelled in part by increasing international interest.\nREUTER\n\u0003","date":" 3-APR-1987 05:52:39.89","places":["belgium"]},"12778":{"title":"RECENT SUGAR FALL SPARKS SOVIET, CHINESE BUYING","body":"The recent fall in world sugar prices,\ndue to increased producer pricing sales and evidence of export\navailability, has encouraged renewed buying interest from China\nand the Soviet Union, London trade house E.D.And F. Man said.\n    Further purchases are expected by the Peoples Republic of\nChina at the lower end of the recent price range, which should\nlimit the downside movement, it said in its latest monthly\nmarket report.\n   \"And it is believed that the Soviet Union will need to return\nto the market to take a further 250,000/350,000 tonnes for\nMay/June shipment, Man added.\n    The Soviets purchased five cargoes of raws for April/May\nshipment towards the end of last month, which brings its total\npurchases to around 1.65 mln tonnes, Man said.\n    Production estimates for the Thai crop now exceed 2.3 mln\ntonnes and the final outturn appears set to reach around 2.5\nmln tonnes. However, this upturn in the Thai crop is being\ncountered by a reduction in China's production forecast to 5.3\nmln tonnes from 5.5 mln estimated earlier.\n    Market participation by Cuba suggests that its crop could\nbe close to last year's 7.3 mln tonnes. But even with similar\nproduction Man expects Cuban exports to be significantly down.\n    Cuba was reported to be carrying 1.3 mln tonnes of stocks\nin September 1985, of which some 440,000 tonnes were used to\nboost its 1985/86 exports to about 6.9 mln. But as it will not\nbe able to draw on surplus stocks this year, Man estimates\nCuba's export availabilty will be reduced to 6.4 to 6.5 mln\ntonnes.\n    However, Cuba is only one of a large number of exporters\nwith reduced availability, Man said.\n    Since 1980 the total free market export supply has fallen\nto 18 mln from about 22 mln tonnes. But at the same time free\nmarket demand has also fallen by almost the same amount, which\nhas left exporters chasing falling import requirements.\n    A fairly tight balance now appears to have emerged. But the\ndifficult task of keeping production advances at bay still\nremains, as at least one more season of production deficit is\nneeded to eliminate some of the remaining surplus stocks still\noverhanging the market, Man said.\n    The increasing cases of record production as a result of\nrecord yields and better husbandry have forced sugar producers\nto strive for greater efficiency.\n    As this increase in efficiency reduces the marginal cost of\nproduction, sugar exporters may become more responsive to\nprices and in particular to upward price movements, Man said.\n    Commenting on the current row between the EC Commission and\nsugar producers, Man said despite the recent improvement in the\nlevel of restitutions, they are still insufficient to fully\ncompensate producers when exporting on the world market.\n    Unless there are further improvements, at least some sugar\nis expected to remain in intervention, it added.\n REUTER\n\u0003","date":" 3-APR-1987 06:01:38.48","topics":["sugar"],"places":["uk","ussr","china","cuba"]},"12779":{"title":"AEG TO WORK WITH INTEL ON AUTOMATION DEVELOPMENT","body":"AEG AG <AEGG.F> said it\nwill cooperate with Californian-based INTEL Corp <INTC> on the\ndevelopment of automation systems.\n    The cooperation will centre on a new real-time operation\nsystem with 32-bit microprocessors for the solution of\nautomation problems in production and processing technology as\nwell as energy supply, AEG said at the Hanover trade fair.\n    AEG will restructure its hardware division from July 1,\ncalling it <MODCOMP GmbH>. It is expected to have sales of 200\nmln marks in 1987 and will include AEG's 100 pct takeover of\n<Modular Computer Systems Inc> and <ATM Computer GmbH>.\n REUTER\n\u0003","date":" 3-APR-1987 06:06:18.45","places":["west-germany"]},"12780":{"title":"NO INTERVENTION, DOLLAR FIXED AT 1.8162 MARKS","body":"The Bundesbank did not intervene as\nthe dollar was fixed lower at 1.8162 marks after 1.8270\nyesterday, dealers said.\n    The dollar firmed slightly from its opening 1.8135/45 marks\nin very quiet pre-weekend trading and dealers said they\nexpected business to remain thin this afternoon.\n    \"Trading is at an absolute nil, nobody wants to get involved\nahead of next week's meetings,\" one dealer with a U.S. Bank\nsaid, referring to the Group of Seven industrial nations and\nthe International Monetary Fund meetings in Washington.\n    Dealers saw the dollar staying at current levels but\npossibly rising above 1.83 marks on any supporting remarks\nemerging from the meetings. \"But the dollar's medium-term\ndirection is soft,\" one dealer said.\n    The dollar could well come under renewed pressure after the\ninternational forums as attention returned to the U.S. And the\nU.K.'s trade dispute with Japan, dealers said.\n    Cross currency trading was also subdued though sterling's\nrise above 1.60 dlrs helped it to firm against the mark. It was\nfixed higher at 2.924 marks after yesterday's 2.910.\n    The pound was seen staying between 2.90 and 2.93 marks for\nthe next days, dealers said.\n    Eurodollar deposit rates were steady from this morning,\nwith six month funds unchanged at midpoint 6-11/16 pct. Six\nmonth euromarks stayed at midpoint 3-7/8 pct.\n    The Swiss franc firmed to 119.86 marks per 100 at the fix\nfrom 119.71 yesterday and the yen rose to 1.244 marks per 100\nfrom 1.243.\n    The French franc was little changed at 30.050 marks per 100\nafter 30.055 yesterday.\n REUTER\n\u0003","date":" 3-APR-1987 06:07:23.44","topics":["dlr","money-fx"],"places":["west-germany"]},"12781":{"title":"GEC WINS ROBOTS ORDER FROM USSR","body":"The General Electric Co Plc <GECL.L> said\nits Electrical Projects division had won an initial 2.5 mln stg\norder to supply robots to the Soviet motor industry.\n    Eighteen paint-spraying robots will be installed at the Gaz\ntruck and car plant in Gorky, GEC said in a statement. If the\nfactory standardised on the GEC product, further orders for up\nto 80 more robots could be expected, it added.\n    Division engineering director Alan Davies said he expects\nfurther agreements soon with the Soviet machine tool and\nchemical equipment industries. These would cover the part\nmanufacture of 100 to 200 GEC robots per year in the USSR.\n REUTER\n\u0003","date":" 3-APR-1987 06:08:36.49","places":["uk","ussr"]},"12782":{"title":"KEPPEL RAISES BOND ISSUE TO 75 MLN DLRS","body":"Keppel Corp Ltd <KPLM.SI> said it has\ndecided to increase its convertible bond issue to 75 mln U.S.\nDlrs from 60 mln following overwhelming response since its\nlaunch on March 24.\n    \"This clearly reflects the confidence investors have in the\nKeppel group. The bond will improve the group's debt structure\nsignificantly,\" Keppel chairman Sim Kee Boon said.\n    When the bonds are converted, Keppel's debt and interest\nexpense will be further reduced and place the group in a much\nbetter financial position to expand and diversify its\nactivities, Sim said.\n    The 10-year bonds, issued at par, will carry a four pct\nannual interest and will be convertible at 3.12 Singapore dlrs\nper one-dlr share in Keppel.\n    The issue is lead-managed by <Morgan Grenfell and Co Ltd>\nwith <Daiwa Singapore Co Ltd> and <Morgan Grenfell (Asia) Ltd>,\nand is syndicated among leading domestic and international\nbanks and securities houses.\n    Last month, Keppel reported a group net profit of 5.1 mln\nSingapore dlrs for the year ended December 31, 1986 against a\nloss of 129.6 mln dlrs in 1985.\n REUTER\n\u0003","date":" 3-APR-1987 06:09:42.93","places":["singapore"]},"12783":{"title":"HINDUSTAN LEVER PROFITS RISE FOR 1986","body":"Shr 8.4 rupees vs seven\n    Pretax profit 650.7 mln vs 555.6 mln\n    Net profit 390.7 mln vs 325.6 mln\n    Sales 8.24 billion vs 7.07 billion\n    Div 34 pct vs 30 pct\n    Tax 260 mln vs 230 mln\n    Dividend payable on June 3\n    The company is 51 pct subsidiary of Unilever Plc.The full\nname of the company is HINDUSTAN LEVER LTD <HINU.BO>.\n REUTER\n\u0003","date":" 3-APR-1987 06:10:40.13","topics":["earn"],"places":["india"]},"12784":{"title":"PHILIPPINES SAYS DEBT PACT \"BETTER THAN MEXICO'S'","body":"Central bank governor Jose Fernandez said\nthe 10.3 billion dlr debt restructuring package he and Finance\nSecretary Jaime Ongpin negotiated with the Philippines'\ncommercial creditors was better than Mexico's.\n    \"I think we got a better deal. It was really an enormous\ndrop, a reduction in rates and that to me is the critical\nelement,\" he told Reuters.\n    He was reacting to comments by local economists who said\nManila's debt accord was no better than Mexico's, which had won\na 20-year repayment, including a seven-year grace last year at\n13/16 points over London interbank offered rates (Libor).\n    The Philippines clinched a repayment of 17 years, including\na grace period of 7-1/2 years on 10.3 billion dlrs of its total\ndebt of 27.8 billion.\n    But Fernandez said what was more significant was that\nManila came down from 1-7/8 on the new money and 1-5/8 on the\nrestructured debt to 7/8 points. Mexico, on the other hand\ndropped to 13/16 from 14/16.\n    \"They got a 1/16 reduction. We got almost a one percentage\npoint reduction,\" he said.\n    Asked why some features of the debt agreement such as the\ntoken prepayments of principal were not made public\nimmediately, he said \"These are very long documents and in a\npress statement you can only cover the key points. But these\nwill be made available to you.\"\n    Ongpin confirmed on Tuesday that a Reuter report from New\nYork that Manila will pay its commercial creditors 111 mln dlrs\nover 1987-1989 was accurate.\n    He omitted the token prepayments in previous announcements\nbut said there was nothing secret about them.\n REUTER\n\u0003","date":" 3-APR-1987 06:13:17.88","places":["philippines"]},"12785":{"title":"U.K. MONEY MARKET DEFICIT REVISED UPWARD","body":"The Bank of England said it has revised\nits estimate of today's shortfall to 750 mln stg from 700 mln.\n REUTER\n\u0003","date":" 3-APR-1987 06:20:21.87","topics":["money-fx"],"places":["uk"]},"12786":{"title":"INDIA BUYS VEGETABLE OILS, PAKISTAN TO RETENDER","body":"The Indian State Trading Corporation\n(STC) bought 20,000 tonnes of optional origin soybean oil and\n6,000 tonnes of rbd palm olein at its import tender yesterday,\ntraders said.\n    Pakistan, however, rejected offers at its tender for 12,000\ntonnes of rbd palm oil, but is expected to reenter the market\nnext week, they said.\n    The STC soyoil purchase was for May 20/Jun 20 shipment at\n319 dlrs per tonne cif and the palm olein for Apr 25/May 25\nshipment at 355 dlrs per tonne.\n REUTER\n\u0003","date":" 3-APR-1987 06:23:11.30","topics":["veg-oil","soy-oil"],"places":["uk"]},"12787":{"title":"DUTCH SOYMEAL IMPORTS FALL IN JANUARY","body":"Dutch soymeal imports fell\nto 75,500 tonnes in January from 97,070 in December and 120,228\nin January 1986, Central Bureau of Statistics figures show.\n    The U.S. Was the largest supplier in January with 38,760\ntonnes, down from 46,899 in December and 63,111 in January\n1986.\n    Brazil supplied 1,263 tonnes in January, down from 7,411 in\nDecember and 27,088 in January 1986.\n    Dutch imports of Argentine soymeal in January were 34,663\ntonnes, down from 41,365 tonnes in December but above the\n13,375 tonnes in the year ago month.\n    Total Dutch exports of soymeal in January were 128,015\ntonnes, down from 133,559 tonnes in December and 155,050\nexported in January 1986.\n    European Community countries were the main destinations for\nDutch soymeal exports with 102,355 tonnes compared with 124,026\nin December and 116,080 in January 1986.\n    Among third country destinations, the Soviet Union was the\nlargest costumer in January, taking 11,985 tonnes compared with\nnil in December and 26,074 tonnes in January 1986.\n REUTER\n\u0003","date":" 3-APR-1987 06:26:31.97","topics":["soy-meal","meal-feed"],"places":["netherlands"]},"12788":{"title":"SPAIN REVISES ECONOMIC TARGETS FOR 1987","body":"Spain has revised some of its main\neconomic targets for 1987 after studying the performance of the\neconomy in the first quarter, the economy ministry said in its\nmonthly bulletin.\n    Internal demand is now forecast to rise four pct against a\nprevious target of 3.5 pct.\n    Mariano Rubio, governor of the Bank of Spain, the central\nbank, yesterday said internal demand was currently growing at\nan annual rate of six pct and it had to be brought down to four\npct if the government were to meet its five pct inflation\ntarget this year. Inflation was 8.3 pct in 1986.\n    The forecast for private consumption growth remains\nunchanged at three pct, although public consumption is revised\nupwards to 2.5 pct from 2.0 pct.\n    Growth in domestic demand will fuel imports, expected to\nincrease by 8.6 pct against an originally estimated 7.1 pct.\n    Export growth has been revised downwards to 3.7 pct from\n5.2 pct due to the peseta's continuing strength against the\ndollar and slack external demand.\n    Slow growth of exports and a tight rein on state spending\nhas lowered estimated GDP growth to three pct in 1987 from an\nearlier forecast 3.5 pct. GDP grew by three pct last year.\n    The economy ministry is holding its inflation forecast to\nfive pct, in spite of minister Carlos Solchaga's doubts last\nweek on whether this target could be maintained if wage\nsettlements continue to rise above the government's recommended\nfive pct ceiling.\n    Unions and employers dispute the average wage increases\nagreed so far this year. Trade unions calculate wage\nsettlements have produced average rises of 7.3 pct against 5.5\npct estimated by the employers' federation CEOE.\n REUTER\n\u0003","date":" 3-APR-1987 06:27:10.14","topics":["gnp"],"places":["spain"]},"12789":{"title":"U.K. MONEY MARKET RECEIVES 170 MLN STG HELP","body":"The Bank of England said it has operated\nin the money market this morning, purchasing 170 mln stg bank\nbills. This compares with the Bank's revised estimate of a 750\nmln stg shortfall. In band two the Bank bought 72 mln stg at\n9-13/16 pct, in band three 52 mln at 9-3/4 pct and in band four\n46 mln at 9-11/16 pct.\n REUTER\n\u0003","date":" 3-APR-1987 06:48:12.65","topics":["money-fx","interest"],"places":["uk"]},"12790":{"title":"BEGHIN-SAY NOT PLANNING TO WITHDRAW SUGAR","body":"French sugar producer Beghin-Say is not\ncurrently planning to withdraw the sugar it has placed into\nintervention, despite the exceptionally high rebate awarded at\nthis week's European Community (EC) sugar tender, Beghin-Say\nPresident Jean-Marc Vernes told Reuters.\n    The maximum rebate of 46.864 Ecus per 100 kilos on\nWednesday was the largest ever granted, according to traders.\n    Vernes said he was satisfied the European Commission has\nstarted to move in the right direction, but said his company\nhad no plans to change its decision to put sugar into\nintervention.\n    But Vernes said he hoped that in the next few weeks a final\nagreement would be reached with the commission which would\nallow operators to withdraw the sugar from intervention.\n    European operators offered 854,000 tonnes of sugar into\nintervention to protest about export rebates which they say are\ntoo low. Over 785,000 tonnes of this sugar was accepted by the\ncommission on Wednesday, according to commission sources.\n    Under EC regulations, however, operators have another four\nto five weeks to withdraw the sugar from intervention before\npayment is made for it.\n    A total of 706,470 tonnes of French sugar and 79,000 tonnes\nof West German sugar has been accepted into intervention, trade\nsources said here. This amount represents about a third of\nannual EC exports to non-EC countries.\n    Beghin-Say declined to specify the amount of sugar it had\noffered into intervention, but said it was below 500,000\ntonnes.\n    Producers say they have been losing 2.5 to 3.0 Ecus on\nevery 100 kilos exported due to the failure of rebates to fully\nbridge the gap between EC and world prices. Wednesday's rebate\nwas 0.87 Ecus short of what producers say is needed to get an\nequivalent price to that for sales into intervention, traders\nsaid.\n    Vernes said operators hope to get a rebate which equates to\nthe full intervention price and said Wednesday's tender was a\nstep in the right direction.\n    Sugar producers here said the volume of sugar authorised\nfor export since the begining of the current campaign had been\ninadequate and that more should be exported now to compensate.\n    Trade sources said new regulations governing export\nrebates, which are due to be adopted shortly, may smooth the\npath for the commission to award larger export rebates in\nfuture.\n    One source at a leading French sugar house said it seemed\nthe commission had understood the protest action and was now\nmoving towards adapting the situation accordingly, thereby\nallowing the operators to withdraw their sugar from\nintervention once they got satisfaction.\n REUTER\n\u0003","date":" 3-APR-1987 06:57:20.23","topics":["sugar"],"organisations":["ec"],"places":["france"]},"12791":{"title":"STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE","body":"West German Finance Minister Gerhard\nStoltenberg said the currency agreement reached in Paris in\nFebruary had been successful and would be continued.\n    Stoltenberg told journalists before he attends next week's\nInternational Monetary Fund meeting in Washington that: \"The ...\nStrategy to stabilise currencies around current levels has\nproven its worth and will also determine future developments.\"\n    Stoltenberg declined to comment specifically on what he\nwould consider to be an undervalued dollar but said a dollar\naround 1.80 marks created problems for West Germany's exports.\n    Stoltenberg said studies by international organisations had\nmade it clear that especially in the U.S. And in Japan major\nefforts remained necessary to support adjustments in foreign\ntrade balances via necessary corrections to economic policy.\n    \"No-one would benefit if, after years of over-valuation, the\nU.S. Dollar fell into the other extreme, that is, strong\nunder-valuation,\" he said.\n    Stoltenberg said West Germany had a keen interest in a\nswift agreement between the U.S. And Japan concerning the\ncurrent trade dispute over semi-conductors.\n    Asked whether he believed the markets would test the Paris\ncurrency accord, Stoltenberg did not comment specifically but\nnoted that much of what had been discussed in Paris had not\nbeen published.\n    The Paris declaration did not state the levels at which\ncentral banks of the major industrialised countries would\nintervene.\n    Stoltenberg said that everything had been carefully\nconsidered. He said he had nothing further to add.\n    Stoltenberg also appeared to suggest that West Germany was\nnow no longer under any pressure from the U.S. Government to\nstimulate its economy.\n    He declined to respond specifically to a question on this\nsubject but said, \"You must attach particular importance to the\nconsensus which was reached in Paris.\"\n    The minister nevertheless added that he would make clear\nduring his trip to Washington that West Germany's nominal trade\nfigures gave a false impression about actual trade flows.\n    Stoltenberg noted that in 1986 Bonn's exports fell by a\nnominal two pct while its nominal imports fell by 10.7 pct.\nWest Germany's imports dropped largely because of foreign\ncurrency developments and the cheaper price of oil and led to a\nrecord trade surplus last year.\n    However, Stoltenberg said that in real terms West Germany's\nexports by volume had increased by 1.5 pct while real imports\nhad risen by a much stronger 6.2 pct.\n    In this way West Germany had made its contribution to\neconomic stability, Stoltenberg added.\n    Stoltenberg noted the government expected imports to rise\nby a real four to five pct in 1987 with exports stagnating.\n    He said it was too early to revise official forecasts for\nWest Germany's economic growth this year. The government has\nforecast an unchanged 2.5 pct rise in Gross National Product.\n    The Kiel Institute, a leading research body, is still\nexpecting growth of three pct but some other research\ninstitutes have revised forecasts down to below two pct.\nStoltenberg said the wide range of predictions showed how many\nimponderables had to be taken into account and said no drastic\nchanges in official forecasts were needed.\n REUTER\n\u0003","date":" 3-APR-1987 07:03:10.85","topics":["money-fx"],"places":["west-germany","usa"]},"12792":{"title":"MIYAZAWA, BAKER TALKED RECENTLY OVER TELEPHONE","body":"Finance Minister Kiichi Miyazawa said he\nrecently talked with U.S. Treasury James Baker over the\ntelephone, but declined to say what was discussed.\n    Miyazawa told reporters he talks with the U.S. Treasury\nSecretary from time to time on economic issues.\n    The Yomiuri Shimbun daily newspaper reported Baker called\nMiyazawa early this week to warn him next week's Group of Seven\ntalks would not be a success unless Japan expands domestic\ndemand. The newspaper quoted ruling Liberal Democratic Party\n(LDP) sources.\n    Miyazawa told reporters the LDP will come up with a draft\neconomic package to stimulate the economy before he leaves next\nweek for Washington.\n    The Finance Minister leaves on April 7 to attend the IMF\nand World bank meetings.\n    Miyazawa did not say what would be in the LDP package.\n REUTER\n\u0003","date":" 3-APR-1987 07:08:11.55","places":["japan","usa"]},"12793":{"date":" 3-APR-1987 07:09:06.48"},"12794":{"title":"MOSCOW STAGES NUCLEAR TEST","body":"The Soviet Union conducted an underground\nnuclear test aimed at perfecting military techology, the\nofficial news agency Tass reported.\n    Tass said the test was carried out at 0120 gmt at the\nSemipalatinsk testing ground in Kazakhstan, Soviet Central\nAsia.\n    It was the third Soviet underground blast since Moscow\nhalted an 18-month nuclear test moratorium last February,\nsaying Washington's refusal to join the ban had forced it to\nresume testing.\n    Moscow began its unilateral nuclear test moratorium in\nAugust 1985, calling on the United States to agree to a total\nban on testing as the first step to nuclear disarmament.\n    Last December it announced that it would end the freeze\nafter the first U.S. Test this year.\n    Washington had continued testing, saying the blasts were\nnecessary to maintain its nuclear deterrent and that problems\nremained concerning the monitoring of a test freeze.\n    The United States staged one test on February 3 and another\non February 11. Moscow responded with a blast on February 26\nand a second on March 12.\n    Soviet officials and the state media blamed the resumption\nof testing on the U.S. Decision not to join the freeze.\n Reuter\n\u0003","date":"  3-APR-1987 07:09:42.28","places":["ussr","usa"]},"12795":{"title":"JAPAN ASKS BANKS TO CUT DOLLAR SALES - DEALERS","body":"The Finance Ministry has asked Japanese\ncommercial banks to moderate their dollar sales, bank dealers\nsaid.\n    They said the Ministry had telephoned city and long-term\nbanks earlier this week to make the request.\n    One dealer said this was the first time the Ministry had\nmade such a request to commercial banks.\n    Finance Ministry officials were unavailable for immediate\ncomment. Dealers said the Ministry has already asked\ninstitutional investors to reduce their sales of the dollar.\n   REUTER\n\u0003","date":" 3-APR-1987 07:10:10.06","topics":["money-fx","dlr"],"places":["japan"]},"12796":{"title":"CBT METALS/FINANCIALS DELIVERY LOCATIONS","body":"The following deliveries are scheduled\nfor April 6 against Chicago Baord of Trade Futures -\n    Silver - 392 lots at Chicago, Illinois.\n    Kilo Gold - 21 lots. 16 at Chicago, Illinois, 5 at New\nYork, New York.\n Reuter\n\u0003","date":" 3-APR-1987 07:14:06.21","topics":["gold","silver"]},"12797":{"title":"PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW","body":"<Pioneer Sugar Mills Ltd> said it\nconsidered the proposed 2.20 dlrs a share cash takeover offer\nannounced by CSR Ltd <CSRA.S> on March 31 to be too low in view\nof the group*hK!UiIe and prospects.\n    CSR's bid for the 68.26 pct of Pioneer's 99.80 mln issued\nshares it does not already hold values the entire grop_j9culd\nmake an alternative share offer but has not yet announced\nterms.\n    Pioneer recommended in a statement that shareholders retain\ntheir stock, pending the board's response once it receives full\ndetails of the CSR offer.\n REUTER\n\u0003","date":" 3-APR-1987 07:18:15.70","topics":["acq"],"places":["australia"]},"12798":{"title":"S. KOREAN SHARES PLUNGE ON GOVERNMENT MEASURES","body":"The composite index plunged by 15.24\npoints, the biggest daily drop in seven years, on news of\ngovernment measures to cool down the heated stock market,\ndealers said.\n    The composite index closed at 383.48 with declines leading\nadvances by 328 to 23. Today's fall was the biggest since the\ncoutry started using the index in 1980.\n    Volume shrank to 47.6 billion won from yesterday's 93.3\nbillion after the finance ministry said it would limit\nshare-holdings of institutional investors.\n    Dealers said the market was depressed throughout the day on\nwidespread heavy selling.\n    New buying immediately stopped after the government\nannounced it would increase share supply by obliging financial\ninstitutions to sell off their holdings, but the market is\nexpected to recover before long, one dealer said.\n    Samsung Electronics fell 1,500 won to 38,600, Samsung\nSemiconductor 1,000 to 24,890, Hanyang Chemical 600 to 11,700,\nHyundai Motor 100 to 2,577 and Kia Motor 70 to 1,730.\n    Against the trend, construction shares rose slightly rose\non rumours of imminent government support for the industry.\n REUTER\n\u0003","date":" 3-APR-1987 07:21:14.35","places":["south-korea"]},"12799":{"title":"GERMAN CHEMICAL INDUSTRY SEES LOWER PROFITS","body":"West Germany's chemical\nindustry fears mounting risks will hurt earnings but hopes 1987\nturnover will stabilize around 1986's 140 billion marks, Josef\nStrenger, a board member of the industry association VCI, said.\n    Strenger, management board chairman of Bayer AG <BAYG.F>,\ntold a news conference at the Hanover trade fair the main\ndangers were stagnation in world trade, the lower dollar as\nwell as crude oil and commodity prices.\n    Prospects of higher operating costs were also seen harming\nearnings, he said. Turnover took a considerable downturn at the\nstart of 1987 after falling 5.9 pct in 1986.\n    The chemical industry, which relies heavily on exports, was\nbadly hit by mark appreciation in 1986 and lower turnover was\nmainly due to foreign exchange losses, Strenger said.\n    Exports fell 6.4 pct to 72 billion marks in 1986 and\ncompetition from U.S. And British firms increased. Savings from\nlower oil and commodity prices were eaten up by price\ncompetition and increased costs.\n    Strenger said 1986 operating profits of German chemical\nfirms were slightly worse than the year before but the improved\nfinancial and balance sheet structure, after three good years,\nneutralized the negative impact.\n    Strenger said the industry would try to increase production\nin the U.S. To make up for lost export possibilities out of\nWest Germany.\n    The lower dollar was the main reason for an 8.3 pct fall in\nexports to North America, an 11.4 pct drop to Latin America and\n22.6 pct plunge to the Middle East.\n    Exports to Western Europe eased 3.5 pct and Far East\nexports, due to an economic revival in Japan, dropped 5.2 pct.\n    Strenger noted that the industry had lost public confidence\nfollowing several cases of chemical pollution of the Rhine late\nlast year.\n REUTER\n\u0003","date":" 3-APR-1987 07:22:23.82","topics":["earn"],"places":["west-germany"]},"12800":{"title":"PHILIPPINES SAYS DEBT PACT \"BETTER THAN MEXICO'S'","body":"Central bank governor Jose Fernandez said\nthe 10.3 billion dlr debt restructuring package he and Finance\nSecretary Jaime Ongpin negotiated with the Philippines'\ncommercial creditors was better than Mexico's.\n    \"I think we got a better deal. It was really an enormous\ndrop, a reduction in rates and that to me is the critical\nelement,\" he told Reuters.\n    He was reacting to comments by local economists who said\nManila's debt accord was no better than Mexico's, which had won\na 20-year repayment, including a seven-year grace last year at\n13/16 points over London interbank offered rates (Libor).\n    The Philippines clinched a repayment of 17 years, including\na grace period of 7-1/2 years on 10.3 billion dlrs of its total\ndebt of 27.8 billion.\n    But Fernandez said what was more significant was that\nManila came down from 1-7/8 on the new money and 1-5/8 on the\nrestructured debt to 7/8 points. Mexico, on the other hand\ndropped to 13/16 from 14/16.\n    \"They got a 1/16 reduction. We got almost a one percentage\npoint reduction,\" he said.\n    Asked why some features of the debt agreement such as the\ntoken prepayments of principal were not made public\nimmediately, he said \"These are very long documents and in a\npress statement you can only cover the key points. But these\nwill be made available to you.\"\n    Ongpin confirmed on Tuesday that a Reuter report from New\nYork that Manila will pay its commercial creditors 111 mln dlrs\nover 1987-1989 was accurate.\n    He omitted the token prepayments in previous announcements\nbut said there was nothing secret about them.\n REUTER\n\u0003","date":" 3-APR-1987 07:26:23.32","places":["philippines"]},"12801":{"title":"GERMAN NET CURRENCY RESERVES RISE","body":"West German net currency reserves rose\nby 200 mln marks in the fourth week of March to 82.2 billion,\nfollowing a rise of 300 mln marks in the previous week, the\nBundesbank said.\n    Non-currency reserves were unchanged at about 2.5 billion\nmarks, bringing net monetary reserves to 84.7 billion.\n REUTER\n\u0003","date":" 3-APR-1987 07:30:21.34","topics":["money-fx","reserves"],"places":["west-germany"]},"12802":{"title":"LONDON GRAINS SEES WHEAT RECOVER FROM LOWS","body":"U.K. Physical wheat values recovered from\ninitial losses of one to two stg per tonne caused by overnight\nnews of the release of an additional 300,000 tonnes of\nintervention feed wheat for U.K. Weekly home market tenders.\n    Consumer buyers were attracted by the cheaper offers,\ntraders said, and by early afternoon the market had recovered\nto one stg down to unchanged.\n    U.K. Wheat futures also rallied to end the morning\nunchanged to 0.05 stg easier.\n    In East Anglia, April deliveries of feed wheat traded at\n123 and May at 124 but were subsequently bid one stg a tonne\n    The market for denaturable wheat in Liverpool held\ncomparatively steady with sellers holding back due to uncertain\nconditions.\n    April deliveries made 127.50 and June 129.50 stg per tonne,\nbasis Liverpool.\n    The fob market for wheat started easier but here again\nselling pressure lifted around midday. Apr/Jun shipments traded\nfob east coast at 123 stg per tonne. This compared with 124\npaid for April yesterday and 125 for May/June.\n REUTER\n\u0003","date":" 3-APR-1987 07:44:18.56","topics":["wheat","grain"],"places":["uk"]},"12803":{"title":"NORSK HYDRO, SAGA SEEK DRILLING RIGHTS IN GABON","body":"Norwegian oil companies Norsk Hydro A/S\n<NHY.OL> and Saga Petroleum A/S <SAGO.OL> said they have\napplied for offshore exploration drilling licenses in Gabon on\nAfrica's west coast.\n    Saga Petroleum said it has applied for a 35 pct share and\noperatorship on one block, adding Finnish oil company Neste\n<NEOY.HE>(25 pct), Spain's Hispanoil (25 pct), and the World\nBank's International Finance Corporation (IFS) (15 pct) have\njoined Saga to fill remaining shares in the application.\n    Saga spokesman Roy Halvorsen told Reuters he expected\nGabonese officials would reply to the application by Easter.\n    Halvorsen said this is the first time Saga has applied to\noperate on OPEC-member Gabon's continental shelf, adding that\nItalian oil company Agip is heading a group of applicants in a\nseparate bid for the same license.\n    Norsk Hydro has also applied for an undisclosed share in a\nsingle exploration license in which U.S. Oil company Tenneco\nhas already been assigned operatorship, company spokesman\nBjoern Tretvoll said.\n REUTER\n\u0003","date":" 3-APR-1987 07:49:21.16","topics":["crude"],"places":["norway","gabon"]},"12804":{"title":"JAPAN DENIES CHIP MARKET DOMINATION CHARGES","body":"A top Japanese official has insisted that\nthe country was living up to its microchip pact with the US.\n    \"It cannot be thought, nor should it be thought, we are\ntrying to dominate semiconductors,\" Ministry of International\nTrade and Industry (MITI) vice minister Makoto Kuroda said in a\nnewspaper interview.\n    Kuroda, who will head a Japanese team going to Washington\nnext week for emergency talks on semiconductors, told the Tokyo\nShimbun that he would try his best to convince the United\nStates of Japan's case.\n    Washington last week announced an imposition of tariffs on\nJapanese electronic products in retaliation for what it sees as\nTokyo's failure to abide by the pact. Under the agreement Japan\nwould stop selling cut-price chips in world markets and try to\nbuy more American chips.\n    Kuroda told the newspaper that Tokyo has already taken\nmeasures to back up the pact, including production cutbacks.\n    While Japanese users are trying to increase chip imports,\nTokyo cannot guarantee the United States a specified share of\nwhat in Japan is a free market, he said.\n REUTER\n\u0003","date":" 3-APR-1987 07:49:31.73","places":["japan","usa"]},"12805":{"title":"TOP DISCOUNT RATE AT UK BILL TENDER RISES TO 9.5261 PCT\n","date":" 3-APR-1987 08:06:01.69","topics":["interest"],"places":["uk"]},"12806":{"title":"U.S. TREASURY POLICIES SAID UNCHANGED BY DEPARTURE","body":"The departure of James Baker's\nclosest aide, Deputy Treasury Secretary Richard Darman, will\nnot change the course of Washington's domestic and\ninternational economic policies, U.S. officials said.\n    Darman, who has worked alongside Baker for six years, was\nwidely credited with helping him mastermind initiatives on\ncurrency management and international economic cooperation.\n    U.S. Officials said Darman also played a key role in\nshepherding President Reagan's sweeping tax reform plan through\nthe U.S. Congress.\n    But they flatly dismissed suggestions that his departure,\nto the investment banking firm of Shearson Lehman Brothers,\nsignaled the Baker team was breaking up, or that the Treasury\nSecretary himself might leave soon.\n    \"It really does not mean that, he took the opportunity as it\ncame up,\" one official said.\n    Another commented, \"Baker will miss him, but he's not going\nto stand in his way.\"\n    There has been widespread speculation since last autumn\nthat Darman sought a Wall Street job.\n    Officials said Darman felt the passage of tax reform late\nlast year marked an appropriate moment to bow out.\n    Baker acknowledged Darman would be sorely missed.\n    \"Dick Darman has contributed mightily to the success of this\nadministration over the past six years and his departure\nrepresents a substantial loss,\" he said.\n    U.S. Officials admitted Darman's absence would be an\nundoubted blow to Baker, who has relied on him for policy\nadvice, both at the White House and, in Reagan's second term,\nat the Treasury. One aide once described Darman as\n\"indispensable\" to Baker.\n    Baker is widely thought to want a more stable currency\nsystem and Darman is generally credited by officials of other\nnations as Baker's leading theorist on this issue, favouring\ntarget zones to limit currency fluctuations.\n    Earlier this year, monetary sources said the U.S. Treasury\nunsuccessfully sounded out allies on a target zone system.\n    But a U.S. Official disputed the assessment that, with\nDarman gone, Baker would abandon international initiatives.\n    Baker's work as head of Reagan's Economic Policy Council,\nspearheading trade policy, and his skills in negotiating with\nthe Democrat-controlled Congress will go on as before.\n    Darman's strength was not as an economist, but as a\npolitical strategist \"and that's Baker's strength too,\" the\nofficial said.\n    There were already indications that Baker, who throughout\nhis time in government has relied on a closely-knit circle of\nadvisers, has moved swiftly to find a successor.\n    One possibility is that Baker might turn to George Gould,\nwho holds the number three Treasury position of\nUnder-Secretary.\n    Gould, another close confidante, has known Baker for years.\n    Before joining the Treasury in November 1985, Gould was a\npartner at the Wall Steet firm of Wertheim and Co and formerly\nheaded Donaldson, Lufkin and Jenrette Securities Corp.\n    The Darman announcement came on the eve of the semi-annual\nmeetings of the International Monetary Fund and the World Bank,\nwhere many policies Darman helped shape will be debated.\n    He helped Baker devise the September, 1985 Plaza Agreement,\nwhen the United States, Japan, West Germany, France and Britain\ncurbed the dollar's strength. The pact was a major turning\npoint in U.S. Policy, ending a period of disdain for economic\ncooperation and intervention in currency markets.\n    Darman also worked on some other Baker initiatives, like\nthe Tokyo Summit agreement to intensify coordination of\neconomic policies among the leading industrial countries and\nthe recent Paris Agreement to stabilise currencies and\nstimulate global growth.\n    These policies are collectively aimed at redressing the\nhuge gap between Japan and West Germany's trade surpluses and\nthe United State's massive trade deficit.\n    That policy goal still remains a prime objective of the\nReagan Administration and will not change with Darman's\ndeparture.\n REUTER\n\u0003","date":" 3-APR-1987 08:09:49.21","topics":["money-fx"],"places":["usa"]},"12807":{"date":" 3-APR-1987 08:11:53.12","places":["usa"]},"12808":{"date":" 3-APR-1987 08:12:00.75","places":["usa"]},"12809":{"date":" 3-APR-1987 08:12:05.80","places":["usa"]},"12810":{"title":"TOP DISCOUNT RATE AT UK BILL TENDER 9.5261 PCT","body":"The top accepted rate of discount at the\nweekly U.K. Treasury bill tender rose to 9.5261 pct  from\n9.3456 pct last week.\n    Applications at the lowest accepted price of 97.625 stg\n were allotted around 81 pct of the amount applied for, and\n applications above that price were allotted in full, the Bank\n of England said.\n    A total of 100 mln stg of Treasury bills was offered for\nsale this week.\n    Last week, the average rate of discount was 9.3157 pct.\n REUTER\n\u0003","date":" 3-APR-1987 08:12:12.59","topics":["interest"],"places":["uk"]},"12811":{"title":"ESCOM SAYS TARGETS MET WITHOUT FOREIGN FINANCE","body":"South Africa's Electricity Supply\nCommission (Escom), which last year launched a massive\nrestructuring programme after the ending of foreign loans to\nthe country in 1985, said it met its budget targets in 1986\nwithout foreign finance.\n    The electricity company, which supplies about 90 pct of\nSouth Africa's power, said in its annual report that it failed\nto attract any foreign loans in 1986, but it was confident of\nmeeting its funding requirements this year, despite available\nfinance from abroad remaining restricted.\n    The utility, which once was South Africa's largest borrower\nof foreign funds, said prearranged import financing facilities\nare expected to provide foreign funds of only about 300 mln\nrand this year. A further 550 mln rand will be borrowed from a\nblocked account administered by the South African government\nfor the eventual repayment of about 13 billion rand in\nshort-term loans.\n    These are currently frozen by an effective moratorium on\nrepayments. The blocked account is part of a debt accord\nrecently reached with South Africa's foreign creditor banks.\n    South Africa declared a moratorium on repayments of about\n14 billion dlrs of its original 24 billion dlr total foreign\ndebt in September 1985 after foreign bankers abruptly cut off\ncredit lines to the country because of concern over its\ndeteriorating political and economic climate.\n    Pretoria last week announced that it had reached a\nthree-year rescheduling agreement with the major international\ncreditors that will effectively extend a moratorium on most\nrepayments of the short-term portion of the debt until\nmid-1990.\n    Escom said it plans to meet the bulk of its funding\nrequirements this year by raising 2.2 billion rand in the South\nAfrican financial markets against a total of 1.75 billion rand\nraised last year.\n    \"The borrowing programme for 1987 is well within the\ncapacity of the (domestic) financial markets, without pressure\nbeing placed on interest rates,\" the corporation said.\n    \"Last year we embarked on the most dramatic restructuring\nprogramme ever attempted by a major South African business, and\nwe have largely achieved what we set out to do,\" Escom chairman,\nJohn Maree, told a news conference.\n MORE\n\u0003","date":" 3-APR-1987 08:17:10.27","places":["south-africa"]},"12812":{"title":"U.K. MONEY MARKET DEFICIT FURTHER REVISED UPWARD","body":"The Bank of England said it has revised\nits estimate of today's shortfall to 800 mln stg from 750 mln,\nbefore taking account of 170 mln stg morning assistance.\n REUTER\n\u0003","date":" 3-APR-1987 08:17:32.53","topics":["money-fx","interest"],"places":["uk"]},"12813":{"title":"DUTCH COCOA BEAN IMPORTS RISE IN JANUARY","body":"Total Dutch imports of cocoa beans\nrose to 17,978 tonnes in January from 13,961 in January 1986,\nwhile exports fell to 1,852 tonnes from 3,111, the Central\nBureau of Statistics said.\n    Cocoa butter imports rose slightly to 1,699 tonnes from\n1,507, while exports fell slightly to 6,211 from 6,293 tonnes.\n    Imports of cocoa powder fell to 316 tonnes from 469 and\nexports to 5,944 from 6,106 tonnes.\n Reuter\n\u0003","date":" 3-APR-1987 08:20:03.79","topics":["cocoa"],"places":["netherlands"]},"12814":{"title":"DUTCH GREEN COFFEE IMPORTS FALL IN JANUARY","body":"Dutch green coffee imports fell to\n10,430 tonnes in January from 13,506 tonnes in January 1986,\nand exports fell to 366 tonnes from 615, the Central Bureau of\nStatistics said.\n    Imports of Colombian coffee were 2,169 tonnes (3,025 in\nJanuary 1986), Brazilian 483 (3,715), Indonesian 455 (145),\nGuatemalan 196 (126), Cameroun 464 (560) and Ivory Coast 353\n(839).\n Reuter\n\u0003","date":" 3-APR-1987 08:20:20.88","topics":["coffee"],"places":["netherlands"]},"12815":{"title":"EC MINISTERS WILL DISCUSS STRENGTHENING EMS FLOAT","body":"European Community finance ministers\nand central bankers meet in Belgium this weekend to discuss\nstrengthening Europe's joint currency float amid continuing\nworries about turbulence on foreign exchanges.\n    Belgian Finance Minister Mark Eyskens, who will host the\ninformal talks, told Reuters the ministers and central bank\nchiefs would discuss the situation on currency markets in the\nlight of the February agreement among leading industrialised\ncountries to stabilise exchange rates around present levels.\n    In an interview, Eyskens said he felt the Paris accord\nbetween the United States, Japan, West Germany, France, Britain\nand Canada had proved itself \"more or less workable.\"\n    But doubts over its effectiveness and durability have been\ngrowing since fears of a trade war between the United States\nand Japan over computer microchips pushed the dollar to a\nrecord low against the surging yen early this week.\n    The talks, at the Belgian resort of Knokke, are being held\nto coordinate the EC's positions on monetary issues and Third\nWorld debt ahead of the Spring meetings of the International\nMonetary Fund and World Bank in Washington next week.\n    The EC gathering begins tonight with a dinner but the main\ndiscussions will take place tomorrow.\n    Continued international currency turbulence could undermine\nplans for reinforcing the European Monetary System, the joint\nfloat holding eight EC currencies within narrow fluctuation\nbands, which will feature high on the weekend agenda.\n    Eyskens has repeatedly said that Europe needs a period of\ncalm on world currency markets, and in particular a more stable\ndollar, before it can set about strengthening the EMS to make\nit more resilient against exchange rate swings.\n    The EMS has been taking a battering over the last year as\nthe falling dollar has sent funds surging into the dominant EMS\ncurrency, the West German mark, forcing ministers to undertake\ntwo major realignments of parities within nine months.\n    In the interview, Eyskens made clear he was hoping for a\nwide-ranging discussion on the future of the eight-year-old EMS\non the basis of proposals for bolstering it drawn up by the\nEC's Monetary Committee and the Committee of Central Bank\nGovernors.\n    The committees were asked to come up with the proposals\nafter the last reshuffle of EMS exchange rates in January.\n    Eyskens repeated calls for the European Currency Unit, the\nfledgling EC currency at the core of the system, to take over\nthe mark's dominant role in the EMS - a proposal that has met\nwith a cool response in West Germany.\n    He said EC Commission President Jacques Delors would report\nto the meeting on problems raised by plans to liberalise\ncapital movements fully within the 12-nation bloc by 1992, such\nas the need for harmonising taxes and banking controls.\n    Eyskens said liberalisation of capital movements without\nstrengthening the EMS would be an element of destabilisation in\nthe Community. \n    He said the crucial issue in the debate was whether member\nstates were willing to push further towards the EC's goal of\nmonetary integration on the basis of an EMS that included\nmanagement of exchange rates by some kind of common\ninstitution, instead of by national central banks as at\npresent.\n    Plans for the creation of such an institution, foreseen by\nthe EMS's founding fathers, have been thwarted by the\nreluctance of some countries, notably West Germany, to gove up\ntheir sovereignty in the monetary field.\n    EMS development has also been held up by Britain's refusal\nso far to join the system's core exchange rate mechanism.\n REUTER\n\u0003","date":" 3-APR-1987 08:28:32.79","topics":["money-fx"],"organisations":["ec"],"places":["belgium"]},"12816":{"title":"JAL SAYS MAJOR DEFECT FOUND IN BOEING PLANE","body":"Japan Air Lines ordered checks on its\nfleet of Boeing Co. <BA> 747-SR jumbo jets after a major defect\nwas found in one of them last month, an airline spokesman said.\n    Inspectors running a routine check found that one of three\ndiagonal braces attaching an engine to the wing had snapped due\nto metal fatigue, he said.\n    He described the defect as \"major\" but said it was the first\ntime such a fault had been found in the JAL fleet.\n    He said the part was sent to Boeing for examination but\nnothing had been heard from them yet. A Boeing spokesman was\nnot immediately available for comment.\n    JAL's entire fleet of eleven 747-SRs had been inspected but\nno similar defect was found, the airline spokesman said.\n Reuter\n\u0003","date":" 3-APR-1987 08:30:38.46","places":["japan"]},"12817":{"title":"CANADA MARCH FOREIGN RESERVES RISE 1.23 BILLION U.S. DLRS - OFFICIAL\n","date":" 3-APR-1987 08:30:59.11","topics":["reserves"],"places":["canada"]},"12818":{"title":"U.S. MARCH JOBLESS RATE FELL TO 6.6 PCT","body":"The U.S. civilian unemployment rate\nfell to 6.6 pct in March from 6.7 pct in February, the Labor\nDepartment said.\n    The number of non-farm payroll jobs rose 164,000 last month\nafter rising a revised 236,000 in February. That was down from\nthe previously reported 337,000 rise in February.\n    The March unemployment rate was the lowest since March,\n1980. It had remained unchanged at 6.7 pct for three straight\nmonths before the March decline.\n    The rise in non-farm payrolls was the smallest since a\ndecline last June of 75,000, the department said.\n    Last month's unemployment rate was down from the 7.2 pct\nlevel in March, 1986.\n    Growth in jobs continued in March but was slower than in\nrecent months, with the gains concentrated in service\nindustries.\n    The number of goods-producing jobs fell 68,000 in March,\nwhile service-producing jobs rose 232,000 to bring the total\njobs in the department's survey of businesses to 102.03 mln in\nMarch.\n    Business and health services showed the largest gains in\njobs, while manufacturing employment fell by 25,000.\n    The average work week fell to 34.8 hours in March from 35.0\nhours in February, the department said.\n    Manufacturing hours fell to 40.9 per week from 41.2 hours\nin February, but overtime hours increased to 3.7 from 3.6.\n    The department's survey of households showed the number of\nunemployed stood at 7.85 mln out of a work force of 119.2 mln.\n    The number of persons working part time for economic\nreasons fell in March to 5.46 mln from 5.78 mln in February.\n    The loss of factory jobs brought the March total to 19.19\nmln jobs and was concentrated in automobile, electrical and\nelectronic manufacturing.\n    Construction employment also lowered the number of jobs in\nthe goods-producing sector, falling by 45,000 after seasonal\nadjustment, the department said.\n    Mining employment was little changed in March and has not\nexperienced any substantial erosion since the rapid job losses\nin oil and gas drilling in the first two-thirds of 1986.\n    Other service industries that increased jobs last month\nwere finance, insurance, and real estate.\n Reuter\n\u0003","date":" 3-APR-1987 08:32:08.71","topics":["jobs"],"places":["usa"]},"12819":{"title":"U.K. MONEY MARKET GETS 347 MLN STG AFTERNOON HELP","body":"The Bank of England said it has operated\nin the money market this afternoon, buying back bills totalling\n347 mln stg. This brings the total help so far today to 517 mln\nstg and compares with the Bank's revised estimate of an 800 mln\nstg shortfall.\n    The central bank purchased in band one 20 mln stg at 9-7/8\npct, in band two 254 mln at 9-13/16 pct, in band three 66 mln\nat 9-3/4 pct and in band four seven mln stg at 9-11/16 pct.\n REUTER\n\u0003","date":" 3-APR-1987 08:35:55.04","topics":["money-fx","interest"],"places":["uk"]},"12820":{"title":"TIMES MIRROR <TMC> FEBRUARY AD REVENUES ROSE","body":"Times Mirror Co said its Newspaper\nPublishing group's advertising revenues increased 12.8 pct to\n121.2 mln dlrs in the four weeks ended March one from 107.5 mln\ndlrs a year earlier.\n    For the nine weeks, January one through March one,\nadvertising revenues were 245.7 mln dlrs, up 10.7 pct from the\n222.1 mln dlrs in the January one through March 2, 1986, period.\n Reuter\n\u0003","date":" 3-APR-1987 08:38:26.45","places":["usa"]},"12821":{"title":"AUSTRALIAN UNIONS PLAN NEW SOUTH WALES STRIKES","body":"Unions are planning a week of state-wide\nstrikes in New South Wales, starting midnight next Tuesday, to\nprotest against a state move to cut workers' compensation.\n    NSW Labour Council secretary John MacBean, who is also an\nexecutive member of the Australian Council of Trade Unions\n(ACTU), said the council has authorised the strikes and other\nindustrial action.\n    The NSW government has introduced in the state parliament a\nnew Workers' Compensation Act which would cut by up to one\nthird the cash benefits paid to injured workers.\n    MacBean said almost every business sector would be hit and\nthe unions would extend their action for two or three more\nweeks if the state government went ahead with its plan.\n Reuter\n\u0003","date":" 3-APR-1987 08:40:59.42","places":["australia"]},"12822":{"title":"ALTEX <AII> SETS ACQUISITION OF COMPUTER FIRMS","body":"Altex Industries Inc said it has agreed\nin principle to buy 82 pct of two privately-held affiliated\ncomputer retail companies for an undisclosed amount.\n    Altex said the Denver-based companies had revenues of over\nseven mln dlrs last year. They are Integrated Management Data\nSystems Inc, which sells accounting software systems to the oil\nand gas industry, and Integrated Management Systems Micro\nDistribution Division Inc, which distributes micro-computer\nproducts.\n    Altex said it expects to close the transaction, which is\nsubject to financing, in July.\n Reuter\n\u0003","date":" 3-APR-1987 08:42:31.67","topics":["acq"],"places":["usa"]},"12823":{"title":"AUSTRALIA TUG CREWS BAR FOREIGN CONTAINER SHIPS","body":"Tug crews are preventing the movement of\nforeign-flag container vessels in and out of the ports of\nSydney, Melbourne and Fremantle, shipping sources said.\n    They said maritime unions imposed bans on late Wednesday\nfor reasons that are obscure but seem to be linked with claims\nfor a pay rise above the 10 dlrs a week awarded by the\nArbitration Commission nationally to all workers recently.\n    Only about 10 vessels are being delayed but the bans will\naffect container terminal movements and will disrupt liner\nschedules, they said.\n    The dispute goes to the Commission on Monday, they said.\n Reuter\n\u0003","date":" 3-APR-1987 08:43:13.20","topics":["ship"],"places":["australia"]},"12824":{"title":"STANLINE INC <STAN> REGULAR DIVIDEND","body":"Qtly div eight cts vs eight cts in prior qtr\n    Payable April 30\n    Record April 15\n    Company said its board intends to declare cash dividends\nquarterly and plans to pay a five pct stock dividend annually\nfollowing the close of each fiscal year. The initial five pct\nstock dividend was paid December 22 to holders of record\nNovember 30.\n Reuter\n\u0003","date":" 3-APR-1987 08:43:18.69","topics":["earn"],"places":["usa"]},"12825":{"title":"CHINA REPORTS BREAKTHROUGH IN TALKS WITH USSR","body":"After years of refusal, Moscow has agreed\nto discuss the problems of Afghanistan and Kampuchea in its\ntalks with Peking on normalising relations, Chinese\nVice-Foreign Minister Qian Qichen said.\n   He told a news conference: \"Recently the Soviet Union\nexpressed agreement to discuss this question.\"\n    China has long referred to three obstacles to better\nrelations -- Soviet troops in Afghanistan, Moscow's support for\nVietnamese troops in Kampuchea and Soviet troop concentrations\nalong the Chinese border.\n Reuter\n\u0003","date":" 3-APR-1987 08:46:04.78","places":["china","ussr","kampuchea"]},"12826":{"title":"SWEDEN MAKES PROPOSAL FOR BANKING CHANGE","body":"The finance ministry has proposed a\nchange in rules affecting ownership of commercial banks by\nnon-banking financial groups, a ministry statement said.\n    The proposals aim to block loopholes open to financial\ngroups with banking subsidiaries. According to current rules\nthese groups are not bound by the same regulations prevailing\nin the traditional banking sector.\n    The finance ministry proposals follow a recent bid by the\nProventus financial group to create a new holding company that\nwould control the third-largest commercial bank Gotabanken and\nWermlandsbanken, a small regional bank.\n    The proposal suggests that a holding company with a banking\nunit must be subject to the same rules which currently apply to\nthe commercial banking operations, the finance ministry said in\na statement.\n    It added that July 1 this year was the proposed date of\nimplementation for the measures, which will almost certainly be\nrubber-stamped by parliament.\n REUTER\n\u0003","date":" 3-APR-1987 08:47:01.10","places":["sweden"]},"12827":{"title":"TALKING POINT/SANTA FE SOUTHERN <SFX>","body":"Santa Fe Southern Pacific Corp may have\nmore difficulty combining its two railroads than fending off a\npossible takeover by Henley Group <HENG>, which has accumulated\nalmost a five pct stake in the real estate and railroad\nconglomerate, analysts said.\n    Takeover speculation has surrounded Santa Fe since Henley\ndisclosed its stake in the company earlier this week, but\nanalysts and a Santa Fe official were skeptical a takeover is\nits intention.\n    Analysts also said the company has strong defenses that\nwould easily deter any suitor - one of those being its problems\ncombining its two railroad properties, which hang in regulatory\nlimbo.\n    Richard Fischer of Merrill Lynch and Co Inc said that Santa\nFe at December 31 had 580 mln dlrs in cash and cash\nequivalents, while its long-term debt to capital was just over\n25 pct. \"This gives them plenty of borrowing power,\" he said,\nwhich could be used against an unwanted suitor.\n    Henley Group's Chairman Michael Dingman has said he wants\nto take major positions in undervalued natural resource\ncompanies. He also told Reuters in an interview he is seeking\nan acquisition of from two billion to eight billion dlrs.\n    Santa Fe officials don't appear concerned that Henley might\nlaunch a takeover. \"I would not characterize the atmosphere\naround here as one of concern,\" one Santa Fe executive said\nabout Henley.\n    \"I think it's wrong to assume Dingman has formed a firm\nstrategy with Santa Fe,\" said Mark Hassenberg, who covers\nHenley for DLJ Securities.\n    Analysts say the potential of Santa Fe's land assets are\nlikely to be realized slowly. They add that Santa Fe's efforts\nto merge its two railroads remain in regulatory limbo,\nsidetracking many of its strategic plans for the foreseeable\nfuture.\n    These realities, they said, support the Henley Group's\nstatement that its Santa Fe stake is only an investment.\n    The more pressing problem facing Santa Fe is overcoming\ndifficulties in merging its two railroads, the Atchison, Topeka\nand Santa Fe Railway Co and Southern Pacific Transportation Co.\nThe merger would create the nation's second-longest railroad.\n    Last July the Interstate Commerce Commission (ICC) denied\nthe merger on anticompetitive grounds.\n    The company since has granted trackage-sharing rights to\nfour western railroads to meet the ICC's concerns and persuade\nit to reopen the hearings in its three-year-old struggle to\nmerge the lines.\n    \"My guess is the commission will decide in three to six\nweeks whether to reopen hearings,\" Fischer said.\n    \"I believe they've made an effort to satisfy the ICC's\nobjections,\" he said. \"But in doing so they haven't pleased\neveryone. Before they had Burlington Northern on their side,\nnow Burlington is opposed to the way trackage rights are set\nup.\"\n    If the hearings are reopened, analysts predicted it will\ntake six to nine months for everyone to have their say, and up\nto another year for the ICC to decide.\n    Santa Fe is in the midst of a 50-mln-share stock buyback\nprogram begun in 1984. It has bought back 33.7 mln shares as of\nFebruary 1, when it had 154.7 mln shares outstanding, a\nspokesman said.\n    Among the shares repurchased were two stakes owned by\nNorfolk Southern, one of 3.4 mln shares bought in 1986 and\nanother of 1.7 mln shares in 1985, one analyst said.\n    James Voytko at Paine Webber believes Santa Fe could fight\noff the Henley Group with its cash and credit. Citing the share\nbuybacks from Norfolk Southern, he said one of Santa Fe's\noptions, if threatened, could be to buy the Henley stake.\n    \"It is indeed possible that Dingman sees this as a\nlow-risk, opportunistic investment,\" Voytko said.\n    \"People who follow Santa Fe have given me values of 45 dlrs\nto 50 dlrs a share,\" said DLJ Securities' Hassenberg. \"But I'm\ncertain that in Dingman's mind, the company is worth more than\nthat in breakup value.\"\n Reuter\n\u0003","date":" 3-APR-1987 08:47:54.32","topics":["acq"],"places":["usa"]},"12828":{"title":"STOLTENBERG CALLS FOR NEW BRAZIL TALKS WITH BANKS","body":"Finance Minister Gerhard Stoltenberg said\nhe will advise Brazil to take up discussions with its\ncommercial bank creditors when he is in Washington for the\nInternational Monetary Fund (IMF) meeting next week.\n    He told a news conference ahead of the IMF talks that\ndiscussions about developing country debt problems would play\nan important role on the agenda in Washington.\n    Stoltenberg noted that Brazil had agreed in January to work\ntogether with the banks but said this pledge had not yet been\nfulfilled.\n    After Brazil imposed a moratorium on interest payments on\n68 billion dlrs worth of debt in February, Brazilian Finance\nMinister Dilson Funaro sought to involve foreign governments in\nrescheduling talks with banks.\n    But British Chancellor of the Exchequer Nigel Lawson\nrebuffed Funaro's bid and said commercial bank loans were a\nmatter for banks and not governments. West German bankers also\nsaid then that Brazil should seek an understanding with the\nIMF.\n    Stoltenberg said in Bonn today that he had already told\nFunaro that the unilateral moratorium was a mistake.\n    Stoltenberg said that despite progress in some areas, the\ndebt problems of a whole range of countries had recently become\nmore difficult.\n    He said flows from commercial banks had decreased markedly\nand that the refusal of some highly indebted countries to\nfulfil their commitments to private creditors or with the IMF\nwas one reason for this.\n    He also said that when debtor countries came up with good,\nconfidence-inspiring policies, commercial banks should react\nwith more flexibility in interest structures, maturities and\nrescheduling.    Many debtor countries had realised that it was not possible\nto mobilise capital flows, and especially direct investments,\nwithout such policies, Stoltenberg said.\n REUTER\n\u0003","date":" 3-APR-1987 08:50:09.71","organisations":["imf"],"places":["west-germany","brazil"]},"12829":{"title":"CANADIAN FOREIGN RESERVES SURGE IN MONTH","body":"Canadian foreign reserve holdings rose\n1.23 billion U.S. dlrs in March to 7.77 billion dlrs, the\nFinance Department said.\n    The department said the change from February included a\ndecrease of 258.1 mln dlrs from the repayment, at maturity, of\na 1982 Swiss Franc 400 mln issue.\n    Also included was also a 112.8 mln dlr decline from a net\nredemption of Canada bills. The par value of bills outstanding\nwas 800.7 mln dlrs at March 31.\n    This month's reserves were 4.49 billion dlrs above March,\n1986's total of 3.28 billion dlrs.\n    Reserve holdings in U.S. dlrs at end of March versus end of\nFebruary were as follows.\n    - U.S. dlrs 5.98 billion vs 4.47 billion,\n    - other foreign currencies 37.1 mln vs 319.9 mln,\n    - gold 874.0 mln vs 864.1 mln\n    - special drawing rights 191.8 mln vs 188.6 mln,\n    - IMF Reserves 689.7 mln vs 705.7 mln.\n Reuter\n\u0003","date":" 3-APR-1987 08:54:00.40","topics":["reserves"],"places":["canada"]},"12830":{"title":"JAPAN STUDY URGES FOREIGN ACCESS TO FARM MARKETS","body":"Japan should increase foreign access to\nits farm products market, while encouraging further development\nof domestic agriculture, a government report said.\n    The white paper on agriculture for the year ended March 31\nsaid active participation in writing world farm trade rules at\nthe next round of General Agreement on Tariffs and Trade (GATT)\ntalks will help prepare Japan to improve access.\n    Agriculture Ministry sources said the paper marked an\neasing in Japan's tough position on agricultural imports which\nstressed the need for strict controls on some products to\nmaintain self-sufficiency in food.\n    Japan now produces only 30 pct of its annual grain needs,\ndown from 61 pct some 20 years ago, official figures show.\n    The paper said Japanese agriculture has been slow to\nimprove productivity and demand/supply imbalances.\n    The relative shortage of farmland in Japan is mainly\nresponsible for higher domestic prices, it said.\n    The strong yen has meant lower input material prices but\nhas also resulted in higher agricultural imports which has\nworsened working conditions among part-time farmers, the paper\nsaid.\n    This could make it difficult to improve the industry's\nstructure, the paper said.\n    To solve these problems and to reduce farm product prices\nto more reasonable levels, Japan should try to restructure the\nthe agricultural sector to improve productivity and make it\nself-supporting, it said.\n Reuter\n\u0003","date":" 3-APR-1987 08:54:20.30","topics":["grain"],"organisations":["gatt"],"places":["japan"]},"12831":{"title":"HILTON <HLT> 1ST QTR EARNINGS UP ABOUT 37 PCT","body":"Hilton Hotels Corp said\nits first quarter net income rose 37 pct, paced by strength in\nboth hotels and gaming.\n    Based on preliminary results, the company said, net income\nrose to about 24 mln dlrs, or 96 cts a share, from 17.4 mln\ndlrs, or 70 cts a share, in 1986's initial three months.\n Reuter\n\u0003","date":" 3-APR-1987 08:54:41.94","topics":["earn"],"places":["usa"]},"12832":{"title":"CALIFORNIA MICRO <CAMD> GETS ADDITIONAL CONTRACT","body":"California Micro Devices Corp\nsaid it received an additional 3.2 mln dlr contract from\nGeneral Dynamics Corp <GD> to supply electronic components\ncontained in the guidance control for Defense Electronics\nSystems.\n Reuter\n\u0003","date":" 3-APR-1987 08:55:59.95","places":["usa"]},"12833":{"title":"THATCHER PROSPECTS BOOSTED BY USSR TRIP, POLL SAYS","body":"British Prime Minister Margaret Thatcher\nhas improved her standing with voters, according to the first\nopinion poll published since her return from the Soviet Union.\n    Thatcher is seeking re-election for a third term and the\nnewspaper said there would now be pressure on her to go for a\nJune or even a May election to capitalise on her Soviet trip.\n    The survey, by the Harris Research Centre for today's\nLondon Daily News, said more than half of the 767 voters polled\nby telephone believed she had improved the prospects of arms\nreductions and peace while 22 pct said they were more likely to\nvote for her now than before her visit.\n Reuter\n\u0003","date":" 3-APR-1987 08:57:14.11","places":["uk","ussr"]},"12834":{"title":"PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW","body":"<Pioneer Sugar Mills Ltd> said it\nconsidered the proposed 2.20 dlrs a share cash takeover offer\nannounced by CSR Ltd <CSRA.S> on March 31 to be too low in view\nof the group*hK!UiIe and prospects.\n    Pioneer recommended in a statement that shareholders retain\ntheir stock, pending the board's response once it receives full\ndetails of the CSR offer.\n REUTER\n\u0003","date":" 3-APR-1987 08:57:27.49","topics":["acq"],"places":["australia"]},"12835":{"title":"PHILIPPINES SAYS DEBT PACT BETTER THAN MEXICO'S","body":"Central bank governor Jose Fernandez said\nthe 10.3 billion dlr debt restructuring package he and Finance\nSecretary Jaime Ongpin negotiated with the Philippines'\ncommercial creditors was better than Mexico's.\n    \"I think we got a better deal. It was really an enormous\ndrop, a reduction in rates and that to me is the critical\nelement,\" he told Reuters.\n    He was reacting to comments by local economists who said\nManila's debt accord was no better than Mexico's, which was a\n20-year repayment, including a seven-year grace last year at\n13/16 points over London interbank offered rates (Libor).\n    The Philippines clinched a repayment of 17 years, including\na grace period of 7-1/2 years on 10.3 billion dlrs of its total\ndebt of 27.8 billion.\n Reuter\n\u0003","date":" 3-APR-1987 08:58:08.42","places":["philippines"]},"12836":{"title":"SURALCO OFFERS CASH FOR WORKERS TO LEAVE","body":"The U.S.-owned <Surinam Aluminum\nCompany> (SURALCO) offered workers a lump sum and up to five\nmonths' wages to quit the firm because jungle-based rebels have\ndisrupted bauxite mining and alumina smelting, ANP said.\n    The Dutch news agency said SURALCO, a subsidiary of the\nAluminum Company of America(ALCOA) wanted to reduce its work\nforce because it had been hard hit by guerrilla attacks that\ncut power lines to the area in January.\n    All bauxite mining at Moengo ceased four months ago and\nSURALCO's Paranam alumina smelter is using imported bauxite.\n Reuter\n\u0003","date":" 3-APR-1987 08:59:48.41","topics":["alum"],"places":["netherlands","usa"]},"12837":{"title":"JAPANESE BANKS EXPAND HONG KONG PRESENCE","body":"At a time when Britain is threatening\nto revoke the license of Japanese banks in retaliation for\nrestrictive trade practices, Hong Kong is rolling out the\nwelcome mat to Japan.\n    The British colony last week issued a banking licence to\nthe Bank of Fukuoka Ltd, making it the 24th Japanese bank here.\n    Japan has the largest banking contingent in Hong Kong,\nfollowed by the U.S. With 22 banks. Eleven Japanese banks have\nrepresentative offices here and Japanese institutions operate\n34 deposit-taking companies (DTCs).\n    Assistant banking commissioner K.K Wong told Reuters: \"There\nare no special favours towards the Japanese...But because of\nJapan's strong economy and currency, they easily meet our\nrequirement on assets (14 billion U.S. Dlrs).\"\n    The Japanese control the largest share of assets of the\nfinancial institutions here but incorporated elsewhere, with\n980.5 billion H.K. Dlrs at end-1986, or 57.5 pct of the total.\n    \"Hong Kong authorities welcome Japanese banks,\" said Haruo\nKimura, assistant general manager of the Bank of Tokyo. \"But the\nU.S. And Britain are unhappy with the slow liberalisation of\nthe Tokyo financial market.\"\n    Japanese bankers said Hong Kong offers good business\nopportunities, especially in China trade, to Japanese banks who\nare following their clients' international expansion.\n    \"As their clients become more international, they have to\nkeep up and follow them,\" said Yutaka Toda, Dai-Ichi Kangyo\nBank's general manager here.\n    \"We can have access to local traders and regional\ncorporations,\" said Bank of Tokyo's Kimura. \"We can also pick up\nbusiness with China.\"\n    Bankers said more Japanese banks are on the way. An influx\nof Japanese banks began in the late 1970s when the government\nlifted a moratorium on new licences. But newcomers are allowed\none branch each and only the Bank of Tokyo, Sanwa Bank and\nSumitomo Bank have more than one branch.\n    Because of this limitation, Japanese banks have mostly\nconcentrated on wholesale business.\n    \"It is very difficult to compete with those giants such as\nthe Hongkong Bank and the Bank of China,\" said Kimura of the\nBank of Tokyo.\n    Bank of Tokyo has the largest Japanese bank network here\nwith seven branches, while Hongkong and Shanghai Banking Corp\nand the Bank of China groups each have hundreds of branches.\n    To broaden their client and deposit base, some Japanese\nbanks have taken equity in local banks. The latest such move\nwas Dai-Ichi Kangyo's increase of its stake in Chekiang First\nBank last year to 95 pct from 33 pct.\n    Tokai Bank, Fuji Bank and Mitsubishi Bank also have\ninterests in small local banks.\n    But Mitsubishi, not content with its single-branch licence\nand a 25 pct stake in the small Liu Chong Hing Bank, bought\nMercantile Bank Ltd's multi-branch licence early this year.\n    \"We will open one more branch in (Hong Kong's district of)\nKowloon soon, to better serve our clients on the other side of\nthe harbour,\" said Mitsubishi Bank general manager Takeshi\nTange.\n    Their weakness in the retail market forces Japanese banks\nto rely on the interbank market for funding.\n    Government data show that despite their large share of\ntotal assets, Japanese banks had only 54.4 billion dlrs in\ndeposits at end-1986, or 17.1 pct of deposits of banks in Hong\nKong incorporated elsewhere.\n    \"Most Japanese banks' international lendings in the region\nare booked in Hong Kong,\" said a Japanese banker who declined to\nbe named.\n    He said it is mainly for tax reasons, adding that assets\nsuch as loans booked in Hong Kong are not subject to Japanese\ntax.\n    Japanese banks are barred by the Tokyo government from\nissuing Eurobonds, but their Hong Kong subsidiaries can tap the\nEuromarket and lend the funds to the parent.\n    Bankers said this role could be undermined by a five pct\ncapital adequacy ratio that goes into effect next year,\nrequiring many DTC's to increase their capital. Many Japanese\nbanks are seeking special treatment for their largely offshore\noperations or a different risk calculation for their assets.\n    \"I don't think this will stop them from coming here,\" said a\nbanker. \"But it may mean they have to conduct some of their\noffshore funding operations elsewhere.\"\n REUTER\n\u0003","date":" 3-APR-1987 08:59:57.88","places":["hong-kong","japan"]},"12838":{"title":"LIFFE T-BONDS GAIN ON JOBS DATA","body":"U.S. T-bond futures gained half a point\nin the few minutes after news that the U.S. Non-farm payroll\nrose more slowly than earlier believed over the last two\nmonths, dealers said.\n    June T-bonds were trading at 97-2/32, or 31/32 down on the\nday, immediately before the figures. When the news came out,\nthey made session highs of 97-17/32 before slipping to 97-\n12/32.\n    The payroll rose by 164,000 in March, against analysts'\nexpectations of a 225,000 gain, while the Labour Department\nrevised the February increase down to 236,000 from 337,000.\n REUTER\n\u0003","date":" 3-APR-1987 09:01:23.63","places":["uk","usa"]},"12839":{"title":"GENERAL PARTNERS WILLING TO PAY 110 DLRS/SHARE FOR GENCORP\n","date":" 3-APR-1987 09:01:38.22","topics":["acq"]},"12840":{"title":"U.K. MONEY MARKET RECEIVES 205 MLN STG LATE HELP","body":"The Bank of England said it has provided\naround 205 mln stg late assistance to the market, bringing the\ntotal help today to 722 mln which compares with the Bank's\nrevised deficit forecast of 800 mln stg.\n REUTER\n\u0003","date":" 3-APR-1987 09:04:30.16","topics":["money-fx","interest"],"places":["uk"]},"12841":{"title":"BELGIAN MONEY SUPPLY RISES IN FOURTH QUARTER 1986","body":"Belgian total money stock rose to\n1,140.4 billion francs at the end of 1986 from 1,115.4 billion\nat the end of the third quarter of last year and 1,055.0\nbillion at the end of 1985, Belgian National Bank figures\nshowed.\n    Paper money rose to 404.1 billion francs from 394.1 billion\nand 383.5 billion respectively, other forms of privately held\nmoney to 679.5 billion from 652.7 billion and 616.0 billion.\n    Money held by the public authorities fell to 56.8 billion\nfrancs from 68.6 billion at the end of the previous quarter but\nwas above the 55.5 billion at the end of 1985, the bank said.\n    The government does not set money supply targets, arguing\nthey are inappropriate to a small economy with major trading\nand monetary links with much larger trading countries.\n REUTER\n\u0003","date":" 3-APR-1987 09:05:14.40","topics":["money-supply"],"places":["belgium"]},"12842":{"title":"STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE","body":"West German Finance Minister Gerhard\nStoltenberg said the currency agreement reached in Paris in\nFebruary had been successful and would be continued.\n    Stoltenberg told journalists before he attends next week's\nInternational Monetary Fund meeting in Washington that: \"The ...\nStrategy to stabilise currencies around current levels has\nproven its worth and will also determine future developments.\"\n    Stoltenberg declined to comment specifically on what he\nwould consider to be an undervalued dollar but said a dollar\naround 1.80 marks created problems for West Germany's exports.\n    He said studies by international organisations had made it\nclear that especially in the U.S. And in Japan major efforts\nremained necessary to support adjustments in foreign trade\nbalances via necessary corrections to economic policy.\n    \"No-one would benefit if, after years of over-valuation, the\nU.S. Dollar fell into the other extreme, that is, strong\nunder-valuation,\" he said.\n    Stoltenberg said West Germany had a keen interest in a\nswift agreement between the U.S. And Japan concerning the\ncurrent trade dispute over semi-conductors.\n    Asked whether he believed the markets would test the Paris\ncurrency accord, Stoltenberg did not comment specifically but\nnoted that much of what had been discussed in Paris had not\nbeen published.\n    The Paris declaration did not state the levels at which\ncentral banks of the major industrialised countries would\nintervene. Stoltenberg said that everything had been carefully\nconsidered. He said he had nothing further to add.\n Reuter\n\u0003","date":" 3-APR-1987 09:05:40.57","topics":["money-fx"],"places":["west-germany","usa","japan"]},"12843":{"title":"BRAZILIAN COFFEE RAINFALL","body":"THE FOLLOWING RAINFALL WAS RECORDDD IN\nTHE AREAS OVER THE PAST 24 HOURS\n     PARANA STATE UMUARAMA 10.6 MILLIMETRES, PARANAVAI 12.2 MM,\nLONDRINA 6.0 MM, MARINGA 8.0 MM.\n    SAO PAULO STATE: PRESIDENZE PRUDENTE 1.0 MM, VOTUPORANGA\n26.0 MM, FRANCA NIL, CATANDUVA 0.1 MM, SAO CARLOS NIL, SAO\nSIMAO NIL. REUTER\n\u0003","date":" 3-APR-1987 09:05:49.84","topics":["coffee"],"places":["brazil"]},"12844":{"title":"DATA COORDINATION TO PLAY ROLE AT IMF, STOLTENBERG","body":"West German Finance Minister Gerhard\nStoltenberg said international coordination of economic and\nfinancial policies as well as of economic indicators will be\ndiscussed at next week's meeting of the International Monetary\nFund in Washington.\n    Stoltenberg told a news conference it had been decided at\nlast year's Tokyo summit of seven leading industrialised\nnations that the possibility of such coordination would be\nreviewed.\n    Progress made by senior government officials in this sphere\nwould be discussed at the IMF meeting and results would later\nbe presented at this year's economic summit in Venice.\n REUTER\n\u0003","date":" 3-APR-1987 09:06:21.47","organisations":["imf"],"places":["west-germany"]},"12845":{"title":"FINAL TERMS SET ON BELL GROUP CONVERTIBLE","body":"The conversion price on the 175 mln\nAustralian dlr convertible eurobond for Bell Group NV has been\nset at 13.37 Australian dlrs per share, lead manager Banque\nParibas Capital Markets said.\n    The 10-year bond, which pays 10 pct and is priced at par,\nis guaranteed by the parent company Bell Group Ltd whose shares\nclosed in Australia today at 10.70 Australian dlrs. The\nconversion premium is 24.95 pct.\n REUTER\n\u0003","date":" 3-APR-1987 09:06:35.68","places":["uk","australia"]},"12846":{"title":"AVERAGE DISCOUNT RATE AT UK BILL TENDER 9.5195 PCT","body":"The average rate of discount at today's\nU.K. Treasury bill tender rose to 9.5195 pct from 9.3157 pct\nlast week, the Bank of England said.\n    This week's 100 mln stg offer of 91-day bills met\napplications of 327 mln stg, the bank said.\n    Applications for bills dated Monday to Friday at the top\naccepted rate of discount of 9.5261 pct were allotted about 81\npct.\n    Next week 100 mln stg of Treasury bills will be offered,\nreplacing 100 mln stg of maturities.\n REUTER\n\u0003","date":" 3-APR-1987 09:06:57.49","topics":["interest"],"places":["uk"]},"12847":{"title":"BELGIAN BOURSE TAX MOVE BLOCKED IN CABINET","body":"Finance Ministry proposals for\nabolishing bourse transaction taxes for non-residents have been\nblocked in cabinet and will not be re-submitted for several\nweeks, a Finance Ministry spokesman said.\n    Government sources said the blockage would also delay an\nannouncement of measures that would simplify the procedure for\nnon-residents to recoup the 25 pct withholding tax levied on\ninvestment income in Belgium.\n    Finance Minister Mark Eyskens told Reuters yesterday that\nhe hoped the cabinet would approve the bourse transaction tax\nproposals today.\n    Eyskens also said he would in the next few days announce\nplans to simplify and eventually stop the procedure for foreign\ninvestors to reclaim witholding tax.\n    Financial analysts said the current procedure is so slow\nthat it effectively acts as a barrier to foreign investment in\nBelgium, especially in the bond market.\n    They said the move to simplify it would be far more\nsignificant than the abolition for non-residents of the bourse\ntransaction taxes. These are set at three rates -- 0.07 pct,\n0.14 pct and 0.35 pct -- according to the security transacted.\n    Government sources said abolition of the bourse taxes for\nforeign investors had been held up by concern in the cabinet\nover the budgetary impact of the move, put by the ministry\nspokesman at 125 mln francs a year.\n    The sources said it was likely that this proposal and plans\nto simplify the witholding tax procedure would now be submitted\ntogether to the cabinet in several weeks.\n    Eyskens said abolition of the transaction taxes for\nnon-residents would make Brussels one of the few stock\nexchanges in the world where foreign investors were not\nsubjected to such a tax.\n REUTER\n\u0003","date":" 3-APR-1987 09:08:24.75","places":["belgium"]},"12848":{"title":"IMF, WORLD BANK TO MEET AMID NEW INFLATION FEARS","body":"Amid new concerns about inflation,\ninterest rate increases and trade confrontations,\nfinance ministers and central bankers meet next week to discuss\na deteriorating global debt and economic situation.\n    The meetings, under the auspices of the International\nMonetary Fund and World Bank, come as interest rates are\nturning higher and the already-weak dollar has sunk further,\nupsetting bond and stock markets.\n    Uncertainty is growing about the vitality of the global\neconomy and whether the heavily-indebted countries can continue\nto carry the burden of their growing debt without vast new\nassistance.\n    Monetary and diplomatic sources said there are no signs\nany new debt initiative of the sort that Treasury Secretary\nJames Baker unveiled 18 months ago in Seoul is in the works.\n    The strategy has drawn a serious challenge from Brazil,\nwhich suspended interest payments on 67 billion dlrs of\ncommercial bank debt last month. The Banks have responded by\nlaying the groundwork for writing down Brazilian loans.\n    Separately, French Prime Minister Jacques Chirac, in a\nvisit earlier this week with President Reagan, sounded out the\nadministration on a plan to funnel worldwide grain surpluses to\nthe very poorest states.\n    The French plan is certain to be discussed by the ministers\nin detail during next week's meetings and will undoubtedly be\nembraced by the developing countries.\n    \"There's interest on the part of some countries for looking\nat the support of the special problems of the very poorest\ncountries, because their position is so extreme,\" a Reagan\nadministration official said.\n    He suggested Washington was open to disussing the issue.\n    The meetings will also assess the success of the Baker debt\ninitiative, which called for new funding to help debtor\ncountries grow out of their problems.\n    The largest industrial countries have been attempting to\ncoordinate economic policy in the hope of controlling the\ndecline of the dollar, U.S. trade and budget deficits and other\nproblems.\n    At the same time, the industrial countries see little\nevidence of a strengthening of economic activity and the Fund\nforecasts they will grow 2.5 pct.\n    The United States sees 3.2 pct growth for itself, \ncontinuing its expansion for a fifth year, and has asked other\nindustrial countries to stimulate their economies.\n    These issues directly affect the debt problem and the\nability of the debtor countries to grow out of their\ndifficulties.\n    In recent years, U.S. markets have absorbed the exports of\ndeveloping country, allowing them to earn critical foreign\nexchange. But the United States wants to cut its trade deficit,\nrunning at a record 169.8 billion dlrs, and is pressing others\nto import more from developing countries.\n    The discussions, from April six to 10, will be\nwide-ranging, touching everything from interest rates to the\nimpact of development loans on the environment, according to\nmonetary sources.\n    The talks will include an examination of trade\nprotectionist pressures in the wake of a decision by the Reagan\nadministration to place some 300 mln dlrs in tariffs on\nmicrochip products from Japan, the sources said.\n    The move accelerated the dollar's decline as financial\nmarkets grew alarmed that trade war was in the offing.\n    There is concern that the action, prompted by U.S. charges\nthat Japan has been selling computer chip products below fair\nmarket value and has kept its own market closed to imports,\nfurther undermining the international trading system.\n    At the same time, the ministers will discuss the\nfundamental price weakness in basic commodities, the export\nmainstay of many developing countries.\n    The so-called Group of Five industrial countries -- the\nUnited States, Japan, West Germany, France and Britain -- will\ngather for the first time since their February talks in Paris,\nwhere they agreed to keep the dollar from sliding further.\n    The Five will be joined later by Italy and Canada for\nfurther debate on economic policy coordination.\n    As part of the Paris accord, surplus countries such as\nJapan agreed to stimulate their economies, while America\nsaid it would reduce its federal budget deficit.\n    Other major issues of the meetings include a U.S. bid to to\nhave a larger say in approving loans of the Inter-American\nDevelopment Bank, strengthening the link between loans and\neconomic policy changes in debtor nations.\n    Washington is also pressing the World Bank to take more\naccount of the environment when making loan for dams and other\nprojects.\n    The new head of the Bank, Barber Conable, has said this\nissue is being reviewed and will be part of a reorganization\nplan for the Bank, now being prepared.\n Reuter\n\u0003","date":" 3-APR-1987 09:10:14.84","topics":["trade"],"organisations":["imf","worldbank"],"places":["usa","japan"]},"12849":{"title":"LONDON FREIGHT MARKET FEATURES USSR TIMECHARTERS","body":"Active timecharter fixing by Soviet\noperators to cover USSR grain imports featured the freight\nmarket, ship brokers said.\n    At least two fixtures were reported on Soviet account to\nlift EC grain, with a 22,000 tonner booked from Tilbury for a\nvoyage via lower Baltic Sea and redelivery passing Skaw at\n4,000 dlrs daily and a 27,000 tonner from Ceuta for a voyage\nvia the U.K. And redelivery Skaw-Cape Passero at 4,500 dlrs\ndaily.\n    The Soviets also secured a 34,000 tonner from Gibraltar for\na trans-Atlantic round trip at 4,500 dlrs daily and a 61,000\ntonner for similar business at 6,750 dlrs daily.\n    Brokers said several other fixtures were also thought to be\nconnected with Soviet grain, including a 69,000 tonner from\nTaranto for five to seven months at 6,500 dlrs daily. Similar\nfixing was reported yesterday at 6,000 dlrs.\n    Other timecharter fixing included a 14,000 tonner from\nIndonesia to the U.S. Gulf at 2,800 dlrs daily and a combined\ncarrier of 75,000 tonnes dw from the U.S. Gulf to Italy at\n9,000 dlrs daily.\n    Severel vessels were booked from Antwerp-Hamburg range,\nincluding a 61,000 tonner bound for Singapore-Japan at 7,500\ndlrs daily and a 16,000 tonner destined for west coast India at\n5,000 dlrs.\n    Grain fixing was much quieter out of the U.S. Gulf, with no\nfresh business seen on the significant routes to the Continent\nor Japan, although tonnage was secured for at least five small\ncorn cargoes from the Gulf to Jamaica at between 21 and 25\ndlrs. Wheat from the River Plate and Buenos Aires to Sri Lanka\nreceived 26 dlrs.\n    Market talk suggested 11 dlrs had been paid for grain from\nthe U.S. North Pacific to Japan but no confirmation was\navailable.\n    Fairly active grain fixing emerged out of the Continent,\nhowever, with maize covered from Nantes to Egypt at 15 dlrs,\nand bagged flour from Greece to China at 27 dlrs.\n    Barley cargoes were arranged from Immingham to the Red Sea\nat 17.25 dlrs and from Foynes to Jeddah at 17.25 dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 09:17:26.09","topics":["ship","grain"],"places":["uk","ussr","usa","japan"]},"12850":{"title":"ST GALLEN LAUNCHES 50 TO 60 MLN SWISS FRANC BOND","body":"The Swiss canton of St Gallen is\nlaunching a 50 to 60 mln Swiss franc 4-1/4 pct maximum 12-year\nbond at 100-1/4 pct, lead manager St Gallen Kantonalbank said.\n    Subscriptions close April 15 and payment date is April 30.\n REUTER\n\u0003","date":" 3-APR-1987 09:19:48.62","places":["switzerland"]},"12851":{"title":"NERCO <NER> TO ACQUIRE INTEREST IN GAS FILED","body":"Nerco Inc said it has agreed to\nacquire a 47 pct working interest in the Broussard Gas Field in\nsouthern Louisiana from privately-owned <Davis Oil Co> for\nabout 22.5 mln dlrs in cash.\n    Nerco said the interest being purchased will give it\nestimated proven oil and gas reserves equal to six billion\ncubic feet of natural gas. The property includes six gas wells,\none oil well two undeveloped drilling locations, a central\nproduction facility and a gas gathering system.\n    Nerco is 90 pct owned by PacifiCorp <PPW>.\n Reuter\n\u0003","date":" 3-APR-1987 09:22:42.12","topics":["nat-gas"],"places":["usa"]},"12852":{"title":"CANRAD <CNRD> ACQUIRES MEASUREMENT SYSTEMS","body":"Canrad Inc said it acquired the\nMeasurement Systems Division of <Page-Wilson Corp> for an\nundisclosed amount of cash.\n    Canrad said the acquisition is expected to increase its\nannual revenues by about 10 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 09:23:22.13","topics":["acq"],"places":["usa"]},"12853":{"title":"PANTERA'S  <PANT> ACQUIRES 10 RESTAURANTS","body":"Pantera's Corp said it closed on its\nagreement to acquire ten pizza restaurant locations in\nsoutheastern Colorado.\n    It said the purchase price was 1,250,000 dlrs, which was\npaid by cash and stock.\n Reuter\n\u0003","date":" 3-APR-1987 09:23:27.43","topics":["acq"],"places":["usa"]},"12854":{"title":"HARLYN PRODUCTS <HRLN> WINS CONTRACT","body":"Harlyn Products Inc said its\nParamount Wedding Ring division has received an order of more\nthan one mln dlrs from a major department store chain.\n    The company did not identify the department store.\n Reuter\n\u0003","date":" 3-APR-1987 09:23:31.60","places":["usa"]},"12855":{"title":"STOLTENBERG SEES NO \"ITALIAN PROBLEM\" AT G-7","body":"West German Finance Minister Gerhard\nStoltenberg said he foresaw no problem about Italian\nparticipation in talks held by Group of Seven (G-7) Finance\nMinisters and central bankers ahead of the International\nMonetary Fund (IMF) meeting next week.\n    Italy refused to join a G-7 meeting in Paris in February,\nangered at not being invited to a prior working dinner of the\nG-5 countries - U.S., U.K., West Germany, France and Japan.\n    Stoltenberg told a news conference he saw no difficulties\nabout Italy joining the G-7 Washington talks, which he said\nwould be preceded by other informal and bilateral talks.\n REUTER\n\u0003","date":" 3-APR-1987 09:25:23.59","organisations":["imf"],"places":["west-germany","usa","italy"]},"12856":{"title":"DATA COORDINATION TO BE DISCUSSEED AT IMF","body":"West German Finance Minister Gerhard\nStoltenberg said international coordination of economic and\nfinancial policies as well as of economic indicators will be\ndiscussed at next week's meeting of the International Monetary\nFund in Washington.\n    Stoltenberg told a news conference it had been decided at\nlast year's Tokyo summit of seven leading industrialised\nnations that the possibility of such coordination would be\nreviewed.\n    Progress made by senior government officials in this sphere\nwould be discussed at the IMF meeting and results would later\nbe presented at this year's economic summit in Venice.\n Reuter\n\u0003","date":" 3-APR-1987 09:30:53.73","organisations":["imf"],"places":["west-germany"]},"12857":{"title":"NORANDA SAYS FIRE CAUSED 10 MLN DLRS IN DAMAGE","body":"<Noranda Inc> said a copper\nmine fire that killed one miner and trapped 44 others for\nnearly a day caused an estimated 10 mln Canadian dlrs in\ndamage.\n    The fire, which started Wednesday and burned for more than\n24 hours, destroyed the mine's three-year-old conveyor system,\nofficials said.\n    Michel Lefebvre, vice president of operations, said Noranda\nwill operate the mine at about one third of its normal 72,000\nshort ton annual finished capacity, using above ground\nreserves, until it decides whether to keep the mine open.\n    \"The events we sustained yesterday and the day before are a\nvery serious setback for Gaspe Mines operations,\" Lefebvre said.\nGaspe Mines is the name of the Noranda division that operates\nthe Murdochville mine.\n    He said it would take four or five months to bring\noperations up to full capacity if the company decides to do so,\nadding that he believes there is a good chance Noranda will\nfully reopen the mine.\n Reuter\n\u0003","date":" 3-APR-1987 09:32:14.16","topics":["copper"],"places":["canada"]},"12858":{"title":"GENERAL PARTNERS TO RAISE BID FOR GENCORP <GY>","body":"<General Partners> said it was\nprepared to raise its bid for GenCorp Inc to 110 dlrs cash per\nshare from 100 dlrs per share.\n    In a letter from General Partners to A. William Reynolds,\nchairman and chief executive officer of GenCorp, the company\nstated that if GenCorp could prove the company was worth more,\nGeneral Partners would be willing to consider an even higher\nprice.\n    General Partners also left open the possibility of an\nalternative to an all-cash offer.\n    General Partners told GenCorp if it believed shareholders\nwould be better served by a smaller cash price with a security\nrepresenting a continuing long-term interest in GenCorp's\nprospects, it would be willing to discuss an alternative.\n    Specifically, General Partners said it was prepared to\ndiscuss an acquisition giving shareholders a continuing\ninterest in Aerojet General, a valued business of GenCorp.\n Reuter\n\u0003","date":" 3-APR-1987 09:32:25.50","topics":["acq"],"places":["usa"]},"12859":{"title":"S. AFRICA MINERS DEFY SINGLE-SEX RULE IN HOSTELS","body":"Black miners, rebelling against the\nloneliness of men-only hostels, have brought wives and children\nto live with them at seven South African coal mines, a union\nleader said today.\n    Cyril Ramaphosa told a news conference about 600 wives and\nchildren moved into the hostels last weekend, in defiance of\nsingle-sex regulations. About 350 left after the weekend but\nthe others stayed on.\n    \"The time has come for them (miners and families) to start\nliving naturally,\" said Ramaphosa, who is president of the\nNational Union of Mineworkers (NUM).\n    A spokesman for Anglo-American, the giant corporation which\nowns the mines affected, said negotiations were being held with\nthe NUM on the issue.\n Reuter\n\u0003","date":" 3-APR-1987 09:37:06.81","places":["south-africa"]},"12860":{"title":"MANGOOD CORP <MAB> YEAR OPER LOSS","body":"Oper shr loss 6.07 vs loss 7.64 dlrs\n    Oper net loss 6,235,000 vs loss 4,801,000\n    Sales 70.1 mln vs 60.6 mln\n    Avg shrs 1,028,000 vs 629,000\n    NOTE: 1986 earnings exclude a gain on restructuring of\n3,143,000 dlrs, or 3.01 dlrs a share\n Reuter\n\u0003","date":" 3-APR-1987 09:42:20.77","topics":["earn"],"places":["usa"]},"12861":{"title":"NORANDA COPPER MINE FIRE CAUSED HEAVY DAMAGE","body":"<Noranda Inc> said a copper\nmine fire that killed one miner and trapped 44 others for\nnearly a day caused an estimated 10 mln Canadian dlrs in\ndamage.\n    The fire, which started Wednesday and burned for more than\n24 hours, destroyed the mine's three-year-old conveyor system,\nofficials said.\n    Michel Lefebvre, vice president of operations, said Noranda\nwill operate the mine at about one-third of its normal 72,000\nmetric ton annual finished capacity, using above ground\nreserves, until it decides whether to keep the mine open.\n    \"The events we sustained yesterday and the day before are a\nvery serious setback for Gaspe Mines operations,\" Lefebvre said.\nGaspe Mines is the name of the Noranda division that operates\nthe Murdochville mine.\n    He said it would take four or five months to bring\noperations up to full capacity if the company decides to do so,\nadding that he believes there is a good chance Noranda will\nfully reopen the mine.\n Reuter\n\u0003","date":" 3-APR-1987 09:42:40.93","topics":["copper"],"places":["canada"]},"12862":{"title":"<AMERICAN WEST BANK> FIRST QTR NET","body":"Net 90,501 vs 56,960\n    Assets 42.0 mln vs 34.9 mln\n    Deposits 35.9 mln\n    Loans 27.6 mln vs 23.9 mln\n    NOTE: earnings per share and 1985 deposits figure  not\nsupplied by company.\n Reuter\n\u0003","date":" 3-APR-1987 09:43:28.84","topics":["earn"],"places":["usa"]},"12863":{"title":"BELMORAL MINES TO ISSUE 24.9 MLN DLRS STOCK","body":"<Belmoral Mines Ltd> said it agreed to\nsell 5,250,000 common shares and 2,625,000 purchase warrants\nfor 24.9 mln dlrs to McCarthy Securities Ltd for private\nplacements to European and Canadian investors.\n    The agreement provides for the sale of preferred and common\nshares of Belmoral held by Continental Illinois Bank (Canada)\naccording to a prior agreement which gave Belmoral the right to\ndesignate a purchaser for the bank's stock. Belmoral said it\nwill redeem the first preferred shares.\n    The transactions are subject to regulatoral approvals.\n Reuter\n\u0003","date":" 3-APR-1987 09:46:25.05","places":["canada"]},"12864":{"title":"BELL SOUTH <BLS> UNIT TO BUY 600,000 LINES","body":"Bell South Corp's South Central Bell\noperating company plans to purchase 600,000 lines of digital\ncentral office equipment by the end of the decade from a\nsubsidiary of <Plessey Co Ltd>, Plessey said.\n    Plessey's subsidiary, Stromberg-Carlson, said the value of\nthe purchase will be between 100 mln dlrs and 200 mln dlrs. It\nsaid it received the notification of the purchase following the\nconclusion of a digital switch study performed by BellSouth\nServices.\n Reuter\n\u0003","date":" 3-APR-1987 09:47:11.29","places":["usa"]},"12865":{"title":"BP <BP> ADR'S TO REPRESENT MORE ORDINARY SHARES","body":"British Petroleum Co Plc's proposed\ncapitalization share issue, announced earlier today in London,\nwill result in each of the company's ADRs representing 12\nordinary shares, up from the current four, a BP North America\nInc spokesman said.\n    He explained that the proposed capitalization share issue,\nwhich is subject to the approval of shareholders at an\nextraordinary general meeting to be held April 30, immediately\nfollowing the annual general meeting, is effectively a\nthree-for-one stock split.\n Reuter\n\u0003","date":" 3-APR-1987 09:47:22.04","places":["uk","usa"]},"12866":{"title":"R.R. DONNELLY <DNY> TO SELL CABLE SYSTEM","body":"R.R. Donnelly and Sons Co said it\nreached an agreement with Adams-Russell Co Inc <AAR> to sell\nAdams its Rockford, Ill., cable system for an undisclosed\nprice.\n    R.R. Donnelly said it expects the deal to close in about\n120 days, subject to regulatory approvals and other conditions.\n    The cable system serves about 51,000 subscribers in the\ncommunities of Rockford, Loves Park, Machesney Park, Cherry\nValley, Morristown and Winnebago County, Ill., R.R. Donnelly\nsaid.\n Reuter\n\u0003","date":" 3-APR-1987 09:47:30.81","topics":["acq"],"places":["usa"]},"12867":{"title":"DIGITAL COMMUNICATIONS <DCAI> SEES LITTLE IMPACT","body":"Digital Communications Associates said\nthe new personal computers announced yesterday by International\nBusiness Machines Corp <IBM> are expected to have little\nnear-term effect on Digital Communications.\n    The company said some product modifications will be\nrequired, but they appear to be straight forward and do not\nrepresent major development challenges.\n    The company said it will pursue two prime areas -- the\nconfiguration of its products for use with Mocrosoft Corp's\n<MSFT> new operating system which has been adopted for use in\nthe IBM products, and changes requried by the use of a new bus\narchitecture in certain IBM products.\n Reuter\n\u0003","date":" 3-APR-1987 09:47:45.80","places":["usa"]},"12868":{"title":"AMERICAN PRECISION <APR>, WORKERS HAVE AGREEMENT","body":"American Precision Industries Inc\nsaid members of United Auto Workers Local 1416 and the\ncompany's Delevan and Deltran divisions reached agreement on a\nthree-year contract.\n    The company provided no details other than the contract is\neffective from March 29, 1987, through March 31, 1990.\n Reuter\n\u0003","date":" 3-APR-1987 09:48:01.13","places":["usa"]},"12869":{"title":"BIOMET INC <BMET> 3RD QTR FEB 28 NET","body":"Shr 18 cts vs 13 cts\n    Net 2,133,000 vs 1,384,000\n    Revs 14.1 mln vs 11.7 mln\n    Nine mths\n    Shr 49 cts vs 36 cts\n    Net 5,657,000 vs 3,728,000\n    Revs 39.7 mln vs 31.8 mln\n Reuter\n\u0003","date":" 3-APR-1987 09:48:28.47","topics":["earn"],"places":["usa"]},"12870":{"title":"EAC INDUSTRIES <EAC> ENTERS NEW LOAN AGREEMENT","body":"EAC Industries Inc said it entered a new\nloan and security agreement with its banks, raising sufficient\nfunds to completely retire its existing bank debt.\n    It said the loan agreement provides for up to 30 mln dlrs\nof borrowing power.\n    After repayment of existing bank debt and providing for\ncertain letters of credit, 4.3 mln dlrs remains for future\nneeds, the company said.\n    EAC said the new lending arrangement will allow it to focus\nattention on improving the company's basic business. It added\nthat it anticipates the fiscal year that began Feb 1, 1987,\nwill be a \"significant improvement\" over the year ended January\n31.\n    It said the loans mature in March 1990.\n Reuter\n\u0003","date":" 3-APR-1987 09:48:36.02","places":["usa"]},"12871":{"title":"NYNEX <NYN> TO SELL NEW IBM <IBM> COMPUTERS","body":"Nynex Corp said its Nynex\nBusiness Centers on Monday will start marketing International\nBusiness Machine Corp's new line of personal computers.\n    The company said the computers will be available for\nbusinesses to test.\n    Nynex Business Centers, a unit of the Nynex Business\nInformation Systems Co, operates nearly 100 centers in 33\nstates. The centers market computers from IBM, Apple Computer\nInc <AAPL> and Compaq Computer Corp <CPQ>, as well as software,\nperipherals, telephone systems and typewriters.\n Reuter\n\u0003","date":" 3-APR-1987 09:51:38.48","places":["usa"]},"12872":{"title":"SPAIN AGREES SALE OF CORN TO GREECE","body":"Greece has agreed to buy between 27,000\nand 33,000 tonnes of Spanish corn, a spokesman for Cargill's\nSpanish unit Compania Industrial y de Abastecimiento S.A.\n(CINDASA) said.\n    He told Reuters the sale price was around 28.95 pesetas per\nkilo but that the final quantity and delivery date has not yet\nbeen set. The corn will be shipped in the coming days from\nValencia.\n    He said CINDASA will also ship 6,000 to 7,000 tonnes of\nSpanish corn to Italy in the second half of this month.\n    The CINDASA spokesman said other corn shipments this month\nwill include between 15,000 and 30,000 tonnes bound initially\nfor Rotterdam and Ghent and destined for unspecified northern\nEuropean countries. He said shipments of 35,000 to 50,000\ntonnes of low specific gravity barley were also expected this\nmonth and added that Greece, the Netherlands, Ireland and\nBelgium were considering imports of Spanish flour for milling.\n    Market sources said the corn exports, the absence of\nimports from the rest of the EC and the delay in shipments of\ncorn from the U.S. Had pushed domestic corn prices up by around\n0.25 pesetas a kilo today compared with yesterday.\n Reuter\n\u0003","date":" 3-APR-1987 09:54:42.24","topics":["corn","grain"],"places":["spain","greece"]},"12873":{"title":"NEWMONT GOLD <NGC> OFFERS SHARES","body":"Newmont Gold Co is offering five mln\ncommon shares at 31 dlrs apiece, co-managing underwriters\nKidder, Peabody and Co, Lazard Freres and Co and Salomon\nBrothers Inc said.\n    All shares are being issued and offered by the company. The\nunderwriters have been granted an option to buy up to 500,000\nmore shares to cover over-allotments.\n    Proceeds will be used to repay long-term debt owed to\nNewmont Mining Corp <NEM>, which will own over 90 pct of\nNewmont Gold after the offer. Proceeds will also be used for\ngeneral purposes, the gold production company said.\n Reuter\n\u0003","date":" 3-APR-1987 09:55:17.66","places":["usa"]},"12874":{"title":"EAC INDUSTRIES INC <EAC> 4TH QTR OPER LOSS","body":"Period ended Jan 31\n    Oper shr loss 66 cts vs loss 1.29 dlrs\n    Oper net loss 1,309,000 vs loss 2,522,000\n    Sales 25.1 mln vs 19.9 mln\n    Year\n    Oper shr loss 65 cts vs loss 97 cts\n    Oper net loss 1,287,000 vs loss 1,882,000\n    Sales 113.4 mln vs 76.6 mln\n    NOTE: Earnings exclude a loss on sale of discontinued\noperations of 17,000 dlrs, or one ct a share vs a gain of\n1,383,000 dlrs, or 70 cts a share in the quarter and gains of\n300,000 dlrs, or 15 cts a share vs 1,941,000 dlrs, or 1.00 dlr\na share for the year\n Reuter\n\u0003","date":" 3-APR-1987 09:57:25.78","topics":["earn"],"places":["usa"]},"12875":{"title":"BUNDESBANK GROSS RESERVES RISE AT MARCH CLOSE","body":"The Bundesbank's gross currency\nreserves rose 300 mln marks in the last week of March to 104.9\nbillion marks, the Bundesbank said in a statement.\n    At the same time its foreign liabilities rose 100 mln to\n22.8 billion, producing a rise in net reserves of 200 mln to\n82.2 billion on March 31.\n    The Bundesbank provided banks with liquidity in the fourth\nMarch week by disbursing funds in the money market via\ngovernment-owned banks. Banks took up the Bundesbank's standing\noffer of treasury bills to place excess liquidity.\n    Banks received more liquidity through routine month-end\npayments by public authorities as well as expansionary market\nfactors than was lost through the 2.3 billion mark rise in cash\nin circulation to 122.3 billion, the Bundesbank said.\n    But banks had to draw heavily on the Lombard emergency\nfinancing facility due to month-end tightness, borrowing 5.3\nbillion marks.\n    Overall, banks' holdings at the Bundesbank rose 10.2\nbillion marks to 58.5 billion at the end of the month,\naveraging 50.9 billion in the whole of March.\n    The minimum reserve requirement for March, before deduction\nof banks' cash holdings, was set at 61 billion marks.\n    Public authorities' net holdings at the Bundesbank fell to\n2.2 billion marks in the last March week from 4.4 billion the\nweek before. The federal states' holdings fell 2.6 billion to\n2.4 billion.\n    The federal government's holdings rose 700 mln marks to 5.1\nbillion.\n REUTER\n\u0003","date":" 3-APR-1987 09:57:37.05","topics":["reserves"],"places":["west-germany"]},"12876":{"title":"ECONOMIC SPOTLIGHT - TOKYO HARD ON FOREIGN TRADERS","body":"Overseas securities firms are spending\nmillions of dollars to set up operations in Tokyo, but many\nwill end up losing money, industry sources said.\n    For banks and securities firms eager to establish\nthemselves as international players, building a presence in\nJapan has become an imperative. Thirty-six are already licensed\nto trade securities on the Tokyo Stock Exchange, the world's\nsecond largest. More than 50 are expected by year-end.\n    But, as deregulation erodes brokers' profits and the global\nshare-buying spree is predicted to subside, only those\nsecurities traders with first-class financial muscle will\nsurvive, the sources said.\n    \"There will be foreigners' fallout. They come in here with\ntoo glib ideas about how they can survive,\" said David Miller,\ndirector and general manager of Jardine Fleming (Securities)\nLtd's Tokyo branch.\n    Despite soaring share prices, sharp falls in commissions on\nstock transactions have hurt even brokerages that came to Tokyo\nearly.\n    \"Japanese equities are no longer a very profitable business.\nThe margins are nothing like they were two or three years ago.\nThings are not as rosy as they may seem,\" Miller said.\n    Publicly reported earnings of foreign securities houses in\nJapan for the half-year ended September 30, 1986, showed\nSalomon Brothers Asia Ltd on top with profits of 1.7 billion\nyen. Most other firms reported hefty gains over the year\nbefore. But industry sources say the figures do not fully\nreveal the costs of running an international brokerage in the\nworld's most expensive city.\n    Salary packages with free housing for novice analysts\nroutinely run more than 100,000 dlrs a year. Miller, whose firm\nhad earnings of 1.4 billion yen for the half-year to September\n1986, said costs for an operation strong enough to endure are\n10 to 15 mln dlrs a year. \"I'd be surprised if more than two or\nthree were making money if they honestly accounted for their\ncosts,\" he said.\n    To bring commissions closer to world rates, the Finance\nMinistry slashed fixed brokerage fees last year, especially on\nlarge-lot deals. In a few years, all rates may be negotiated as\nthey are in New York and London, industry sources said.\n    Since last October's Big Bang deregulation of London's\nfinancial markets, at least half the equity trading deals there\nhave generated no commission income at all. Stockbroking firms\nare unlikely to make money until some are forced out of\nbusiness, analysts said.\n    The first foreign firms to set up here, especially the six\nadmitted as members in February 1986, have an advantage over\nthe latecomers, they said. The six are <Merrill Lynch Japan\nInc>, <Goldman Sachs International Corp>, <Morgan Stanley\nInternational Inc>, <Vickers Da Costa Ltd>, <Jardine Fleming\nSecurities Ltd> and <S.G. Warburg and Co (Japan) Ltd>.\n    The memberships, which cost about five mln dlrs, allow\nfirms to execute their own trades and, unlike houses with\nbranch status, avoid paying away 27 pct of their commissions to\nhave member firms place trades.\n    Members can also communicate instantly with the exchange\nfloor, a vital source of information in a market that tends to\nfollow the leader. Sources said seven to 10 more seats on the\nexchange are likely to open up sometime in 1988.\n    For non-member firms, wrestling away market share from\ntenacious Japanese and foreign firms is costly and intangibles\nsometimes prove even more important than exchange membership.\n    \"Your name is better known if you're a member of the right\nclub,\" Miller said. \"It's easier to hire ... New people.\"\n    To inaugurate its Japan operation, <SBCI Securities (Asia)\nLtd> flew out the Basel Ballet last January for receptions in\nTokyo and Osaka. The firm, 50 pct owned by <Swiss Bank Corp>,\ngave guests gifts of Swiss chocolates and Swatch watches.\n    \"It's expensive, but a party like that is a token of the\nserious way we regard our development in Tokyo,\" SBCI's Tokyo\nbranch manager Gregory Shenkman said.\n    To establish its position quickly, SBCI hired a 26-strong\nresearch unit from <W.I. Carr (Overseas) Ltd>'s Tokyo office.\n    \"I was very lucky,\" Shenkman said. \"I was anticipating a\nconsiderable struggle to organically develop a research team.\n    \"I am not particularly optimistic for the prospects in the\nJapanese equity market for continental European banks who have\nlittle experience in equities outside their domestic equity\nmarket,\" he said.\n    But the prospect of closing down operations may be worse.\n    \"One would be ill-advised to open here and close, and then\ndecide to open again two or three years later. I'm not sure the\nJapansese community would respond well to that sort of\nattitude,\" he said.\n REUTER\n\u0003","date":" 3-APR-1987 09:58:42.45","places":["japan"]},"12877":{"title":"TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES","body":"Turkey's Central Bank set a lira/dollar\nrate for April 6 of 781.95/785.86 to the dollar, up from\n782.50/786.41. It set a lira/D-mark rate of 430.15/432.30 to\nthe mark, down from 428.30/430.44.\n REUTER\n\u0003","date":" 3-APR-1987 09:58:54.22","topics":["money-fx","dlr","dmk"],"places":["turkey"]},"12878":{"title":"WESSANEN FORESEES STRONG PROFIT GROWTH","body":"Dutch dairy and general foods\nmanufacturer Koninklijke Wessanen NV <WESS.AS>, said it is\nplanning further world-wide acquisitions and forsees strong\nprofit growth over the next 10 years.\n     Company chairman Gerrit van Driel told journalists at the\npresentation of Wessanen's 1986 report he already expected 1987\nfirst quarter profits to show an increase.\n    The company last month reported a 16 pct increase in 1986\nnet profits to 72.7 mln guilders, after 62.3 mln in 1985.\n    This was achieved despite a 25 pct drop in the dollar's\nguilder value, van Driel said.\n    Van Driel said profits would have been nine mln guilders\nhigher if the US currency had remained at its average 1985\nlevel of 3.20 guilders.\n    Turnover, at 3.7 billion guilders in 1986, was 450 mln\nguilders down because of the lower dollar and lower raw\nmaterial prices. Total 1985 turnover was 4.2 billion guilders.\n    US activities accounted for 34 pct of 1986 turnover,\ncompared with 22 pct in 1982. Wessanen now has 15 separate\nbusinesses in the US out of a total of 62 world-wide.\n    Van Driel said the company would continue an active\ntakeover policy in the US, but would be wary about paying more\nthan its current price/earnings ratio of 17 times net profit.\n    He added that Wessanen teams were seeking acquisition\npossibilities in Brazil, Taiwan, Thailand and China.\n    He said the company had an ample cashflow of 100 mln\nguilders and would if necessary make new share issues.\n    Van Driel said he expected a 1987 US turnover of 700 mln\ndlrs. He said <Balanced Foods> and <Green's Dairy>, taken over\nlate last year, have a combined annual turnover of 126 mln dlrs\nwhich was not included in the 1986 account.\n    All sectors saw strong growth in 1986, resulting in a 13\npct increase in operating income to 120 mln guilders. Key to\nthis growth was the successful introduction of new products,\nwhich were greatly enhanced by a number of consumer-oriented US\nacquisitions, van Driel said.\n    Consumer products represented 50 pct of total 1986\nturnover, compared with 35 pct in 1982, van Driel said.\n    The company, which is already listed on the London, Zurich,\nBasle and Geneva stock exchanges as well as Amsterdam, aims to\nbe quoted in Frankfurt and Dusseldorf in May, van Driel said.\n    Van Driel stressed that while these listings would not be\naccompanied by new share issues, they provided easy vehicles\nfor the company to raise capital for future expansion.\n    He estimated that 33 pct of the company's shares were in\nforeign hands.\n    The company's 1986 US turnover of about 750 mln dlrs made a\nlisting on one of the New York exchanges a logical next step,\nvan Driel said without elaborating.\n    Despite EC dairy restrictions Wessanen, which produces\naround 10 pct of all Dutch cheese, saw good growth prospects\nfor its dairy sector within Europe, van Driel said.\n REUTER\n\u0003","date":" 3-APR-1987 10:01:50.48","topics":["earn"],"places":["netherlands"]},"12879":{"title":"CHINA PUTS BRAKE ON KEY REFORM GOAL","body":"Fear of social instability and inflation\nhas forced China to put the brakes on one of its most important\neconomic reforms -- overhauling a pricing system which often\nbears no relation to production costs.\n    The price clampdown has occurred during a conservative\nbacklash following the resignation in January of reformist\nCommunist Party leader Hu Yaobang, Western diplomats and\nChinese sources say.\n    \"In recent years, prices have not only been rising, but the\nrate of increase is getting faster and faster,\" the People's\nDaily said in a major article this week. \"In future, price\nchanges should be only in small steps.\"\n    Despite pledges last year that price changes were essential\nto get the economy on the right track, the government has\nrepeatedly said no major change will happen this year.\n    \"Price changes in the last two years have aroused great\npublic discontent, especially in the cities,\" a Western diplomat\nsaid.\n    \"Chinese were used to stable prices for 30 years from 1949\nwhen the Communists took over. On a recent visit to two major\ncities, the refrain from all the officials was the need to\npreserve social stability,\" he said.\n    A Chinese journalist said the reformers had underestimated\nthe extent to which the public would tolerate price changes.\n    \"A major review of all economic reforms is under way, the\nbiggest since the reforms began in 1979, because many things\nare not going well -- a large budget deficit, too rapid price\nincreases and no major improvement in productivity of state\nfirms,\" he said.\n    The reformers think it vital to change a system under which\nprices often bear no relation to production costs.\n    Sugar is an example. An official newspaper said earlier\nthis year that more than 40 pct of China's sugar mills were\nlosing money or had closed because producing sugar was so\nunprofitable.\n    This was because the selling price of sugar has not changed\nfor 20 years, while the mills' production costs have risen\nsharply over the period.\n    The economic masterplan for the 1986-90 period, published\nin April last year, said China would \"work steadily to establish\na pricing system which better reflects value and the relation\nbetween supply and demand.\"\n    The People's Daily said that in recent years wage increases\nhad been too high and too much currency printed, resulting in\ntoo much money chasing too few goods and causing price hikes\nand inflation.\n    The review of the reforms coincides with a national\ncampaign against \"bourgeois liberalism,\" meaning Western\npolitical ideas blamed for causing student protests last\nDecember.\n    The journalist said the review was in part due to political\nfactors.\n    \"Economics and politics are inseparable in China. But the\nWestern media is wrong to classify the leadership into\nreformers and conservatives. All the leaders agree on the main\ndirection -- economic reform and the open-door,\" he said.\n    \"But there are differences of opinion on the pace of reform\nand on specific policies. No one is advocating a return to how\nthings were before 1979.\"\n    The diplomat said what China feared as a backlash against\nprice rises was not so much rioting in the streets, which he\nsaid it had the means to control. \"The bottom line is how such\nprotests would be used by those in the power struggle.\"\n    A foreign lawyer said he believed the cause of the crisis\nearlier this year was that the Communist Party leadership had\nfeared, due to the student demonstrations, that it was losing\ncontrol.\n    \"The leadership here is a self-perpetuating oligarchy. There\nis no way that it is going to give up power,\" he said.\n Reuter\n\u0003","date":" 3-APR-1987 10:02:37.14","places":["china"]},"12880":{"title":"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES","body":"The Federal Home Loan Bank Board\nadjusted the rates on its short-term discount notes as follows:\n    MATURITY   NEW RATE  OLD RATE  MATURITY\n  30-273 days  5.00 pct  5.00 pct    30-89 days\n 274-294 days  5.92 pct  5.83 pct   90-100 days\n 295-344 days  5.00 pct  5.00 pct  101-181 days\n 345-360 days  5.93 pct  5.82 pct  182-195 days\n                         5.00 pct  196-274 days\n                         5.90 pct  275-295 days\n                         5.00 pct  296-360 days\n Reuter\n\u0003","date":" 3-APR-1987 10:07:03.40","topics":["interest"],"places":["usa"]},"12881":{"title":"ALGOMA STEEL HAS NO REASON FOR SHARE PRICE RISE","body":"<Algoma Steel Corp Ltd>\nsaid there were no specific developments to explain the recent\nincrease in its share price and there were no announcements\nplanned or anticipated.\n    The company said it made the statement at the request of\nthe Toronto Stock Exchange.\n    Algoma said it continues to achieve cost reductions and\nthere is a limited improvement in market demand for the\ncompany's steel products.\n    Algoma common closed yesterday in Toronto at 18-1/2, up\n2-3/4, and was trading today at 18-1/4, down 1/4.\n Reuter\n\u0003","date":" 3-APR-1987 10:08:08.34","places":["canada"]},"12882":{"date":" 3-APR-1987 10:09:10.28","topics":["interest"],"places":["usa"]},"12883":{"title":"K MART <KM> SELLING KRESGE TO MCCRORY","body":"K mart Corp said it agreed to sell\nmost of the U.S. Kresge and Jupiter stores to McCrory Corp, a\nsubsidiary of privately held Rapid American Corp.\n    It said the agreement covers 76 stores in 21 states\nincluding inventory and fixtures. The price depends on the\namount of the inventory that will be in the stores on the\nclosing date.\n    K mart said it will continue to operate the stores until\nearly June, when McCrory will take over with no interruption of\nservice.\n    The newly acquired Kresge and Jupiter stores will be\nrenamed McCrory 5 and 10. McCrory currently operates 1,250\nstores in 38 states.\n\n Reuter\n\u0003","date":" 3-APR-1987 10:15:50.25","topics":["acq"],"places":["usa"]},"12884":{"title":"BELGIAN STATE LOAN RAISES 168.8 BILLION FRANCS","body":"The latest Belgian state loan,\nsubscriptions for which closed today, raised a total of 168.8\nbillion francs, a finance ministry spokesman said.\n    The eight-year, eight pct domestic loan which was priced at\npar was originally expected by the ministry to raise 150\nbillion francs.\n REUTER\n\u0003","date":" 3-APR-1987 10:16:32.53","places":["belgium"]},"12885":{"title":"TANDY <TAN> 3RD QUARTER REVENUES UP 12 PCT","body":"Tandy Corp said consolidated\nsales and operating revenues for the third quarter, ended March\n31, totaled nearly 776.0 mln dlrs, up 12 pct from 693.4 mln\ndlrs last year.\n    The company said third quarter earnings will be released in\nthe latter part of April.\n    Tandy said March sales and oprating revenues totaled 164.4\nmln dlrs, up 11 pct from March 1986's 238.8 mln dlrs.\n    It said U.S. retail operations revenues rose to 225.8 mln\ndlrs last month from 202.7 mln dlrs a year earlier. Sales of\nU.S. stores in existence more than one year increased 10 pct.\n Reuter\n\u0003","date":" 3-APR-1987 10:20:12.58","topics":["earn"],"places":["usa"]},"12886":{"title":"PHILIP MORRIS <MO> UP ON RECOMMENDATIONS","body":"The stock of Philip Morris Cos rose\ntoday following recommendations by First Boston Corp and Morgan\nStanley and Co, traders said.\n    Philip Morris gained 1-3/4 to 88-1/4.\n    First Boston's analyst was unavailable for comment.\n    Morgan Stanley's David Hill said he just assumed coverage\nof Philip Morris and placed it on his recommended list becasue\nof its attractive earnings growth and because the stock is\nselling at a discount to the market based on Morgan's figures.\nHill expects Morris to earn 7.75 dlrs a share this year and\n9.50 dlrs in 1988. In 1986, Morris earned 6.20 dlrs a share.\n Reuter\n\u0003","date":" 3-APR-1987 10:21:46.19","topics":["earn"],"places":["usa"]},"12887":{"title":"PAKISTAN NOT SEEN AS MAJOR WHEAT EXPORTER","body":"Pakistan is not emerging as a major\nwheat exporter as world market prospects are not good enough,\nSartaj Aziz, Special Assistant on Food and Agriculture to the\nPakistani Prime Minister, said in an interview.\n    No exports are planned for the next 12 months or so and\nplans last year to sell one mln tonnes to Iran came to nothing\nbecause they could not agree a price, he said.\n    Aziz forecast that Pakistan may have exportable surpluses\nof one mln tonnes or a half mln tonnes over the next few\nharvests in years when the weather is favourable.\n    The government does not wish to increase output much above\nthis because of low world prices, and the land would be better\nused for other crops.\n    Aziz said the Pakistani government does not want area sown\nto wheat to increase from the current seven mln hectares. Some\n10 pct of that area which gives low yields could be switched to\nmore profitable crops such as oilseeds.\n    The aim is to concentrate on raising yields from the\ncurrent 1.8 to 1.9 tonnes per ha to at least 2.5 tonnes per ha\nover the next five to seven years, he said.\n    Aziz said the current 1986/87 crop, harvesting of which is\njust beginning, is expected to yield around a record 14.5 mln\ntonnes. This compares with a target of 14.7 mln and last year's\nyield of 14.0 mln.\n    He said rains some six weeks ago helped the crop but more\nrecent rains reduced prospects slightly.\n    The long-term wheat production target is for some 17 mln\ntonnes by mid-1993, taking into account Pakistan's annual\npopulation growth rate of more than three pct. Current\nconsumption is some 12.5 mln tonnes.\n    The current wheat reserve is 2.5 mln tonnes, Aziz said.\nThis compares with a minimum reserve commitment of one mln\ntonnes, which Pakistan will maintain at all costs, and a\n\"strategic reserve\" target of two mln tonnes.\n    Despite the fact that stocks are a half-mln tonnes over\ntarget, the surplus will not be exported at present, he said.\n    The government wants to keep an extra \"safety margin\" until\nit sees what effect the abolition of a 44-year-old wheat\nrationing system will have on domestic consumption. New exports\nwill be considered only in about a year's time when the 1987/88\ncrop can be gauged as well, he said.\n    The new domestic policy, introduced on March 15, is for the\ngovernment to supply unlimited quantities of wheat at two\nrupees per kilo. With other costs this means a price in\nPakistani markets of between 2.30 and 2.50 rupees per kilo.\n    Under the old system, introduced during World War Two and\ndue to be phased out by April 15, some 50 mln ration cards were\nissued enabling poor people to buy wheat cheaply.\n    Aziz said following the introduction of a government\nsupport price in the 1970s the system become so corrupted that\nonly 20 to 25 pct of subsidised wheat was actually reaching the\nconsumer, the rest being diverted illicitly to the mills.\n    The ration system had also not had the stabilising effect\non the internal wheat market that was intended, Aziz said.\n    Prices have already begun to fall with the introduction of\nthe new system. The wheat price in Karachi, the most expensive\nPakistani city, had dropped from 3.11 rupees per kilo on March\n1 to 2.85 rupees on March 30.\n    Aziz said he does not expect the change in system to have a\nmajor effect on total consumption, but it may encourage better\nuse of side-products such as bran.\n Reuter\n\u0003","date":" 3-APR-1987 10:22:32.46","topics":["wheat","grain"],"places":["pakistan"]},"12888":{"title":"KLEER-VU INDUSTRIES TO SELL COSMETICS UNIT","body":"<Kleer-Vu Industries> said the\ncompany's board authorized the sale of its Neslemur Co, its\ncosmetic and toiletries company.\n    The company said it is evaluating two separate proposals\nand will complete the sale within 10 days.\n Reuter\n\u0003","date":" 3-APR-1987 10:22:37.02","topics":["acq"],"places":["usa"]},"12889":{"title":"MEMORY PROTECTION <MPDI> COMPLETES ACQUISITION","body":"Memory Protection Devices Inc said it\ncompleted its acquisition of the assets and liabilities of\nBogen, a division of <Lear/Siegler>, for 9,200,000 dlrs in\ncash.\n    Under the newly-structured company, Memory said it expects\nto report consolidated sales of 18 mln dlrs to 20 mln dlrs and\nshould be profitable before allowing for extraordinary items\nrelated to the acquisition.\n Reuter\n\u0003","date":" 3-APR-1987 10:23:01.85","topics":["acq"],"places":["usa"]},"12890":{"title":"DU PONT <DD> TO SELL CLEVELAND PLANT","body":"Du Pont Co said it agreed to\nsell its Cleveland chemical plant, the oldest site currently\noperated by the company, to two employees.\n    Terms were not disclosed.\n    Closing is expected in the second quarter, following\napproval of definitive agreements.\n    Products made at the plant represent less than 1/10 of one\npct of Du Pont's annual sales, it said. Quilon chrome complexes\nand Volan bonding agents will be supplied by the plant to Du\nPont under contract.\n    Established in 1866, the plant was acquired by Du Pont in\n1928. The plant no longer fits the company's long-term\nstrategy, Du Pont said\n Reuter\n\u0003","date":" 3-APR-1987 10:24:29.36","topics":["acq"],"places":["usa"]},"12891":{"title":"SPAIN RAISES CALL MONEY RATE TO 14.5 PCT","body":"The Bank of Spain said it raised its rate\nfor overnight call money to 14.5 pct from 14 pct with immediate\neffect at today's daily auction for assistance funds.\n    The move followed comments yesterday by central bank\ngovernor Mariano Rubio, who said money supply growth was too\nfast.\n    The bank said later that it was leaving its rate for\nspecial assistance funds from its second window unchanged at 16\npct, surprising operators who had expected an increase there\ntoo.\n REUTER\n\u0003","date":" 3-APR-1987 10:26:50.27","topics":["interest"],"places":["spain"]},"12892":{"title":"VOLKSWAGEN LATE MARCH U.S. SALES LOWER","body":"Volkswagen of America Inc, the U.S.\narm of Volkswagen AG, said its domestic car sales for late\nMarch fell to 2,145 vehicles, from 3,342 vehicles for the same\nperiod in 1986.\n    Volkswagen added that for the month of March it sold 4,324\nvehicles, down from 6,198 last year.\n    For the year-to-date, Volkswagen said it sold 10,951\nvehicles, versus 18,392 last year-to-date.\n Reuter\n\u0003","date":" 3-APR-1987 10:28:36.70","places":["usa"]},"12893":{"title":"FEDERAL CO <FFF> 3RD QTR FEB 28 NET","body":"Shr 1.00 dlr vs 34 cts\n    Net 16.9 mln vs 5,696,000\n    Revs 371.3 mln vs 303.2 mln\n    Avg shrs 16.9 mln vs 16.3 mln\n    Nine mths\n    Shr 3.55 dlrs vs 1.66 dlrs\n    Net 59.3 mln vs 27.1 mln\n    Revs 1.02 billion vs 912.8 mln\n    Avg shrs 16.7 mln vs 16.3 mln\n Reuter\n\u0003","date":" 3-APR-1987 10:33:18.03","topics":["earn"],"places":["usa"]},"12894":{"title":"AMC <AMO> TO INSPECT 20,000 VEHICLES","body":"American Motors Corp said it\nwill ask Jeep dealers to inspect about 20,000 Cherokee,\nWagoneer and Comanche vehicles equipped with 4.0-liter,\n6-cylinder engines to determine whether the air control valve\nfor the fuel injection system is out of design tolerance.\n    The company said it will seek about 5,000 affected\nvehicles, all 1987 models, manufactured between Jan 15 and\nMarch 3, 1987. It said the out-of-tolerance air valves may\nprevent the engine speed from returning to idle when the\naccelerator pedal is released, the company said.\n Reuter\n\u0003","date":" 3-APR-1987 10:34:28.90","places":["usa"]},"12895":{"title":"GERMAN, JAPANESE FIRMS WORK ON WASTE PLANT","body":"Deutsche Babcock AG\n<DBCG.F> said it agreed to cooperate with BASF AG <BASF.F> and\nthe Japanese firm Kawasaki Heavy Industries Ltd <KAWH.T>, KHI,\nin the field of technology designed to protect the environment.\n    Deutsche Babcock Anlagen AG would work with BASF to develop\nplants which would treat and burn industrial waste.\n    Another Babcock subsidary, Vereinigte Kesselwerke AG, VKW,\nhad struck an accord with KHI which would later be transformed\ninto a licencing agreement.\n    The agreement with KHI involves construction and marketing\nby the Japanese company of an environmentally-safe system\ndeveloped by VKW for burners in power station boilers, Deutsche\nBabcock said.\n    No financial details of the cooperation were released.\n REUTER\n\u0003","date":" 3-APR-1987 10:34:50.30","places":["west-germany","japan"]},"12896":{"title":"SYNTHETIC INDUSTRIES OFFERS DEBENTURES","body":"Synthetic Industries is offering 110\nmln dlrs of senior subordinated debentures due 1999 yielding\n11-5/8 pct, said sole manager Merrill Lynch Capital Markets.\n    The debentures have an 11-1/2 pct coupon and were priced at\n99.\n    Non-callable for five years, the issue is rated B-3 by\nMoody's Investors Service Inc and B-minus by Standard and\nPoor's Corp.\n    The issue was increased from an initial offering of 100 mln\ndlrs.\n Reuter\n\u0003","date":" 3-APR-1987 10:35:02.88","places":["usa"]},"12897":{"title":"FLOWERS INDUSTRIES INC <FLO> HIKES PAYOUT","body":"Qtly div 14-1/2 cts vs 14 cts prior\n    Pay May 4\n    Record April 17\n Reuter\n\u0003","date":" 3-APR-1987 10:35:35.61","topics":["earn"],"places":["usa"]},"12898":{"title":"FINE ART ACQUISITIONS LTD <FAAA> 4TH QTR NET","body":"Shr three cts vs three cts\n    Net 141,224 vs 118,192\n    Sales 5,849,695 vs 3,717,794\n    Avg shrs 4,975,000 vs 4,925,000\n    Year\n    Shr 15 cts vs 10 cts\n    Net 720,126 vs 474,879\n    Sales 18.2 mln vs 11.5 mln\n    Avg shrs 4,959,932 vs 4,902,778\n    NOTE: 1985 year net includes gain of 58,000 dlrs, or one\ncent a share, from tax loss carryforward\n Reuter\n\u0003","date":" 3-APR-1987 10:35:52.96","topics":["earn"],"places":["usa"]},"12899":{"title":"DAMON <DMN> UNIT TO MANAGE CLINICAL LAB","body":"Damon Corp said its Damon\nClinical Laboratories division has agreed to manage theday-to-day operations of the clinical laboratory at Suburban\n\nHospital in Hinsdale, Ill.\n Reuter\n\u0003","date":" 3-APR-1987 10:35:57.74","places":["usa"]},"12900":{"title":"GERBER <GEB> SETS DEADLINE FOR UNIT'S BUYOUT","body":"Gerber Products Co said it has\ngiven management of its CWT Inc trucking subsidiary 60 days to\npursue a leveraged buyout of the subsidiary.\n    It said CWT Inc, which has operations in the Midwest and\nSoutheast, has annual revenues of approximately 135 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 10:36:05.31","topics":["acq"],"places":["usa"]},"12901":{"title":"<ANCHOR FINANCIAL CORP> 1ST QTR NET","body":"Shr 31 cts vs 31 cts\n    Net 226,000 vs 173,000\n    Assets 73.1 mln vs 62.5 mln\n    Deposits 54.6 mln vs 51.5 mln\n    NOTE: earnings per share for 1987 affected by issuance of\n166,750 shares of common stock in December 1986.\n Reuter\n\u0003","date":" 3-APR-1987 10:36:11.80","topics":["earn"],"places":["usa"]},"12902":{"title":"DELUXE CHECK PRINTERS <DLX> RAISES PRICES","body":"Deluxe Check Printers Inc said\nthat due to increased manufacturing costs it is hiking the\nprices on most of its product lines, effective June 1.\n    The company estimates that the net effect of the price\nincreases equals a 3.5 pct increase in total sales.\n Reuter\n\u0003","date":" 3-APR-1987 10:36:20.46","places":["usa"]},"12903":{"title":"PRAXIS <PRAX> AIDS DRUG TO GO INTO WIDER TESTS","body":"Praxis Pharmaceuticals Inc, which owns\nworldwide licensing rights to the promising AIDS treatment\nAL721, said large scale tests of the drug are planned for this\nsummer in the United States.\n    Arnold Lippa, Praxis' president, said Praxis will test the\ndrug in a few hundred patients with full-blown AIDS, in those\nwith AIDS-related complex, a precursor to AIDS, and in more\npatients with swollen lymph glands but no other AIDS symptoms.\n    Praxis reported a net loss of 2,186,000 dlrs for the year\nended June 30, 1986. Lippa said the firm has about two mln dlrs\nleft from its public offering in January 1985.\n    But Lippa expects to \"easily spend\" five to 10 mln dlrs in\nthese new clinical trials. He said the Beverly-Hills,\nCalif.-based company is preparing a private offering and\ndiscussing ventures with other pharmaceutical firms to help\nfinance the cost of the trials.\n    As another mark of the interest in AL721, Anthony S. Fauci,\nwho heads the National Institute of Allergy and Infectious\nDisease, said the government will begin testing AL721 in its\nAIDS treatment evaluation units in June.\n    A spokeswoman said the study will be \"small\" and will\nestablish the drug's toxicity. She said the study will be\n\"expedited\" to allow the next phase of testing to proceed\nrapidly.\n    These plans follow the completion of a small-scale test of\nthe drug's effectiveness in eight patients with AIDS-related\nlymphadenopathy--swollen lymph glands, at St. Lukes/Roosevelt\nHospital in New York, and another study of 14 AIDS patients in\nIsrael, where the drug was developed.\n   \n Reuter\n\u0003","date":" 3-APR-1987 10:36:38.63","places":["usa"]},"12904":{"title":"TSR INC <TSRI> 3RD QTR FEB 28 NET","body":"Shr seven cts vs four cts\n    Net 161,000 vs 107,000\n    Revs 5,852,000 vs 4,794,000\n    Nine mths\n    Shr 23 cts vs 24 cts\n    Net 553,000 vs 610,000\n    Revs 18.2 mln vs 14.2 mln\n Reuter\n\u0003","date":" 3-APR-1987 10:36:51.03","topics":["earn"],"places":["usa"]},"12905":{"title":"TIME <TL> IN TALKS ON CABLE NEWS CONSORTIUM","body":"N.J. Nicholas Jr., president and chief\noperating officer of Time Inc, told security analysts the\ncompany is now engaged in talks to join a consortium of cable\ncompanies that will invest in Cable News Network.\n    Nicholas declined to give any details, but said an\nannouncement might be ready in a few days. He also declined to\nsay whether the investment would be made by Time Inc or\nAmerican Television and Communications Corp, a public company\nin which Time owns a majority stake.\n    Cable News Network is owned by Turner Broadcasting System\n<TBS>.\n Reuter\n\u0003","date":" 3-APR-1987 10:42:25.99","topics":["acq"],"places":["usa"]},"12906":{"title":"WESTON GETS U.S. AIR FORCE CONTRACT","body":"<Roy F. Weston Inc> said it\nreceived a 9.9 mln dlr contract from the U.S. Air Force for\nassistance with site investigations and remedial studies at Air\nForce bases throughout the nation.\n    The contract covers four years and its Weston's fourth\nmajor contract with the Air Force's occupational environmental\nhealth laboratory.\n    The company said it will test air, soils, ground and\nsurface waters site assessments and other areas.\n Reuter\n\u0003","date":" 3-APR-1987 10:43:10.14","places":["usa"]},"12907":{"title":"ABNORMAL RADIATION FOUND IN SOVIET TEA/HAZELNUTS","body":"Abnormally high levels of radiation were\nfound in Soviet tea and hazelnuts more than nine months after\nthe Chernobyl nuclear accident, West German residents in Moscow\nwere advised this week.\n    In a letter to the West German community here, Ambassador\nJoerg Kastl said laboratory tests on food samples bought in\nMoscow in February had shown elevated levels of caesium-134 and\n-137 in tea from Azerbaijan and Ukrainian hazelnuts.\n    Other food samples sent for testing at Cologne University,\nincluding honey, fruit, vegetables, pork, milk and butter, were\nfound to be free of radiation, it said.\n    Data in the letter showed the tea and hazelnuts contained\ncaesium levels far in excess of ceilings recommended by the\nUnited Nations Food and Agriculture Organisation (FAO).\n    The letter said people who had consumed the tea faced no\nparticular health danger as most of the caesium remained in the\ntea leaves, but it warned against eating the hazelnuts.\n    The products sent for testing were bought in state shops\nand private farmers' markets in Moscow, it added. Other Western\nembassies in Moscow said they had discontinued laboratory\ntesting of Soviet food late last year because no abnormal\nradiation levels were detected.\n    \"We didn't find anything so we stopped doing it,\" a U.S.\nEmbassy spokesman said.\n    A British spokesman said radiation-monitoring equipment\nremained in the embassy waiting room for British residents in\nMoscow who wanted to check their food, but laboratory tests had\nnot been conducted for several months.\n    \"Earlier we sent some food back to Britain as a\nprecautionary measure, but we stopped in the absence of any\nalarming signals,\" he said. \"If the tests had shown abnormal\nreadings, they would have been resumed.\"\n Reuter\n\u0003","date":" 3-APR-1987 10:44:47.77","topics":["tea"],"places":["ussr","west-germany","uk"]},"12908":{"title":"SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES","body":"The Student Loan Marketing\nAssociation said its rates on short-term discount notes were as\nfollows:\n    MATURITY   NEW RATE    OLD RATE  MATURITY\n    5-14 days  5.65 pct    5.60 pct     5-14 days\n   15-78 days  5.00 pct    5.00 pct    15-81 days\n   79-85 days  5.83 pct    5.75 pct    82-88 days\n  89-360 days  5.00 pct    5.00 pct   89-174 days\n                           5.85 pct  175-180 days\n                           5.00 pct  181-360 days\n Reuter\n\u0003","date":" 3-APR-1987 10:46:19.56","topics":["interest"],"places":["usa"]},"12909":{"title":"ECONOMIC SPOTLIGHT - EFTA FEARS EC MARKET PLANS","body":"The European Community wants to eliminate\nall obstacles to free movement of goods, services and people by\n1992, a laudable goal that has sent shivers down the spines of\nits closest trading neighbours.\n    Europe's outsiders -- the six members of the European Free\nTrade Association (EFTA), and other small states -- fear the\ngrowing power of the 12 EC member countries, a market of 320\nmln people, one and a half times as big as the whole U.S.\n    And as the Community celebrates its 30th anniversary, in\nnon-EC countries from Ankara to Oslo, an attitude is emerging\nwhich says, \"If you can't beat them, join them.\"\n    In June 1985, the Community adopted a plan to create an\n\"internal market\" without restrictions, which included new goals\non everything from tourism to the rules of bank accounting.\n    The plan is so extensive that even the EFTA countries --\nSwitzerland, Austria, Sweden, Norway, Finland and Iceland --\nwith decades of close trade ties, find it hard to adopt a joint\nposition.\n    Last month Turkey formally requested EC membership,\nreceiving a polite reply from Brussels that the time was not\nripe.\n    In Austria, where its 1955 charter of neutrality forbids\njoining political alliances, the government is looking for ways\nto become a \"de facto\" EC member.\n    And in Norway, where membership was rejected in a 1972\nreferendum, government officials are wondering whether the\npolitical climate has changed.\n    But nowhere has the debate been more existential than in\nSwitzerland, which has resisted all alliances for 700 years.\n    The Swiss are a microcosm of Europe, living geographically\nin the very heart of Europe and speaking the languages of the\nthree big economies -- Germany, France and Italy.\n    Swiss neutrality, which has kept the country out of the\nUnited Nations and the International Monetary Fund, would seem\nto preclude membership in the Community, given the EC's loose\nlink with the Western defence alliance NATO.\n    But an opinion poll late last year, held in the\nFrench-speaking part of the country, showed a majority favoured\njoining the Community.\n    Since then, government officials have stressed that, while\nmembership was impossible, Switzerland should do everything\npossible not to be locked out when the trade barriers inside\nthe EC come down.\n    State secretary for foreign trade Franz Blankart, said it\nis inconceivable the whole Swiss nation -- including the more\nconservative German-speaking majority -- would vote for\nmembership.\n    But Switzerland must be more than just a \"satellite,\" he\nsaid, now that the enlarged Community is extending itself into\nareas omitted by the founding Treaty of Rome.\n    These areas, including pharmaceutical research and\ntechnological development, are the key to the economic future\nof Switzerland and the Community alike, he adds.\n    \"We cannot permit ourselves the luxury of passively\nfollowing the Community's new dynamic of integration,\" he says.\n    The Swiss economy ministry has drawn up a detailed analysis\nof the EC White Paper on the internal market, outlining the\nSwiss response to each point. While some refer to a collective\nEFTA stance, officials admit that on many issues Switzerland\nmay have act alone.\n    The new EC plans on transport, for example, would have a\nsevere impact on Switzerland and Austria, whose roads carry\nmost of the traffic between Italy and its EC partners.\n    But rules such as the volume of petrol buses are allowed to\ncarry across a border have much less importance to Sweden or\nFinland.\n    Switzerland wants to work out ways to help people crossing\nits borders with West Germany, France and Italy. But it is\nafraid the liberal border controls Denmark, an EC member, has\nwith the non-EC Nordic countries might pose a threat to\nsecurity.\n   And pin the fields of banking and insurance -- the very\nlifeblood of Switzerland's service sector -- Swiss interests\ncould prove directly opposite to its EFTA partners with their\npppppppnarrow and tightly protected financial markets.\n    The biggest danger ahead, EFTA members have said, would be\nthat their divided interests might leave the EC free to set\nwhatever guidelines and standards it wanted and force them on\nother European states that wanted to trade.\n REUTER\n\u0003","date":" 3-APR-1987 10:50:23.48","organisations":["efta","ec"],"places":["turkey","switzerland","austria","west-germany","france","norway"]},"12910":{"title":"CYPRUS LOWERS COPPER PRICE ONE CT TO 66 CTS","body":"Cyprus Minerals Company said it is\ndecreasing its electrolytic copper cathode price by one cent  \nto 66.0 cents a pound, effective immediately.\n Reuter\n\u0003","date":" 3-APR-1987 10:53:13.27","topics":["copper"],"places":["usa"]},"12911":{"title":"ENSERCH <ENS> TO REDEEM DEBENTURES","body":"Enserch Corp said that it has called for\nredemption on May four all its outstanding 16-3/8 pct sinking\nfund debentures due 2007, pursuant to the optional redemption\nprovision of the indenture at 111.981 pct of par.\n Reuter\n\u0003","date":" 3-APR-1987 10:53:28.90","places":["usa"]},"12912":{"title":"FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES","body":"The Federal Home Loan Mortgage Corp\nadjusted the rates on its short-term discount notes as follows:\n   MATURITY   RATE       OLD RATE  MATURITY\n    31 days   5.95 pct   6.00 pct  32 days\n  \n Reuter\n\u0003","date":" 3-APR-1987 10:53:32.73","topics":["interest"],"places":["usa"]},"12913":{"title":"TRANS WORLD LIQUIDATING TRUST TO CLOSE BOOKS","body":"The Trans World Corp Liquidating Trust\nsaid it will permanently close its books of record and transfer\non April seven.\n    Beneficial interest in the trust ceased trading on the New\nYork Stock Exchange on March 31, it noted.\n Reuter\n\u0003","date":" 3-APR-1987 10:53:37.74","places":["usa"]},"12914":{"title":"MAVERICK RESTAURANT CORP <MAVR> 4TH QTR LOSS","body":"Ended Jan 31\n    Shr loss 50 cts vs loss one ct\n    Net loss 2,475,739 vs loss 68,691\n    Revs 3,689,770 vs 3,292,733\n    Year\n    Shr loss 50 cts vs loss two cts\n    net loss 2,472,582 vs loss 112,936\n    Revs 14.8 mln vs 13.2 mln\n    NOTE: Current periods include charge of 2.25 mln dlrs or 45\ncts for restaurant closings.\n Reuter\n\u0003","date":" 3-APR-1987 10:55:37.20","topics":["earn"],"places":["usa"]},"12915":{"title":"GRAPHIC MEDIA INC <GMED> YEAR NET","body":"Ended Jan 31\n    Shr nine cts vs eight cts\n    Net 246,000 vs 369,000\n    Revs 20.4 mln vs 11.2 mln\n    Avg shrs 2,123,000 vs 1,882,000\n    NOTE: 1985 restated.\n Reuter\n\u0003","date":" 3-APR-1987 10:55:42.12","topics":["earn"],"places":["usa"]},"12916":{"title":"MISSED SENATE DEADLINE UPSETS U.S. BUDGET CHIEF","body":"White House Budget Chief James Miller\nsaid he was irritated by the Senate Budget Committee's failure\nto meet an April 1 deadline for completing action on its budget\nblueprint for the coming fiscal year.\n    \"I'm terribly upset that they've missed their deadline,\" he\ntold reporters after a speech commemorating the 100th\nanniversary of the Interstate Commerce Commission (ICC).\n    Senate Budget Chairman Lawton Chiles (D-Fla.) \"is obviously\nhaving trouble getting a majority (of his committee) to agree\nto his budget,\" Miller said. The panel late Wednesday defeated\nChiles' budget plan and will try again next week.\n    The House Budget Committee, meanwhile, approved Wednesday a\ntrillion-dlr spending plan for the government's year beginning\nOct. 1, paving the way for a House vote.\n    Miller also told reporters President Regan remains opposed\nto any tax increases other than those he himself has proposed.\n\"We're not going to go along with a tax increase,\" he said.\n    Miller told a few hundred current and former ICC officials\nattending the birthday party that he was an unusual choice to\nspeak at the event as he favored the agency's abolition.\n    \"Let it die with dignity--and then we'll all get together\nagain for a fantastic wake,\" he said to mild applause.\n Reuter\n\u0003","date":" 3-APR-1987 10:56:44.30","places":["usa"]},"12917":{"title":"TIME <TL> 1987 EARNINGS MAY BE 4.25 DLRS SHARE","body":"Time Inc's chief financial officer,\nThayer Bigelow, told security analysts the company is\n\"comfortable\" with Wall Street estimates that 1987 earnings\nwill be in a range of 3.75 dlrs to 4.25 dlrs per share.\n    In 1986, Time reported earnings of 5.95 dlrs per share,\nincluding a number of special items.\n    Bigelow said in adjusting the 1986 results for the special\nitems and also removing the earnings of American Television and\nCommunications Corp <ATCMA>, Time earned 2.35 dlrs per share in\n1986.\n    Turner Broadcasting System Inc said the investment by the\ncable consortium would be in Turner Broadcasting, not directly\nin CNN. The consortium would infuse up to 550 mln dlrs in\nTurner Broadcasting in return for a 35 pct equity interest.\n    Ted Turner, Chairman, would retain a 51 pct interest, a\nTurner Broadcasting spokesman said.\n    Bigelow said the company is continuing its previously\nannounced 10 mln share repurchase program and has bought back\n4.1 mln of its own shares. He said 700,000 shares were\npurchased in the first quarter of 1987 at an average price of\n81 dlrs per share.\n    Bigelow said the company will always have a share buyback\nprogram in place whenever it believes it is a better long-term\ninvestment than starting or acquring a business. But he did not\ngive any specifics on further repurchases beyond the 10 mln\nshares already announced.\n   \n    On the subject of acquisitions, Richard Munro, chairman and\nchief executive said the company is not interested in investing\nin over-the-air broadcasting, but continues to look at all\nareas in which it is currently engaged.\n    Munro said book publishing is an area that interested Time.\nIn 1986 the company purchased Scott and Foresman, its biggest\nacquisition ever.\n    N.J. Nicholas, president and chief operating officer, said\nthe company might be interested in a relatively small book\nbusiness.\n    He said following the recent agreement for the sale of\nHarper and Row to the News Corp Ltd <NWS>, \"there may be pieces\nthat Murdoch doesn't want,\" referring to News Corp chairman\nRupert Murdoch.\n    Asked if the company's SAMI business is for sale, Munro\nsaid it is a \"delicate subject\", and \"we're looking at all the\noptions.\" SAMI is a marketing information service for the food\nindustry. Published reports have stated it could be worth as\nmuch as 500 mln dlrs.\n   \n    Bigelow said that Time's Home Box Office added  subscribers\nlast year and the trend is continuing in the first quarter of\n1987. However, he said, HBO's results in the quarter will be\ndown slightly, but in the first quarter of 1986 there was a\nspecial gain in the HBO unit.\n    Nicholas said that HBO and Cinemax had combined subscriber\ngrowth of 800,000 for last year.\n    He also said the tax rate in 1987 will remain at just under\n50 pct because of the repeal of investment tax credits and\nhigher state and local taxes. He said he sees a decrease in the\ntax rate in 1988 of five or six percentage points.\n    Munro said the company does not plan to increase its\ndividend.\n    Trygve Myhren, chairman and chief executive of American\nTelevision and Communications, said the unit is looking at\ngetting involved in the home shopping video area. \"It would be\nfoolish not to be a player there,\" he said.\n    He said the company had talks with Home Shopping Network\nInc <HSN> prior to that company's public offering last year,\nbut nothing came of the talks.\n Reuter\n\u0003","date":" 3-APR-1987 11:03:03.29","topics":["earn"],"places":["usa"]},"12918":{"title":"OWENS-ILLINOIS FILES WITH SEC FOR 2.05 BILLION DLR DEBT OFFERING\n","date":" 3-APR-1987 11:03:12.31"},"12919":{"title":"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES","body":"The Federal Home Loan Bank Board\nadjusted the rates on its short-term discount notes as follows:\n    MATURITY   NEW RATE  OLD RATE  MATURITY\n  30-273 days  5.00 pct  5.00 pct   30-273 days\n 274-294 days  5.90 pct  5.92 pct  274-294 days\n 295-344 days  5.00 pct  5.00 pct  295-344 days\n 345-360 days  5.93 pct  5.93 pct  345-360 days\n                        \n Reuter\n\u0003","date":" 3-APR-1987 11:05:48.05","topics":["interest"],"places":["usa"]},"12920":{"title":"AEL <AELNA> SEES 15 PCT SALES HIKE THIS YEAR","body":"AEL Industires Inc, a major\nsupplier of defense electronic systems, said it projects a 15\npct hike in sales for the fiscal year ended Feb 27, 1988, based\non its current backlog of 169 mln dlrs and new contracts\nawarded in the first quarter.\n    For the year ended Feb 27, 1987, AEL reported net income of\n3,321,000, or 74 cts a share, including an aftertax charge of\n818,000, on revenues of 108 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 11:06:04.37","places":["usa"]},"12921":{"title":"FRENCH GOVERNMENT SETS SHARE PRICE OF BANQUE DU BATIMENT ET DES TRAVAUX PUBLICS AT 130 FRANCS - OFFICIAL\n","date":" 3-APR-1987 11:08:23.44","places":["france"]},"12922":{"title":"FORD <F> LATE-MARCH SALES UP 29.5 PCT","body":"Ford Motor Co said domestic car\nsales rose 29.5 pct in the March 20 to March 31 period compared\nwith the late-March period a year ago.\n    There were nine selling days in both periods.\n    The nation's second largest auto maker said it sold 79,249\nvehicles compared with 61,169 a year ago.\n    For the month of March sales rose 17.8 pct to 197,328\nvehicles verses 167,490 in March 1986. Year-to-date sales\ndeclined 0.2 pct to 462,629 units compared with 463,768 for the\nfirst three months of 1986, it said.\n    Ford said sales of trucks for the late-March period were up\n28.1 pct to 50,305 vehicles verses 39,269 a year ago. Truck\nsales for all of last month increased 23.1 pct to 136,767\ncompared to 111,066 last year. Year-to-date sales rose 8.7 pct\nto 332,461 verses 305,781 for the first three months of 1986.\n Reuter\n\u0003","date":" 3-APR-1987 11:08:56.53","places":["usa"]},"12923":{"title":"FED EXPECTED TO TAKE NO MONEY MARKET ACTION","body":"The Federal Reserve is expected to take\nno reserve-management action in the U.S. Government securities\nmarket during its usual intervention period, economists said.\n    They said that, if the Fed does act, it will likely add\ntemporary reserves indirectly by arranging one to 1.5 billion\ndlrs of customer repurchase agreements.\n    Federal funds, which averaged 6.14 pct yesterday, opened at\n5-15/16 pct and remained there in early trading. Analysts\nbelieve this probably is about where the Fed wants the funds\nrate to be.\n Reuter\n\u0003","date":" 3-APR-1987 11:09:26.18","topics":["money-fx","interest"],"places":["usa"]},"12924":{"title":"AGENCY REPORTS 30 SHIPS WAITING AT PANAMA CANAL","body":"The Panama Canal Commission, a U.S.\ngovernment agency, said in its daily operations report that\nthere was a backlog of 30 ships waiting to enter the canal\nearly today. Over the next two days it expects --              \n             4/03  4/04\n                       Due: 36    28\n      Scheduled to Transit: 38    38\n           End-Day Backlog: 28    18\n    Average waiting time tomorrow --\n         Super Tankers  Regular Vessels\n North End:  19 hrs       8 hrs\n South End:  20 hrs      16 hrs\n Reuter\n\u0003","date":" 3-APR-1987 11:11:47.50","topics":["ship"],"places":["usa","panama"]},"12925":{"title":"OWENS-ILLINOIS <OI> FILES 2.05 BILLION DLR OFFER","body":"Ownes-Illinois Holdings Corp filed\nwith the Securities and Exchange Commission for debt offerings\nwith principal amounts totalling 2.05 billion dlrs.\n    The company, which is the successor to Ownens-Illinois Inc,\nsaid it plans to offer 250 mln dlrs of senior subordinated\nnotes due 1996, 500 mln dlrs of subordinated debentures due\n1999 and 1.3 billion dlrs of junior subordinated discount\ndebentures due 2003.\n    Proceeds from the offering, together with about 50 mln dlrs\nin bank borrowings, will be used to repay or redeem financing\nincurred in connection with the takeover, it said.\n    Owens-Illinois, which was taken over by a group led by\nKohlberg Kravis Roberts and Co, said financing incurred in the\ntakeover includes a 550 mln dlr bridge loan provided by a bank\ngroup, 200 mln dlrs provided by two common stock partnerships\nand 600 mln dlrs of junior subordinated notes due Sept 17, 1988\nwhich were sold to an affiliated of Morgan Stanley and Co Inc.\n    Other proceeds will be used to pay underwriting costs, the\ncompany said. Morgan Stanley is the underwriter, it said.\n Reuter\n\u0003","date":" 3-APR-1987 11:12:18.72","places":["usa"]},"12926":{"title":"NORANDA REVISES NUMBER OF MINERS WHO WERE TRAPPED","body":"<Noranda Inc> said a total\nof 57 miners were trapped in a copper mine yesterday by a fire\nthat burned for 24 hours and killed one miner.\n    Earlier, the company had said 44 miners were trapped.\n    Some of the miners suffered smoke inhalation but the 56 who\nemerged safely are out of danger, the company said. Noranda\nestimated that the fire caused 10 mln Canadian dlrs in damage.\n Reuter\n\u0003","date":" 3-APR-1987 11:14:13.18","places":["canada"]},"12927":{"title":"PIEDMONT <PIE> MARCH LOAD FACTOR WAS 63.4 PCT","body":"Piedmont Aviation Group\nInc's Piedmont Airlines said its load factor rose to 63.40 pct\nlast month from 61.12 pct in March 1986.\n    The airline said it flew 987.7 mln revenue passenger miles\nlast month, up 15.6 pct from 854.0 mln a year earlier while its\navailable seat miles rose 11.5 pct to 1.56 billion from 1.40\nbillion in March 1986.\n    Piedmont said its first quarter load factor was 57.33 pct\nup from 54.89 pct a year earlier. First quarter revenue\npassenger miles rose 16.3 pct to 2.66 billion and available\nseat miles were up 11.4 pct to 4.46 billion.\n Reuter\n\u0003","date":" 3-APR-1987 11:14:32.70","places":["usa"]},"12928":{"title":"RANGE ROVER OF NORTH AMERICA INC MARCH SALES.","body":"<Range Rover of North America Inc>\nsaid that for the month of March it sold 79 vehicles versus nil\nfor March 1986.\n    The company said that year to date it sold 79 vehicles\nversus nil year-to-date last year.\n    The British luxury sport-utility vehicle officially went on\nsale March 16, Range Rover said.\n Reuter\n\u0003","date":" 3-APR-1987 11:15:18.79","places":["usa"]},"12929":{"title":"LAND'S END INC <LEYS> VOTES INITIAL PAYOUT","body":"Land's End Inc said its board\ndeclared a dividend of 10 cts a share payable April 30, record\nApril 13.\n    It is the company's first dividend since it became a public\nentity last October.\n Reuter\n\u0003","date":" 3-APR-1987 11:15:24.61","topics":["earn"],"places":["usa"]},"12930":{"title":"HADSON <HADS> TO OFFER FOUR MLN SHARES","body":"Hadson Corp said it is offering\nfour mln new shares of its common, par value 10 cts a share, at\n8-1/2 dlrs a shares.\n    It had previously announced it would offer 3,750,000 shares\nin a filing with the Securities and Exchange Commission.\n    Hadson said proceeds will be used for expansion of its\nexisting businesses and energy-related acquisitions, and for\ngeneral corporate purposes.\n    Shearson Lehman Brothers Inc and Painwebber Inc are the\nmanaging underwriters.\n Reuter\n\u0003","date":" 3-APR-1987 11:15:34.08","places":["usa"]},"12931":{"title":"CALIFORNIA ENERGY <CECI> GETS FINANCING","body":"California Energy Co said it\nreceived 3.5 mln dlrs in private financing from a European\ninvestment group to support further development by China Lake\nJoint Venture of geothermal energy resources located on lands\nat China Lake, Calif.\n   \n Reuter\n\u0003","date":" 3-APR-1987 11:15:51.66","places":["usa"]},"12932":{"title":"AEQUITRON <AQTN> SELLS LAND FOR 1.8 MLN DLRS","body":"Aequitron Medical Inc said that\n<Vantage Properties Inc> has exercised its option to buy 15.3\nacres of land from Aequitron for 1.8 mln dlrs.\n    Aequitron orginally gave Vantage the option in May 1986 in\nexchange for a 100,000 dlr letter of credit, which will be\nforfeit if Vantage does not close the deal by April 30,\nAequitron said.\n    Aequitron added it expects the deal to close on or before\nApril 30, its fiscal year-end.\n    The company said it could realize a gain of about 300,000\ndlrs on the sale, which will be used to reduce short term debt.\n Reuter\n\u0003","date":" 3-APR-1987 11:15:59.96","places":["usa"]},"12933":{"title":"ALLWASTE <ALWS> TO ACQUIRE SERVICE FIRM","body":"Allwaste Inc said it agreed in principle\nto acquire all outstanding stock of a company in the industrial\nservice business for 1.98 mln dlrs in common stock.\n    It did not identify the company to be acquired.\n Reuter\n\u0003","date":" 3-APR-1987 11:16:11.51","topics":["acq"],"places":["usa"]},"12934":{"title":"USAIR GROUP <U> MARCH LOAD FACTOR RISES","body":"USAir Group Inc said March load\nfactor rose to 66.5 pct from 62.9 pct in March 1986.\n    Revenue passenger miles rose 17.2 pct in March to 1.10\nbillion from 942.6 mln and 18 pct year-to-date to 2.90 billion\nfrom 2.46 billion, the company said.\n    Available seat miles grew 10.8 pct in March to 1.66 billion\nfrom 1.50 billion and 10 pct in the three months to 4.72\nbillion from 4.29 billion.\n    Year-to-date load factor rose to 61.5 pct from 57.4 pct.\n Reuter\n\u0003","date":" 3-APR-1987 11:16:36.89","places":["usa"]},"12935":{"title":"GLOBAL RAISES HEAVY FUELS PRICES","body":"global petroleum corp said today it\nraised the posted cargo prices for number six fuel in the new\nyork harbor 20 cts to 1.45 dlrs a barrel, effective today.\n    the increase brings the prices for one pct sulphur to 21.30\ndlrs, up 20 cts; two pct sulphur 20.85 dlrs, up one dlr; 2.2\npct sulphur 20.50, up 1.25 dlrs, and 2.5 pct sulphur 20.25\ndlrs, up 1.45 dlrs, it said.\n    prices for 0.3 pct and 0.5 pct sulphur fuels were unchanged\nat 22.50 and 21.85 dlrs respectively, the company said.\n Reuter\n\u0003","date":" 3-APR-1987 11:17:00.75","topics":["heat"],"places":["usa"]},"12936":{"title":"U.S. SENATE DEFEATS MOVE TO CUT MEXICO AID","body":"The Democratic-controlled U.S. Senate\nsided with President Reagan and defeated an attempt to cut U.S.\naid to Mexico as a protest it is failing to cooperate fully\nwith the American war against drugs.\n    A day after the Senate trounced Reagan's attempt to sustain\na veto of a major highway bill, a bipartisan majority gave him\na victory by shelving on a 49 to 38 vote a measure to halve\nassistance given Mexico.\n    Two companion measures also were expected to be defeated,\nto halve aid to Panama and the Bahamas.\n    The fight was considered more symbolic than having\nsignificant impact, since Mexico this year is receiving a\nrelatively small 15.7 mln dlrs in assistance. But critics said\ncutting the aid would hurt U.S.-Mexico relations.\n Reuter\n\u0003","date":" 3-APR-1987 11:18:36.73","places":["usa","mexico"]},"12937":{"title":"SOO LINE <SOO> TO SELL LAKE STATES DIVISION","body":"Soo Line Corp said it agreed to sell\nits Lake States Transportation Division to the newly formed\nWisconsin Central Ltd.\n    The division conducts rail operations over about 2,000\nmiles of railroad in Minnesota, Wisconsin, Michigan and\nIllinois. Soo Line said in January it was seeking bids for the\nproperty.\n    Terms were withheld, but Soo has estimated that the\ntransaction will result in a one-time after-tax loss of 8.0 to\n15.0 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 11:19:12.24","topics":["acq"],"places":["usa"]},"12938":{"title":"FRENCH GOVERNMENT SETS BTP SHARES AT 130 FRANCS","body":"The French government has set the public\noffer price of shares for the state-owned <Banque du Batiment\net des Travaux Publics> at 130 francs, valuing the bank at 416\nmln francs, the Finance Ministry said in a statement.\n    This follows an analysis by the privatisation commission\nputting the bank's value at at least 400 mln francs.\n    The public share offer will open on April 6 and close on\nApril 10.\n    The share capital of the bank comprises 3.2 mln shares, of\nwhich the state will keep 200,000 to permit it to proceed with\nfree share issues to small shareholders later, the ministry\nsaid.\n    A total of 51 pct of the capital, corresponding to 1.63 mln\nshares, will be allocated directly to various investor groups\nwho responded to invitations for tenders.\n    A further 1.07 mln shares will be sold to the public\nthrough the Paris Bourse and 300,000 shares, or 10 pct of\nshares on offer, will be reserved for employees and former\nemployees of the bank.\n    The group comprising Federation Nationale du Batiment,\nCaisse Nationale de Surcompensation du Batiment et des Travaux\nPublics, Societe Mutuelle d'Assurance du Batiment et des\nTravaux Publics and Societe Mutuelle d'Assurance sur la Vie du\nBatiment et des Travaux Publics received 20.5 pct of capital.\n    Another group comprising Federation Nationale des Travaux\nPublics (FNTP), Syndicat Professionel des Entrepreneurs de\nTravaux Publics de France et d'Outre-Mer and Caisse Nationale\ndes Entrepreneurs de Travaux Publics de France et d'Outre-Mer\nreceived 11.5 pct of the capital.\n    A third group comprising Credit Commercial de France (CCF),\n<Banque Hervet>, Comptoir des Entrepreneurs and Comptoir\nCentral de Materiel d'Entreprise received eight pct of capital.\n    Credit Foncier de France (CFF) and Credit Lyonnais were\neach allocated 5.5 pct of the bank's capital.\n    Private individuals investing in the public share offer\nwill receive a one-for-10 free share issue if they hold the\nshares for at least 18 months, up to a limit of five free\nshares, while employees and former employees will be entitled\nto discounts of between five and 20 pct on the issue price.\n REUTER\n\u0003","date":" 3-APR-1987 11:27:02.56","places":["france"]},"12939":{"title":"COASTAL CORP <CGP> AND UNITS UPGRADED BY S/P","body":"Standard and Poor's Corp said it\nupgraded the ratings on four billion dlrs of debt of Coastal\nCorp and its subsidiaries.\n    S and P cited Coastal's success in reducing debt and\npreferred stock by 390 mln dlrs last year, despite weak energy\nprices. As debt is repaid, pretax interest coverage should rise\ngradually from the current depressed 1.4 times level.\n    Raised were Coastal's notes, debentures and Eurobonds to\nBB-minus from B-plus and subordinated debt and preferred to\nB-plus from B-minus. S and P upgraded the units Wycon Chemical\nCorp and ANR Finance N.V./B.V.\n    Wycon Chemical's industrial revenue bonds, guaranteed by\nthe parent, were raised to BB-minus from B-plus.\n    S and P upgraded ANR Finance's Euronotes to BB-minus from\nB-plus, ANR Pipeline Co's first mortgage bonds to BB-plus from\nBB, debentures and Eurobonds to BB-minus from B-plus and\npreferred to BB from B-plus.\n    Also, Colorado Interstate Gas Co's first mortgage bonds\nwere raised to BB-plus from BB and debentures to BB-minus from\nB-plus, while the unit's preferred was affirmed at BB.\n    A manageable debt maturity schedule for the next few years\nmitigates concern over Coastal's capital structure, S/P said.\n Reuter\n\u0003","date":" 3-APR-1987 11:28:53.60","places":["usa"]},"12940":{"title":"BP SAYS NO PLANS TO CLOSE SWEDISH REFINERY","body":"The British Petroleum Co Plc <BP.L> said\nit had no plans to close its refinery in Gothenburg, despite\nforecasts by a Swedish finance ministry committee that it might\nbe planning such a move.\n    The committee said the refinery's future looked bleak\nbecause the Swedish petroleum industry's competitiveness was\nexpected to worsen unless it invested, and because of the\neffects of a possible tightening of rules on sulphur content.\n    But BP said the unit, in which Sweden's <OK Petroleum AB>\nhas a 22 pct stake, had performed well both technically and\nfinancially up to and including the first quarter of 1987.\n    Current restrictions on sulphur emissions and known future\nplans for both Sweden and export markets did not cause it any\nserious problems, it said in a statement.\n    The refinery started up in 1967 and has an annual capacity\nof 4.7 mln tonnes.\n REUTER\n\u0003","date":" 3-APR-1987 11:29:24.75","topics":["crude"],"places":["uk","sweden"]},"12941":{"title":"ITALY SETS BANK CAPITAL ADEQUACY REQUIREMENTS","body":"The Bank of Italy issued details of new\nbank capital adequacy requirements due to come into force in\nJune, in a central bank circular.\n    The Bank of Italy circular follows an interministerial\ncommittee decision last December to introduce minimum capital\nadequacy requirements for banks.\n    The requirements, which formalise criteria already in use,\ncomprise a risk-asset ratio applicable to banking operations\nincluding foreign branches, and a gearing ratio which excludes\nbusiness of foreign branches.\n     The risk-asset ratio measures solvency, defined as a\nbank's ability to meet all its liabilities through the\nrealisation of its assets, while the second establishes the\nminimum capital a bank must hold relative to its size.\n    Specifically, total credits and off balance sheet items of\ndomestic and foreign branches must not exceed an amount\nequivalent to 12.5 times the bank's capital, net of stakes held\nin Italian banks. The gearing ratio limits total financial\nassets of domestic branches to 22.5 times capital, net of\nstakes held in Italian banks.\n   The Bank of Italy said the requirements corresponded to a\nrisk-asset ratio of eight pct and a gearing ratio of 4.4 pct.\n    For both ratios, the value of equity investments and stakes\nother than those in Italian banks will be deducted from the\ncapital multiple.\n    The total credit risk of an individual bank will be\ncalcluated by assigning specific weights to the various\ncategories of financial assets and off balance sheet assets.\nThe weighting will be based essentially on credit risk and will\nnot take into account guarantees, other forms of risk transfer\nor potential losses linked to exchange or interest rates.\n    The definition of capital on which the ratios will be\ncalculated comprises shareholders' equity and disclosed legal\nreserves plus \"general provisions having the character of\nreserves.\" Own shares held in portfolio will be excluded.\n    The Bank of Italy said it would set more stringent\nindividual ratios for those banks running greater risks\nregarding items such as the quality, mobility and concentration\nof assets, and to liquidity and management adequacy.\n    The new ratios will be applied to all banks operating in\nItaly.\n    Banks which are not in line with the requirements by June\n1987 \"must correct their position in the shortest time possible,\"\nthe Bank of Italy said. A transition period would be allowed\nbut would not be more than four years.\n    Italian branches of foreign banks will be exempted from the\nrisk ratio when the parent banks are already subject to similar\nratios but must comply with the gearing ratio.\n    The Bank of Italy said the introduction of capital ratios\naimed to further enhance capital adequacy at a time of\nincreasing competitiveness and was a further step in bringing\nItaly into line with supervisory norms in other countries.\n REUTER\n\u0003","date":" 3-APR-1987 11:33:42.18","places":["italy"]},"12942":{"title":"UK HOPES HOWARD'S TOKYO TRIP WILL EASE TENSIONS","body":"Britain and Japan remained deadlocked\ntoday over trade policies, and political sources said the U.K.\nGovernment was pinning hopes for a breakthrough on the trip to\nTokyo next week by Corporate Affairs Minister Michael Howard.\n    Howard told Reuters he would try to \"promote understanding\non trade issues\" during his trip, which starts tomorrow.\n    Meanwhile, Britain will re-examine a letter from Japan's\nprime minister promising his personal help for a solution to\nthe row over a U.K. Firm's bid to win a significant role in\nJapan's liberalised telecommunications market, government\nsources said.\n    Tensions have risen following the decision by Britain to\narm itself early with new statutory powers which it says could\nbe used against certain Japanese financial insitutions.\n    Britain had reacted optimistically at first to the letter\nfrom Japanese leader Yasuhiro Nakasone to U.K. Prime Minister\nMargaret Thatcher. It had been seen as a signal that he would\nwork towards ensuring a satisfactory outcome to the bid\nlaunched by Cable and Wireless Plc <CAWL.L>, officials said.\n    But this view has been clouded by reports from Tokyo that\nNakasone's assurances really constituted little more than\npoliteness in the face of loud British anger, they added.\n    Howard said he would use his trip to push for a bigger role\nin Japan's telecommunications industry for Cable and Wireless\nPlc. The U.K. Government has made the issue a test case for\nJapan's willingness to open its markets adequately to outside\ncompetition.\n    Asked whether the letter from Nakasone was a rejection of\nattempts by Britain to achieve that, Howard said \"I am not sure\nit is correct to regard Mr Nakasone's letter as a rejection of\nMrs Thatcher's request of him - and it says he is taking a\npersonal interest in this problem.\"\n    \"I don't understand it to be closed at all.\"\n    During his visit to Tokyo, Howard said \"I shall be talking\nto them about it (the letter), finding out exactly what they do\nmean about it, and making it plain that we take a very serious\nview of the fact that access to Japanese markets is not as free\nas we allow acces to our markets to be.\"\n    He noted that under the new Financial Services Act, Britain\ncould revoke or deny licences to Japanese banking and insurance\ninstitutions in London if U.K. Firms fail to get receive\nsimilar treatment in financial markets in Japan soon.\n    \"I hope it won't come to that, and I don't think it will,\"\nHoward added.\n    Officials involved in Howard's Tokyo itinerary said they\nhad tried to arrange meetings with Japanese officials who were\nleast likely to see trade issues in too a parochial a light.\n Reuter\n\u0003","date":" 3-APR-1987 11:34:48.58","places":["uk","japan"]},"12943":{"title":"USDA CORRECTS TURKEY CREDIT ANNOUNCEMENT","body":"The U.S. Agriculture Department said\nan announcement by the department yesterday concerning 15.0 mln\ndlrs in additional credit guarantees for exports of U.S.\ncommodities to Turkey contained two inaccuracies.\n    First, the USDA said its announcement should not have said\nthat plywood was excluded from the additional three mln dlrs in\nGSM-102 credit guarantees for lumber.\n    The original announcement said the guarantees included\nthree mln dlrs for lumber, except plywood.\n    Melvin Sims, USDA general sales manager, told Reuters he\ndid not anticipate any plywood would be included in the sales,\nbut that \"it's possible it would be.\"\n    Plywood in the past has not been eligible for GSM-102\ncredit guarantees because it is considered by some to be a\nmanufactured product. Members states of the Organization for\nEconomic Cooperation and Development have pledged not to offer\nconcessional credits on manufactured products, Sims said.\n    However, the Reagan administration is considering whether\nto allow plywood sales to be covered by the credit guarantee\nprogram, Sims said.\n    Second, the USDA announcement said 6.0 mln dlrs of a\npreviously announced 6.0-mln dlr line for tallow under GSM-102\nwas available for both public and private sector importers.\n    In fact, the line of credit guarantees for tallow is\navailable only for public sector importers, Walter Stern,\nForeign Agricultural Service Turkey analyst, said.\n Reuter\n\u0003","date":" 3-APR-1987 11:37:03.68","topics":["plywood","lumber"],"places":["usa","turkey"]},"12944":{"title":"DATAFLEX <DFLX> NAMES PRESIDENT","body":"Dataflex Corp said it named Richard\nRose president, succeeding Jeffrey Lamm, who continues as\nchairman and chief executive officer.\n    Rose has been executive vice president of the desktop\ncomputer marketing company since joining it in 1984.\n Reuter\n\u0003","date":" 3-APR-1987 11:38:08.84","places":["usa"]},"12945":{"title":"OLIN <OLN> TO RESTRUCTURE DEFENSE GROUP","body":"Olin Corp said it was conducting\nan organizational restructuring of its defense systems group to\nmeet growth plans.\n    The corporation said the restructuring creates several\ndivisions within the group, including a new aerospace division\nthat brings togehter Olin's Rocket Research Company and Pacific\nElectro Dynamics unit.\n Reuter\n\u0003","date":" 3-APR-1987 11:44:54.58","places":["usa"]},"12946":{"title":"CHICAGO PACIFIC <CPAC> UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nraised to B-1 from B-2 Chicago Pacific Corp's 315 mln dlrs of\nsubordinated notes.\n    The agency said the rating recognizes risks in Chicago\nPacific's highly leveraged balance sheet, uncertainty arising\nfrom its consideration of another sizable acquisition and\nexposure to the European appliance industry.\n    Moody's said the units Hoover and Rowenta have leading\nmarket positions. Debt to capital will be slightly more than 60\npct pro forma, but since Chicago Pacific's plant is modern,\ncapital spending is considered largely discretionary, it said.\n Reuter\n\u0003","date":" 3-APR-1987 11:45:03.35","places":["usa"]},"12947":{"title":"W.W. GRAINGER <GWW> SEEKS TO INCREASE SHARES","body":"W.W. Grainger Inc said it is asking\nshareholders to approve an increase in the number of its common\nshares, one dlr par value, to 75 mln shares from 35 mln shares\ncurrently.\n    In addition, W.W. Grainger said it is asking shareholders\nto approve an increase in the number of authorized preferred\nstock to three mln shares, with one dlr par value, from 600,000\nshares, without par value.\n    W.W. Grainger said its shareholders will vote on the\nproposals, outlined in its proxy statement, at its annual\nmeeting on April 29.\n    Also, in its annual report, W.W. Grainger, an electric\nmotor distributor, said it plans to open 16 branches in the New\nYork area and five in Detroit in the next eleven months.\n    Grainger added it expects to open 15 of the branches this\nyear.\n    The company said market research and start-up costs for the\nNew York and Detroit branches will run at about eight mln dlrs,\n1.5 mln dlrs of which was charged against 1986 earnings, while\nthe rest will be charged against earnings as incurred.\n Reuter\n\u0003","date":" 3-APR-1987 11:45:26.26","places":["usa"]},"12948":{"title":"PLYWOOD CREDITS EYED BY REAGAN ADMINISTRATION","body":"The Reagan administration is debating\nwhether to provide government credit guarantees for the export\nof plywood, a U.S. Agriculture Department official said.\n    As a member of the Organization for Economic Cooperation\nand Development, OECD, the United States has agreed not to\nprovide any concessional credits on the export of manufactured\nproducts.\n    However, USDA General Sales Manager Melvin Sims told\nReuters the administration is considering allowing USDA to\nprovide its first export credit guarantees for plywood on the\ngrounds it is not a manufactured product.\n    Sims said it was clear that wood products such as\nfurniture, tables and window frames would be considered\nmanufactured goods and therefore ineligible for export credit\nguarantees. However, the case of plywood was less clear.\n    \"As long as it's a basic material, we consider it still just\na processed version of the basic agricultural commodity,\" Sims\nsaid in a telephone interview.\n    Earlier today, USDA said that plywood was eligible under an\nexport credit guarantee offer for Turkey announced yesterday.\nIn its original announcement yesterday, USDA had said the offer\nincluded three mln dlrs for the export of lumber, excluding\nplywood. However, Sims said he did not expect any plywood\nexports to be including under the lumber guarantee offer.\n Reuter\n\u0003","date":" 3-APR-1987 11:47:13.83","topics":["plywood","lumber"],"places":["usa"]},"12949":{"title":"POPE AND TALBOT <POP> SEES HIGHER 1ST QTR NET","body":"Pope and Talbot Inc said it\nexpects first quarter earnings to total about one dlr per\nshare, compared with a year-earlier loss of nine cts per share.\n    Each of the company's business segments contributed to the\nsharp improvement, Pope and Talbot said.\n    The wood products company also said it expects to release\nfirst quarter results later this month.\n Reuter\n\u0003","date":" 3-APR-1987 11:48:57.41","topics":["earn"],"places":["usa"]},"12950":{"title":"COASTAL TO FILE PROPOSED PLAN FOR TRANSAMERICAN LIQUIDATION ON APRIL 15\n","date":" 3-APR-1987 11:50:02.42"},"12951":{"title":"AMERICAN MOTORS <AMO> LATE MARCH CAR SALES OFF","body":"American Motors Corp said its\ndomestic car sales for March 21-31 fell 50 pct, to 1,198 cars,\n2,420 cars over the same period last year.\n    For March, AMC's domestic car sales dropped 56 pct, to\n2,748 cars, from 6,300 cars in March 1986, AMC said.\n    AMC added that year-to-date its domestic cars sales\nretreated 60 pct, to 7,670 cars, from 19,161 cars last\nyear-to-date.\n    AMC said its Jeep sales for the March 21-31 period,\nhowever, rose 25 pct, to 6,873 Jeeps, from 5,506 Jeeps in the\nsame period last year.\n    For the month, Jeep sales rose 15 pct to 15,873 Jeeps, from\n13,806 Jeeps in March 1986, AMC said.\n    Year-to-date Jeep sales climbed two pct to 46,896 Jeeps,\nfrom 46,056 Jeeps last year-to-date, AMC added.\n Reuter\n\u0003","date":" 3-APR-1987 11:52:09.81","places":["usa"]},"12952":{"title":"ITALIAN TREASURY CERTIFICATE OFFER CLOSES EARLY","body":"The Italian Treasury said it had closed its\nlatest offer of 10-year variable coupon certificates (CCTs)\nearly after receiving subscriptions totalling 11,500 billion\nlire. The amount of the offer, scheduled to close April 7, had\nnot been prefixed.\n    The Treasury said it had closed the offer early in view of\nthe market's response and having taken into account the\nestimated state borrowing requirement for the current month.\n    The CCTs were priced at 99.00 pct for an effective net\nannual yield on the first coupon, payable April 1 1988, of 9.85\npct. Terms were identical to those on the preceding offer.\n REUTER\n\u0003","date":" 3-APR-1987 11:52:19.42","places":["italy"]},"12953":{"title":"PRESIDIO OIL <PRS> BEGINS EXCHANGE OFFER","body":"Presidio Oil Co said it began an offer to\nexchange shares of its recently created class A common stock\nfor shares of its class B common stock on a share-for-share\nbasis.\n    The oil and gas company also said it plans to declare an\nannual cash dividend of 10 cts a share, payable quarterly, on\nthe class A stock. Though not restricted from doing so, it does\nnot plan to pay cash dividends on the class B common.\n    The exchange offer is on a one-time only basis and will be\nopen for 90 days, it said.\n Reuter\n\u0003","date":" 3-APR-1987 11:52:55.54","places":["usa"]},"12954":{"title":"SALLIE MAE TO PRICE FLOATING RATE NOTES MONDAY","body":"The Student Loan Marketing\nAssociation said it plans to price 300 mln dlrs of short-term\nfloating rate notes due Oct 8, 1987, on Monday.\n    The notes are for settlement April 9 and when-issued\ntrading is expected to begin at 0930 hrs EST April 7, it said.\n    Sallie Mae said the notes will be priced at a spread to the\nbond equivalent rate of the 91-day Treasury bill with the\ninterest being reset the day after each weekly T-bill auction.\n    It said the notes will be offered in book entry form by a\nselling group managed by Sallie Mae in denominations of 10,000\ndlrs and 5,000 dlrs increments thereafter.\n    Sallie Mae, a federally chartered, stockholder-owned\ncorporation, is the nation's major financial intermediary\nserving the education credit market.\n Reuter\n\u0003","date":" 3-APR-1987 11:53:50.95","places":["usa"]},"12955":{"title":"SOUTHWEST <LUV> PLANS TO BEGIN DETROIT SERVICE","body":"Southwest Airlines said it will begin\nservice to Detroit, Michigan on June 4, 1987.\n    It said that with the new service, it will serve 27 cities\nin 13 states across the U.S.\n    It also said that delivery of six new 737-300 aircraft will\nenable it to expand its route system in June.\n Reuter\n\u0003","date":" 3-APR-1987 11:54:18.12","places":["usa"]},"12956":{"title":"STARS TO GO <STAR> GETS STORES, AGREEMENT","body":"Stars to Go Inc said it completed\nits acquisition of 650 video centers previously owned by CVS\nInternational Inc and located in Circle K Corp <CKP> stores.\n    In conjunction with the acquistion, Circle K also granted\nit the exclusive right to install video cassette rental centers\nin all existing 3,500 Circle K stores, as well as in future\nstores, for a period of seven years, Stars to Go said.\n    The company also said it currently has a total of 4,650\ncenters in operation and expects to increase the total to 6,000\nby June 30.\n Reuter\n\u0003","date":" 3-APR-1987 11:54:28.39","topics":["acq"],"places":["usa"]},"12957":{"title":"MESA <MOS> GETS PAYMENT FROM PARTNERSHIP","body":"Mesa Offshore Trust said it received its\nfirst cash distribution from the Mesa Limited Partnership and\nexpects dividends to its unitholders to begin in July.\n    It said the cash distribution for March totaled 2,484,000\ndlrs, which will be used to repay a portion of the Trust's\noutstanding 3.2 mln dlr line of credit with Texas Commerce Bank\nNational Association. Mesa said the line of credit must be\nrepaid before distributions to unit holders may begin.\n    Mesa Offshore Trust previously owed Mesa Limited Partnship\nfor expenses related to exploration and development of the\nTrust's properties.\n Reuter\n\u0003","date":" 3-APR-1987 11:54:40.08","places":["usa"]},"12958":{"title":"LEAR SIEGLER DEBT RATINGS WITHDRAWN BY S/P","body":"Standard and Poor's Inc said it\nwithdrew the ratings on Lear Siegler Inc's A-rated senior debt\nand preferred stock, A-minus subordinated debt and A-1\ncommercial paper.\n    S and P also withdrew the A rating on the outstanding\nnon-callable 11-3/4 pct Lear senior notes of 1991.\n    Lear redeemed all of its and Bangor Punta's outstanding\ndebt after undergoing a leveraged buyout which closed in\nJanuary and was led by Forstmann Little. S and P added that\nLear applied to delist its outstanding senior notes.\n                \n Reuter\n\u0003","date":" 3-APR-1987 11:54:50.37","places":["usa"]},"12959":{"title":"POLYSAR IN JOINT VENTURE ON FINLAND LATEX PLANT","body":"Polysar Ltd, wholly owned by\n<Canada Development Corp>, said it agreed to form a joint\nventure with Raision Tehtaat, of Finland, to build a synthetic\nrubber latex plant in southern Finland.\n    Project cost and plant capacity were not disclosed.\n    The joint venture, to be 51 pct owned by Raision Tehtaat\nand 49 pct by Polysar, will build a plant at Anjalankoski, east\nof Helsinki, to produce carboxylated styrene-butadiene latex.\n    The plant's production will be used by Finland's paper\nindustry for making coated paper and paper board products.\n Reuter\n\u0003","date":" 3-APR-1987 11:55:12.42","topics":["rubber"],"places":["canada","finland"]},"12960":{"title":"NORTHWEST AIRLINES TO BUY UP TO 20 AIRBUS A340 JETS, OPTIONS ON 10 A330S - AIRBUS\n","date":" 3-APR-1987 11:55:49.69"},"12961":{"title":"FINNISH PRIME MINISTER AND GOVERNMENT RESIGN","body":"Finnish Social Democrat Prime Minister\nKalevi Sorsa and his centre-left majority government resigned\nformally, clearing the way for the Conservatives to re-enter\ngovernment after 21 years in opposition.\n    The resignation was in line with tradition following the\nMarch 15-16 general election which gave the Conservatives nine\nmore seats and a current total of 53 in the 200-seat chamber.\n    President Mauno Koivisto asked the outgoing coalition of\nSocial Democrats, Centrists, Ruralists and Swedish members\ngovernment to stay on in caretaker capacity, officials said.\n REUTER\n\u0003","date":" 3-APR-1987 11:55:58.19","places":["finland"]},"12962":{"title":"STERLING DRUG INC <STY> INCREASES PAYOUT","body":"Qtrly div 38 cts vs 33 cts\n    Pay June 1\n    Record May 7\n    NOTE: company said this is the largest dividend increase in\n15 years.\n Reuter\n\u0003","date":" 3-APR-1987 11:56:03.87","topics":["earn"],"places":["usa"]},"12963":{"title":"CAMPBELL'S <CCH> MESTON LAKE SETS GOLD TARGETS","body":"<Meston Lake Resources Inc>, 65.3 pct\nowned by Campbell Resources Inc, said it will begin commercial\noutput at its Joe Mann mine in the Chibougamu area of Quebec at\nan initial daily rate of 500 short tons of ore grading 0.15\nounce of gold per ton.\n    It said it will improve throughput to 700 tons a day at\n0.221 ounce of gold per ton.\n    Meston said current ore reserves at the property total\n910,000 tons grading 0.211 ounces of gold per ton and 0.3 pct\ncopper, but it may be able to develop \"substantially greater\ntonnage.\"\n  \n    Meston said underground drilling below current developed\nreserves has intersected the main zone 200 feet below the\nbottom level, with the average grade assayed at 0.530 ounce of\ngold per ton over true width of 17 feet.\n    A recent drillhole, east of the current shaft and 600 feet\nfrom the reserve boundary, intersected three zones grading,\nrespectively, 0.708 ounce per ton over 5.4 feet at depth of 650\nfeet, 0.706 ounce over seven feet at depth of 765 feet and\n0.418 ounce over one foot at depth of 1,000 feet. A second\nsurface hole, 500 feet farther east, intersected 1.068 ounce\nper ton over 5.3 feet.\n Reuter\n\u0003","date":" 3-APR-1987 11:56:14.63","topics":["gold"],"places":["canada"]},"12964":{"title":"MOODY'S MAY UPGRADE UPJOHN <UPJ> DEBT RATINGS","body":"Moody's Investors Service Inc said it\nmay upgrade the ratings on Upjohn Co's 400 mln dlrs of debt.\n    The agency said it will study the effect new products may\nhave on Upjohn's earnings potential. Moody's will also assess\nthe effects that growth and a broader diversification of\npharmaceutical cash flow will have on operating performance.\n    Moody's noted that pharmaceuticals and other health-care\nmarkets are characterized by a greater stability of cash flow.\n    Upjohn currently carries Aa-3 senior unsecured long-term\ndebt and industrial revenue bonds. The company's Prime-1\ncommercial paper is not under review.\n Reuter\n\u0003","date":" 3-APR-1987 11:56:26.87","places":["usa"]},"12965":{"title":"WARBURG PINCUS DECLINES TO UP SYMBION <SYMB> BID","body":"Warburg, Pincus Capital Co L.P., an\ninvestment partnership, said it told representatives of Symbion\nInc it would not increase the 3.50-dlr-per-share cash price it\nhas offered for the company.\n    In a filing with the Securities and Exchange Commission,\nWarburg Pincus said one of its top executives, Rodman Moorhead,\nwho is also a Symbion director, met April 1 with Symbion's\nfinancial advisor, L.F. Rothschild, Unterberg, Towbin Inc.\n    In a discussion of the offer, Warburg Pincus said Moorhead\ntold the meeting there are no plans to raise the 3.50 dlr bid.\n    Moorhead told the Rothschild officials that Warburg Pincus\nconsiders the offered price to be a fair one, Warburg Pincus\nsaid.\n    Last Month Warburg Pincus launched a tender offer to buy up\nto 2.5 mln Symbion common shares.\n Reuter\n\u0003","date":" 3-APR-1987 11:57:16.66","topics":["acq"],"places":["usa"]},"12966":{"title":"ENSERCH <ENS> TO REDEEM DEBENTURES","body":"Enserch Corp said it called for\nredemption on May 4, 1987, all of its outstanding 16-3/4 pct\nsinking fund debentures due 2007.\n   The redemption is pursuant to the optional redemption\nprovisions of the indenture at a price of 111.981 pct of part.\n Reuter\n\u0003","date":" 3-APR-1987 11:59:19.61","places":["usa"]},"12967":{"title":"EXCHANGE SEEN APPROVING \"WHEN ISSUED\" GILT TRADE","body":"The Stock Exchange is virtually certain\nto agree to change its regulations in order to permit \"when\nissued\" trading of U.K. Government bonds (gilts) as part of an\nexperimental series of bond auctions later this year, market\nsources said.\n    \"The principle that this \"when issued' trading should take\nplace has been accepted by the Executive Committee of the\nInternational Stock Exchange,\" said George Nissen, chairman of\nthe Gilt Edged Market Makers' Association (GEMMA). \"It's a\nquestion of how, rather than whether,\" he told Reuters.\n    The Bank of England announced in February that it planned a\npossible series of experimental auctions for gilts, similar to\nthe system used to market U.S. Treasury issues, with the first\nauction possibly in April or May.\n     The Bank said at that stage that it was not opposed in\nprinciple to \"when issued\" trading developing in bonds in the\nperiod between the announcement of full details of the auction\nand the auction itself, as in the U.S.\n    However, \"when issued\" trading is prohibited under the rules\nof the International Stock Exchange, formerly the London Stock\nExchange, and would require an amendment in order to proceed.\n    Nissen said discussions on the technical details of a rule\nchange to allow \"when issued\" trading were still taking place\nbetween the Government broker at the Bank of England and the\nQuotations Department of the Stock Exchange.\n    The 27 gilt-edged primary dealers regard the introduction\nof grey market trading as an essential feature of an auction\nsystem covering part of the Government's funding needs.\n    \"If we are going into an auction system, we need to have\nsome form of market test of the stock we're bidding for,\" said\nSimon Hartnell, Head Trader at primary dealer Alexanders Laing\nand Cruickshank Gilts Ltd.\n    \"The American WI (when issued) market certainly functions\nvery efficiently,\" he said.\n    Nissen said he believed that if \"when issued\" trading were\nnot allowed, market-makers \"would be extremely unhappy about the\nwhole auction.\"\n    Gilt dealers noted that it was a basic provision of Stock\nExchange rules that dealing could not take place in a stock\nuntil it was listed by the Quotations Department. However, this\nwas mainly designed to prevent a grey market springing up in\nequities prior to listing.\n    They pointed out that in contrast to the many uncertainties\nconnected with an issue of equity securities, there would be\nfew imponderables relating to bonds just about to be issued by\nthe Bank of England.\n    Senior market sources noted that in any case \"when issued\"\ntrading would be supervised by the Stock Exchange and would be\nsubject to Bank of England supervisory guidelines.\n    Since the Bank of England and market-makers themselves are\nknown to be in favour of the idea, the sources said, there was\nnow a presumption that there would be scope for \"when issued\"\ntrading to take place.\n    Gilt sales now are effected by means of large-scale stock\ntenders or by tap issues of stock tranches direct to the\nmarket. But greater market capitalisation following the \"Big\nBang\" restructuring last year provided an opportunity for\nchange.\n    A combination of both systems would enable the Bank to\nbenefit from both the flexibility offered by traditional\nmarketing methods and the guarantee of a steady supply of funds\nimplied by auctions.\n    The Bank said in a consultative document published in\nFebruary that possibly two or three experimental auctions might\neach raise between one to 1-1/2 billion stg.\n    The remainder of the funding would be conducted by\ntraditional tender and tap issue means. Total gross official\nsales of gilt-edged stock were 11.9 billion stg in 1985/86.\n    Nissen said that market-makers had agreed unanimously with\nthe bank's view that auctions would be more easily conducted on\na price basis, rather than based on yield.\n    He said that the odds were also in favour of adoption of a\nbid price form of auction, where successful bidders were\nallotted stock at the various prices at which they bid, rather\nthan a common price allotment whereby stock was allocated at\nthe lowest accepted price.\n    Hartnell said that while a \"when issued\" facility was crucial\nto market-makers' adaptation to the new system, he would also\nhave liked to see an extension to the \"fallow\" period proposal\nmade by the Bank of England.\n    The Bank said that it would not sell by any method stock of\nthe same type as that to be auctioned between the time of the\nannouncement of auction details and a period ending 28 days\nafter the auction itself.\n    Noting that in the case of long bond auctions, U.S. Primary\ndealers have as much as three months between successive sales\nof stock, Hartnell said the Bank's proposal was \"very tight.\"\n    Nissen said that following a meeting between GEMMA and the\nBank of England on March 3, which he described as \"very helpful,\"\nGEMMA submitted a note making several further residual points.\n    Market-makers are now awaiting a further, fairly\ndefinitive, paper from the Bank which would contain details of\nauction procedures. Although the Bank has not yet formally\nannounced a definite intention to proceed with the auctions,\nmost market participants assume that they will go ahead.\n    \"My own view is that we are on course and the first\nindications from the original paper - an auction at the end of\nApril or in May - must be the best assumption,\" he said.\n REUTER\n\u0003","date":" 3-APR-1987 12:00:00.52","places":["uk","usa"]},"12968":{"title":"U.S. SENATE VOTES TO CUT PANAMA AID","body":"The Democratic-controlled U.S. Senate\nvoted to slash foreign aid to Panama because of drug\ntrafficking, but sided with President Reagan by refusing to cut\nU.S. aid to Mexico as a protest it is failing to cooperate\nfully with the American war against drugs.\n    In what Senate opponents of a cutoff said was a surprise,\nthe Senate voted 58 to 31 to halve aid to Panama.\n    The measure, which the administration opposes, would need\nHouse approval before any aid would be stopped.\n    Panama is due to receive 28.5 mln dlrs in U.S. aid this\nyear. A spokesman for the Senate Foreign Relations committee\nsaid if the House approves the measure too, half of this aid\nwould be stopped.\n Reuter\n\u0003","date":" 3-APR-1987 12:02:07.44","places":["usa","panama"]},"12969":{"title":"NEW YORK FUTURES EXCHANGE TO RELOCATE","body":"Lewis Horowitz, president of the New\nYork Futures Exchange, said the New York Stock Exchange board\nyesterday approved in principle an agreement to relocate the\nfutures exchange at the New York Cotton Exchange.\n    The agreement is subject to the approval of the Cotton\nExchange board, which meets Tuesday, April 7.\n Reuter\n\u0003","date":" 3-APR-1987 12:02:55.98","topics":["cotton"],"places":["usa"]},"12970":{"title":"FINNISH PRIME MINISTER AND GOVERNMENT RESIGN","body":"Finnish Social Democrat Prime Minister\nKalevi Sorsa and his centre-left majority government resigned\nformally, clearing the way for the Conservatives to re-enter\ngovernment after 21 years in opposition.\n    The resignation was in line with tradition following the\nMarch 15-16 general election which gave the Conservatives nine\nmore seats and a current total of 53 in the 200-seat chamber.\n    President Mauno Koivisto asked the outgoing coalition of\nSocial Democrats, Centrists, Ruralists and Swedish members\ngovernment to stay on in caretaker capacity, officials said.\n Reuter\n\u0003","date":" 3-APR-1987 12:04:28.50","places":["finland"]},"12971":{"title":"EC WHEAT RELEASE UNLIKELY TO SATISFY U.K. DEMAND","body":"The European Commission's decision to\nrelease an additional 300,000 tonnes of British intervention\nfeed wheat for the home market will provide only moderate\nrelief in an increasingly tight market, traders said.\n    Some operators had been anticipating a larger tonnage,\npointing out that at this week's U.K. Intervention tender the\nmarket sought to buy 340,000 tonnes but only 126,000 tonnes\nwere granted.\n    The new tranche of intervention grain is unlikely to\nsatisfy demand, they said, and keen buying competition for\nsupplies in stores is expected to keep prices firm.\n    The release of the feed wheat followed recent strong\nrepresentations by the U.K. Grain trade to the Commission.\nThere has been growing concern that rising internal prices,\ntriggered by heavy exports, were creating areas of shortage in\ninterior markets.\n    The latest EC authorisation will add 70,000 tonnes at the\nApril 14 tender and a further 30,000 tonnes later in the month.\nThe remaining 200,000 tonnes will be made available in May and\nJune.\n    News of the release produced an early downward reaction in\nlocal physical markets, but by midday some sections had halved\nearly two stg losses while others were unchanged.\n    Ministry of Agriculture figures for March indicate 1.85 mln\ntonnes of wheat and 1.74 mln tonnes of barley remain in the\nfree market. However, some traders believe these figures are\noverstated and, while some may still be held on the farm, the\nbulk of wheat is already sold. Some of the grain is also off\nthe market in futures stores.\n    A total of 2.10 mln tonnes of intervention wheat has been\nsold for export or to the home market since the season started\nJuly 1, leaving an unsold balance in intervention of about 1.59\nmln tonnes.\n    Intervention barley sales have reached just over 1.0 mln\ntonnes, leaving about 753,000 tonnes, traders said.\n    This season's U.K. Export performance has surpassed all\nearly expectations and has created the present nervous\nsituation in domestic markets where the fear now is free market\nsupplies may not last out until new crop becomes available in\nAugust.\n    The market is sticking to its recent prediction of total\nbarley and wheat exports of around 10.5 mln tonnes, a new\nrecord and nearly double the previous record of 5.9 mln tonnes\nachieved in the 1984/85 season.\n    Traders expect U.K. Wheat exports to reach 6.0 mln and\nbarley around 4.50 mln tonnes.\n    The Soviet Union has booked a record total of 2.5 mln\ntonnes of British wheat and barley this season, but only 1.28\nmln had surfaced in Customs export figures by March 25, traders\nsaid.\n    Other EC countries have bought large amounts of British\ngrain and for the July 1/March 25 period had taken 2.59 mln\ntonnes of wheat and 2.06 mln tonnes of barley. This compares\nwith 1.28 mln and 868,700 tonnes last season.\n    The market is expecting prices, particularly wheat, to stay\nbuoyant for the remaining few months of the season. If supplies\nbecome more difficult and prices strengthen further, feed\ncompounders may increase cereal substitute usage, traders said.\n Reuter\n\u0003","date":" 3-APR-1987 12:05:02.60","topics":["wheat","grain"],"organisations":["ec"],"places":["uk"]},"12972":{"title":"U.S. TREASURY SELLING 9.75 BILLION DLRS OF ONE-YEAR BILLS APRIL 9 TO PAY DOWN 25 MLN DLRS\n","date":" 3-APR-1987 12:06:32.37"},"12973":{"title":"CALIFORNIA FIRM HAS FIVE PCT OF MODULAIRE <MODX>","body":"PBS Building Systems of America Inc,\nan Anaheim, Calif., company, told the Securities and Exchange\nCommission it has acquired 150,000 shares of Modulaire\nIndustries, or 5.0 pct of the total outstanding common stock.\n    PBS, whose subsidiaries design, make, sell and lease\nnonresidential relocatable modular buildings, said it bought\nthe stake for 855,768.75 dlrs \"to acquire an equity interest in\nModulaire, while it evaluates Modulaire.\"\n    Depending on several factors, PBS said it may decide to buy\nadditional Modulaire common shares.\n                                \n Reuter\n\u0003","date":" 3-APR-1987 12:08:01.33","topics":["acq"],"places":["usa"]},"12974":{"title":"BOISE CASCADE <BCC> COMPLETES SALE OF UNIT","body":"Boise Cascade Corp said it\ncompleted the previously announced sale of its Consumer\nPackaging Division to Sonoco Products Co <SONO> for\napproximately 175 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 12:09:31.87","topics":["acq"],"places":["usa"]},"12975":{"title":"USPCI <UPC> FILES FOR OFFERING","body":"USPCI Inc said it filed a\nregistration statement with the Securities and Exchange\nCommission for a public offering of one share of common stock\nin the U.S. and 372,500 shares in a concurrent international\noffering.\n    Of the one mln being offered in the U.S., 227,500 will be\nissued and sold by the company, 600,000 by the Beard Co,\n100,000 by Beard Oil Co and 72,500 by shareholders.\n    After completion of the offering, Beard will own about 25\npct of the stock.\n    Proceeds will be used to fund capital expenditures.\n\n Reuter\n\u0003","date":" 3-APR-1987 12:10:59.03","places":["usa"]},"12976":{"title":"CUSTOMS LEVIES BOND ON JAPANESE SHIPMENTS","body":"The Customs Bureau has begun to levy\non bond on certain Japanese goods pending a final decision by\nPresident Reagan on April 17 on imposing the planned 100 pct\ntariff on the shipments, the bureau said.\n    A bureau official said bonding began on March 31 and if the\npenalties are imposed as expected after a period of comment,\nthey will retroactive to that date.\n    The penalties are to be levied on variety of electronic\nitems in retaliation for Japan's failure to comply with a July\n1986 agreement to end dumping semiconductors in third nations\nand to open its home market to U.S. goods.\n reuter\n\u0003","date":" 3-APR-1987 12:11:31.22","places":["usa","japan"]},"12977":{"title":"COASTAL <CGP> TO FILE PLAN FOR TRANSAMERICAN","body":"Coastal Corp said it will file an\nalternate proposal to reorganize TransAmerican Natural Gas\nCorp, the privately-owned Texas firm in bankruptcy, on April\n15.\n    Coastal said the proposal will be filed with the bankruptcy\ncourt and is expected to be heard on April 29 and 30, along\nwith TransAmerican's separately filed reorganization plan.\n    In a letter to shareholders indicting TransAmerican's\ncampaign to thwart a takeover, Coastal said TransAmerican \"has\nmounted a campaign in Texas to smear Coastal and misrepresent\nits intentions.\"\n    The letter, written by Coastal Chairman Oscar S. Wyatt Jr\nand President James R. Paul, exhorted shareholders to \"consider\nTransAmerican's smear campgian for what it is--a misguided\nattempt to bias the outcome of the bankruptcy proceedings by a\ncompany with an unsavory business reputation and a history of\nbeing in bankruptcy for nine of the past 12 years.\"\n    TransAmerican said it had not seen the letter, and could\nnot comment. TransAmerican's lawyer, John Nabors, was not\nimmediately available for comment.\n    The letter sent to all Coastal employees and stockholders\nin Texas also accused John R. Stanley, TransAmerican's owner,\nof prospering by the companies' bankruptcy by drawing a salary\nof 300,000 dlrs a year from his bankrupt companies.\n    It also said that at the end of July 1986, Stanley owed his\nbankrupt companies 874,000 dlrs in unpaid interest-free loans.\n\"His creditors may suffer but Mr. Stanley does quite well in\nbankruptcy,\" said the letter.\n Reuter\n\u0003","date":" 3-APR-1987 12:12:50.41","places":["usa"]},"12978":{"title":"KENTUCKY CENTRAL TO DECLARE STOCK DIVIDEND","body":"Kentucky Central Life INsurance Co\nsaid the company said it will declare a 200 pct stock dividend\non Monday.\n    Accordingly, it said it filed a registration statement with\nthe Securities and Exchange COmmission for a proposed offering\nof three mln shares of its class a non-voting common stock,\nwhich reflects the anticipated dividend.\n    Proceeds will be used for general purposes.\n Reuter\n\u0003","date":" 3-APR-1987 12:14:09.90","topics":["earn"],"places":["usa"]},"12979":{"title":"PORSCHE MARCH SALES FALL","body":"Porsche Cars of North America Inc, a\nunit of Porsche Ag of Germany <PSHG.F>, said sales of its cars\nfell slightly to 2,394 cars in March compared to 2,545 for\nMarch 1986.\n    Year-to-date sales were 5,863 compared to 6,407 for the\nfirst three months of 1986, it said.\n Reuter\n\u0003","date":" 3-APR-1987 12:15:44.69","places":["usa"]},"12980":{"title":"CHILE, CHINA TO ESTABLISH PEKING COPPER PLANT","body":"The Chilean state copper corporation,\nCodelco, the privately-owned Chilean copper fabricator Madeco\nand Chinese interests are to establish a copper tube plant in\nPeking, Codelco's U.K. Subsidiary Chile Copper Ltd said.\n    The plant is designed to produce 5,000 tonnes in the first\nfive years and 8,000 tonnes as from year six. Total investment\nis estimated at 10 mln dlrs, of which the Chileans will\ncontribute two mln.\n    Codelco and Madeco have formed the Chilean Wrought Copper\nCompany to take a 50 pct stake in a new company called Peking\nSantiago Tube Company with the Chinese holding the other half.\n Reuter\n\u0003","date":" 3-APR-1987 12:15:53.68","topics":["copper"],"places":["uk","china","chile"]},"12981":{"title":"ALLIED-SIGNAL <ALD> TO SELL ELECTRONICS UNIT","body":"Allied-Signal Inc said it\nagreed to sell its Amphenol Products unit to a subsidiary of\nLPL Investments Group <LPLI>, a Wallingford, Conn., investment\ncompany, for 430 mln dlrs cash.\n    Closing is expected soon, pending appropriate approvals,\nthe company said. LPL indicated that at closing, warrants will\nbe sold which, when exercised, will reduce its stake in the\nsubsidiary, Amphenol Acquisition Co, to 60 pct, the company\nsaid.\n    Lisle, Ill.-based Amphenol had 1986 sales of about 500 mln\ndlrs. It makes brand name interconnection products.\n    LPL also said Merrill Lynch and Co has committed to buy 175\nmln dlrs of subordinated and preferred debt in the new LPL\nunit, according to Allied-Signal. Canadian Imperial Bank of\nCommerce has committed up to 340 mln dlrs in senior debt\nfinancing, it said.\n    Allied-Signal said in December it was offering for sale\nAmphenol and six other operating units in its electronics and\ninstrumentation sector.\n    Merrill Lynch, Needham and Co and Lazard Freres served as\nfinancial advisors, it said.\n Reuter\n\u0003","date":" 3-APR-1987 12:16:19.71","topics":["acq"],"places":["usa"]},"12982":{"title":"JAPANESE CRUSHERS BUY CANADIAN RAPESEED","body":"Japanese crushers bought 4,000 to 5,000\ntonnes of Canadian rapeseed in export business overnight for\nMay shipment, trade sources said.\n Reuter\n\u0003","date":" 3-APR-1987 12:17:51.02","topics":["rapeseed","oilseed"],"places":["canada","japan"]},"12983":{"title":"U.S., CANADA SWITCH TO DAYLIGHT TIME SUNDAY","body":"The United States switches to\ndaylight saving time on Sunday, April 5, when clocks will be\nturned ahead one hour at 0200 in all time zones.\n    The states of Arizona and Hawaii and parts of Indiana,\nincluding Indianapolis, remain on standard time by local\nchoice.\n    Congress voted last year to move the start of daylight time\nfrom the last Sunday in April to the first Sunday in April. The\nreturn to standard time remains the last Sunday in October\n(October 25 this year).\n    Canada also switches to daylight time on Sunday.\n Reuter\n\u0003","date":" 3-APR-1987 12:20:29.47","places":["usa","canada"]},"12984":{"title":"ALLTEL <AT> CHAIRMAN TO RECOMMEND PRESIDENT","body":"ALLTEL Corp chairman and chief\nexecutive officer Weldon Case said he will recommend Joe Ford,\nwho now is president, be elected chief executive officer of the\ncompany, also.\n    Case, who said he will remain as chairman, said he will\nrecommend the election to the board on April 22.\n    Ford was named president and chief operating officer in\n1983 when ALLTEL was formed, Case said.\n Reuter\n\u0003","date":" 3-APR-1987 12:21:13.54","places":["usa"]},"12985":{"title":"NORTHWEST AIRLINES ORDERS LONG-RANGE AIRBUS JET","body":"U.S.-based Northwest Airlines, a unit of\nNWA Inc <NWA>, has ordered up to 20 of the European Airbus\nIndustrie <AINP.PA> consortium's planned A340 long-range jets,\nwith an option on a further 10 A330 medium-range jets, in a\ndeal worth more than 2.5 billion dlrs, Airbus said in a\nstatement.\n    The contract gives Airbus its first launch customer in the\nlucrative U.S. Market for its long-range jet programme.\n    Last month Airbus announced it had a total of 104\ncommitments from nine customers for the planes. A spokeswoman\nconfirmed today's order was in addition to those commitments.\n    Airbus has been competing with McDonnell Douglas Corp <MD>\nin the long-range jet market since the U.S. Group formally\nlaunched its MD-11 plane program at the end of 1986. McDonnell\nDouglas has won over 100 orders and options for the aircraft.\n    The Northwest order comes after the airline ordered 10\nshort-range A320 Airbus jets, with options on a further 90,\nlast October, giving Airbus a foothold in the U.S. Market.\n    European governments, asked to fund 2.5 to three billion\ndlrs of the Airbus A330/340 programs, have said there may not\nbe room in the world aircraft market for Airbus's jets.\n Reuter\n\u0003","date":" 3-APR-1987 12:23:12.04","places":["usa"]},"12986":{"title":"PORTUGAL'S GDP FORECAST TO GROW FOUR PCT THIS YEAR","body":"Portugal's Gross Domestic Product (GDP)\nwill grow around four pct this year, the same rate as in 1986,\naccording to a Bank of Portugal forecast.\n    Total investment this year, the country's second as a\nmember of the European Community (EC), will rise nearly 10 pct,\nagain the same rate as last year, the central bank study said.\n    It added that Portugal's current account was forecast to\nshow a surplus of 400 mln dlrs this year compared with 1.13\nbillion in 1986 and 369 mln the previous year.\n    Last year's high surplus was attributed to cheaper oil and\nraw materials, lower world interest rates and a weaker dollar.\n    Imports by volume were forecast to grow 10 pct this year\nand exports four pct compared with increases of 16.5 pct and\n6.6 pct respectively in 1986, the bank said.\n    The forecasts were calculated on the assumption that the\nnon-expansionary monetary policy carried out by the current\ngovernment would be maintained, particularly in budget spending\nand income and in wage policy.\n    The bank added that the 1987 forecasts were also based on\nthe assumption that the international economic situation and\nPortugal's world trade relations would remain more or less the\nsame as in 1986.\n    The central bank said the high rate of investment estimated\nfor 1986 was due to government policies and to increasing\noptimism among firms whose financial situation had improved\nsince 1985. This tendency was expected to continue this year,\nespecially in the construction and public works sectors.\n    Financial aid from the EC had also helped to boost\ninvestment last year, the bank said.\n REUTER\n\u0003","date":" 3-APR-1987 12:26:45.78","topics":["gnp","bop"],"organisations":["ec"],"places":["portugal"]},"12987":{"title":"ASAMERA <ASM> TO FORM NEW MINING UNIT","body":"Asamera Inc said it will\ntransfer all its mineral interests into a new wholly owned\nsubsidiary, Asamera Minerals Inc, which will later issue up to\n15 pct of its shares to the public.\n    The mineral interests will include Asamera's 51 pct\ninterest in the Cannon gold mine in Wenatchee, Wash. Asamera\nsaid the mine produced 116,514 ounces of gold in 1986 and is\nexpected to produce 130,000 to 140,000 ounces this year.\n    Asamera said its talks with Breakwater Resources Ltd\n<BWRLF> on a possible merger of mining interests, including the\nCannon mine, have been terminated. It did not elaborate.\n     \n    Asamera said holding all its mineral properties in a\nseparate company will give better and more direct recognition\nto the value of the assets.\n    Its other mining interests include gold exploration\nprospects on 13,000 acres in Inyo County, Calif., and 500,000\nacres in Canada's Northwest Territories, the Gooseberry gold\nand silver mine in Nevada, chromite properties in northern\nCalifornia and Newfoundland, and a platinum prospect in the\nRankin Inlet, Northwest Territories.\n                                                               \n        \n Reuter\n\u0003","date":" 3-APR-1987 12:27:29.33","topics":["gold"],"places":["canada"]},"12988":{"title":"OCCIDENTAL <OXY> UNIT SELLS DIVISION","body":"Occidental Petroleum Corp's\nOccidental Chemcial Corp said it sold the Process chemicals\ndivision it acquired as part of the September 1986  purchase of\nDiamond Shamrock Chemicals to Henkel KGAA of Dusseldorf, West\nGermany.\n    Terms were not disclosed.\n    The division makes specialty industrial chemicals, it said.\n    Later, industry sources said the division, which had\nworldwide sales of some 160 mln dlrs last year, was sold for\njust under 200 mln dlrs.\n Reuter\n\u0003","date":" 3-APR-1987 12:29:08.38","topics":["acq"],"places":["usa"]},"12989":{"title":"ROHM/HAAS <ROH> STUDY CITES HIGH CANCER LEVELS","body":"Rohm and Haas Co said health\nstudies on workers at its Philadelphia plant showed higher\ndeath rates from four kinds of cancer compared with mortality\nrates among the general public.\n    The studies covered a total of about 6,000 workers employed\nat the plant from 1948 through 1981.\n    Mortality rates from two other types of cancer, respiratory\ncancer and leukemia, had declined compared to earlier studies,\nthe plastics and chemicals company said.\n    Potential causes and incidence of pancreatic, colon/rectal,\nprostate and bladder cancer will be studied further, a company\nspokesman said.\n    The studies found elevated mortality rates from the four\ncancer types. But the finding does not appear to be linked with\nproducts or processes at the plant, Rohm and Haas said.\n    The reports revealed no new evidence of health risk from\noperations at the plant, it added.\n    Respiratory cancer deaths among workers exposed to certain\nchemical operations before 1971 remain elevated but have\ndeclined from levels reported in 1974. And deaths from leukemia\nhave fallen to near normal levels from those reported in 1975.\n    A study completed in 1974 after an outbreak of respiratory\ncancer among employees linked the disease to exposure to a\ncarcinogen, bischloromethyl ether, which is made at the plant.\n    The production of the chemical, an intermediary used in\nmaking industrial fluid cleaners, was isolated in 1971 so\nworkers were no longer exposed to it, the spokesman said.\n    Last summer, Rohm and Haas settled 22 individual lawsuits\nand one class action suit related to deaths from exposure to\nthe chemical.\n Reuter\n\u0003","date":" 3-APR-1987 12:29:42.73","places":["usa"]},"12990":{"title":"CANADA GOVERNMENT JANUARY BUDGET DEFICIT RISES TO 1.78 BILLION DLRS FROM 1.67 BILLION - OFFICIAL\n","date":" 3-APR-1987 12:31:17.75","places":["canada"]},"12991":{"title":"GENERAL MOTORS <GM> LATE MARCH CAR SALES RISE","body":"General Motors Corp said late March car\nsales rose 6.2 pct.\n    Total passenger car sales for the period March 21 to 31\nwere 140,522 compared to 132,298 in the year-ago period, the\ncompany said.\n    Truck sales rose 18.1 pct to 55,054 from 46,632.\n    There were nine selling days both period.\n    The figures include sales of Sprint and Spectrum, the\ncarmaker said.\n    For the full month passengers cars sales dropped 5.6 pct to\n349,578 from 370,390.\n    Truck sales in March rose 7.0 pct to 140,200 from 131,078.\n    Year-to-date sales of passenger cars fell 25.9 pct to\n828,784 from 1,118,509, GM said. Truck sales were off 6.1 pct\nto 347,441 from 370,033.\n Reuter\n\u0003","date":" 3-APR-1987 12:31:51.20","places":["usa"]},"12992":{"title":"NORANDA MINE SEEN BELOW FULL OUTPUT FOR MONTHS","body":"Noranda Inc said production\nwill remain shut down at its fire-damaged copper mine here\nuntil it can completely examine the mine.\n    If it decides to keep the mine open it would take four or\nfive months before it could resume full production.\n    Company spokesman Dale Coffin said the investigation could\ntake from a few days to several weeks but would not be more\nspecific.\n    Noranda said when it resumes production it plans to operate\nthe mine at about one-third of the normal 72,000 tonnes annual\nfinished capacity.\n    The fire, which started Wednesday and burned itself out\nlate yesterday weakened part of the mine's support structure,\nCoffin said.\n    One miner was killed and 56 others were trapped underground\nfor about 24 hours before being brought safely out.\n Reuter\n\u0003","date":" 3-APR-1987 12:32:22.34","topics":["copper"],"places":["canada"]},"12993":{"title":"U.S. SETS 9.75 BILLION DLR YEAR-BILL AUCTION","body":"The U.S. Treasury said it will sell\n9.75 billion dlrs of one-year bills at auction.\n    The April 9 sale will pay down about 25 mln dlrs as 9.763\nbillion dlrs in bills are maturing.\n    The bills will be issued April 16 in minimum amounts of\n10,000 dlrs and mature April 14, 1988.\n Reuter\n\u0003","date":" 3-APR-1987 12:32:41.49","places":["usa"]},"12994":{"title":"LARGER VOLUME SEEN ON EUROPEAN OPTIONS EXCHANGES","body":"European options exchanges will see\nspectacular growth over the next five years as more and more\nprofessional investors discover the options markets, Bernard\nReed, manager of the London options exchange said.\n    At an options outlook seminar to mark tomorrow's official\nopening of a new Amsterdam options exchange (EOE) building, he\nforecast increasing interest from banks and institutional\ninvestors, using options for portfolio insurance.\n    \"But the dominance by the professionals should not make us\nneglect private clients,\" he noted. \"Successful exploitation of\nretail business has been one of the keys to success.\"\n    Reed said that derived option products in particular will\nbecome a popular instrument for managing equity risks. On the\nChicago Board Options Exchange (CBOE), the cash-settled S&P 100\nindex option is the most traded in the world.\n    Dutch Stock Index Fund options to be relaunched on May 18\nand the upcoming options on London's FTSE 100 index will see a\n30 pct yearly turnover growth until 1990, Reed estimated.\n    The CBOE and the Chicago Mercantile Exchange have agreed\nwith Morgan Stanley to trade options and futures on the capital\ninternational EAFE index which will let investors participate\nin worldwide market moves.\n    Reed said he did not believe in globalising the option\nbusiness by introducing international products, because this\nwould intensify competition among the exchanges, but he did see\na future for global rules and regulations.\n REUTER\n\u0003","date":" 3-APR-1987 12:35:43.21","places":["netherlands"]},"12995":{"title":"U.K. FIRM UPS ITALY FUND <ITA> STAKE TO 12 PCT","body":"Lloyds Investment Managers Ltd, a\nLondon-based investment firm, said it raised it stake in Italy\nFund to 760,500 shares, or 12.0 pct of the total outstanding\ncommon stock, from 466,000 shares, or 7.4 pct.\n    In a filing with the Securities and Exchange Commission,\nLloyds said it bought the additional 294,500 Italy Fund common\nshares since November 7 for a total of 3.3 mln dlrs. Another\n70,000 shares of the stake are held by an affiliate, it said.\n    It said its dealings in Italy Fund stock are for investment\npurposes only and that it has no current plans to increase or\ndecrease its current stake.\n Reuter\n\u0003","date":" 3-APR-1987 12:35:51.87","topics":["acq"],"places":["usa","uk"]},"12996":{"title":"INVESTOR HAS FIVE PCT OF SAGE DRILLING <SAGE>","body":"Arthur Appleton, a Chicago investor,\ntold the Securities and Exchange Commission he has acquired\n39,000 shares of Sage Drilling Co Inc, or 5.1 pct of the total\noutstanding common stock.\n    Appleton said he bought the stock for 116,554 dlrs for\ninvestment purposes.\n    Depending on several circumstances, Appleton said he may\nbuy more Sage common shares, or sell some or all of his current\nstake.\n Reuter\n\u0003","date":" 3-APR-1987 12:36:02.31","topics":["acq"],"places":["usa"]},"12997":{"title":"FAA FEARS CRACKS ON OLDER MCDONNELL <MD> JUMBOS","body":"The Federal Aviation Administration\nsaid it ordered U.S. airlines to inspect their older DC10 jumbo\njets within five days for hairline cracks in tail areas.\n    The FAA action follows a warning to the airlines by the\nplane's maker, Douglas Aircraft Co, that three cracks had been\ndiscovered on two DC10s.\n    Douglas Aircraft is a unit of McDonnell Douglas Corp.\n    Such cracks typically are caused by metal fatigue and pose\nno safety risk if repaired.\n    The cracks were found in the metal skin covering the tail,\nduring aircraft maintenance.\n    If not detected and repaired, the cracks \"may progress until\nthe spar cap or skin panel is severed, which could result in\nstructural failure,\" the FAA order said.\n    The spar cap is the top part of the tail wings' main beam.\n    The FAA said the inspection order would apply to airplanes\nwith over 40,000 hours of flight or more than 12,000 landings.\n Reuter\n\u0003","date":" 3-APR-1987 12:36:58.35","places":["usa"]},"12998":{"title":"WEBCOR <WER> TO BE DELISTED","body":"Webcor Electronics Inc said\nApril 8 will be the last day for its stock to be traded on the\nAmerican Stock Exchange due to its failure to meet the\nfinancial guidelines.\n    It said it is exploring the possibility of listing its\nstock on another exchange.\n Reuter\n\u0003","date":" 3-APR-1987 12:38:46.85","places":["usa"]},"12999":{"title":"VW PLANS MAJOR NEW PLANT IN CHINA","body":"Volkswagen AG <VOWG.F>,\nVW, plans to construct a major new car plant in China, a\ncompany spokesman said. However, he added that discussions with\nChina about the plant were still at an early stage.\n    It would have an annual capacity of up to 300,000 vehicles\nbut would not be built until the 1990's at the earliest.\n    VW already has a large joint venture with the Chinese\nauthorities under which it produces the Santana model in\nShanghai. The spokesman said the Shanghai plant should have an\nannual capacity of 30,000 cars by the end of next year. So far\n15,000 Santanas have been produced since output began in 1985.\n    The VW spokesman said no decision had yet been made about\nthe type of car which could be built at the new plant.\n    However, company officials have said VW plans to bring out\na cheaper car than the Santana for the Chinese market and which\nwill be aimed at private owners. The Santana is generally used\nby government officials and visiting foreigners or as taxis for\ntourists.\n    No details were given about the extent of investment in the\nnew plant and it was not clear where it would be built.\n Reuter\n\u0003","date":" 3-APR-1987 12:39:08.35","places":["west-germany","china"]},"13000":{"date":" 3-APR-1987 12:39:49.30","places":["usa"]}}