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{"18001":{"title":"BRAZIL'S SARNEY RENEWS CALL FOR WAR ON INFLATION","body":"President Jose Sarney today declared \"a\nwar without quarter\" on inflation and said the government would\nwatch every cent of public expenditure.\n Sarney, addressing his cabinet live on television, also\nreiterated that he intended to remain in power for five years,\nuntil 1990. There has been a long-running political debate\nabout how long his mandate should be.\n Brazil is currently suffering from the worst inflation of\nits history. In April monthly inflation reached 21 pct.\n Reuter\n\u0003","date":" 2-JUN-1987 10:04:07.81","topics":["cpi"],"places":["brazil"]},"18002":{"title":"REAGAN SAYS VOLCKER WILL NOT ACCEPT 3rd TERM AS FED CHAIRMAN, NOMINATES GREENSPAN\n","date":" 2-JUN-1987 10:04:26.11"},"18003":{"title":"U.S. HOME SALES ROSE 7.6 PCT IN APRIL","body":"Sales of new, single-family homes rose\n7.6 pct in April from March to a seasonally adjusted annual\nrate of 777,000 units, the Commerce Department said.\n The department revised March sales to show a 2.7 pct\ndecrease from the previous month to 722,000 units instead of\nthe previously reported 3.6 pct drop in March.\n The April increase brought home sales 12.0 pct below the\nApril, 1986, level of 883,000 units.\n The April increase brought home sales to the highest level\nsince last April's 883,000 units.\n The Commerce Department said that before seasonal\nadjustment, the number of homes actually sold in April was\n76,000, up from 71,000 in March but down from 84,000 in April,\n1986.\n The average price was 118,800 dlrs in April, down from\n121,200 dlrs in March but up from 110,300 dlrs a year ago.\n The median price was unchanged from March at 99,000 dlrs\nbut up from 92,500 dlrs in April, 1986, the department said.\n Reuter\n\u0003","date":" 2-JUN-1987 10:05:19.67","places":["usa"]},"18004":{"title":"BRIXTON ESTATE LAUNCHES UNLIMITED STG CP PROGRAM","body":"Brixton Estate Plc is establishing a\nsterling commercial paper program for an unlimited amount, J.\nHenry Schroder Wagg and Co Ltd said as arranger.\n Dealers will be Schroder Wagg, S.G. Warburg and Co Ltd and\nCounty Natwest Capital Markets Ltd.\n The paper will be issued in denominations of 500,000 and\none mln stg and will have maturities between seven and 364\ndays.\n REUTER\n\u0003","date":" 2-JUN-1987 10:06:06.42","places":["uk"]},"18005":{"title":"REAGAN SAYS VOLCKER WILL NOT SERVE NEW TERM","body":"President Reagan said Paul Volcker has\ndeclined to serve another term as chairman of the Federal\nReserve Board, the U.S. central bank. Reagan\nnominated economist Alan Greenspan in his place.\n Volcker's term expires in August.\n Reagan, in a brief announcement in the White House briefing\nroom, said he accepted Volcker's decision \"with great reluctance\nand regret.\"\n Volcker, first appointed to the Fed post by President Jimmy\nCarter in 1979, said \"there is a time to leave and a time to\ncome ... I have no feeling I was being pushed.\"\n Volcker, appearing with Reagan, Greenspan, and Treasury\nSecretary James Baker in the briefing room, said he will remain\non the job until Greenspan's nomination is approved by the\nSenate.\n In a tribute to a smiling Volcker standing beside him,\nGreenspan told reporters that one of the departing chairman's\ngreatest achievements was reducing inflation.\n \"It will be up to those of us who follow him to be certain\nthat those very hard won gains will not be lost. Assuring that\nwill be one of my primary goals,\" Greenspan said.\n Financial markets reacted with dismay at the departure of\nVolcker, who has been widely credited with holding the line on\ninflation and seeking to maintain stability in currency values.\n Immediately following Reagan's announcement, the U.S.\ndollar weakened sharply against all major currencies and both\nthe bond and stock markets declined.\n But Greenspan told reporters he thought the dollar, which\nhas fallen sharply over the past year, has reached its low\npoint.\n \n \"There certainly is evidence in that direction,\" Greenspan\nsaid when reporters asked if the dollar has bottomed out.\n The market reaction was probably exaggerated by surprise\nbecause the announcement followed a number of published reports\nthat the White House had decided to reappoint Volcker.\n Volcker's tenure at the Fed began under the cloud of major\ninflation under Carter with consumer prices rising more than 10\nper cent annually and the prime interest rate exceeding 20 per\ncent.\n \n With Reagan's backing, Volcker pursued a tight money policy\nthat cut inflation to about three per cent annually and reduced\ninterest rates to their lowest level in nearly a decade.\n The tight money policies were also blamed for producing\na deep recession in 1981 and 1982 that caused major political\nproblems for Reagan.\n Reagan reappointed Volcker to the chairmanship in 1983.\n \n Greenspan, who heads his own Wall Street consulting firm,\nwas chairman of President Ford's Council of Economic Advisers\nfrom September 1974 until January 1977.\n Greenspan, a Republican, is considered a traditional\nconservative economist and has been an adviser to several\npresidents.\n Reuter\n\u0003","date":" 2-JUN-1987 10:06:53.99","places":["usa"]},"18006":{"title":"BELGIAN PUBLIC SPENDING DEFICIT FALLS IN MAY","body":"Belgium's public expenditure deficit\nfell sharply to 59.5 billion francs in May from 96.7 billion in\nthe same month last year, the first major sign of the effects\nof the government's public spending curbs, the Budget Ministry\nsaid.\n During the first five months of this year, the net\ngovernment financing requirement was down by 44.1 billion\nfrancs from year ago levels at 345.8 billion francs, it said in\na statement.\n The government is aiming to cut this year's financing\nrequirement to below 420 billion francs this year from around\n560 billion in 1986.\n The Ministry said it was expected that more than half the\nprojected cut should have been achieved by the end of July.\n Ministry sources noted that for technical reasons, the\nfinancing requirement is always highest in the early months of\nthe year.\n REUTER\n\u0003","date":" 2-JUN-1987 10:11:04.12","places":["belgium"]},"18007":{"title":"CHRISTIANIA RAISES AMOUNT OF GOLD LINKED BOND","body":"Norway's Christiania Bank <CHBO.OL> is\nincreasing the size of its 2-1/2 pct seven year bond issue with\ngold call and put warrants to 75 mln Swiss francs from 50 mln,\nlead manager Bank Gutzwiller, Kurz, Bungener Ltd said.\n The issue is priced at par.\n Each 5,000 franc bond carries three 18 month call warrants\nwith a strike price of 490 dlrs and four three year put\nwarrants with a strike price of 420 dlrs.\n Subscriptions close on June 22 and payment date is July 8.\n REUTER\n\u0003","date":" 2-JUN-1987 10:11:37.96","places":["switzerland"]},"18008":{"title":"U.S. FACTORY ORDERS ROSE 0.2 PCT IN APRIL","body":"New orders for manufactured goods rose\n401 mln dlrs, or 0.2 pct, in April to a seasonally adjusted\n199.8 billion dlrs, the Commerce Department said.\n The slight April gain followed a revised orders increase in\nMarch of 2.6 pct. The department originally reported a March\nincrease of 2.3 pct. Excluding defense, factory orders fell 0.2\npct in April after rising 1.1 pct in March.\n Orders for durable goods were virtually unchanged in April,\nup only 13 mln dlrs to 106.2 billion dlrs. The department had\nestimated on May 22 that April durable goods orders rose 0.1\npct.\n The department said defense capital goods orders were up\n808 mln dlrs, or 8.1 pct, in April to 10.8 billion dlrs.\nDefense orders had risen 43.2 pct in March.\n New orders for non-durable goods were up 388 mln dlrs, or\n0.4 pct, in April to 93.6 billion dlrs.\n These figures compared with a March increase of 4.2 pct in\ndurables orders and a 0.8 pct rise in non-durables orders.\n Orders for non-defense capital goods were up 0.8 pct in\nApril after rising 2.0 pct in March.\n Within major industry categories orders for transportation\nequipment fell 7.6 pct in April after rising 10.8 pct in March.\n Primary metals gained 5.4 pct in April after a 6.8 pct\nMarch orders increase.\n Orders for non-electrical machinery were down 0.9 pct in\nApril after rising 2.3 pct in March. Electrical machinery\norders rose during April by 19.3 pct after falling in March by\n3.4 pct.\n Reuter\n\u0003","date":" 2-JUN-1987 10:13:22.63","places":["usa"]},"18009":{"title":"PAKISTAN SAYS GOOD ECONOMIC GROWTH CONTINUES","body":"Pakistan says its economy has continued\nits recent outstanding performance during the financial year\n1986/87 ending on June 30 but areas like balance of payments,\ninvestments and energy were causing concern.\n GDP grew in line with the average growth rate since 1980\nand the inflation rate was the lowest since 1969/70, according\nto a government economic survey.\n The reform of economic regulation had gathered momentum\nand there was an impressive performance in a five point\ngovernment program for rural uplift, education and poverty\nalleviation, said the survey.\n Ministry Economic Adviser Qazi Alimullah told a news\nconference that before recent unseasonal rains and hailstorms\ndamaged the wheat crop, GDP growth was calculated at 7.04 pct\ncompared to 7.25 pct in 1985/86.He said the figure might now\nslide down a little to around 6.8 or 6.9 pct.\n The survey said monetary expansion was estimated to be nine\npct to date but might rise to around 12 pct by the year-end.\n Alimullah said exports rose 18 pct to 3.5 billion dlrs from\n2.9 billion dlrs in 1985/86. But the at the same time, home\nremittances by Pakistanis abroad dropped to 2.3 billion dlrs\nfrom the 1985/86 level of 2.595 billion.\n More exports and an improvement in the balance of payments\nsituation will be required to overcome this declining trend in\nhome remittances, he said.\n The survey said the trade deficit was expected to fall to\n2.4 billion dlrs from three billion dlrs in 1985/86 because of\nthe boost in exports.\n He said national investment continued to be small because\nof a poor rate of savings, about 14 pct of GDP. He said more\nsavings were required to maintain or possibly step up the\npresent growth rate and to finance the country's seventh\nfive-year development plan to be launched in July 1988.\n REUTER\n\u0003","date":" 2-JUN-1987 10:13:44.37","topics":["gnp"],"places":["pakistan"]},"18010":{"title":"GREENSPAN SAYS THERE IS EVIDENCE DOLLAR HAS BOTTOMED OUT\n","date":" 2-JUN-1987 10:18:10.62","topics":["money-fx","dlr"]},"18011":{"title":"BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL\n","date":" 2-JUN-1987 10:20:19.41","topics":["interest"]},"18012":{"title":"GREENSPAN SEES EVIDENCE DOLLAR FALL OVER","body":"Newly-nominated Federal Reserve Board\nchairman Alan Greenspan said there was evidence the dollar\nfinally had bottomed out.\n In a White House briefing Greenspan was asked by reporters\nif he thought the dollar had bottomed out.\n \"There certainly is evidence in that direction,\" he replied.\n Reuter\n\u0003","date":" 2-JUN-1987 10:21:40.24","topics":["money-fx","dlr"],"places":["usa"]},"18013":{"title":"U.S. GOLD, SILVER, PLATINUM SOAR ON VOLCKER REJECTION OF 3RD TERM\n","date":" 2-JUN-1987 10:22:29.78","topics":["gold","silver","platinum"]},"18014":{"title":"ICCO BUYS 5,000 TONNES COCOA FOR BUFFER STOCK","body":"The International Cocoa Organization\n(ICCO) buffer stock manager bought 5,000 tonnes of cocoa today\nfor the buffer stock, traders said.\n The cocoa is believed to have been entirely made up of\nsecond hand material, they added.\n Such a purchase would bring cumulative buffer stock\npurchases to 26,000 tonnes.\n Reuter\n\u0003","date":" 2-JUN-1987 10:25:00.56","topics":["cocoa"],"organisations":["icco"],"places":["uk"]},"18015":{"title":"YANKEE COS <YNK> SEEKS DEBT RESTRUCTURING","body":"Yankee Cos Inc said it will be \nworking with the holders of substantially all of its 12-5/8 pct\nsenior secured notres due 1996 to develop and overall debt and\nasset restructuring program, and as a first step, the\nnoteholder has agreed to the deferral of the June One interest\npayment on the notes until June 30.\n Yankee said interest was paid to other noteholders\nyesterday.\n The company said it plans to meet and work with all\ninterest parties, including the holders of its three debt\nissues and federal banking authorities, over the next several\nweeks to formulate and implement a restructuring plan.\n Reuter\n\u0003","date":" 2-JUN-1987 10:27:58.21","places":["usa"]},"18016":{"title":"Q-MED <QEKG.O> SEES SHARPLY HIGHER REVENUES","body":"Q-Med Inc said preliminary results\nshow its second quarter, ended May 31, revenues exceeded 4.2\nmln dlrs. A year earlier revenues were nearly 1.4 mln dlrs.\n The company also said it had appointed Coopers and Lybrand\nas its auditors. Chairman Michael Cox declined any comment on\nthis appointment.\n The company said its preliminary second quarter revenues\nare consistent with management's expectations and represent a\ngreater than 40 pct increase in sales over those reported for\nthe first quarter. Earnings should show a similar growth\npattern, the company added.\n Reuter\n\u0003","date":" 2-JUN-1987 10:29:27.94","places":["usa"]},"18017":{"title":"ACME PRECISION <ACL> BUYOUT BID DROPPED","body":"Acme Precision Products Inc said a\nmanagement group has withdrawn a six dlr per share leveraged\nbuyout offer.\n Acme said the management group dropped its bid due to\ncontinued weakness in the machine tool industry and in Acme\nPrecision's operating results and to the inability of the\nmanagement group to obtain modifications to terms of its\nfinancing commitment.\n It said, \"The effect of these factors led the management\ngroup to conclude that the six dlr per share price was\nexcessive under current conditions.\"\n Reuter\n\u0003","date":" 2-JUN-1987 10:29:31.47","topics":["acq"],"places":["usa"]},"18018":{"title":"DOMINION <D> UNIT SELLS 30-YEAR BONDS","body":"Virginia Electric and Power Co, a unit\nof Dominion Resources Inc, is raising 100 mln dlrs via an\noffering of first and refunding mortgage bonds due 2017\nyielding 9.89 pct, said sole manager E.F. Hutton and Co Inc.\n Hutton led a group that won the bonds in competitive\nbidding. It bid them at 99.376, representing a net interest\ncharge to the company of 9.94 pct.\n The underwriter set a 9-7/8 pct coupon and reoffering price\nof 99.85 to yield 123 basis points more than comparable\nTreasury securities. Non-refundable for five years, the bonds\nare rated A-1 by Moody's and A-plus by Standard and Poor's.\n The gross spread is four dlrs and the reallowance is 2.50\ndlrs, bookrunner Hutton said of the Virginia Electric deal.\n Virginia Electric last visited the domestic debt market in\nOctober 1986 when it sold 100 mln dlrs of same-rated,\nsame-maturity 9-1/4 pct bonds. That issue was priced to yield\n9.27 pct, or 141 basis points over Treasuries.\n Reuter\n\u0003","date":" 2-JUN-1987 10:29:53.30","places":["usa"]},"18019":{"title":"GENERAL SIGNAL <GSX> LOW BIDDER ON RADIO JOB","body":"General Signal Corp said its\nGeneral Railway Signal Co unit is the apparent low bidder at\n32.5 mln dlrs on a transit radio system contract for the\nSouthern California Rapid Transit District in Los Angeles.\n The company also said its General Farebox Inc subsidiary\nreceived a 3.1 mln dlr farebox system contract from the Greater\nCleveland Regional Transit Authority.\n Reuter\n\u0003","date":" 2-JUN-1987 10:30:02.50","places":["usa"]},"18020":{"title":"WILLIAMS <WMB> REINCORPORATES IN DELAWARE","body":"Williams Cos said it has been reincorporated\nin Delaware as Williams Cos Inc following approval by\nshareholders at the annual meeting last month.\n Reuter\n\u0003","date":" 2-JUN-1987 10:30:24.62","places":["usa"]},"18021":{"title":"NOBLE AFFILIATES <NBL> SELLS CONVERTIBLE DEBT","body":"Noble Affiliates Inc is raising 100 mln\ndlrs via an offering of convertible subordinated debentures due\n2012 with a 7-1/4 pct coupon and par pricing, said lead\nunderwriter Morgan Stanley and Co Inc.\n The debentures can be converted into the company's common\nstock at 19.625 dlrs per share, representing a premium of 25.6\npct over the stock price when terms on the debt were set.\n Non-callable for three years, the issue is rated Baa-3 by\nMoody's and BBB-plus by Standard and Poor's. Noble Affiliates\nis also offering 125 mln dlrs of 10-1/8 pct notes due 1997\nthrough a group led by Morgan Stanley.\n Reuter\n\u0003","date":" 2-JUN-1987 10:30:58.70","places":["usa"]},"18022":{"title":"MERIDIAN INSURANCE <MIGI.O> IN NASDAQ EXPANSION","body":"Meridian Insurance Group Inc said\nits common stock has been included in the NASDAQ National\nMarket System, effective today.\n Reuter\n\u0003","date":" 2-JUN-1987 10:31:26.20","places":["usa"]},"18023":{"title":"CANON SALES ISSUES 100 MLN DLR WARRANT BOND","body":"Canon Sales Co Inc is issuing a 100 mln\ndlr equity warrant bond due June 30, 1992 with an indicated\ncoupon of 1-5/8 pct and par pricing, lead manager Yamaichi\nInternational (Europe) Ltd said.\n The issue is guaranteed by Fuji Bank Ltd and final terms\nwill be set on June 9. The selling concession is 1-1/2 pct\nwhile management and underwriting combined pays 3/4 pct. The\ndeal is available in denominations of 5,000 dlrs and will be\nlisted in Luxembourg.\n The warrants are exercisable from July 15, until June 23,\n1992. The payment date is June 30.\n REUTER\n\u0003","date":" 2-JUN-1987 10:33:30.27","places":["uk"]},"18024":{"title":"ITALIAN BARLEY CROP REPORTED IN GOOD CONDITION","body":"Italy's barley crop is generally in good\ncondition and harvesting is expected to begin shortly, the\nagricultural marketing information and research board Irvam\nsaid.\n First consignments were expected to be available around\nmid-June.\n Excellent weather, characterised by alternating periods of\nsunshine and rain, has encouraged growth except in Sardinia,\nwhich was expected to lose a large part of its barley crop\nbecause of extreme dryness.\n Irvam said yields are expected higher than last year's low\nlevels if favourable weather continues in the next few weeks.\n Given an average yield of 3.5 tonnes per hectare, national\nproduction would be around two pct higher than in the previous\nseason at just above 1.6 mln tonnes, it said.\n If yields reach the record 3.78 tonnes per hectare achieved\nin 1984, production would be around 1.75 mln tonnes, an\nincrease of 11 pct compared to 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 10:35:06.58","topics":["grain","barley"],"places":["italy"]},"18025":{"title":"ASIAN DEVELOPMENT BANK ISSUES 50 MLN STG EUROBOND","body":"The Asian Development Bank is issuing a 50\nmln stg eurobond due July 1, 1997 paying 9-1/2 pct and priced\nat 101-7/8 pct, lead manager County Natwest Capital Markets Ltd\nsaid.\n The non-callable bond is available in denominations of\n1,000 and 10,000 stg and will be listed in Luxembourg.\n The selling concession is 1-3/8 pct while management and\nunderwriting combined pays 5/8 pct.\n Payment date is July 1.\n REUTER\n\u0003","date":" 2-JUN-1987 10:35:41.13","places":["uk"]},"18026":{"title":"DATA GENERAL <DGN> OFFERS NEW NETWORK PRODUCTS","body":"Data General Corp said it introduced\nseveral new hardware and software products that link\nInternational Business Machines Corp <IBM> and IBM-compatible\npersonal computers into mainframe and minicomputer systems.\n Data General said the products include three local area\nnetworks that conform to industry standards. It said it is now\noffering a Starlan network, which was originally introduced by\nAmerican telephone and Telegraph Co <t>, a thin Ethernet and a\nPC interface for the standard Ethernet.\n \n In addition, Data General said it will offer several\nsoftware packages for PC networks, including MS Net, a product\ndeveloped by Microsoft Corp <MSFT.O> that allows PCs to share\nprinters, data files and other peripherals.\n The company said it also introduced a PC version of its\npopular CEO office automation software.\n Data General said the new products allow computer users to\ndivide work among a collection of PCs and larger computers.\n \n \"Data General is the first vendor to offer three different\nlocal area networks for personal computer integration,\" said\nColin Crook, senior vice president of the company's\ncommunications systems group.\n \"We're really giving users freedom of choice with industry\nstandard products,\" added J. David Lyons, vice president of\ngroup marketing.\n In addition to the new products, which were expected, Data\nGeneral announced a joint product development agreement with\n<Gold Hill Computers>, a Cambridge, Mass.,-based artificial\nintelligence software company.\n \n The company also announced the formation of a new network\nservices group that will help customers plan and design\ncomputer networks.\n The group will also provide service and maintenance for\nData General and other vendors' equipment, the company said.\n Reuter\n\u0003","date":" 2-JUN-1987 10:38:09.89","places":["usa"]},"18027":{"title":"PERPETUAL SAVINGS <PASB.O> SETS HOLDING COMPANY","body":"Perpetual Savings Bank said its\nboard has approved formation of a holding company to be\nincorporated in Virginia, subject to Federal Home Loan Bank\nBoard and shareholder approval.\n It said its common and prefered shares would be exchanged\non a one-for-one basis for shares of the holding company,\nPerpetual Financial corp.\n Reuter\n\u0003","date":" 2-JUN-1987 10:38:33.20","places":["usa"]},"18028":{"title":"PEP BOYS - MANNY, MOE AND JACK INC <PBY> 1ST QTR","body":"May Two net\n Shr 11 cts vs eight cts\n Net 5,895,000 vs 3,896,000\n Sales 127.3 mln vs 110.5 mln\n NOTE: Share adjusted for three-for-one stock split payable\nJuly 27 to holders of record July One.\n Reuter\n\u0003","date":" 2-JUN-1987 10:39:23.41","topics":["earn"],"places":["usa"]},"18029":{"title":"ELDERS HAPPY TO LEAVE CARLING SHARES OUTSTANDING","body":"Elders IXL Ltd <ELXA.S> says it is happy\nto leave preferences shares of brewer Carling O'Keefe Ltd\noutstanding after an undisclosed bidder made an offer to\nacquire all of Carling's outstanding preferred stock.\n Elders, which owns 100 pct of Carling's outstanding common\nshares, previously proposed to redeem the 433,745 Carling\nseries A preferred shares at 33.50 Canadian dlrs each and\nredeem the 386,662 series B preferreds at 40 dlrs a share.\n The series A and B preferred shares carry no vote while\ndividends are paid.\n \n Elders says neither it nor Carling knows the identity of\nthe bidder for Carling's preferred shares.\n On May 29, the bidder offered to acquire the Carling\npreferred for 36 dlrs for each series A and 40.50 dlrs for each\nseries B share.\n Elders said leaving the Carling preferred shares\noutstanding will not affect ongoing plans of the company.\n Series B preferred shareholders had previously rejected\nCarling's proposal to redeem the shares and a series A\npreferred shareholders meeting was adjourned to June 12.\n Reuter\n\u0003","date":" 2-JUN-1987 10:40:26.29","topics":["acq"],"places":["canada"]},"18030":{"title":"EC FARM MINISTERS DISAGREE ON DIRECT INCOME AIDS","body":"Plans to provide direct income\naids for European Community (EC) small farmers to help them\nface deep cuts in guaranteed crop prices received a mixed\nreception from EC agriculture ministers, EC officials said.\n The plans were discussed at an informal meeting of the\nministers hosted in the village of Genval by the Council of\nMinisters' current chairman, Belgium's Paul de Keersmaeker.\n The EC Executive Commission has proposed that the richer\nmember states be allowed to make direct payments to their\nfarmers in special difficulties, while the EC itself would\nfinance a similar scheme in the poorer EC countries.\n However, EC officials said only the Netherlands and\nLuxembourg supported this idea at today's meeting, and France,\nDenmark and Belgium showed marked hostility to it.\n French minister Francois Guillaume told reporters, \"Farmers\nshould not become recipients of public assistance -- their\nsurvival should be assured by price mechanisms and the market.\"\n The officials said the ministers had not sought to resolve\ntheir more urgent differences over guaranteed farm prices for\n1987/88 at this meeting.\n The ministers will resume talks on the price fixing issue\nin Luxembourg on June 15.\n Reuter\n\u0003","date":" 2-JUN-1987 10:40:39.77","organisations":["ec"],"places":["belgium"]},"18031":{"title":"ONE OF TWO SARA LEE <SLE> STRIKES SETTLED","body":"Sara Lee Corp said 500 workers at\nits Kitchens of Sara Lee bakery operation in Deerfield, Ill.,\nhave returned to work this week after ratifying a contract.\n A company spokesman said members of Local Two of the\nBakery, Confectionery and Tobacco Workers, who had walked out\nMay 10, reached \"mutually agreeable terms\" in a new two-year\ncontract.\n Meanwhile, about 100 Teamster drivers and warehouse\nemployees, whose contract expired May 16, remained out, the\ncompany said. No new talks were scheduled, Sara Lee said.\n Details of the new contract were not immediately available,\nbut a company spokesman said it \"maintained benefits and called\nfor no sacrifices from current employees.\"\n Union sources reported that the contract freezes wages and\nintroduces a sharply lower starting rate for new hires. They\nsaid it also gives Sara Lee concessions on a workplace issue\ninvolving excused absences.\n Reuter\n\u0003","date":" 2-JUN-1987 10:44:13.90","places":["usa"]},"18032":{"title":"CRAY <CYR> GETS 3.6 MLN DLR COMPUTER ORDER","body":"Cray Research Inc said Aerospatiale,\na French aerospace company, ordered a Cray X-MP/14se computer\nsystem valued at about 3.6 mln dlrs.\n It said the leased system will be installed in the fourth\nquarter, pending export license approval.\n Reuter\n\u0003","date":" 2-JUN-1987 10:44:26.34","places":["usa"]},"18033":{"title":"PORTUGAL CONTRACTS FOR 150 MLN ECU LOAN","body":"Portugal has contracted a six-year, 150\nmln ECU loan from a group of foreign banks led by Daiwa Europe\nLtd to finance investment projects, the finance ministry said.\n Interest of 7.75 pct is to be paid in annual instalments\nstarting in 1988, ministry spokesman Luis Vilhena de Cunha\nsaid.\n The loan will first be in the form of a temporary global\nnote and be replaced later by subscriptions of 1,000 and 10,000\nECUs. The issue price was set at 101.75 pct.\n Banque Generale du Luxembourg SA will act as listing agent\nand fiscal agent, the spokesman added.\n REUTER\n\u0003","date":" 2-JUN-1987 10:48:49.65","places":["portugal"]},"18034":{"title":"CHICKEN NOT MAIN SALMONELLA CAUSE, OFFICIAL SAYS","body":"A representative of the poultry\nindustry said statistics showed that chicken is less frequently\nthe cause of salmonella poisoning than beef, dairy products or\nsalads and other mixed foods.\n Kenneth May, President of Holly Farms Poultry Industries\nand a director of the National Broiler Council, told a House\nAgriculture subcommittee the incidence of salmonella in chicken\nhas not increased in recent years and that chicken is neither\nthe major source of the bacterial poisoning nor the cause of an\nincrease in outbreaks of the disease.\n May said the Center for Disease Control figures showed that\nbetween 1978 and 1982, chicken was involved in four pct of all\nU.S. salmonellosis outbreaks, while beef accounted for ten pct\nof outbreaks and dairy products six pct.\n May said the remaining outbreaks were caused by salads and\nmixed food, turkey, seafood, pork, eggs and other foods.\n May said the chicken industry favored moving away from\nbird-by-bird inspection procedures to a risk assessment system\nbetter able to identify microbial and bacterial contamination\nof poultry.\n However, Ellen Haas, executive director of Public Voice for\nFood and Health Policy, said bird-by-bird inspection should be\nretained and labels should be attached to each ready-to-cook\nchicken to remind consumers about preparation procedures\nnecessary to avoid illness.\n Haas also called for a review of present chicken industry\ninspection methods that she said can worsen poultry hazards.\n Reuter\n\u0003","date":" 2-JUN-1987 10:50:08.18","topics":["carcass"],"places":["usa"]},"18035":{"title":"U.S. HOUSE PANEL VOTES TO SPEED UP CORN PAYMENTS","body":"The House Agriculture Committee voted\nto make approximately 2.8 billion dlrs of feedgrains deficiency\npayments immediately instead of in the late fall.\n A similar measure was decisively defeated on the Senate\nfloor last week.\n The bill, which passed by a voice vote, would allow\nso-called Findley payments to be made immediately rather than\nlate this year. Payments for 1987-90 feedgrains crops would not\nbe changed.\n Because the bill would move 2.8 billion dlrs of spending\ninto fiscal 1987 from fiscal 1988, the measure is expected to\nmeet stiff resistance in the full House.\n\n Reuter\n\u0003","date":" 2-JUN-1987 10:51:10.96","topics":["grain","corn"],"places":["usa"]},"18036":{"title":"JONES AND VINING <JNSV.O> STARTS BID FOR SHARES","body":"Jones and Vining Inc said it has\nstarted a tender offer for all of its own shares at five dlrs\nper share. \n The company said it will hold a special meeting on July 10\nfor a vote on approval of a merger at the tender price.\n It said the price to be paid in the tender and merger could\nbe reduced by any fees and expenses the court may award to\ncounsel for the plaintiffs in the class action suit brought\nagainst it in Delaware Chancery Court by Ronda Inc. The\nplaintfiffs' counsel are seeking fees of up to 10 cts per\nshare, Jones and Vining said.\n The company said the court has scheduled a hearing on the\nproposed settlement of the suit for July Eight.\n The company said the start of the tender offer and the\ncalling of the special meeting are conditions of the\nsettlement, and completion of the tender and merger are\nconditioned on final approval of the settlement.\n Reuter\n\u0003","date":" 2-JUN-1987 10:51:16.67","topics":["acq"],"places":["usa"]},"18037":{"title":"HEALTHSOUTH <HSRC.O> MAKES ACQUISITION","body":"HEALTHSOUTH Rehabilitation Corp\nsaid it has acquired Pine Island Sports Medicine Center in Fort\nLauderdale, Fla., and will incorporate the facility into its\nHEALTHSOUTH Rehabilitation Center of Fort Lauderdale, which is\nnow under construction and should be in operation by\nmid-summer.\n Terms were not disclosed.\n Reuter\n\u0003","date":" 2-JUN-1987 10:51:48.40","topics":["acq"],"places":["usa"]},"18038":{"title":"BANC ONE <ONE> MAKES INDIANA ACQUISITION","body":"Banc One Corp said it has\ncompleted the acquisition of First National Bank of\nBloomington, Ind, which has assets of 271 mln dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 10:51:55.69","topics":["acq"],"places":["usa"]},"18039":{"title":"PENTLAND INDUSTRIES PLC HOLDERS APPROVE SPLIT","body":"Pentland Industries PLC said\nshareholders at the annual meeting approved an increase in\nauthorized share capital to 36 mln stg to 12 mln stg by\ncreation of another 240 mln ordinary shares, allowing for a\nthree-for-one stock split.\n It said dealings in the new shares are expected to start on\nJune 15.\n Reuter\n\u0003","date":" 2-JUN-1987 10:53:42.76","places":["usa"]},"18040":{"title":"ORION BROADCAST <OBGI.O> BUYS FORD <F> UNIT","body":"Orion Broadcast Group Inc said its\nmajority-owned Orion Financial Services Corp subsidiary has\nagreed to purchase FN Realty Services Inc from Ford Motor Co\nfor 1,200,000 to 1,500,000 dlrs in cash and notes.\n It said closing is expected within 45 days after receipt of\nregulatory approvals.\n FN provides loan collection, accounting, data processing\nand administrative services to the real estate industry.\n Reuter\n\u0003","date":" 2-JUN-1987 10:54:40.06","topics":["acq"],"places":["usa"]},"18041":{"title":"EC BUDGET MINISTERS SET TO REFUSE PLEA FOR CASH","body":"A plea for extra cash to bail the\nEuropean Community (EC) out of its latest financial crisis was\nlikely to be rejected at a meeting today of EC budget\nministers, diplomats said.\n The ministers were meeting for the first time since the EC\nExecutive Commission unveiled an emergency budget for 1987\naimed at plugging a deficit caused by soaring farm spending and\nfalling revenues.\n The emergency package includes a demand for member states\nto pay an extra 1.5 billion European currency units (Ecus) to\nhelp meet the deficit.\n Officials said Britain and West Germany were expected to\nlead opposition to contributing any extra cash, with the U.K\ninsisting instead on a clampdown on runaway farm spending.\n The Commission says there will be a shortfall of at least\nfive billion Ecus this year, more than 1/8 of total spending.\n It hopes to make up much of the shortfall in a one-time\naccounting exercise by paying member states in arrears rather\nthan in advance for their spending on Community farm policies.\n But if member states do not make up the rest of the gap,\nthe Commission has warned that spending on regional and social\nprojects could be slashed by half.\n Reuter\n\u0003","date":" 2-JUN-1987 10:54:52.48","organisations":["ec"],"places":["luxembourg"]},"18042":{"title":"ORBIT <ORBT.O> UNIT INCREASES BACKLOG","body":"Orbit Instrument Corp said its\nunit, Orbit Semiconductor Inc, has received orders totalling\nabout 2.5 mln dlrs which puts its backlog at a record level of\nabout 4.7 mln dlrs.\n Additionally, the company said it will now offer two Micron\nCMOS processes that can withstand Megarad total dose radiation.\n Applications for the processes include products\nmanufactured for military, medical and power industry market,\nthe company said.\n Reuter\n\u0003","date":" 2-JUN-1987 10:55:50.84","places":["usa"]},"18043":{"title":"SOUTH AFRICA SAYS 1,500 STILL DETAINEES","body":"South Africa said the number of people\nit was detaining without trial has dropped to 1,500, far fewer\nthan previous official figures during the past year of\nemergency rule.\n A government spokesman said the latest set of names,\npresented to parliament, included all current detainees who had\nbeen held for over a month. Previous lists have named up to\n8,500 people.\n The official figure was supported by civil rights groups\nwho said many detainees had been freed in recent weeks,\npossibly to empty cells for a new government crackdown.\n Reuter\n\u0003","date":" 2-JUN-1987 10:57:14.48","places":["south-africa"]},"18044":{"title":"JAPANESE FARMERS PROTEST OPENING MARKETS","body":"Thousands of farmers gathered in central\nTokyo to urge the government to stand firm against foreign\npressure for further opening up of Japan's markets to foreign\nagricultural products, union officials said.\n Officials of the Central Union of Agricultural Cooperatives\nsaid about 5,000 representatives from 4,200 farming groups\njoined the demonstration.\n The organisers said the farmers demanded that the\ngovernment should avoid easy compromises on liberalising\nagricultural imports at next week's economic summit in Venice.\n The United States and the European Community want Japan to\nremove tariffs and quotas to help cut their trade deficits with\nJapan.\n Under a banner reading \"The government and parliament must\nnot sacrifice farmers,\" the demonstrators adopted a declaration\nsaying they would fight any unreasonable moves to open Japanese\nmarkets to foreign agricultural products.\n An agriculture ministry official said Japan and the United\nStates were expected to hold talks on Japanese import ceilings\nfor U.S. Beef and citrus fruit in September.\n Reuter\n\u0003","date":" 2-JUN-1987 11:02:51.01","places":["japan"]},"18045":{"title":"LONDON GOLD 1500 FIX - JUNE 2 - 455.00 DLRS\n","date":" 2-JUN-1987 11:04:44.51"},"18046":{"title":"FRESH DEBATE ON NORWAY'S EC MEMBERSHIP WELCOMED","body":"European Community officials welcomed\nNorway's recent move to renew a public debate on Community\nmembership but said Norway should not expect special trade\nadvantages as long as it stays outside the EC.\n Belgian Willy de Clercq, EC Commissioner on external\naffairs and trade policy, said high level talks this week with\nNorway's minority Labour government had helped clarify several\nmisconceptions that led to Norway's narrow rejection of EC\nmembership in a 1972 referendum.\n \"But you (Norway) cannot be in the club and remain outside\nthe club. You can expect equal footing in the club, but not out\nof it,\" de Clercq added, referring to Norway's attempts to adapt\nits EC trade ties in the face of Community moves to launch an\ninternal trade market from 1992.\n The government, worried that the internal market will\nhamper trade with the EC, which takes about two-thirds of\nNorway's exports, last month sent a report to parliament asking\npolitical parties and the public to reassess the country's\nrelationship to the EC.\n Reuter\n\u0003","date":" 2-JUN-1987 11:07:06.07","organisations":["ec"],"places":["norway"]},"18047":{"title":"GULF AND WESTERN INC 2ND QTR SHR 86 CTS VS 73 CTS\n","date":" 2-JUN-1987 11:08:09.27"},"18048":{"title":"PHH GROUP INC <PHH> 4TH QTR APRIL 30 NET","body":"Shr 71 cts vs 47 cts\n Net 12.1 mln vs 7.8 mln\n Revs 369.8 mln vs 307.9 mln\n 12 mths\n Shr 2.35 dlrs vs 2.33 dlrs\n Net 39.5 mln vs 39 mln\n Revs 1.36 billion vs 1.24 billion\n NOTE: Prior year restated to reflect results from current\nyear acquisitions.\n\n Reuter\n\u0003","date":" 2-JUN-1987 11:08:48.90","topics":["earn"],"places":["usa"]},"18049":{"title":"VOLCKER IN LETTER DECLINES NEW FED TERM","body":"Following is the full text of Federal\nReserve Board Chairman Paul Volcker's letter to President\nReagan declining reappointment to the Fed:\n Dear Mr. President,\n As the end of my term as chairman of the Federal Reserve\nBoard approaches, you naturally have to consider an appropriate\nnew appointment.\n \n In that connection, you will recall that, upon my\nreappointment as chairman in 1983, I felt unable to make a firm\ncommitment to you or to the Congress to remain in office for a\nsecond full four-year term. Despite my reservations at the\ntime, that term is in fact now almost finished. However, I do\nthink, after eight years as chairman, a natural time has now\ncome for me to return to private life as soon as reasonably\nconvenient and consistent with an orderly transition.\nConsequently, I do not desire reappointment as chairman and I\nplan to resign as governor when a new chairman is prepared to\nassume office.\n \n I will be leaving with a sense of great appreciation for\nyour unfailing courtesy to me personally. More broadly, your\nconsistent support of the work of the Federal Reserve during a\nparticularly challenging period for it, for the financial\nsystem, and for the economy has been critical to whatever\nsuccess we have had.\n \n Without doubt, strong challenges remain for all of those\ninvolved in economic policy. In that effort, I believe the\nnation will continue to be well served by a strong Federal\nReserve System -- a system firmly dedicated to fostering\neconomic and financial strength and stability and able to bring\nto that effort a combination of sound and independent\nprofessional judgement and continuity beyond any partisan\nconsiderations.\n \n May I add, too, my personal best wishes for the remainder\nof your own term in office during which you have done so much\nto restore a sense of confidence and self-reliance among the\nAmerican people.\n Faithfully yours,\n Paul A Volcker\n Reuter\n\u0003","date":" 2-JUN-1987 11:10:13.59","places":["usa"]},"18050":{"title":"LAWSON CALLS INTERVENTION PROOF OF STABILITY GOAL","body":"The scale of foreign exchange intervention\nthe Bank of England has carried out recently is clear proof of\nBritain's determination to stabilise exchange rates as agreed\nbetween the Group of Seven industrialised countries in Paris in\nFebruary, Chancellor of the Exchequer Nigel Lawson said.\n Saying he was \"content\" with sterling's current value, Lawson\ntold reporters he wanted \"to maintain the exchange rate\nstability we have all signed up for.\" He declined to say if he\nfavoured a rise or a fall from present sterling levels.\n May currency reserves, out today, showed a record 4.8 billion\nstg rise, pointing to massive currency intervention.\n In April, reserves rose a hefty 2.9 billion stg.\n Pointing to the reserves data, Lawson said, \"We have been\nplaying a very full part ourselves\" in meeting our commitments\ntoward exchange rate stability as agreed in Paris.\n \"We wish to see it (stability) continuing,\" he added.\n Asked which techniques were available to preserve\nstability, Lawson said both central bank intervention and\ninterest rate changes could be used to tackle \"the market\npressures there are from time to time.\"\n \"Interest rate stability is not an objective in that\nsense...Rates have to be moved up and down at times,\" he added.\n Lawson said he expected intervention to be \"sterilised\" by\ndraining excess sterling liquidity from the market through new\nissues of government securities and foreign currency sales,\nwhen the market allowed.\n This would limit the inflationary impact of intervention,\nhe said.\n \"Sterilisation will be dictated by market tactics...Not\nnecessarily in the month in which intervention occurs,\" Lawson\nsaid. \"I am confident that we can sterilise on this scale.\"\n REUTER\n\u0003","date":" 2-JUN-1987 11:18:53.04","topics":["money-fx"],"places":["uk"]},"18051":{"title":"FED NOT EXPECTED TO TAKE MONEY MARKET ACTION","body":"The Federal Reserve is not expected to\nintervene in the government securities market to add or drain\nreserves at its usual intervention time this morning,\neconomists said.\n With the Federal funds rate trading comfortably at 6-9/16\npct, down from yesterday's 6.74 pct average, economists said\nthe Fed did not need to take reserve management action today.\n Reuter\n\u0003","date":" 2-JUN-1987 11:19:19.10","topics":["money-fx","interest"],"places":["usa"]},"18052":{"title":"GULF AND WESTERN INC <GW> 2ND QTR APRIL 30 NET","body":"Shr 86 cts vs 73 cts\n Net 52.7 mln vs 45.7 mln\n Revs 989.9 mln vs 863.9 mln\n Six mths\n Shr 1.97 dlrs vs 1.28 dlrs\n Net 122 mln vs 79.9 mln\n Revs 2.078 billion vs 1.726 billion\n Reuter\n\u0003","date":" 2-JUN-1987 11:19:50.44","topics":["earn"],"places":["usa"]},"18053":{"title":"ALLEGIS SAID IT IS CREATING A LIMITED PARTNERSHIP TO SELL SOME CANADIAN HOTELS\n","date":" 2-JUN-1987 11:20:12.43"},"18054":{"title":"BROWN GROUP INC 1ST QTR SHR 56 CTS VS 42 CTS\n","date":" 2-JUN-1987 11:22:06.08"},"18055":{"title":"ALLEGIS SAID IT SEES PROCEEDS OF 350 MLN CANADIAN DLRS WHEN HOTELS ARE SOLD\n","date":" 2-JUN-1987 11:22:55.99"},"18056":{"title":"ICCO BUFFER STOCK MANAGER BUYS 5,000 TONNES - OFFICIAL\n","date":" 2-JUN-1987 11:23:12.29","organisations":["icco"]},"18057":{"title":"CSFB ECONOMIST SAYS VOCLKER'S RESIGNATION A SHOCK","body":"The decision by Paul Volcker not to serve\na third term as chairman of the U.S. Federal Reserve Board is a\nshock for financial markets and the world economy, Hans Mast,\nsenior economic adviser to Credit Suisse First Boston, said.\n \"The markets will believe there will be pressure for a more\nexpansive policy (in the United States),\" he said.\n \"I would say this is quite a shock for the world economy,\" he\nadded. \"He always stood for an anti-inflationary policy and\ntight fiscal discipline. He was one of the best central bankers\nAmerica has had.\"\n Mast said the markets would now be trying to assess what\nsort of direction the Fed would be taking under Alan Greenspan,\ndesignated to succeed Volcker.\n \"Greenspan is more of a politician than an academician, but\nthe most important thing is that he has little experience in\nbanking,\" Mast said.\n Greenspan's first comments on being named were that the\ndollar appeared to have bottomed out but Mast said that\nconviction would have to be backed by policy. \"How can you say\nthe dollar has bottomed out with the present level of current\naccount deficits?\" he said. \"I would be sceptical.\"\n REUTER\n\u0003","date":" 2-JUN-1987 11:24:34.77","places":["switzerland"]},"18058":{"title":"SHEARSON ECONOMIST SAYS VOLCKER EFFECT SHORT-TERM","body":"Alan Sinai, chief economist of Shearson\nLehman Brothers Inc, said news that Federal Reserve Chairman\nPaul Volcker declined to accept reappointment would have only a\nshort-term effect on financial markets.\n \"The markets should not go into a panic,\" Sinai told a\nfixed-income conference in New York sponsored by the Institute\nfor International Research.\n Sinai said he thought that Volcker was one of the best Fed\ngovernors in the country's history. Still, he predicted that\nthe markets would calm after today's tremors.\n Alan Greenspan has been nominated to replace Volcker.\n Reuter\n\u0003","date":" 2-JUN-1987 11:24:48.49","places":["usa"]},"18059":{"title":"PERRY DRUG STORES <PDS> NAMES NEW PRESIDENT","body":"Perry Drug Stores Inc said it has\nelected David Schwartz as president and chief executive\nofficer, effective immediately.\n Perry said Schwartz, who will also serve on the board,\nreplaced Donald Fox, who resigned January 12.\n Previously, Schwartz was vice president of drug and general\nmerchandise for Kroger Co <KR>, Perry said.\n Reuter\n\u0003","date":" 2-JUN-1987 11:25:21.16","places":["usa"]},"18060":{"title":"MICRO D <MCRD.O> IN AGREEMENT WITH ZENITH <ZE>","body":"Zenith Electronics Corp said its\ncomputer subsidiary signed an agreement under which Micro D Inc\nwill market the new Zenith Data Systems monitor, which uses the\nflat tension mask color video display.\n The monitor offers more than 50 pct greater brightness and\ncontrast performance than conventional high-revolution computer\nmonitors, Zenith said. It is compatible with the new IBM\nPersonal System/2 computers and will be available later this\nsummer.\n Reuter\n\u0003","date":" 2-JUN-1987 11:25:35.88","places":["usa"]},"18061":{"title":"TURKISH TRADE DEFICIT WIDENS IN APRIL","body":"Turkey's trade deficit widened to 382 mln\ndlrs in April from 275 mln in March and 273 mln in April 1986,\nthe State Statistics Institute said.\n The deficit for the first quarter of 1987 widened to 1.23\nbillion dlrs from 1.20 billion a year earlier.\n April exports totalled 702 mln dlrs compared with imports\nof 1.08 billion.\n Exports in the first four months were worth 2.69 billion\ndlrs compared with imports of 3.92 billion.\n REUTER\n\u0003","date":" 2-JUN-1987 11:25:47.87","topics":["trade"],"places":["turkey"]},"18062":{"title":"UNITED FINANCIAL BANKING <UFBC.O> 1ST QTR NET","body":"Shr four cts vs 21 cts\n Net 29,862 vs 152,826\n NOTE: Full name is United Financial Banking Cos Inc. Net\nincludes loan loss provision nil vs 40,000 dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 11:25:57.77","topics":["earn"],"places":["usa"]},"18063":{"title":"DREYFUS <DRY> INTRODUCES STOCK INDEX FUND","body":"Dreyfus Corp said it introduced a stock\nindex mutual fund designed primarily for use by bank trust\ndepartments in managing their corporate pension accounts.\n Dreyfus said the fund is keyed to matching the performance\nof Standard and Poor's 500 Composite Stock Price Index, and in\naddition to purchasing stock of the S and P index, the fund may\nalso deal in index futures.\n The company said the fund will be managed by <Wells Fargo\nInvestment Advisors>.\n Minimum investment requirement is one mln dlrs, the company\nsaid.\n Reuter\n\u0003","date":" 2-JUN-1987 11:26:37.03","places":["usa"]},"18064":{"title":"SEN DOLE SAYS GREENSPAN WILL BE GOOD FED CHAIRMAN","body":"Senate Republican Leader Robert Dole\nof Kansas said Alan Greenspan would be a good replacement for\nPaul Volcker as Federal Reserve Chairman.\n \"While Paul Volcker's retirement is a real loss, this\ncountry is very fortunate to have a man of Alan Greenspan's\ncaliber to take his place,\" Dole said in a statement.\n \"Alan's knowledge of the economy, coupled with his\nexperience at the top levels of government, means that the\nleadership of the Federal Reserve Board will be in good hands.\nAlan, literally, has some big shoes to fill. But I haven't any\ndoubts he's more than equal to the task,\" Dole said.\n Reuter\n\u0003","date":" 2-JUN-1987 11:27:37.15","places":["usa"]},"18065":{"title":"BROWN GROUP INC <BG> 1ST QTR MAY 2 NET","body":"Shr 56 cts vs 42 cts\n Net 10,030,000 vs 7,833,000\n Sales 392.1 mln vs 339.6 mln\n Avg shrs 17,966,000 vs 18,709,000\n Reuter\n\u0003","date":" 2-JUN-1987 11:27:45.10","topics":["earn"],"places":["usa"]},"18066":{"title":"U.S. ENERGY SECRETARY SEES HIGHER OIL PRICES","body":"Energy Secretary Donald Hodel said he\nexpects oil prices to rise significantly by the year 2000,\nprobably to around 33 dlrs a barrel in current dollars.\n \"I do anticipate a significant increase (by 2000).\nThirty-three dlrs a barrel is not unreasonable,\" Hodel told the\nSenate Energy Committee.\n Hodel said the loss of some domestic oil production through\nthe shutdown of stripper (10 barrels a day or less) wells\nbecause of low prices was probably permanent. He said he was\nalso concerned by the decline in domestic oil exploration.\n Hodel urged Congress to approve oil exploration in section\n1002 of the Arctic National Wildlife Refuge in Alaska. He said\ngeologic condtions in the area were favorable for the discovery\nof oil fields equal to those in nearby Prudhoe Bay.\n Reuter\n\u0003","date":" 2-JUN-1987 11:28:11.97","topics":["crude"],"places":["usa"]},"18067":{"title":"MUTUAL OF OMAHA INTEREST SHARES INC <MUO> PAYOUT","body":"Qtly div 36 cts vs 36 cts prior\n Payable July 1\n Record June 12\n Reuter\n\u0003","date":" 2-JUN-1987 11:28:46.97","places":["usa"]},"18068":{"title":"NORTHWEST TELEPRODUCTIONS <NWTL.O> 4TH QTR NET","body":"Shr 15 cts vs 16 cts\n Net 239,034 vs 264,485\n Sales 2,932,782 vs 2,664,853\n Year\n Shr 57 cts vs 45 cts\n Net 929,524 vs 741,121\n Sales 10.9 mln vs 9,708,792\n \n Reuter\n\u0003","date":" 2-JUN-1987 11:29:35.72","topics":["earn"],"places":["usa"]},"18069":{"title":"U.S. JUDGE SAYS TO DECIDE BURLINGTON REQUEST FOR SAMJENS INJUNCTION IN \"FEW DAYS\"\n","date":" 2-JUN-1987 11:31:07.63"},"18070":{"title":"TREASURY'S BAKER SAYS G-7 AGREE ON POLICY COORDINATION PROCESS\n","date":" 2-JUN-1987 11:33:58.10"},"18071":{"title":"JUDGE TO DECIDE BURLINGTON <BUR> IN SEVERAL DAYS","body":"U.S. District Court Judge Eugene\nA. Gordon said he will decide \"in the next few days\" whether to\ngrant Burlington Industries Inc's request to stop a takeover by\nSamjens Acquisition Corp.\n \"I do not know how I come down on this preliminary\ninjunction,\" Gordon said after listening to arguments by\nattorneys for 1-1/2 days.\n \"It's been a long time since I was deluged with as much\ninformation as I have been. I have to consider what's been\npresented and issue an opinion on this. Both sides cannot be\nwinners,\" he said.\n Burlington requested the injunction to stop a takeover\neffort by Samjens, claiming the partnership used illegally\nobtained confidential information about the company to make its\noffer. It also alleges there would be anti-trust violations if\nSamjens, formed by Asher Edelman and Dominion Textiles Inc of\nCanada, were to succeed.\n Samjens last week topped a 76 dlr per share offer for\nBurlington from Morgan Stanley Group <MS> by one dlr per share.\nMorgan Stanley made its 2.44 billion dlr bid after Samjens bid\n72 dlrs per share for Burlington.\n Burlington lawyers told the court if the injunction is not\ngranted Samjens would win control of Burlington. A Samjens\nlawyer argued that if the judge granted the injunction it would\n\"kill the offer\"\n Jay Greenfield, an attorney for Samjens, said the\npartnership would suffer irreparable harm if the injunction\nwere granted. \"There's only one Burlington,\" he said. \"If we\ncannot get that then no amount of money can compensate us.\"\n Greenfield also said Samjens could sell its holdings in\nBurlington for 95 mln dlrs. \"We don't want that. We're not in\nthis for the money,\" he said.\n Irving Nathan, a Burlington lawyer, reiterated that\ninformation provided by James Ammeen, a former Burlington\nexecutive, was crucial to Dominion's decision to attempt o\ntakeover of Burlington.\n \"Dominion relied on the information provided by the insider\nJim Ammeen,\" Nathan said.\n An attorney for Ammeen, who is named as a defendant, asked\nthe court to dismiss the lawsuit against his client. The judge\nsaid he would not rule on the request today.\n\n Reuter\n\u0003","date":" 2-JUN-1987 11:37:11.33","topics":["acq"],"places":["usa"]},"18072":{"date":" 2-JUN-1987 11:38:08.50","places":["usa"]},"18073":{"title":"COLECO <CLO> SUBORDINATED DEBT DOWNGRADED BY S/P","body":"Strandard and Poor's Corp said it cut to\nCCC-plus from B-minus Coleco Industries Inc's 300 mln dlrs of\nsubordinated debt.\n The company's implied senior debt rating is B.\n S/P said the action reflected significant deterioration in\ncapital structure and financial flexibility following Coleco's\n111 mln dlr net loss in fiscal 1986. The agency attributed the\nloss to a falloff in sales of Cabbage Patch Kids dolls.\n Coleco had negative equity of 7.7 mln dlrs at year-end\n1986, S/P noted. Future operating performance depends on\nseveral new products with untested earnings potential.\n Reuter\n\u0003","date":" 2-JUN-1987 11:39:04.79","places":["usa"]},"18074":{"title":"U.K.'S LAWSON CALLS VOLCKER OUTSTANDING FED CHAIRMAN, SAYS GREENSPAN EXCELLENT SUCCESSOR\n","date":" 2-JUN-1987 11:39:20.72"},"18075":{"title":"ALLEGIS <AEG> TO SELL CANADIAN HOTELS","body":"Allegis Corp said it has created a\nlimited partnership to sell selected hotels in Canada to the\npublic.\n It said the offering is expected to raise in excess of 350\nmln Canadian dlrs and will be completed by the end of\nSeptember.\n The limited partnership will be similar to the Westin\nHotels limited partnership completed last year when Allegis\nsold Westin hotels in San Francisco and Chicago. Allegis\nreported a pretax gain of 80.6 mln dlrs as a result of that\npartnership.\n \n An Allegis spokesman said the offerings have been in\nplanning stages for a long time and are unrelated to recent\ncorporate developments such as the firm's recapitalization plan\nand a threatened takeover by an investor group lead by Coniston\nPartners and the pilots of its United Airlines unit.\n The spokesman said the company has not yet identified which\nof its Canadian hotels will be offered for sale.\n Allegis has 100 pct ownership in Westin hotels in\nVancouver, Calgary, Ottawa and Toronto, and 100 pct interest in\nHilton International hotels in Toronto and Montreal. It owns 60\npct of the Westin in Edmonton.\n Richard Ferris, chairman of Allegis, said in a statement\nthe hotel limited partnerships allow the company to convert\nunrecognized asset appreciation into cash.\n As with the proceeds from the earlier limited partnership,\nthe money will be used for general corporate needs, the\nspokesman said.\n Merrill Lynch Capital Markets and Wood Gundy will be lead\nunderwriters for to the public offering. The limited\npartnership will be offered outside the U.S, Allegis said.\n Reuter\n\u0003","date":" 2-JUN-1987 11:39:40.91","topics":["acq"],"places":["usa","canada"]},"18076":{"title":"ROYAL BANK OF CANADA 2ND QTR SHR 83 CTS VS 1.05 DLRS\n","date":" 2-JUN-1987 11:41:11.36"},"18077":{"title":"AMERICAN MICRO SIGNS THREE-YEAR SERVICE PACT","body":"<American Micro Technology Co>\nsaid it signed a three-year installation and service agreement\nwith TRW Inc <TRW>.\n Under the agreement, TRW initially will provide on-site\ninstallation and service of AMT's full line of PC compatible\nproducts in a 100-mile radius of 12 major cities, which\nrepresent more than two-thirds of the PC market, American Micro\nsaid.\n The company said the pact allows it to pursue government\nbids which require installation and service support.\n\n Reuter\n\u0003","date":" 2-JUN-1987 11:41:58.82","places":["usa"]},"18078":{"title":"FED SAYS IT SETS TWO DAY MATCHED SALES\n","date":" 2-JUN-1987 11:42:03.66"},"18079":{"title":"RAYCOMM TRANSWORLD <RACM.O> TO MAKE ACQUISITION","body":"Raycomm Transworld Industries Inc\nsaid it has agreed in principle subject to board approvals to\nacquire Spiridellis Consulting Group Inc, a privately-held\ncomputer services consulting firm, for a number of common\nshares to be determined based on pretax earnings of Spiridellis\nover a five-year period.\n The company said it will gaurantee that almost all of the\nissued shares will attain price levels ranging from five to\nnine dlrs each for two years after their issuance.\n It said Spiridellis had revenues of 3,500,000 dlrs in\ncalendar 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 11:42:19.36","topics":["acq"],"places":["usa"]},"18080":{"title":"3M <MMM> ACQUIRES CONTROL DATA <CDA> UNIT","body":"Minnesota Mining and Manufacturing\nsaid it acquired a computerized hospital information systems\nbusiness from Control Data Corp.\n Terms were not disclosed.\n The business, which has 145 employees and supplies\ncomputers and software for hospital information systems, will\nbe integrated into 3M's hospital software business.\n Control Data said the divestiture was part of its strategy\nto focus on narrower markets.\n Reuter\n\u0003","date":" 2-JUN-1987 11:43:10.74","topics":["acq"],"places":["usa"]},"18081":{"title":"MELLON <MEL> SIGNS PACT WITH 21 BANKS","body":"Mellon Bank Corp said it signed\ncontracts with 21 financial institutions to have Mellon's\nnetwork services division process their electronic funds\ntransfer transactions.\n Mellon said it will provide the institutions, all based in\nNew England, with automated teller machines.\n Reuter\n\u0003","date":" 2-JUN-1987 11:43:19.51","places":["usa"]},"18082":{"title":"PHARMACIA <PHAB.O> ESTABLISHES VENTURE FUND","body":"Pharmacia Inc's Pharmacia\nDevelpoment Co Inc said it established Pharmacia Ventures Inc\nto make investments in U.S. growth companies.\n It said investments will be made in such firms as those\nproducing in-vitro diagnostics, biotechnology, ophthalmology\nand health care.\n Reuter\n\u0003","date":" 2-JUN-1987 11:44:02.94","places":["usa"]},"18083":{"title":"PILLSBURY CO <PSY> REGULAR DIVIDEND SET","body":"Qtly div 25 cts vs 25 cts prior\n Pay August 31\n Record August Three\n Reuter\n\u0003","date":" 2-JUN-1987 11:44:07.40","places":["usa"]},"18084":{"title":"GULF AND WESTERN <GW> SEES RECORD FISCAL YEAR","body":"Gulf and Western Inc chairman Martin\nDavis said the company will report record results for the\ncurrent fiscal year.\n In its last fiscal year ending October 31, the company\nearned 228.7 mln dlrs, or 3.66 dlrs a share, on revenues of\n2.093 billion dlrs.\n Earlier the company said its second quarter net rose to 86\ncts a share from 73 cts a year ago. Davis said the company's\nParamount Pictures Corp had strong momentum, and a substantial\ncontribution is anticipated from the company's publishing\noperations in the third and fourth quarter.\n Davis also said steady growth is expected in financial\nservices operations, bolstered by the acquisition in May of\nFruehauf's truck trailer financing and leasing business.\n He said the company's entertainment operations should\nbenefit significantly from Paramount's two major summer motion\npictures, \"Beverly Hills Cop II,\" which grossed 65 mln dlrs in\nits first 12 days of North American distribution, and \"The\nUntouchables,\" which opens June 3.\n Reuter\n\u0003","date":" 2-JUN-1987 11:45:58.79","places":["usa"]},"18085":{"title":"LUKMAN SEES STABLE OIL PRICE FOR NEXT COUPLE YEARS","body":"The current crude oil price of between\n18 and 20 dlrs a barrel will remain stable over the next couple\nof years, rising only one to two dlrs a barrel per annum to\nkeep up with inflation, OPEC President Rilwanu Lukman said.\n Lukman, who was speaking during talks with Swedish trade\nofficials, said the stable price depended upon output restraint\nby both OPEC and non-OPEC oil producers, Swedish government\nofficials said.\n They said Lukman, who is also Nigerian oil minister, made\nthe remarks whilst talking about the connection between Third\nWorld debt and industrialised nations.\n Crude oil output controls did not necessarily mean higher\nenergy bills for the world's industrial nations, Lukman said.\n Although very low oil prices, such as those seen around the\nbeginning of the year, may appear beneficial for the industrial\ncountries that depend on imported energy, they would only lead\nto wastage and overdependence on the fuel in the long term, he\nsaid.\n This in turn would bring a swing back to extremely high\nprices, he added.\n Sweden, heavily dependent on imported oil, suffered a major\ncrisis in the mid-1970s, when oil prices spiralled.\n REUTER\n\u0003","date":" 2-JUN-1987 11:46:57.81","topics":["crude"],"places":["sweden"]},"18086":{"title":"BUNDESBANK CREDIT POLICY CHANGES UNLIKELY","body":"The Bundesbank is unlikely to change\ncredit policies when its central bank council meets on Thursday\nfor its last session before the Venice summit, banking\neconomists and money market dealers said.\n The Bundesbank steered money market rates lower last month\nby cutting the rate on its security repurchase pacts, and is\nunlikely to cap this move with a cut in leading interest rates\nin the near future, they said.\n The council will meet in Saarbruecken, and the meeting will\nbe followed by a news conference at around 1030 GMT.\n But Bundesbank officials noted that a news conference was\nusually called when the council meets outside Frankfurt, and\ndid not necessarily herald any policy moves.\n Bundesbank Vice-President Helmut Schlesinger said today\nthere was no reason to cut interest rates because money supply\ngrowth had shown no signs of slowing in May and the dollar was\nstable against the mark.\n Schlesinger told Reuters in Tokyo, where the Bundesbank has\nopened a representative office, that the West German economy\nwas now picking up after contracting by a seasonally adjusted\n1/2 to one pct in the first quarter.\n Money market dealers said call money was likely to hold in\na 3.50/70 pct range for most of this month, after the\nBundesbank switched last month to tenders by interest rate at a\nminimum bid rate of 3.50 pct, allocating funds at 3.55 pct.\n \"They have set this signal and indicated they could maybe\nlower market rates even further, but not with the discount or\nLombard,\" Winfried Hutmann, chief economist of Schroeder,\nMunchmeyer, Hengst Investment GmbH said.\n Werner Chrobok, managing partner at Bethmann Bank, said\nGerman rates were among the lowest in industrial countries and\naround historical lows for West Germany.\n A further cut in rates would have little impact on the\neconomy as banks are in any case reporting slack credit demand,\nwith companies swimming in liquidity, Chrobok said.\n The Bundesbank would therefore be reluctant to make a move\non interest rates, when this would be better held in reserve.\n\"The Bundesbank is frightened of using up its powder,\" he said.\n A cut in the discount or Lombard rates, to bring them in\nline with the new structure of money market rates since last\nmonth, would have little practical significance, dealers said.\n The Bundesbank could therefore act on these if it wanted a\ndiplomatic gesture before next week's Venice summit.\n But Bundesbank President Karl Otto Poehl has often made it\nclear in the past he opposes such gestures as mere \"eyewash.\"\n Economists said it was really up to the Bonn government to\ncut taxes, rather than for the Bundesbank to ease monetary\npolicy, to meet pressure on West Germany at the Venice summit.\n But with Bonn struggling to finance already announced tax\ncuts and falling tax revenue widening the federal budget\ndeficit, it is hard to see how Bonn could cut taxes further.\n \"The Bonn government will be in a very weak position in\nVenice because they can't risk increasing the deficit further,\"\nsaid Schroeder, Muenchmeyer, Hengst's Hutmann.\n Bethmann's Chrobok said if anything is to happen before\nVenice, it must be in fiscal rather than monetary policy. \"But I\ndon't expect any convincing measures,\" he said.\n Money market dealers noted that call money continued to\nnormalize today, falling to 3.60/70 pct from 3.75/85 yesterday\nand as much as five pct on Friday when it was pushed up by\nmonth-end distortions.\n Call money could come under upwards pressure later this\nmonth because of a major round of tax payments by banks on\nbehalf of customers, starting in the week beginning June 15.\nTwo public holidays that week could also distort the market.\n Dealers said they expected the Bundesbank to allocate funds\ntomorrow in the latest repurchase pact at an unchanged 3.55\npct, after setting an unchanged minimum bid rate of 3.50 pct,\nand to fully replace the 5.5 billion marks in an outgoing pact.\n But dealers said it was possible the Bundesbank would\nallocate funds at 3.6 pct rather than 3.55. That would not\nrepresent a tightening of policy, however.\n Because the Bundesbank scales down bids which it allocates\nat the minimum accepted rate, some banks may try to get a full\nallocation by bidding heavily at 3.6 pct, dealers said.\n On another issue, Poehl has said the Bundesbank is likely\nto lift restrictions on private use of the European Currency\nUnit (ECU) at one of its meetings soon.\n Saarbruecken would be a suitable place for an announcement\non this gesture to European unity, as it is the capital of the\nSaarland bordering France, and was twice under French\noccupation this century.\n But dealers said an ECU announcement was unlikely to come\nthis week, as a number of technical and legal matters had still\nto be resolved, for instance how German ECU accounts would be\ntreated for minimum reserve purposes.\n REUTER\n\u0003","date":" 2-JUN-1987 11:47:07.87","topics":["interest","money-fx"],"places":["west-germany"]},"18087":{"title":"UGANDAN GOODWILL MISSION TO VISIT KENYA","body":"A Ugandan goodwill mission led by\nminister of state in the presidency Balaki Kirya will visit\nKenya tomorrow for talks on improving strained relations\nbetween the two countries, diplomatic sources said.\n If the talks go well, Ugandan President Yoweri Museveni is\nlikely to have a meeting with Kenyan leader Daniel arap Moi\nwhen he pays a two-day visit to Nairobi to attend U.N\nceremonies on Friday and Saturday, they added.\n Relations between the two states showed the first signs of\nrecovery yesterday after three months of steady deterioration.\n The Kenyan President told a military parade there was no\nborder tension with Uganda and the Kenyan border was fully open\nfor cargo movements.\n Reuter\n\u0003","date":" 2-JUN-1987 11:48:00.14","places":["kenya","uganda"]},"18088":{"title":"NEW YORK LIFE OFFERING A GLOBAL MUTUAL FUND","body":"<New York Life Insurance Co> said it is\noffering its first global mutual fund through its wholly-owned\nsubsidiary, MacKay-Shields Financial Corp.\n The new fund is called the MacKay-Shields Global Fund, the\ncompany said. Its portfolio contains foreign and U.S.\nsecurities, the company said.\n \n Reuter\n\u0003","date":" 2-JUN-1987 11:48:33.35","places":["usa"]},"18089":{"title":"SOCIETE GENERALE DEBT RATINGS AFFIRMED BY S/P","body":"Standard and Poor's Corp said it\naffirmed Societe Generale's 1.4 billion dlrs of debt.\n It said Societe Generale took major steps to restructure\nits organization and improve capital position in the past two\nyears. The bank is due to be offered to the public June 15.\n Affirmed were the bank's AA-plus senior debt and AA-minus\nperpetual subordinated debt, the AA-plus debt backed by its\nlong-term letters of credit and Societe Generale (Australia)\nLtd's senior debt. Also, the A-1-plus commercial paper of\nSociete Generale North America Inc and Societe Generale\n(Canada) and the Europaper of Societe General Acceptance NV.\n Reuter\n\u0003","date":" 2-JUN-1987 11:49:53.94","places":["usa"]},"18090":{"title":"BUNDESBANK SOURCES SAY VOLCKER MOVE REGRETTED","body":"The Bundesbank noted with regret that\nPaul Volcker will not be available for a further term as\nFederal Reserve chairman, Bundesbank sources said.\n Cooperation with Volcker was always trusting and successful\nfor many years, the sources said.\n On the other hand the Bundesbank is confident that the good\ncooperation between the Bundesbank and the Fed will continue\nunder the chairmanship of Alan Greenspan, the sources said.\n REUTER\n\u0003","date":" 2-JUN-1987 11:50:01.21","places":["west-germany"]},"18091":{"title":"TREASURY'S BAKER SEES COORDINATION PROCESS","body":"Treasury Secretary James Baker said \nthe finance ministers from the group of seven industrial\ncountries have agreed on a new process for economic\ncoordination. He declined to be specific.\n Meeting with reporters to discuss the upcoming economic\nsummit in Venice, Baker said the finance ministers will unveil\nthe new process, a year in the development, to the heads of\nstate at that meeting.\n Baker said that in cooperation with the other countries,\ndetails will not be made public.\n Baker said the United States hoped to get a new committment\nby the other industrial countries to reduce trade friction over\nagricultural products which he said was the major trade issue\nfacing the global economy.\n He said, however, that it was not expected that any\nspecific new program would come from the meetings.\n Reuter\n\u0003","date":" 2-JUN-1987 11:53:01.24","places":["usa"]},"18092":{"title":"VANCOUVER STOCK EXCHANGE LISTS DIAEM RESOURCES","body":"The Vancouver Stock\nExchange said it has listed the common stock of DiaEm Resources\nLtd <DAE.V>, which has interests in an emerald property in\nNorth Carolina and a diamond property in Indonesia.\n Reuter\n\u0003","date":" 2-JUN-1987 11:53:44.76","places":["canada"]},"18093":{"title":"ALCAN REDUCES COST OF PLANNED SMELTER","body":"Alcan Aluminium Ltd said it has cut the\nexpected cost of its planned Laterriere, Quebec, smelter by\nusing enhanced Grande Baie reduction technology.\n The company said the decision to use prebaked anode\ntechnolgy used at its Grande Baie, Quebec, and Sebree, Ky.,\nsmelters was taken primarily for cost reasons.\n As a result, it said, the estimated total cost of the\nplanned smelter will be held to 450 mln U.S. dlrs, the low end\nof the range estimated in mid-May, while the cost of the first\nphase was cut to 150 mln dlrs from the projected 175-225 mln\ndlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 11:54:05.84","topics":["alum"],"places":["canada"]},"18094":{"title":"ZIM ENERGY <ZIMR.O> REVISES LOSS UPWARD","body":"ZIM Energy Corp said it has revised its\nloss for the year ended January 31 to 4.7 mln dlrs from the\nloss of 3.1 mln dlrs reported in March.\n A spokesman said the larger loss, which has been reported\non the company's 10K filing with the Securities and Exchange\nCommission, reflects management's decision to write off 1.5 mln\ndlrs in costs mainly associated with an unsuccessful merger\nattempt.\n ZIM also said it has a tentative agreement with \"a major\nindependent company to farm out its interest\" in acreage\nlocated near currently producing areas of the Buccaneer Field\nlocated in the Gulf of Mexico offshore Galveston, Texas.\n Reuter\n\u0003","date":" 2-JUN-1987 11:54:49.66","places":["usa"]},"18095":{"title":"GERMAN EXPERTS SAY NO FURTHER ECONOMIC STIMULUS","body":"The West German government's independent\ncouncil of economic experts believes a further stimulation of\nthe economy is inappropriate, government spokesman Friedhelm\nOst said.\n A statement released by Ost after a meeting of Chancellor\nHelmut Kohl and senior government officials with the council\nsaid the experts believed 1987 ecomomic growth of 1-1/2 to two\npct was achievable.\n It added the council believed \"an intensification of the\nalready expansionary stimulation of monetary and financial\npolicy is not called for.\"\n Ost's statement said experts believed further pressure on\nWest Germany to adapt to external economic factors would not\nincrease.\n The government regularly uses the term \"changed external\neconomic factors\" when referring to the fall of the dollar,\nwhich has severely damaged West German exports. Bonn officials\nhave said they expect exports to pick up during the year, but\ncould still fall below the 1986 level.\n Along with other leading industrial countries, West Germany\nagreed to a package of measures at a meeting in Paris in\nFebruary aimed at stemming the fall of the dollar.\n The stance taken by the experts backs up the official\nposition of the West German government ahead of next week's\nseven nation summit in Venice, where Bonn is expected to be\npressed by the U.S. And other partners to boost its economy.\n West German government officials have stressed Bonn is not\nin a position to stimulate growth further since tax cuts due\nnext year and 1990 are already stretching the budget.\n The Bundesbank has also ruled out a quick cut in official\ninterest rates although it sees market rates continuing low.\n The experts' prediction for economic growth this year of\nbetween 1-1/2 and two pct is a slight downward revision from a\nforecast made last November when two pct growth was forecast.\n Many independent forecasters have revised down 1987\npredictions in light of the downturn in exports. The government\nitself has said it expects growth of just under two pct,\ncompared with a 2.4 pct expansion in 1986.\n REUTER\n\u0003","date":" 2-JUN-1987 11:55:00.59","topics":["gnp"],"places":["west-germany"]},"18096":{"title":" ROYAL BANK OF CANADA (RY.TO) 2ND QTR APRIL 30 NET","body":"Shr basic 83 cts vs 1.05 dlrs\n Shr diluted 80 cts vs 96 cts\n Net 116,157,000 vs 125,146,000\n Six mths\n Shr basic 1.71 dlrs vs 2.27 dlrs\n Shr diluted 1.63 dlrs vs 2.06 dlrs\n Net 230,265,000 vs 265,535,000\n Loans 67.93 billion vs 65.50 billion\n Deposits 83.71 billion vs 84.25 billion\n Assets 100.00 billion vs 97.50 billion\n Avg shrs 116.4 mln vs 102.1 mln\n Reuter\n\u0003","date":" 2-JUN-1987 11:55:44.30","topics":["earn"],"places":["canada"]},"18097":{"title":"DUTCH FINANCE MINISTER APPLAUDS NEW FED CHIEF","body":"Dutch Finance Minister Onno Ruding\nwelcomed President Reagan's decision to name economist Alan\nGreenspan as successor to Federal Reserve Board Chairman Paul\nVolcker, who will not serve another term.\n \"The minister feels the choice of Alan Greenspan is an\nexcellent one,\" said a spokesman for Ruding, who also chairs the\nIMF policy making interim committee. He did not elaborate.\n But Ruding expressed regret over Volcker's departure saying\nhe had \"great appreciation for the work he has done all these\nyears,\" the spokesman said.\n REUTER\n\u0003","date":" 2-JUN-1987 11:57:22.29","places":["netherlands"]},"18098":{"title":"SYNERCOM TECHNOLOGY <SYNR.O> EXECUTIVE LEAVES","body":"Synercom Technology Inc said vice\npresident Charles W. Ryle will be leaving the company for\npersonal reasons.\n Reuter\n\u0003","date":" 2-JUN-1987 11:57:34.04","places":["usa"]},"18099":{"title":"EX-USDA OFFICIAL URGES CHICKEN HANDLING LABELS","body":"A former U.S. Agriculture Department\nofficial urged the department to require that packages of\nchicken be labeled with handling and cooking instructions to\nprotect the public from disease.\n Carol Tucker Foreman, President of Foreman and Heidepriem\nand a former assistant secretary of agriculture for food and\nconsumer services, told a House Agriculture subcommittee, \"every\nhour of every day, 22 Americans become victims of chicken\ncontaminated with salmonella.\"\n She said every two and a half weeks, an American dies of\nsalmonellosis or complications arising from it and the\nincidence of poisoning from poultry has increased steadily over\nthe past several years.\n Foreman said USDA should follow a National Academy of\nSciences recommendation to label chicken packages to remind\nconsumers of preparation procedures necessary to avoid illness.\n She urged USDA to require that birds be washed thoroughly\nbefore they are defeathered and that defeathering machines be\ncleaned several times a day, that birds be condemned if their\nintestines are punctured or there is visible fecal\ncontamination and that chiller water be changed more often.\n Kenneth Blaylock, President of the American Federation of\nGovernment Employees, said a poultry industry recommendation to\nmove away from the current bird-by-bird inspection could prove\n\"disastrous.\" He said a strengthened bird-by-bird inspection with\nslower line speeds was the foundation upon which new inspection\ntechniques should be overlaid.\n Reuter\n\u0003","date":" 2-JUN-1987 11:57:55.69","topics":["carcass"],"places":["usa"]},"18100":{"title":"PROXMIRE SAYS VOLCKER RETIREMENT A LOSS FOR U.S.","body":"Senate Banking Committee chairman\nWilliam Proxmire, D-Wis, said Paul Volcker's decision to leave\nthe Federal Reserve Board was a loss for the country.\n \"I think it is a serious loss for the country,\" Proxmire said\nin a Senate speech. He had no comment on the nomination of Alan\nGreespan to replace Volcker.\n Proxmire's committee will hold confirmation hearings on\nGreenspan, but no date has been scheduled.\n \"Mr Volcker has been a superb chairman of the Federal\nReserve Board. He has the confidence of the business community.\nHe has the confidence of the country. And I thought he had the\nconfidence of the Administration. We are going to miss him very\nmuch.\"\n Reuter\n\u0003","date":" 2-JUN-1987 12:00:29.67","places":["usa"]},"18101":{"title":"CENTURY <CCC.O> TO BUY TO PUERTO RICAN CO","body":"Century Communications Corp\nsaid it had entered into an agreement to acquire all the assets\nof <Community Cable Vision of Puerto Rico Associates> and its\nassociated companies for about 12 mln dlrs.\n Century said it anticipates that <ML Media Partners LP>,\nwhich jointly owns with Century a company called <Cable\nTelevision Co> of greater San Juan, will join in acquisition\nand management of Community Cable.\n Century said Community Cable is located in San Juan, Puerto\nRico.\n Reuter\n\u0003","date":" 2-JUN-1987 12:00:59.72","topics":["acq"],"places":["usa"]},"18102":{"title":"ST. GERMAIN REGRETS VOLCKER STEPPING DOWN","body":"House Banking Committee chairman\nFernand St. Germain, a Rhode Island Democrat, said he regretted\nFederal Reserve Board chairman Paul Volcker had decided not to\naccept a new term.\n \"Paul Volcker has been an island of strength and stability,\"\nSt. Germain said in a statement.\n \"I deeply regret his decision,\" he added. \"This nation has\nbeen extremely fortunate in having giants on the scene during\ntimes of crisis. Thank God, Paul Volcker was available during\nthis period of domestic and world economic turmoil,\" St. Germain\nsaid.\n Reuter\n\u0003","date":" 2-JUN-1987 12:03:31.40","places":["usa"]},"18103":{"title":"BBC DECLINES COMMENT ON U.K. POLL RUMOURS","body":"The British Broadcasting Corporation\ndeclined comment on rumours circulating in the London Stock\nExchange that it would release an opinion poll tonight showing\nthe Conservative and Labour parties running level in marginal\nseats. The general election is set for June 11.\n The rumour was cited by several market dealers as a factor\ncontributing to this afternoon's slide in share prices. The\nFTSE 100 share index in late afternoon was down 7.4 points at\n2,220.7, having earlier touched a new record of 2,248.8.\n Nationally, most polls put the Conservatives nine to 10\npoints ahead, enough for a comfortable election victory\n REUTER\n\u0003","date":" 2-JUN-1987 12:05:40.34","places":["uk"]},"18104":{"title":"U.S. WEIGHS LIFTING JAPANESE TRADE CURBS","body":"The White House has completed a new\nreview of Japanese semiconductor trading practices but has not\nyet decided whether trade sanctions levied against Japan last\nApril should be lifted, U.S. officials said.\n They said the president's Economic Policy Council looked at\nJapan's adherence to the 1986 U.S.-Japanese semiconductor pact\nyesterday and that an announcement may be made shortly.\n But there was no hint what the announcement might be.\n Officials have said the 100 pct tariffs on 300 mln dlrs of\nJapanese exports could be modified if Japan was found to be\nhonoring a portion of its semiconductor pact.\n But they also noted that the White House has said it was\nunlikely the tariffs would be lifted before the meeting of the\nworld's seven major economic powers in Venice on June 8-10.\n The officials added that while the curbs complicated\nU.S.-Japanese economic cooperation, they did serve to blunt \nCongressional criticism that the Reagan Administrtation was not\ntaking tough actions to reduce he U.S. trade deficit.\n Reagan imposed the sanctions on April 17 in retaliation for\nJapan's failure to honor commitments to end dumping\nsemiconductors in world markets at less than production costs\nand to open its own market to U.S. goods.\n The sanctions were levied on certain Japanese television\nsets, personal computers and hand-held power tools.\n Reagan, in imposing the curbs, said they would be lifted as\nsoon as there was evidence of a pattern that Japan was adhering\nto the pact.\n reuter\n\u0003","date":" 2-JUN-1987 12:06:16.12","topics":["trade"],"places":["usa","japan"]},"18105":{"title":"CSFB ECONOMIST SAYS VOCLKER'S RESIGNATION A SHOCK","body":"The decision by Paul Volcker not to serve\na third term as chairman of the U.S. Federal Reserve Board is a\nshock for financial markets and the world economy, Hans Mast,\nsenior economic adviser to Credit Suisse First Boston, said.\n \"The markets will believe there will be pressure for a more\nexpansive policy (in the United States),\" he said.\n \"I would say this is quite a shock for the world economy,\" he\nadded. \"He always stood for an anti-inflationary policy and\ntight fiscal discipline. He was one of the best central bankers\nAmerica has had.\"\n Mast said the markets would now be trying to assess what\nsort of direction the Fed would be taking under Alan Greenspan,\ndesignated to succeed Volcker.\n \"Greenspan is more of a politician than an academician, but\nthe most important thing is that he has little experience in\nbanking,\" Mast said.\n Greenspan's first comments on being named were that the\ndollar appeared to have bottomed out, but Mast said that\nconviction would have to be backed by policy. \"How can you say\nthe dollar has bottomed out with the present level of current\naccount deficits?\" he said. \"I would be sceptical.\"\n Reuter\n\u0003","date":" 2-JUN-1987 12:06:45.18","places":["switzerland"]},"18106":{"title":"U.S. HOUSE SPEAKER WRIGHT CONCERNED of INTEREST RATE RISE UNDER GREENSPAN\n","date":" 2-JUN-1987 12:06:51.27","topics":["interest"]},"18107":{"title":"LAWSON SAYS VOLCKER OUSTANDING FED CHAIRMAN","body":"U.K. Chancellor of the Exchequer Nigel\nLawson said Paul Volcker has been an outstanding Chairman of\nthe Federal Reserve and he will be greatly missed, a spokesman\nfor the U.K. Treasury said.\n The spokesman was relaying Lawson's reaction to news that\nVolcker will not be seeking a third term as chairman. Lawson is\ncampaigning in London ahead of the June 11 general election.\n Lawson also said he thought Alan Greenspan an excellent\nchoice as Volcker's successor and that he sees no reason to\nexpect a change in policy.\n Reuter\n\u0003","date":" 2-JUN-1987 12:09:48.02","places":["uk"]},"18108":{"title":"ENERGY SECRETARY SEES HIGHER OIL PRICES","body":"Energy Secretary Donald Hodel said he\nexpects oil prices to rise significantly by the year 2000,\nprobably to around 33 dlrs a barrel in current dollars.\n \"I do anticipate a significant increase (by 2000).\nThirty-three dlrs a barrel is not unreasonable,\" Hodel told the\nSenate Energy Committee.\n Hodel said the loss of some domestic oil production through\nthe shutdown of stripper (10 barrels a day or less) wells\nbecause of low prices was probably permanent. He said he was\nalso concerned by the decline in domestic oil exploration.\n Hodel urged Congress to approve oil exploration in section\n1002 of the Arctic National Wildlife Refuge in Alaska. He said\ngeologic condtions in the area were favorable for the discovery\nof oil fields equal to those in nearby Prudhoe Bay.\n \"The area could contain potentially recoverable oil\nresources of more than 9.2 billion barrels, an amount nearly\nequal to the Prudhoe Bay oil field, which currently provides\nalmost one-fifth of U.S. domestic production,\" Hodel said.\n He said production from the new section could begin about\nthe time Prudhoe Bay production begins to decline in 2000\nwithout endangering caribou or other wildlife in the area.\n Reuter\n\u0003","date":" 2-JUN-1987 12:11:51.59","topics":["crude"],"places":["usa"]},"18109":{"title":"DANISH RESERVES RISE 10.5 BILLION CROWNS IN MAY","body":"Denmark's net official reserves rose\nto 60.629 billion crowns in May from 48.380 billion in April,\nagainst 39.481 billion in May 1986, the Central Bank said in\nits 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 58.373 billion crowns in May from 47.835\nbillion in April, against 32.443 billion in May 1986.\n The Bank said in a statement that public loan transactions\naccounted for net capital import of 0.1 billion crowns in May,\nwith net registered private capital imports of 9.1 billion.\n \"Of this, the net sale of Danish crown bonds to other\ncountries totalled about 2.5 billion crowns. There was balance\nbetween the purchase and sale of foreign securities,\" the\nstatement added.\n The Central Bank said that figures for private bank\nreserves and registered capital movements were provisional and\nthere was no estimate yet of unregistered movements.\n \"It is therefore not possible on this basis to draw\nconclusions about the developments of the external current\naccount,\" the statement added.\n REUTER\n\u0003","date":" 2-JUN-1987 12:16:29.82","topics":["reserves"],"places":["denmark"]},"18110":{"title":"AFRICAN DEVELOPMENT BANK SEEKS COFFEE COOPERATION","body":"The African Development Bank (ADB) is\nseeking a broad-based cooperation agreement with the 25-member\nInter African Coffee Organisation (IACO), based in Abidjan.\n ADB secretary general Koffi Dei-Anang told a news\nconference he hoped the bank's governors would approve such an\nagreement at the ADB annual general meeting next week in Cairo.\nThe bank is seeking cooperative agreements with various\ninternational organisations including IACO, he said.\n Dei-Anang said the ADB and IACO could cooperate on all\nfronts and an exchange of information would enable them to\nidentify areas where the bank might help the coffee industry.\n Reuter\n\u0003","date":" 2-JUN-1987 12:19:05.93","organisations":["adb-africa"],"places":["ivory-coast"]},"18111":{"title":"STEWART <STEW.O> SELLS PLANT TO SARA LEE <SLE>","body":"Stewart Sandwiches Inc said it has\nsold its coffee roasting plant to Sara Lee Corp's Superior\nCoffee and Foods subsidiary for undisclosed terms.\n The company said Superior will become the exclusive packer\nof Squire labeled coffee products, which are marketed by\nStewart, and Stewart will provide equipment, service and\ndistribution suppoort for some Superior coffee accounts.\n Reuter\n\u0003","date":" 2-JUN-1987 12:19:36.34","topics":["acq"],"places":["usa"]},"18112":{"title":"TANDY <TAN> DEBT MAY BE UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nmay upgrade Tandy Corp's 175 mln dlrs of long-term debt.\n The agency said the review would focus on Tandy's capacity\nto sustain its current earnings recovery and on the company's\nability to further improve its cash flow performance by greater\noperating efficiencies.\n Moody's said it would also evaluate Tandy's capital\nstructure. That structure has changed significantly as a result\nof the retirement of about 250 mln dlrs of debt in the past\nyear. Under review are Tandy's A-3 senior debt and Baa-1\nsubordinated debt.\n Reuter\n\u0003","date":" 2-JUN-1987 12:19:52.98","places":["usa"]},"18113":{"title":"GATEWAY <GWAY.O> CUTS ADAPTER CARD COST 25 PCT","body":"Gateway Communications Inc said it\nreduced the price of its G/NET network adapter card 25 pct to\n395 dlrs from 525 dlrs.\n Gateway said the local area network (LAN) market has become\nvery popular in the computer industry, and said LAN suppliers\nare finding end users more receptive to and demanding of LAN\ntechnology.\n Reuter\n\u0003","date":" 2-JUN-1987 12:20:14.67","places":["usa"]},"18114":{"title":"SECURITY BANCORP <SECB.O> MERGES TWO UNITS","body":"Security Bancorp Inc said it has\nmerged its Security Bank of Almont unit into its Security Bank\nNortheast unit.\n Reuter\n\u0003","date":" 2-JUN-1987 12:20:18.62","places":["usa"]},"18115":{"title":"LOPAT INDUSTRIES <LPAT.O> HAS PROFITABLE MONTH","body":"Lopat Industries Inc said it had\nits first profitable month of operations in May, earning 47,900\ndlrs on revenues of 162,200 dlrs.\n Lopat said \"The May results signal the start of profitable\noperations and growing revenues over the balance of the year.\"\n Reuter\n\u0003","date":" 2-JUN-1987 12:20:23.70","places":["usa"]},"18116":{"title":"SPARTECH <SPTN.O> MAY BUY 10 PCT OF ITS STOCK","body":"Spartech Corp said it will repurchase\nup to 10 pct of its 2.6 mln common shares outstanding.\n The company said it believes the common stock is\nundervalued at current prices.\n Reuter\n\u0003","date":" 2-JUN-1987 12:20:57.30","places":["usa"]},"18117":{"title":"G AND W <GW> NAMES PENNZOIL'S LIEDTKE TO BOARD","body":"Gulf and Western Inc said it named\nPennzoil Co <PZL> chairman and chief executive officer J. Hugh\nLiedtke to its board, expanding the number of directors from 14\nto 15.\n It is the first outside board appointment for Liedtke,\nwhose company is involved in a 10.3 billion dlr legal dispute\nwith Texaco Inc <TX>.\n \"Mr Liedtke is an outstanding addition to our board,\" said\nGulf and Western chairman Martin Davis. \"He has demonstated\nbroad business judgment and insight in directing the success of\nhis company and we look forward to his advice and counsel.\"\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:13.67","places":["usa"]},"18118":{"title":"IMMUNOMEDICS <IMMU.O> HAS NEW LINKER TECHNOLOGY","body":"Immunomedics Inc said it has\ndeveloped a technology that makes it possible to join chemical\nmolecules to antibodies in a more selective manner than now\npossible.\n It said it has filed a patent application, which is\nexpected to be issued shortly as a patent for the technology.\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:18.45","places":["usa"]},"18119":{"title":"WHARF RESOURCES <WFRA.O> SETS DEAL WITH NEVARD","body":"Wharf Resources Ltd said it has\nreached a verbal agreement with <Nevada Packard> for a joint\nventure to explore, evaluate and produce the Nevada precious\nmetal property near Lovelock, Nev.\n Wharf said it wil receive an exclusive option to update an\nexisting feasibility study and evaluate a production decision.\n Subject to completion of necessary documentation, Wharf\nsaid it expects work on the Nevada property to begin\nimmediately.\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:24.87","places":["canada"]},"18120":{"title":"AEP INDUSTRIES INC <AEPI.O> 2ND QTR APRIL 30","body":"Shr 21 cts vs 11 cts\n Net 638,000 vs 340,000\n Sales 16.9 mln vs 14.7 mln\n Avg shrs 3,007,048 vs 3,006,250\n 1st half\n Shr 41 cts vs 41 cts\n Net 1,224,000 vs 1,142,000\n Sales 31.1 mln vs 29.8 mln\n Avg shrs 3,006,704 vs 2,757,631\n NOTE: Current year net both periods includes nonrecurring\ngain 213,000 dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:29.34","topics":["earn"],"places":["usa"]},"18121":{"title":"HADRON <HDRN.O> GETS CUSTOMS SERVICE CONTRACT","body":"Hadron Inc said it has received a\nthree-year one mln dlr contract from the U.S. Customs Service\nto provide technical and managerial support to Customs'\nresearch and development division.\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:35.61","places":["usa"]},"18122":{"title":"MFS MULTIMARKET INCOME TRUST SETS DIVIDEND","body":"Mthly div 10-1/4 cts vs 10-1/4 cts prior\n Pay June 26\n Record June 12\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:38.36","places":["usa"]},"18123":{"title":"JIM WALTER CORP <JWC> SETS REGULAR PAYOUT","body":"Qtrly 35 cts vs 35 cts\n Pay July One\n Record June 15\n Note: payment is based on pre- five-for-four stock split\nbasis, which is to be distributed July 12 to stockholders of\nrecord June 15.\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:43.02","places":["usa"]},"18124":{"title":"HUDSON GENERAL CORP <HGC> SETS DIVIDEND","body":"Semi div 20 cts vs 20 cts prior\n Pay July One\n Record June 17\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:46.96","places":["usa"]},"18125":{"title":"GULF AND WESTERN INC <GW> SETS QUARTERLY PAYOUT","body":"Qtly div 30 cts vs 30 cts\n Pay July one\n Record June 12\n Reuter\n\u0003","date":" 2-JUN-1987 12:21:51.37","places":["usa"]},"18126":{"title":"ITALIAN ECONOMISTS REGRET VOLCKER DECISION","body":"Leading Italian economists said they\nregretted Paul Volcker's decision not to serve another term as\nchairman of the Federal Reserve Board.\n Luigi Spaventa, Professor of Economics at Rome University,\ntold Reuters he thought the decision was a great loss to the\nworld's financial markets.\n \"He (Volcker) was an element of reliability and stability\naround world financial markets, a man of great experience,\nbalance and equilibrium,\" Spaventa said.\n Spaventa said it was difficult to gauge immediately what\nVolcker's decision might mean for the dollar, but he noted that\nthe markets seemed to like Volcker.\n Mario Monti, Director of the Institute of Economics at\nMilan's Bocconi University, told Reuters that \"whoever succeeds\nVolcker would face a formidable task because no central banker\nhas ever given such credibility to monetary policy and fighting\ninflation.\"\n Monti said Alan Greenspan, who has been nominated to take\nover from Volcker, was likely to pursue \"a rigorous monetary\npolicy to demonstrate to the markets that there will be no loss\nof credibility.\"\n Officials at the Bank of Italy and the Italian Treasury had\nno comment on Volcker's decision.\n REUTER\n\u0003","date":" 2-JUN-1987 12:28:13.27","places":["italy"]},"18127":{"title":"TRACOR <TRR> SEES BETTER YEAR","body":"Tracor Inc chief executive officer Frank\nMcBee said 1987 earnings will be signficantly better than the\n18.8 mln dlrs, or 97 cts per share, achieved in 1986.\n McBee told Reuters before an analysts meeting that he was\ncomfortable with estimates by some analysts' that per share\nearnings will rise to 1.55 dlrs to 1.60 dlrs per share in 1987.\n He said also results in the second quarter ending June 30\nshould be ahead of last year. First quarter net income fell 7.3\nmln dlrs, or 37 cts per share, from 7.4 mln dlrs, or 38 cts per\nshare, a year ago.\n \n Chief operating officer Bud Baird said Tracor expects to\nannounce several contracts in the second quarter.\n Reuter\n\u0003","date":" 2-JUN-1987 12:29:20.25","places":["usa"]},"18128":{"title":"TIGHT FAR EAST FREIGHT SPACE HITS SUGAR MARKET","body":"The Far Eastern sugar market is being hit\nby a tightening in available nearby freight space needed to\nmove raw sugar to various destinations, notably from Thailand,\ntraders said.\n This has resulted in a hardening of freight rates in those\nareas. These are now being quoted between 12.5 and 17.5 dlrs a\ntonne per day, depending on shipment and destination, against\nrecent fixings below 12 dlrs a tonne.\n Charterers are considering combining contracted shipments\nbecause of inadequate space, shipping sources said, noting 13\nraws cargoes are awaiting shipment from various ports.\n A cargo of Thai raw sugar was reported traded at basis July\nNew York futures less 25 points for June/July 15 shipment,\ntraders said. But others said this was old business.\n Reuter\n\u0003","date":" 2-JUN-1987 12:31:20.57","topics":["ship","sugar"],"places":["uk","thailand"]},"18129":{"title":"AZT SUPRESSES DISEASES BESIDES AIDS, RESEARCHERS","body":"Scientists reported that AZT, a\ncompound found useful in fighting AIDS, can also suppress a\nwide range of diseases, including certain types of leukemia.\n A paper on AZT, presented at the Third International\nConference on Acquired Immune Deficiency Syndrome by Cancer\nInstitute researcher Hiroaki Mitsuya, said, \"we now report that\nthe dideoxynucleosides, including AZT, can suppress a wide\nrange of human and animal retroviruses in vitro (in test\ntubes).\"\n Among those he cited were human T-cell leukemia virus-I\nwhich causes a number of diseases including leukemia,\nimmunodeficiencies and neuorological disorders. AIDS is caused\nby a retrovirus.\n AZT is made by Burroughs Wellcome Co, the U.S. subsidiary\nof the British Wellcome Plc <WELL.L>.\n Mitsuya is a member of a team of American and Japanese\nresearchers at the National Cancer Institute that made the\noriginal discovery last year that AZT prolonged the life of\ndying AIDS patients.\n Reuter\n\u0003","date":" 2-JUN-1987 12:32:25.46","places":["usa"]},"18130":{"title":"U.S. SPEAKER FEARS HIGHER RATES UNDER GREENSPAN","body":"U.S. House Speaker Jim Wright said he\nwas concerned that the appointment of Alan Greenspan to succeed\nPaul Volcker at the Federal Reserve Board would mean interest\nrates would rise.\n Speaking to reporters, the Texas Democrat said that based\nof Greenspan's tenure as chairman of President Nixon's Council\nof Economic Advisers his policies would mean higher rates.\n \"His previous service indicates the kind of economic\npolicies based on the trickle down theory rather than the\npercolate up theory. This theory tends to higher interest\nrates,\" Wright said.\n Wright told reporters he would not have chosen Greenspan to\nhead the Fed, but he declined to name his preference. \"It would\nbe someone whose primary interest is in keeping interest rates\nlow. That is the national interest,\" he said.\n His main concern was that high interest rates have slowed\neconomic growth and held down the number of new jobs. The\nUnited States needs \"to reduce the level of interest rates so\nthis economy can get oxygen and breathe,\" Wright said.\n Wright said he had not talked with Greenspan about the\nappointment.\n Asked to rate Volcker's tenure, he replied, \"Long.\"\n Reuter\n\u0003","date":" 2-JUN-1987 12:36:21.67","places":["usa"]},"18131":{"title":"U.K. MERCHANT BANKS TO JOIN TOKYO EXCHANGE IN 1988","body":"Chancellor of the Exchequer Nigel Lawson\nsaid satisfactory progress has been made in talks with Japan\nthat would lead to membership of the Tokyo Stock Exchange for\nthree British merchant banks next year.\n Following weekend talks here between Japanese and British\nofficials Lawson told reporters \"we have achieved our objective.\"\n The three applicants, <Baring Brothers and Co Ltd>,\n<J.Henry Wagg and Co Ltd> and Kleinwort Benson Lonsdale Plc\n<KSLL.L>, would join \"when the Stock Exchange has been extended,\"\nhe said.\n The TSE has said this will be completed in May 1988. It has\nrepeatedly said it cannot accommodate any new members until\nthen because of limited space on its trading floor.\n During a visit to Tokyo in April, U.K. Corporate Affairs\nMinister Michael Howard presented Japanese officials with what\nhe called a non-negotiable timetable for granting the three\nBritish securities companies TSE membership.\n Howard said Britain expected a favourable response at last\nweekend's meeting and wanted the firms to be made members\nbefore next May. If Tokyo failed to act, Britain was ready to\nretaliate against Japanese financial groups in London, he\nadded.\n Last month the Tokyo Stock Exchange announced plans to set\nup a special committee to study the membership question.\n The committee is due to produce a report by the autumn.\nThis would allow the TSE to announce formally by the end of the\nyear who will be granted membership, although the companies\nchosen would not be able to start trading until May.\n REUTER\n\u0003","date":" 2-JUN-1987 12:38:28.35","places":["uk","japan"]},"18132":{"title":"STOLTENBERG PRAISES FED'S VOLCKER","body":"Finance Minster Gerhard Stoltenberg praised\nthe excellent leadership of Federal Reserve Board Chairman Paul\nVolcker whom the White House said will not be standing for a\nthird term when his current period in office expires.\n \"Paul Volcker will go down in U.S. History as one of the\nimportant chairmen of the Federal Reserve Board. By his\nexcellent leadership he has also won our great respect,\"\nStoltenberg said in a Finance Ministry statement.\n The minister described Volcker's successor, economist Alan\nGreenspan, as an experienced and capable man and wished him all\nthe best in his new role.\n REUTER\n\u0003","date":" 2-JUN-1987 12:39:19.69","places":["west-germany"]},"18133":{"title":"MOODY'S UPGRADES BELL ATLANTIC'S <BEL> N.J. BELL","body":"Moody's Investors Service Inc said it\nraised to Aaa from Aa-1 about 1.4 billion dlrs of senior\nunsecured debentures of New Jersey Bell Telephone Co, a unit of\nBell Atlantic Corp.\n The agency said it believes that New Jersey Bell will\nsustain strong earnings and interest coverage. The company\nshould continue to benefit from constructive regulatory\ntreatment as well as from the state's healthy economy.\n Moody's noted that the unemployment rate in New Jersey is\namong the lowest in the country. The state is moving rapidly to\na higher growth, service industry based economy, it added.\n Reuter\n\u0003","date":" 2-JUN-1987 12:40:14.55","places":["usa"]},"18134":{"title":"HF AHMANSON <AHM> ESTIMATES CUT BY GOLDMAN SACHS","body":"The stock of HF Ahmanson and Co fell\nsharply after analyst Robert Hottensen of Goldman Sachs and Co\ncut his earnings estimates of the savings and loan, traders\nsaid.\n Ahmanson's stock fell 1-1/8 to 20-1/8 in active trading.\n Hottensen was unavailable for comment, but a spokeswoman\nfor Goldman Sachs said the reason for the reduction in earnings\nestimates is the decline in demand for mortgage loans as\ninterest rates move higher. Mortgage rates moved to double\ndigits in april for the first time since last summer.\n The Goldman spokeswoman said that sales of adjustable rate\nmortgages was a significant factor in Hottensen's original\nearnings estimates.\n Last year, when the company's net income was 3.22 dlrs a\nshare, Ahmanson generated more than half of its 541 mln dlrs of\npretax income from gains on loan sales, the spokeswoman said.\n She said the reduction in earnings estimates to 2.60 dlrs a\nshare in 1987 from a previous estimate of 3.30 dlrs, reflects\nless optimism with the mortgage loan environment.\n In the present environment for mortgages, the spokeswoman\nsaid, Ahmanson's second quarter earnings should drop to 45 cts\na share from last year's 80 cts a share.\n Hottnesen expects the savings and loan to earn between 2.90\ndlrs and 3.10 dlrs a share in 1988. he had previously estimated\nearnings of 3.30 dlrs a share in 1988.\n Reuter\n\u0003","date":" 2-JUN-1987 12:40:24.92","places":["usa"]},"18135":{"title":"NCNB <NCB> TO MERGE WITH (CENTRABANK)","body":"NCNB Corp said the board of\ngovernors of the Federal Reserve System approved its\napplication to merge with (CentraBank Inc) of Baltimore,\nexpected to be completed July 1.\n The company said the board's approval included the\ndismissal of a protest by the Baltimore-based Maryland Alliance\nfor Responsible Investing against NCNB's performance under the\nCommunity Reinvestment Act.\n \n The company said Maryland Alliance wanted the merger\nblocked on the grounds that NCNB inadequately served the credit\nand financial needs of low-income and minority communities in\nits markets.\n The company said it denied the claim.\n \n Reuter\n\u0003","date":" 2-JUN-1987 12:44:15.26","topics":["acq"],"places":["usa"]},"18136":{"title":"LEUTWILER WANTS FIRMER MARK AGAINST SFR","body":"Fritz Leutwiler, chairman of\nBBC AG Brown Boveri und Cie and a former Swiss National Bank\npresident, urged the National Bank to declare its intent of\nachieving a rising rate for the mark against the Swiss franc.\n In a speech to shareholders, Leutwiler said, \"A gradually\nrising rate for the mark in relation to the franc would be\ndesirable from the standpoint of industrial exports and with\nregard to sustaining Swiss industry.\"\n \"Simply an appropriate declaration of intent by our bank of\nissue (Swiss National Bank) could have a positive effect,\" he\nsaid.\n Leutwiler, who served 10 years as head of the Swiss central\nbank, said such a step would not contradict the National Bank's\ntarget of monetary stability.\n \"Bringing the franc close to the mark would, of course, have\nto be done step by step under the watchful eye of monetary\npolicy,\" he told shareholders. \"Realistically there is in fact no\npersuasive reason why the German currency is quoted almost 20\npct lower than the Swiss.\"\n A National Bank spokesman said the relation of the mark and\nSwiss franc was an example of stable currency parities over a\nlong period of time.\n The spokesman said exchange rates were made by the market,\nnot the central bank, and it would be impossible to influence\nindividual parities separately.\n Leutwiler said the Swiss National Bank could not support\nthe value of the dollar, even in conjunction with other central\nbanks, without putting monetary stability in jeopardy.\n \"I would be the last to recommend that. The key to a\nstronger dollar lies in the United States itself,\" Leutwiler\nsaid.\n REUTER\n\u0003","date":" 2-JUN-1987 12:45:17.75","topics":["money-fx","sfr","dmk"],"places":["switzerland"]},"18137":{"title":"TENNECO <TGT> UNIT STARTS SERVING PPG <PPG>","body":"Tenneco Inc said its Tenngasco Corp\nsubsidiary has started delivering up to 40 mln cubic feet per\nday of natural gas to PPG Industries Inc in Lake Charles,\nLouisiana, under a 10-year firm supply contract.\n Reuter\n\u0003","date":" 2-JUN-1987 12:53:18.45","places":["usa"]},"18138":{"title":"SPECTRA-PHYSICS <SPY> MULLS SALE, RESTRUCTURE","body":"Spectra-Physics Inc said it is\nconsidering the possibility of recapitalizing, restructuring,\nor seeking a buyer for the company following its rejection of\nan unsolicitied 32 dlr a share bid from Ciba-Geigy Corp.\n In a filing with the Securities and Exchange Commission,\nthe San Jose, Calif., gas lasers and accessories company also\nsaid its board Sunday agreed to a plan that gives 52 top\nexecutives bonuses ranging from 20 to 50 pct of their base\nsalary if they stay with the company through August 29.\n In rejecting the takeover proposal by the U.S. subsidiary\nof Swiss-based Ciba-Geigy AG, the company said it was unfair.\n The Spectra-Physics board voted unanimously, with two\nCiba-Geigy representatives not participating, to reject the\nSwiss-based chemical and pharmaceutical company's takeover bid,\nciting an opinion from its financial advsior, Morgan Stanley\nand Co Inc, that it is \"inadequate and unfair from a financial\npoint of view to the holders of shares,\" the company said.\n The board also authorized a special committee and Morgan\nStanley to \"vigorously investigate, pursue and authorize any\nalternatives which would maximize the value of shareholders'\ninvestment in the company,\" the company said.\n Among the alternatives the special committee will consider\nare a sale of the company to a third party for more than 32\ndlrs a share, a recapitalization or restructuring, including\nself tender offers and/or asset dispositions through the use of\ndividends, Spectra-Physics said.\n The \"retention plan\" for the 52 top officers will pay an\naverage bonus percentage of 28 pct of salary, it said.\n Spectra-Physics said its board approved the plan \"in order\nto encourage key operating personnel to remain with the company\nduring the period of turmoil and uncertainty engendered by the\n(Ciba-Geigy) offer.\"\n Under the plan, the executives would be entitled to their\ncash bonuses if they stay with the company through August 29,\nbut could receive them earlier if they are fired for reasons\nother than gross and willful misconduct, or if they leave the\ncompany because their salaries have been sharply cut.\n Spectra-Physics also said it filed suit against Ciba-Geigy\nyesterday in U.S. District Court in Wilmington, Del., charging\nit with making a takeover bid that was false and misleading in\nviolation of securities law and with violating the intent of\nJuly 9, 1985 standstill agreement.\n Spectra-Physics said Ciba-Geigy indicated at the time of\nthe standstill agreement that it would not make an unsolicited\ntakeover proposal for the company and that the intent of the\nagreement was that Ciba-Geigy would not acquire more than 20\npct of the company unless there was another takeover threat.\n Ciba-Geigy was 18.8 pct of Spectra-Physics and Reliance\nGroup Holdings <REL>, which is controlled by New York investor\nSaul Steinberg, controls 12.8 pct.\n Spectra-Physics said the agreement prevents Ciba-Geigy from\nraising its stake beyond 20 pct through Jan 1, 1992, unless\nanother person get more than 10 pct of its voting power.\n Reuter\n\u0003","date":" 2-JUN-1987 12:54:07.02","topics":["acq"],"places":["usa"]},"18139":{"title":"MAGMA <MGMA.O> ENDS TALKS WITH SOCAL EDISON<SCE>","body":"Magma Power Co said it has discontinued\ntalks on joint ownership of its new Niland geothermal power\nplants in the Imperial Valley of California with Southern\nCalifornia Edison Co.\n The company said it has retained J.P. Morgan and Co <JPM>\nto act as financial advisor in arranging equity and debt\nfinancing for its new geothermal plants in the Imperial Valley.\n It said the moves should bring significant financial\nbenefits to shareholders.\n Reuter\n\u0003","date":" 2-JUN-1987 12:55:24.28","places":["usa"]},"18140":{"title":"KROGER <KR> SAYS UNION REJECTS CONTRACT","body":"Kroger Co's King Soopers Supermarkets unit\nsaid employees, members of the United Food and Commercial\nWorkers Union, rejected its latest contract proposal by a 58\npct to 42 pct margin.\n The company said employees have been on strike since May 8,\nbut it has kept the stores open and fully staffed.\n Reuter\n\u0003","date":" 2-JUN-1987 12:57:55.62","places":["usa"]},"18141":{"title":"INTEGRATED <IGN> UNIT IN INITIAL OFFERING","body":"Integrated Generics Inc said its\nANDA Development Corp subsidiary filed with the Securities and\nExchange Commission for an initial offering of 600,000 units,\nwith each consisting of one share of common stock and one\ncommon purchase warrant.\n The company said the units will be offered on a \"best\nefforts\" all or none basis by S.J. Bayern and Co Inc and R.F.\nLafferty and Co Inc.\n It said each unit is expected to be offered at five dlrs.\n \n Reuter\n\u0003","date":" 2-JUN-1987 13:01:28.55","places":["usa"]},"18142":{"title":"VOLCKER DEPARTURE REVIVES DLR, INFLATION FEARS","body":"Paul Volcker's decision not to go for a\nthird term as Federal Reserve Chairman and the nomination of\nAlan Greenspan to replace him have revived deep concerns about\nthe U.S.' ability to prevent a further dollar decline and stem\nrising inflation, financial market analysts said.\n Although Greenspan is known as a committed anti-inflation\nfighter in the Volcker mould, doubts are already surfacing in\nthe U.S. financial markets as to whether he has enough\npolitical clout and monetary experience to wage a tough\ncampaign against inflation over the next year or two.\n \"The critical issue is how (Greenspan) will deal with\ninflation,\" said Stephen Axilrod, Vice Chairman of Nikko\nSecurities Co International Inc and former staff director for\nmonetary and financial policy at the Fed.\n \"A lot of questions have been raised by Volcker's\ndeparture. Until Greenspan answers them, the markets will\nremain nervous,\" added Stephen Slifer, money market economist\nat Shearson Lehman Government Securities Inc.\n This morning's announcement sent the dollar into a\ntailspin, which was halted only by concerted central bank\nintervention in the open currency market.\n\n Reuter\n\u0003","date":" 2-JUN-1987 13:04:50.80","topics":["money-fx","interest","dlr"],"places":["usa"]},"18143":{"title":"AIR CANADA POSTS TURNAROUND IN FIRST QUARTER","body":"Air Canada, owned by the Canadian\nGovernment, said it recorded a net profit of 16.3 mln dlrs in\nthe first quarter compared to a 36.3 mln dlr loss in the first\nquarter last year.\n The company said the turnaround was due to improved\npassenger yields, reduced unit costs, and good control over\ncapacity levels.\n It said overall operating revenue rose eight pct compared\nto the year earlier level while total passenger revenue rose by\nnine pct.\n Reuter\n\u0003","date":" 2-JUN-1987 13:08:01.87","places":["canada"]},"18144":{"title":"ROYAL BANK (RY.TO) RECLASSIFIES BRAZIL LOANS","body":"Royal Bank of Canada said it classified\n1.3 billion dlrs in medium and long-term loans to Brazil as\nnon-accrual, leading to a seven pct drop in second quarter\nprofit.\n \"The designation of these loans as non-accrual reduced the\nbank's earnings by about 22 mln dlrs after tax,\" chairman Allan\nTaylor said in a statement. \"Without this reduction,\nsecond-quarter earnings would have been about 138 mln dlrs,\" a\n10 pct increase over last year's profit, Taylor said.\n The bank earlier reported second quarter profit fell to\n116.2 mln dlrs from 125.1 mln dlrs a year ago.\n The bank said domestic earnings rose to a record 125 mln\ndlrs in the second quarter, a 52 mln dlr increase from the year\nbefore, due to higher business volumes and securities gains as\nwell as a better yield from its domestic non-accrual loan\nportfolio.\n It said international operations reported a net after-tax\nloss of nine mln dlrs, compared with a 52 mln dlr profit last\nyear. The decline largely reflects the impact of Brazil's\nsuspended interest payments, which resulted in about a 40 mln\ndlr reduction in net interest income, Royal Bank said.\n Royal Bank said it keeping its 1987 loan loss experience\nestimate unchanged from the last quarter at one billion dlrs.\nIt said it is committed to building its general provision for\nloan losses to at least 20 pct of total outstanding loans to\ntroubled sovereign borrowers by the end of 1989.\n The bank said non-accrual loans totalled 3.3 billion dlrs\nat April 30--1.5 billion in domestic loans and 1.8 billion in\ninternational loans. Excluding the 1.3 billion dlrs in loans to\nBrazil, net non-accrual loans at the end of the second quarter\ndeclined 200 mln dlrs over the 1987 first quarter, it said.\n\n\n\u0003","date":" 2-JUN-1987 13:09:01.73","places":["canada","brazil"]},"18145":{"title":"ATLANTIC RICHFIELD <ARC> UNIT BUYS TECHNOLOGY","body":"Atlantic Richfield Co said it has\nacquired exclusive worldwide rights to the methyl methacrylate\ntechnology of Texas Eastern Corp's Halcon SD Group affiliate\nfor undisclosed terms.\n The company said the technology will allow it to introduce\na cleaner and more efficient way of making methyl methacrylate,\na liquid monomer used to make resins for acrylic sheet,\ncoatings, molded parts and products and plastic impact\nmodifiers.\n ARCO said it is reviewing options for commercialization of\nthe technology.\n Reuter\n\u0003","date":" 2-JUN-1987 13:10:10.20","topics":["acq"],"places":["usa"]},"18146":{"title":"SMALL RISE SEEN IN U.S. GASOLINE INVENTORIES","body":"U.S. analysts expect the American\nPetroleum Institute's weekly report on oil inventories to show\na slight build in U.S. stocks of gasoline for the week ended\nMay 29, oil traders and analysts said.\n While the consensus is for an increase, a few would not\nrule out the possibility of an decline. Traders said that\nbarring any surprises in tonight's report, they expect the\nreport to be neutral to bearish for oil prices.\n Heating oil stocks are also likely to build and runs to be\nsteady to slightly higher, which could add pressure on oil\nprices, the analysts said.\n Crude oil was seen likely to build assuming imports\ncontinue at relatively high levels.\n Analysts expect gasoline stocks to rise 500,000 to two mln\nbarrels above the 234 mln reported for May 22.\n Peter Beutel, oil analyst with Elders Futures inc, who\nlooks for a build said, \"We have had five weeks of gasoline\ndemand at 7.3 mln bpd or more and it is likely to taper off to\nbetween 6.7-7.0 mln bpd, which should make stocks build. Demand\nwould have to stay above 7.0 mln bpd to have a draw,\" he added.\n Rising demand is why oil traders and analysts expect a draw\nin stocks of about of about one mln barrels.\n \n The U.S. Energy Information Administration in its latest\nreport for the four weeks ending may 22 said that gasoline\ndemand was up 4.4 pct to 7.3 mln bpd from the previous year.\n But analysts said hopes of reduced stocks is likely to\nfounder on increased runs in refineries, which could be up 0.3\npct above May 22's 81.2 pct capacity operated.\n Such an increase would raise runs about 100,000 bpd and add\nto U.S. stocks.\n But some analysts said that refiners may have held refinery\nruns.\n Heating oil stocks were also expected to build between\n700,000 barrels and one mln from the 96 mln barrel level\nreported last week, but a rise in distillate stocks was\ndiscounted as having a market impact at this time.\n \"A build is seasonal now and not out of line with last year,\"\none futures analyst said.\n Analysts said they also expect crude oil stocks to build\nbetween 1.5 mln barrels and three mln from the 325 mln barrels\nreported by API for the week of may 22.\n The consensus appears for about two mln barrels to be added\nto the nation's inventory.\n Reuter\n\u0003","date":" 2-JUN-1987 13:14:28.41","topics":["gas","crude"],"places":["usa"]},"18147":{"title":"(PIPER AIRCRAFT) RESUMES OUTPUT OF SOME MODELS","body":"Privately-held Piper Aircraft\nCorp said it has decided to resume production of some Piper\nmodels that had faced suspension as soon as existing orders\nwere filled.\n The company said the decision to resume production\nreflected improved demand for Piper products mainly due to\ncurrency factors and reduced inventories.\n It said it will immediately resume production of the\nPA-28-161 Warrior, PA-28-181 Archer, PA-28R Arrow, PA-28-236\nDakota, PA-32 and PA-32R Saratoga and Pa-34 Seneca in numbers\ndepending on market demand.\n \n The company said it will continue to make the PA-46 Mailbu\nand resume production of the Cheyenne IIIA and Pa-42-400\nCheyenne late this year.\n Reuter\n\u0003","date":" 2-JUN-1987 13:14:37.97","places":["usa"]},"18148":{"title":"SHULTZ WELCOMES TOKYO ECONOMIC PACKAGE","body":"U.S. Secretary of State George Shultz said\nthe 6,000 billion yen economic package announced by Tokyo last\nweek went further than the U.S. Had expected.\n But he said the U.S. Would not lift the selective economic\nsanctions it imposed on Japanese imports in April until Tokyo\nchanged its sales policies concerning computer microchips.\n Speaking in a televised news conference linking several\nEuropean capitals, Shultz said it was heartening that the\nJapanese had confronted the problem of stimulating domestic and\nglobal demand.\n\n \"There is an even greater amount of stimulus than was\noriginally thought,\" said Shultz, speaking from Washington.\n \"It is a lot more than nothing. It is more than was talked\nabout when (Prime Minister Yasuhiro) Nakasone was here.\n \"It involves a major reduction in tax rates and we believe\nthat getting the tax burden down is one way of stimulating the\neconomy,\" he added.\n But asked by Japanese reporters, also linked into the news\nconference, whether the positive reaction meant the U.S. Might\ndecide at next week's Venice summit to lift its sanctions on\nsome Japanese electronic goods, Shultz replied:\n \"These sanctions were undertaken on the basis of an\nagreement that had been reached between the United States and\nJapan on various sale practices and prices relating to the chip\nmarket.\n \"They will be lifted as the facts of change by Japan to the\nagreement that it made become evident.\"\n He said U.S. Officials had only been able to monitor the\nsituation for a month and that it was impossible to determine a\ntrend on only one month's data.\n The U.S. Imposed 100 pct import duties on personal\ncomputers, colour televisions and power tools, alleging that\nJapan had violated last September's bilateral agreement by\nselling computer chips at below fair market value.\n Shultz said West Germany and other nations would also do\nwell to look at what they could do to stimulate demand.\n Asked whether the U.S. Could reasonably ask its allies to\ntake action to stimulate the world economy without a bold\nAmerican initiative to reduce the size of the federal budget\ndeficit, Shultz said moves were already underway to tackle the\nproblem.\n He said by the end of the current fiscal year the deficit\nwould probably be reduced by around 35 billion dlrs against\nlast year, and that the budget being worked on this year would\ncontain a major reduction.\n REUTER\n\u0003","date":" 2-JUN-1987 13:16:02.06","topics":["trade"],"places":["italy","usa","japan"]},"18149":{"title":"CHAMPION HOME <CHB> SELLS TWO PROPERTIES","body":"Champion Home Builders Inc said it\nsold the Commerce Meadows 600-site manufactured housing rental\ncommunity in Commerce Township, Michigan, for a pre-tax gain of\nabout 900,000 dlrs and the Heron Cay 610-site adult community\nin Vero Beach, Florida, for a nominal pre-tax gain.\n The company said the sales proceeds will be partly used to\nreduce debt. It said it is shifting its focus away from the\ndevelopment of communities requiring significant equity and\nhaving lengthy projected life cycles.\n The company also said along with local landowners and\ninvestors, it will acquire 33-acre tract Northtowne Meadows in\nthe Toledo, Ohio, area for development into 160 home sites and\nthree acres of commercial land.\n Terms of the transactions and other parties involved were\nnot disclosed.\n Reuter\n\u0003","date":" 2-JUN-1987 13:22:34.96","topics":["acq"],"places":["usa"]},"18150":{"title":"ACP STATES SAY EC OILS TAX PLAN BREAKS ACCORDS","body":"Developing countries said the European\nCommunity (EC) would breach two international agreements if it\nwent ahead with its plans for an oils and fats tax.\n Ambassadors to the EC from African, Caribbean and Pacific\n(ACP) states told a press conference the tax would hit the\nexports of 26 ACP countries.\n They said the EC failed to follow consultation procedures\nlaid down in the Lome Convention which regulates relations\nbetween ACP states and the bloc for moves which could affect\ntrade between the two sides.\n They also said the EC would be in breach of an undertaking\nnot to bring in new protectionist measures during the current\nPunta del Este round of world trade negotiations being held\nunder GATT (General Agreement on Tariffs and Trade) auspices.\n The EC Commission has proposed a tax of up to 330 European\ncurrency units (Ecus) a tonne on both imported and EC-produced\nvegetable and marine fats for human consumption, which could\nraise up to two billion Ecus a year.\n EC farm ministers, who would have to approve such a tax,\nare split on the issue and are expected to decide it at a\nmarathon meeting on EC farm prices beginning in Luxembourg on\nJune 15.\n Jamaican ambassador Leslie Wilson said ACP countries are\nconvinced this would lead to EC industry substituting products\nmade within the bloc for oil and fat imports. The ACP estimates\nthis would result in a fall of 160 to 185 mln Ecus in its\nmember country exports.\n \"We can't believe the EC would willingly take measures to\nundermine our countries, but such would be the impact of these\nmeasures,\" Wilson said.\n The U.S. and Malaysia say their exports would also be hit\nby the proposed tax and they may take retaliatory action if it\nis approved.\n Wilson said the ACP would take such steps only \"as a very\nlast resort,\" but added that the ACP is in touch with other\ncountries which oppose the plan.\n Wilson, who was chairing the news conference, made it clear\nJamaica itself would not be hit by the tax as it does not\nexport oils and fats.\n Among the worst hit countries would be Ivory Coast,\nSenegal, Nigeria and Papua New Guinea, the ACP says.\n Reuter\n\u0003","date":" 2-JUN-1987 13:24:15.44","topics":["veg-oil"],"organisations":["ec","gatt"],"places":["belgium"]},"18151":{"title":"SALOMON <SB> ANNOUNCES GLOBAL STOCK INDEXES","body":"Salomon Brothers Inc announced formation\nof global stock indexes designed to make it easy for portfolio\nmoney managers to invest all over the world.\n \"This is a way to put money into the Pacific or Europe\nquickly,\" Laszlo Birinyi, Salomon vice president Laszlo Birinyi\ntold a news conference.\n The stock index products were developed in cooperation with\nthe Frank Russell Co, a pension fund consulting firm.\n Birinyi said he would not be surprised if exchanges create\nfutures and options on the indexes. \"Somebody will - If they\ndon't, we will,\" he said.\n Reuter\n\u0003","date":" 2-JUN-1987 13:24:42.48","places":["usa"]},"18152":{"title":"BURLINGTON COAT FACTORY <BCF> 2ND QTR NET","body":"quarter ended May 2\n Shr 20 cts vs 17 cts\n Net 2,319,000 vs 1,950,000\n Sales 92.4 mln vs 72.2 mln\n Six mths\n Shr 1.60 dlrs vs 1.27 dlrs\n Net 18.7 mln vs 14.8 mln\n Sales 285.9 mln vs 227.1 mln\n NOTE: Full name is Burlington Coat Factory Warehouse Corp.\n Reuter\n\u0003","date":" 2-JUN-1987 13:26:52.87","topics":["earn"],"places":["usa"]},"18153":{"title":"VALLEY CAPITAL <VCCN.O> IN NASDAQ EXPANSION","body":"Valley Capital Corp said its common\nstock has been listed on NASDAQ's National Market System,\neffective today.\n Reuter\n\u0003","date":" 2-JUN-1987 13:28:54.97","places":["usa"]},"18154":{"title":"GERMAN OFFICIALS HAVE NO COMMENT ON BAKER REMARK","body":"West German officials said they could make\nno comment on remarks by U.S. Treasury Secretary James Baker\nwho said Group of Seven (G-7) finance ministers had agreed a\nnew process for economic coordination.\n At last year's G-7 summit in Tokyo, senior government\nofficials were requested to make a study of how economic data\ncould be better coordinated and the results of their work will\nbe presented at next week's summit in Venice.\n West Germany has said governments should not be obliged to\ntake economic steps purely in reaction to economic data.\n The U.S. Position on data coordination has been that\ngovernments should react accordingly when economic indicators\nfall short of expectations.\n The West German stance on coordination of data, which has\nalso been shared by the British government, has been a\npotential threat to a joint stance by the G-7 on this topic.\n At a news conference in Washington, Baker would not be\nspecific about what agreement had been reached on data\ncoordination by the seven finance ministers.\n REUTER\n\u0003","date":" 2-JUN-1987 13:30:39.27","places":["west-germany","usa"]},"18155":{"title":"CML GROUP INC <CMLI.O> 3RD QTR NET","body":"qtr ended May 2\n Shr 29 cts vs 22 cts\n Net 1,975,000 vs 1,403,000\n Revs 68.1 mln vs 54.0 mln\n Avg shrs 6,722,527 vs 6,597,492\n Nine mths\n Shr 1.17 dlrs vs 92 cts\n Net 7,847,000 vs 6,017,000\n Revs 209.7 mln vs 175.7 mln\n Avg shrs 6,687,138 vs 6,549,197\n Reuter\n\u0003","date":" 2-JUN-1987 13:33:36.71","topics":["earn"],"places":["usa"]},"18156":{"title":"STERLING BANCORP <STL>HAS NO COMMENT ON ACTIVITY","body":"The New York Stock Exchange said\nSterling Bancorp declined to comment on whether there are any\ncorporate developments that would explain the unusual activity\nin its stock.\n Sterling, whose stock is up 3/8 at 14-7/8, said its policy\nis not to comment on unusual market activity or rumors, the\nExchange said.\n Reuter\n\u0003","date":" 2-JUN-1987 13:34:55.55","places":["usa"]},"18157":{"title":"BALL CORP <BLL> COMPLETES ACQUISITION OF VERAC","body":"Ball Corp said it completed the\nacquisition of privately held Verac Inc.\n Terms were not disclosed.\n The company said the San Diego-based defense systems and\nsoftware development company had sales of about 23 mln dlrs in\n1986 and will operate as part of Ball's technical products\ngroup.\n Reuter\n\u0003","date":" 2-JUN-1987 13:35:11.68","topics":["acq"],"places":["usa"]},"18158":{"title":"NODAWAY VALLEY CO <NVCO.O> 1ST QTR NET","body":"qtr ended April 30\n Shr seven cts vs 10 cts\n Net 158,294 vs 234,829\n Revs 8,727,242 vs 8,152,478\n Reuter\n\u0003","date":" 2-JUN-1987 13:35:59.82","topics":["earn"],"places":["usa"]},"18159":{"title":"UAW CHIEF DISPLEASED WITH GREENSPAN APPOINTMENT","body":"United Automobile Workers union president\nOwen Bieber said he was pleased Paul Volcker is leaving as\nchairman of the Federal Reserve Board but not encouraged at\nAlan Greenspan's nomination to succeed him.\n \"When you say Greenspan in now in view, that troubles me,\"\nthe UAW leader told reporters at a news conference.\n Bieber, whose union has 1.1 mln members, said that with\nGreenspan heading the Fed, \"I'm afraid it means a continuation\nof the same policies we've been on, which I don't think are the\nright policies.\"\n \n Reuter\n\u0003","date":" 2-JUN-1987 13:36:37.87","places":["usa"]},"18160":{"title":"NEED FOR BIGGER ALLIED FORCE IN GULF PLAYED DOWN","body":"Secretary of State George Shultz said\ntoday that a boost in allied forces in the Mideast Gulf was not\nvital to protect shipping against attack but that possible\nallied contributions should be examined.\n Asked if he saw the need for a greater military presence by\nthe allies in the gulf, Shultz told reporters, \"Not necessarily,\nparticularly, so.\"\n But he said an adequate force was needed to deter attack\nand noted that the British and the French, as well as the\nUnited States, maintained naval contingents there.\n \"We have to look at things that others might do,\" he said.\n Reuter\n\u0003","date":" 2-JUN-1987 13:38:57.39","topics":["ship"],"places":["usa"]},"18161":{"title":"KEMP PRAISES GREENSPAN VIEWS ON MONETARY REFORM","body":"Rep. Jack Kemp, a conservative\nRepublican from New York, praised Federal Reserve Board\nchairman-designate Alan Greenspan's calls for international\nmonetary reform.\n \"Alan Greenspan has called for a fundamental reform of the\ninternational monetary system, which is long overdue. The\nchallenge facing Mr Greenspan is to combine a commitment to\nmonetary reform with a policy for economic growth,\" Kemp said in\na statement.\n However, Kemp said he was disappointed Fed vice-chairman\nManuel Johnson was not to succeed Fed chief Paul Volcker.\n Reuter\n\u0003","date":" 2-JUN-1987 13:39:56.53","places":["usa"]},"18162":{"title":"CHICAGO PACIFIC <CPAC.O> SHOWS CONFIDENCE","body":"Chicago Pacific Corp said it could\nachieve the 1987 estimates of some analysts for a sharp\nincrease in sales and in fully diluted per share earnings\nbefore extraordinary items in 1987.\n The company said the estimates ranged from 3.10 dlrs to\n3.40 dlrs per share and sales of more than 1.35 billion dlrs.\n It earned 2.30 dlrs per share in 1986 on sales of 954.9 mln\ndlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 13:41:08.25","places":["usa"]},"18163":{"title":"BALLADUR UNDECIDED ON FUTURE, SPOKESMAN SAYS","body":"Finance Minister Edouard Balladur is\nundecided over his future in office after next Spring's\npresidential election, his spokesman said.\n \"He (Balladur) has taken no definitive decision about his\nactivities in a year's time,\" his spokesman said in answer to a\nReuters question.\n He was responding to questions on a comment made by\nBalladur, a close political associate of right wing Prime\nMinister Jacques Chirac, in a radio interview.\n Balladur told a Radio Monte Carlo interviewer \"From next\nyear I shall rediscover the freedom of private life.\"\n France is due to hold a presidential election in April or\nMay next year. Under the French political system, the prime\nminister and his cabinet tender their resignation to the\nincoming President, giving him freedom to appoint a new\ngovernment.\n Chirac, leader of a two-party coalition government is\nwidely assumed to be a presidential candidate, while incumbent\nSocialist President Francois Mitterrand is tipped by most\nopinion polls to win if he decides to stand again.\n Balladur's stringent economic policies have come under\nincreasing criticism inside and outside the coalition parties\nin recent months as official statistics and forecasts have\nshown slowing growth prospects and rising inflation.\n But the spokesman said Balladur was having no second\nthoughts about the direction of his policies. \"The Minister of\nState (Balladur) has one current ambition, which is to achieve\nhis mission of national economic recovery,\" he said.\n \"He refuses to prejudge the future a year from now.\"\n REUTER\n\u0003","date":" 2-JUN-1987 13:41:39.15","places":["france"]},"18164":{"title":"TELERATE INC <TLR> SETS QUARTERLY","body":"Qtly div 12 cts vs 12 cts prior\n Pay June 26\n Record June Five\n Reuter\n\u0003","date":" 2-JUN-1987 13:49:18.44","places":["usa"]},"18165":{"title":"ZAYRE CORP <ZY> SETS REGULAR PAYOUT","body":"Qtly div 10 cts vs 10 cts prior\n Pay September three\n Record August 13\n Reuter\n\u0003","date":" 2-JUN-1987 13:49:25.59","places":["usa"]},"18166":{"title":"GAMMA BIOLOGICALS INC <GAMA.O> 4TH QTR MARCH 31","body":"Shr profit four cts vs loss 47 cts\n Net profit 209,000 vs loss 2,164,000\n Sales 4,849,000 vs 3,682,000\n Year\n Shr loss 10 cts vs loss 52 cts\n Net loss 451,000 vs loss 2,378,000\n Sales 18.0 mln vs 15.8 mln\n Reuter\n\u0003","date":" 2-JUN-1987 13:49:34.99","topics":["earn"],"places":["usa"]},"18167":{"title":"GREENSPAN SEEN AS STRONG INFLATION FIGHTER","body":"Alan Greenspan, who has been nominated\nto replace Paul Volcker as Chairman of the Federal Reserve\nBoard, is regarded by financial analysts as a conservative\neconomist who will take a strong stand against inflation.\n \"He'll be a strong fighter against inflation,\" said Martin\nRegalia, director of research and economics at the National\nCouncil of Savings Institutions.\n Greenspan has broad experience both in running his own\nprivate economic consulting firm - Townsend-Greenspan - and in\ngovernment service. He was President Ford's top economic\nadviser, serving as chairman of the Council of Economic\nAdvisers from September 1974 until January 1977.\n During that time, inflation rising above 10 percent, a was\na major political concern during Ford's administration.\n \"He's had a lot of experience with inflation, and as an\ninflation fighter,\" Richard Medley, partner with Smick-Medley\nand Associates, said of Greenspan. \"He had that seared into his\nmemory during that period,\" Medley added.\n Reuter\n\u0003","date":" 2-JUN-1987 13:49:43.83","places":["usa"]},"18168":{"title":"PUTNAM LAUNHCES NEW GLOBAL INCOME FUND","body":"Putnam Financial Services Inc said its\nnewest fund offering, Putnam Global Governmental Income Trust,\nis among the few global funds with an investment objective of\nhigh current income through a portfolio of mainly government\nbonds.\n Putnam claimed the trust allows investor money to go where\nthe best yields are found worldwide, yet investors still have\nthe assurance of governmental obligations.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:06.77","places":["usa"]},"18169":{"title":"INTELLIGENT <INP> UNIT INTRODUCES FAX PRODUCTS","body":"Intelligent Systems Corp's Asher\nTechnologies Inc said it introduced two facsimile products, a\nportable unit and an internal card for IBM personal computers\nand compatibles.\n The JT facsimile products are designed for use with the IBM\nPC, XT, AT, or compatibles to send or receive group III\ntransmissioins, the company said.\n Asher said the new products eliminate printing out hard\ncopies and manually sending each sheet to be transmitted.\n The internal unit retails for 395 dlrs, while the portable\nunit sells for 495 dlrs, the company said.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:15.18","places":["usa"]},"18170":{"title":"BARNES <B> UNIT TO CONSTRUCT NEW PLANT","body":"Barnes Group Inc said it will\nbuild a new 3.7 mn dlrs manufacturing plant in Saline, Mich.,\nto house its Associated Spriung unit's high-tech valve and\ntorque converter clutch spring operations.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:21.09","places":["usa"]},"18171":{"title":"NEOTECH, TEXAS INSTRUMENTS <TXN> IN VENTURE","body":"Neotech Industries Inc said it has formed\na joint venture with Texas Instruments Inc to develop low-cost\ndigital pressure measurement technologies.\n The company said Texas Instruments will be cooperating with\nit on the development of application-specific integrated\ncircuits for use in Neotech pressure measurement devices that\nare to be made in Britain.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:26.28","places":["usa"]},"18172":{"title":"AMERICAN STORES <ASC> UNIT ELECTS NEW CHAIRMAN ","body":"American Superstores Inc, a unit\nof American Stores Co <ASC>, said it elected Jonathan Scott as\nchairman of the board and chief executive officer effective\nimmediately.\n Scott replaces Thomas Sunday, former chairman, who passed\naway May 25, the compnay said.\n The food retailer chain said previously Scott served as\nvice chairman and chief executive officer.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:34.43","places":["usa"]},"18173":{"title":"ATT <T> INTRODUCES OVERVIEW SCANNER","body":"American Telephone and Telegraph Co said\nit introduced its Overview Scanner that works in conjunction\nwith a personal computer.\n The company said the Overview Scanner lends itself to\nmeeting environments where discussions call for the graphic to\nbe pointed to or annotated.\n The system works with any ATT PC 6300 series or\nMS-DOS-compatible personal computer, the company said.\n The company said customers who have a personal computer\ncould augment the system with the scanner for about 3,000 dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:47.79","places":["usa"]},"18174":{"title":"BORMON IN FINAL PHASE OF BUILDING TRANSPORT","body":"Bromon Aircraft Co, which is privately\nheld, said it is in the final design phase of a twin turboprop,\nand is scheduled to complete production of three prototype\naircraft in the fall of 1988.\n It also said it expects certification by the Federal\nAviation Administration in 1988.\n The turboprop, the BR-2000, can carry up to 46 passengers\nor up to six tons of cargo, according to the company.\n Reuter\n\u0003","date":" 2-JUN-1987 13:50:53.58","places":["usa"]},"18175":{"title":"ELECTROSOUND <ESG> SAYS OFFICIAL HAS RESIGNED","body":"ElectroSound Group Inc said\nRichard Meixner has resigned as senior vice president of the\ncompany.\n The company said they expect the board to appoint Robert\nBarone, presently president of Electro Sound Inc, a unit of\nElectroSound Group, as vice president of operations for\nElectroSound Group.\n ElectroSound said Meixner left the company to explore\nopportunities with a private company in the recorded music\nindustry.\n Reuter\n\u0003","date":" 2-JUN-1987 13:51:03.09","places":["usa"]},"18176":{"title":"SKYLINE <SKX.V> EXPECTS TO BEGIN MINE IN JULY","body":"Skyline Explorations Ltd said expects\nconstruction can begin next month on a gold mine at Johnny\nMountain Camp, located 600 miles north of Vancouver.\n The company said a contract has been let for a 200 to 400\ntons per day mill and the company is receiving cooperation from\nprovincial and federal agencies on its stage one report,\n\"approval in principal,\" which is required before actual\nconstruction can begin.\n Skyline said it is optimistic the approval in principal\nwill be received in late June, by which time it expects to have\nconfirmed threshold tonnage and grade targets so construction\ncan begin in July.\n \n Skyline said the 1987 exploration drift on 16 vien east at\nJohnny Mountain has advanced 320 feet. The vein is continuous,\naveraging four feet thick plus an altered mineralized hanging\nwall.\n It said periodic face samples indicate an average grade of\n1.05 ounces per ton of ore ranging from a low of 0.78 ounce per\nton to a high of 55.8 ounces per ton.\n Reuter\n\u0003","date":" 2-JUN-1987 13:51:34.43","topics":["gold"],"places":["canada"]},"18177":{"title":"SOYCOMPLEX COULD RALLY ON TIGHT U.S. FEED SUPPLY","body":"Nearby months in soybean and soymeal\nfutures could post a short-term rally on tightening supply of\nlivestock feed, even if favorable growing conditions keep the\nnew crop outlook bearish, traders said.\n \"A lot of soymeal dealers are just getting very worried\nabout where processors will get their soybeans this Summer,\"\none Illinois soyproduct dealer said.\n Processors are competing vigorously with river dealers for\nthe few soybeans being offered by country elevators, with a\nDecatur, Illinois processor raising its spot soybean basis bid\nanother two cents today to 10 over July futures.\n Farmer marketings of old crop soybeans continue very light,\nwith flat prices apparently well below levels they are willing\nto sell, dealers said.\n Some terminal elevator operators are coming to the belief\nthat even if futures rally back to last month's highs, country\nmovement may remain light because farmers in many areas are\nsold out of old crop soybeans, particularly in the eastern half\nof the Midwest.\n Soybean processors will continue to take seasonal downtime\nfor maintenance if soybeans remain difficult to buy, reducing\nthe weekly soybean crush rate still further and keeping the\nspot soymeal basis strong, dealers said.\n Futures traders said tight cash supplies should help July\nsoybeans and soymeal gain on deferreds. July soymeal has\nalready moved to a premium over the August through October\nmonths and old crop July/new crop November soybeans may also\nmove to a July premium later this month, they added.\n Reuter\n\u0003","date":" 2-JUN-1987 13:54:47.66","topics":["oilseed","soybean","soy-meal","meal-feed"],"places":["usa"]},"18178":{"title":"MANOR <MNR> UNIT GETS RECORD FRANCHISE BIDS","body":"Manor Care Inc's Quality Inn\nInternational said it received more franchise applications in\nMay than in any month in the chain's history.\n Quality said it received 51 applications for the month.\n Reuter\n\u0003","date":" 2-JUN-1987 13:55:23.18","places":["usa"]},"18179":{"title":"ROBINSON NUGENT <RNIC.O> PLANT HAS FIRE","body":"Robinson Nugent Inc said a fire\nthat started in the electroplating operation damaged its\nDelemont, Switzerland, plant.\n The company said cleanup operations are in progress and it\nwill serve customer requirments from other plants during the\nperiod of cleanup and equipment repair or replacement.\n Reuter\n\u0003","date":" 2-JUN-1987 13:56:14.84","places":["usa"]},"18180":{"title":"LONDON HOUSE INC <LOND.O> YEAR APRIL 30 NET","body":"Shr 33 cts vs 26 cts\n Net 489,351 vs 430,143\n Revs 6,961,091 vs 6,009,026\n Avg shrs 1.5 mln vs 1.6 mln\n Reuter\n\u0003","date":" 2-JUN-1987 13:56:20.40","topics":["earn"],"places":["usa"]},"18181":{"title":"MUNSON TRANSPORTATION POSTPONES INITIAL OFFERING","body":"Munson Transportation Inc said its\nproposed initial public offering has been postponed due to a\nrecent weakness in the prices of comparable trucking stocks.\n Reuter\n\u0003","date":" 2-JUN-1987 13:56:59.46","places":["usa"]},"18182":{"title":"GROUP HAS 5.2 PCT OF DISTRIBUTED LOGIC <DLOG.O>","body":"An investor group led by Technology\nGrowth Fund Ltd, an Aspen, Colo., investment firm, said it has\nacquired 129,000 shares of Distributed Logic Corp, or 5.2 pct\nof the total, and may try to influence the company.\n In a filing with the Securities and Exchange Commission,\nthe group, which also includes individual investors and a\nnon-profit foundation, said it bought the stake for 884,414\ndlrs as an investment in the Anaheim, Calif., company.\n But it also said it is \"investigating the possibility of\nseeking to influence the composition of the management\" of the\ncompany and may increase its stake.\n Reuter\n\u0003","date":" 2-JUN-1987 14:00:12.87","topics":["acq"],"places":["usa"]},"18183":{"title":"GM <GM> PRAISES GREENSPAN APPOINTMENT","body":"General Motors Corp said in a corporate\nstatement its executives can think of \"no person better\nqualified\" than Alan Greenspan to replace Paul Volcker as\nchairman of the Federal Reserve Board.\n \"Greenspan possesses great understanding of both the\nAmerican and international economies and the interaction\nbetween them,\" the company said in a statement. \"He also\npossesses enormous good judgement.\"\n No other possible replacement for Paul Volcker would be\nmore likely to have as steadying an influence on and be as well\nreceived by financial markets here and overseas as Alan\nGreenspan, it said.\n GM also said the U.S. owes Volcker \"a great debt of\ngratitiude\" by wringing inflation out of the U.S. economy.\"\n Reuter\n\u0003","date":" 2-JUN-1987 14:00:27.81","places":["usa"]},"18184":{"title":"MOODY'S SEES MORE LOSSES IN MORTGAGE INSURANCE","body":"Moody's Investors Service Inc said it is\nlikely that large underwriting losses will persist in the\nmortgage insurance industry for at least the next two years.\n In its annual report on the mortgage insurance industry,\nMoody's said that in 1986 incurred losses increased by 21 pct\nover the dismal record posted the year before.\n Moody's said the underwriting losses mainly reflected major\neconomic forces, structural complications and the risk makeup\nof the industry. The rating agency said that, while mortgage\ninsurance industry risk remains high, slow improvement appears\nlikely.\n Reuter\n\u0003","date":" 2-JUN-1987 14:04:44.39","places":["usa"]},"18185":{"title":"KAUFMAN SAYS GREENSPAN NOMINATION BAD FOR BONDS","body":"Henry Kaufman, managing director of\nSalomon Brothers Inc, said the nomination of economist Alan\nGreenspan to replace Federal Reserve Board Chairman Paul\nVolcker is bearish in the near term for the fixed income and\ncurrency markets.\n \"The basic direction of interest rates is not changed. The\nfundamental direction of interest rates continues to be upward,\ninterrupted by intermittent rallies,\" Kaufman said in a\nstatement. He said the implication for equity markets in\nneutral to bullish.\n Kaufman said, \"Unlike Paul Volcker, who entered the office\nof the Federal Reserve chairman with strong credibility both\ndomestically and internationally, Mr Greenspan will have to\ndemonstrate both his competence and policy independence before\nhe can gain full confidence of the financial markets.\"\n Greenspan is most knowledgeable on the behavior of the U.S.\neconomy, while his professional skills in the international\narea are much more limited, Kaufman noted.\n \"Consequently, although he is well known abroad, his views\non issues such as the Less Developed Country Debt may initially\ncarry less weight than have those of Mr Volcker.\"\n Reuter\n\u0003","date":" 2-JUN-1987 14:07:22.17","topics":["interest","money-fx"],"places":["usa"]},"18186":{"title":"MAJOR U.S. PIPELINE MAY BE CLOSED SEVERAL DAYS","body":"The operator of a major U.S. crude oil\npipeline, shutdown because of flood damage, said it may be\nseveral days before repairs are made and the system is\nfunctioning again.\n Dan Stevens, manager of public and government affairs at\nTexaco Inc <TX>, operator of the pipeline through its\nsubsidiary Texaco Pipeline Co, said the company hopes repairs\nwill begin in about five days and expects it to take several\nmore days to complete.\n \"At this point we are lining up what we know we need, to get\nthe job done,\" Stevens said, adding that the timing for repairs\nwill depend on the damage to the pipeline which is difficult to\nassess because of flooding on the Red River.\n The pipeline was shipping roughly 225,000 barrels of crude\noil per day, or about 55 pct of its capacity during the 30 days\npreceding its shutdown on Saturday, Stevens said.\n The pipeline was shut down from Cushing, Okla, to Witchita\nFalls, Kan, on Saturday due to an undetermined leak at the Red\nRiver crossing, near the Oklahoma/Texas border, because of\nsevere rains, a spokesman for Texaco said.\n Stevens said it was reasonable to suggest the pipeline\ncould operate at full capacity when it reopens in order to make\nup for the shortfull but cautioned they will talk with\ncustomers to determine their requirements.\n Oil analysts and traders said they were not sure if the \nshutdown will continue to raise U.S. oil prices.\n Monday, after Texaco confirmed that the pipeline had been\nclosed, West Texas Intermediate crude in the spot market and on\nNew York Mercantile Exchange's energy futures complex rose 20\ncts a barrel.\n Stevens said it was reasonable to suggest the pipeline\ncould operate at full capacity when it reopens in order to make\nup for the shortfull but cautioned they will talk with\ncustomers to determine their requirements.\n Oil analysts and traders said they were not sure if the \nshutdown will continue to raise U.S. oil prices.\n Monday, after Texaco confirmed that the pipeline had been\nclosed, West Texas Intermediate crude in the spot market and on\nNew York Mercantile Exchange's energy futures complex rose 20\ncts a barrel.\n Reuter\n\u0003","date":" 2-JUN-1987 14:08:34.33","topics":["crude"],"places":["usa"]},"18187":{"title":"NETI TECHNOLOGIES <NETFC.O> SELLS SUBSIDIARY","body":"Neti Technologies Inc said it has sold\nfor over four mln dlrs U.S. in cash, notes and the assumption\nof liabilities its Huron Leasing Inc subsidiary to a group of\ninvestors headed by a former Huron executive.\n The company said the transaction will yield about two mln\ndlrs in cash, Huron sells, leases and services computer\nhardware.\n The transaction is subject to approval by the Montreal and\nVancouver Stock Exchange and the arrangement of financing by\nJune 15.\n Reuter\n\u0003","date":" 2-JUN-1987 14:08:59.03","topics":["acq"],"places":["canada"]},"18188":{"title":"PACIFICORP <PPW> BUYS BUYS COMPUTER FIRM","body":"PacifiCorp said it acquired Thomas\nNationwide Computer Corp for 25 mln dlrs in cash and 15 mln\ndlrs in deferred consideration depending on the future\nperformance of the company.\n Thomas Nationwide leases and re-markets new and used\nInternational Business Machines Corp equipment, PacifiCorp\nsaid.\n It said Thomas Nationwide will be combined with its Systems\nLeasing Corp unit in MacLean, Va.\n Reuter\n\u0003","date":" 2-JUN-1987 14:09:08.28","topics":["acq"],"places":["usa"]},"18189":{"title":"K-TRON <KTII.O> ELECTS NEW PRESIDENT","body":"K-Tron International Inc said its\nboard elected John C. Tucker president, filling a position that\nhad been vacant since July 30, 1985.\n Tucker joined K-Tron in 1981 as vice president, chief\nfinancial officer and treasurer. In 1986 he was promoted to\nexecutive vice president and chief operating officer.\n Reuter\n\u0003","date":" 2-JUN-1987 14:09:16.34","places":["usa"]},"18190":{"title":"FNMA SETS 8.55 PCT, 9.20 PCT COUPONS ON 1.5 BILLION DEBT OFFER\n","date":" 2-JUN-1987 14:09:34.62"},"18191":{"title":"FMC CORP <FMC> IN PEROXIDE VENTURE","body":"FMC Corp said it has entered into an\nequally owned joint venture with Indo-Thai Synthetics called\nThai Peroxide Co Ltd to build a hydrogen peroxide plant with an\ninitial capacity of 5,000 metric tonnes of 100 pct peroxide\nnorth of Bangkok.\n The company said the plant is expected to starft operating\nby the fourth quarter of 1988. It said the venture received\ngrants and incentives from the government of Thailand.\n Reuter\n\u0003","date":" 2-JUN-1987 14:09:42.51","topics":["pet-chem"],"places":["usa","thailand"]},"18192":{"title":"ALTERNACARE <ALTN.O> CHAIRMAN STEPS DOWN","body":"Alternacare Corp said Wallace Reed\nhas stepped down from his duties as chairman of the board and\nhas been named chairman emeritus.\n Reed will continue to serve on its board, Alternacare said,\nadding, the company has no immediate plans to fill the\nposition.\n The company also said Reed was re-elected to its board\nalong with president and chief executive Paul Dinkel.\n Reuter\n\u0003","date":" 2-JUN-1987 14:09:48.03","places":["usa"]},"18193":{"title":"CONSOLIDATED OIL <CGS> WARRANTS PRICE UNCHANGED","body":"Consolidated Oil and Gas Inc said the\nexercise price of its Oil Indexed Common Stock Purchase\nWarrants Series 1900 <CGS.WS.P> will remain three dlrs a share\nfor the six month period July one to December 31.\n The warrant exercise price is based on the average price of\nWest Texas Intermediate Crude Oil reported for the trading\nmonth of May. For the month, the average price was less than 20\ndlrs per barrel, the first index point above which there would\nbe a change in the exercise price of the warrants.\n Reuter\n\u0003","date":" 2-JUN-1987 14:11:08.67","places":["usa"]},"18194":{"title":"LAC <LAC> REAFFIRMS FORECAST FOR HIGHER NET","body":"Lac Minerals Ltd reiterated it expected\nsubstantially higher 1987 profit and revenues than last year's\nearnings of 19.1 mln dlrs on 250.2 mln dlrs of revenues.\n The 1986 results include the disputed Page-Williams mine at\nHemlo, Ontario. A decision is imminent on Lac's appeal of a\n1986 Ontario court decision ordering Lac to hand over the mine\nto International Corona Resources Ltd <ICR.TO>.\n Lac chief executive Peter Allen told institutional\ninvestors that the anticipated stronger performance would come\nfrom strong operating results and an active revenue management\nprogram.\n \n Lac said year-to-date gold production excluding the\ndisputed Page-Williams mine was 134,000 ounces, in line with\ntargeted 1987 production of 300,000 ounces. It said it expected\nan average realized price of 450 U.S. dlrs an ounce in\nfull-year 1987.\n It said its outstanding forward contracts at May 29 were\n220,000 ounces of gold at average price of 439 U.S. dlrs an\nounce, including 135,000 ounces maturing in 1987 at 482 U.S.\ndlrs an ounce.\n Reuter\n\u0003","date":" 2-JUN-1987 14:12:54.73","places":["canada"]},"18195":{"title":"DISC <DSTC.O> GETS ORDER FROM MINISCRIBE<MINY.O>","body":"Disc Technology Corp said it has\nreceived 1,500,000 dlrs in orders for hard discs from\nMiniScribe Corp's MiniScribe Ltd Singapore affiliate.\n It said the shipments are to be completed by September 30.\n Reuter\n\u0003","date":" 2-JUN-1987 14:13:38.45","places":["usa"]},"18196":{"title":"HOFFMAN-LA ROCHE, LILLY <LLY> IN LICENSE PACT","body":"Hoffmann-La Roche Inc, the licensee\nof a Hormone Research Foundation patent of a synthetic version\nof human growth hormone, said it entered into a license\nagreement with Eli Lilly and Co involving Lilly's Humatrope\nhormone used to treat dwarfism in children.\n Details of the license agreement were not disclosed and\ncompany officials were unavailable for comment.\n A statement from the companies said, \"Lilly and Roche have\nentered into the license agreement as an alternative to\nlitigation.\"\n South San Francisco-based Genetech Inc <GENE> also markets\na genetically engineered human growth hormone called Protropin.\nLilly received approval from the Food and Drug Administration\nto market is human growth hormone earlier this year.\n A Lilly spokesperson said the company has in effect\nlicensed the patent for the hormone through Hoffman-LaRoche.\nShe refused to comment on the terms of the license agreement.\n Last September, Hoffman-LaRoche and the Foundation sued\nGenetech in a Federal court in California alleging its product\ninfringed on Hoffman's patent for the synthetic hormone.\n Reuter\n\u0003","date":" 2-JUN-1987 14:14:25.75","places":["usa"]},"18197":{"title":"UNITED SERVICES <USVSP.O> SELLS PREFERRED","body":"United Services Advisors Inc\nsaid it has sold to an investor 75,760 shares of preferred\nstock at 3.25 dlrs each and an equal number of warrants at five\ncts each, but an agreement to sell 454,546 preferred shares and\nthe same number of warrants to another investor has been\nterminated.\n The warrants are exercisable at seven dlrs per share for\nfive years.\n It said after the sale it has 2,033,733 preferred shares\noutstanding.\n Reuter\n\u0003","date":" 2-JUN-1987 14:15:43.67","places":["usa"]},"18198":{"title":"NEWBERY CORP EXPECTS TO FILE FOR BANKRUPTCY BY THE END OF THE WEEK\n","date":" 2-JUN-1987 14:15:45.74"},"18199":{"title":"CHICAGO PACIFIC <CPA> TO REPURCHASE NOTES","body":"Chicago Pacific Corp chairman Harvey\nKapnick told analysts that he expects within the next year to\nrepurchase about 25 mln dlrs of the company's 200 mln dlr issue\nof 14 pct subordinated notes.\n To date the company has repurchased about 60 mln of these\nnotes.\n \"This will have a beneficial effect on our net income but\nthe effects in 1987 have already been anticipated in estimates\nfor 1987,\" Kapnick said.\n Earlier, Kapnick said that analysts' 1987 projections of 31\nto 35 mln dlrs or 3.10 dlrs to 3.40 dlrs for earnings for\noperations are reasonable. These compare to 2.30 dlrs or 22 mln\ndlrs for 1986.\n Since November 1985, Chicago Pacific has acquired the\n<Hoover Co> and <Rowenta>, both appliance companies and\nfurniture companies <Kippinger/Pennsylvania House Group Inc> \nand the <McGuire Co>.\n The company spent a total of 724.8 mln dlrs on\nacquisitions.\n \n \"We believe our balance sheets provides us with about 300\nmln dlrs for future acquisitions,\" Kapnick said.\n Kapnick also said he expects sales of the company's\nappliance division to increase 17 pct from the 915.7 mln dlrs\nreported in 1986.\n Kapnick further said the 67 mln dlrs of trademarks and\npatents will be reduced to 40 mln dlrs due to net loss\ncarryforwards of acquired companies which were offset against\nthese assets as required by current accounting principles.\n Reuter\n\u0003","date":" 2-JUN-1987 14:17:07.36","places":["usa"]},"18200":{"title":"FNMA SETS RATE ON DEBENTURE OFFERING","body":"The Federal National Mortgage\nAssociation set an 8.55 pct coupon rate to yield 8.55 on a\nfour-year 900 mln dlr issue and set a 9.20 pct coupon rate to\nyield 9.22 on a 10-year 600 mln dlr issue in tomorrow's 1.5\nbillion dlr debenture offer.\n Prices were set at par and 99.875, respectively.\n FNMA said previously that the 900 mln dlr issue matures\nJune 10, 1991, while the 600 mln dlr issue matures June 10,\n1997.\n First interest payments will occur Dec 10, 1987, it said.\n FNMA said proceeds will be used to redeem the 300 mln dlrs\nof 7.65 pct debentures, 1.05 billion dlrs of 11.2 pct\ndebentures that mature June 10, 1987, and to finance\noperations.\n The debentures will be issued in book entry form only in\nminimum purchase amounts of 10,000 dlrs and multiples of 5,000\ndlrs thereafter.\n The debentures will be free to trade at 0930 hrs EDT\ntomorrow, FNMA said.\n Reuter\n\u0003","date":" 2-JUN-1987 14:22:02.92","places":["usa"]},"18201":{"title":"AMOCO <AN> CANADA SAYS SHARE AMOUNT UNDECIDED","body":"Amoco Corp's wholly owned Amoco\nCanada Petroleum Co Ltd said it had yet to work out details\nregarding the amount and timing of its previously reported\nshare offering in Canada and would be doing so in talks with\nInvestment Canada in coming weeks.\n An earlier reported published report based on an interview\nwith Amoco Canada president T. Don Stacy said Amoco's stock\noffering would total more than one billion Canadian dlrs if the\ncompany succeeded in its 5.22 billion Canadian dlr bid for Dome\nPetroleum Ltd <DMP>.\n \n Reuter\n\u0003","date":" 2-JUN-1987 14:23:03.56","places":["canada"]},"18202":{"title":"DESIGNS INC <DESI.O> INITIAL OFFERING UNDERWAY","body":"Lead underwriter Kidder, Peabody and Co\nInc sand an initial public offering of two mln common shares of\nDesigns Inc is underway at 13 dlrs per share.\n The company is selling 1,125,000 shares and shareholders\nthe rest, and underwriters have been granted an option to buy\nup to 300,000 more shares to cover overallotments.\n Reuter\n\u0003","date":" 2-JUN-1987 14:23:08.97","places":["usa"]},"18203":{"title":"RCM TECHNOLOGIES <RCMT.O> WARRANTS EXERCISABLE","body":"RCM Technologies Inc said the\nSecurities and Exchange Commission has declared a\npost-effective amendment to its registration statement\neffective, making its warrants exercisable.\n Reuter\n\u0003","date":" 2-JUN-1987 14:23:14.60","places":["usa"]},"18204":{"title":"NORANDA FOREST SEES STRONG PROFIT, CHAIRMAN","body":"Noranda Forest Inc, a new company\ncontrolled by Noranda Inc <NOR.TO>, will have net earnings of\nmore than 165 mln dlrs in 1987 and profit will likely continue\nto grow, Noranda Forest chairman Adam Zimmerman told Reuters in\nan interview.\n \"I think our earnings have not peaked,\" Zimmerman said of\nNoranda Forest, which will be Canada's largest forest products\ncompany. Noranda previously said it is spinning off its vast\nforest product holdings into the new company and is now making\nan initial public offering of Noranda Forest shares.\n \n Zimmerman told Reuters that he agrees with one forest\nindustry analyst's prediction that Noranda Forest will earn at\nleast 165 mln dlrs in 1987.\n Noranda Forest's preliminary share prospectus, released\ntoday, shows the company had 1986 pro forma earnings of 80.2\nmln dlrs, excluding a 22.5 mln dlr extraordinary gain.\n Asked to comment on the analyst's forecast that Noranda\ncould earn about 200 mln dlrs this year, Zimmerman said, \"I\nthink that he is directionally very correct.\"\n He also said Noranda Forest will consolidate financial\nresults of 50 pct-owned MacMillan Bloedel Ltd <MB.TO>.\n Zimmerman said Noranda Forest expects to raise at least 350\nmln dlrs from its first share issue, making it one of Canada's\nlargest initial public offerings.\n Noranda Forest intends to issue about 15 pct of its common\nshares to the public at first, but parent company Noranda Inc\n\"is prepared to let up to 49 pct of it go into the public hands,\"\nhe added. Noranda Inc now holds all of the 79.9 mln outstanding\nshares of Noranda Forest.\n Zimmerman declined to say when future secondary share\nofferings might occur, although he said they will be made \"as\nsoon as it's right\" for either cash or other securities.\n Proceeds from the share issue will be used mainly to reduce\nNoranda Forest's long term debt, listed pro forma as 1.36\nbillion dlrs at the end of first quarter, 1987, chairman\nZimmerman said.\n Noranda Forest's first priority will be to continue cutting\ndebt to \"a comfortable, manageable level in all likely future\ncircumstances\" or about 30 pct of capital, he said.\n \"I think we learned last time around that although your\nassets can support a high levels of debt, earnings can't\nsupport associated interest in times of high interest rates,\"\nZimmerman commented.\n Noranda Forest had pro forma operating losses of 8.6 mln\ndlrs in 1985 and 2.9 mln dlrs in 1984 during periods of higher\ninterest rates.\n The company's pro forma 1987 first quarter results showed\nnet profit of 42.2 mln dlrs or 49 cts a share, up from earnings\nof 4.7 mln dlrs or one ct a share, excluding a 22.5 mln dlr\nextraordinary gain, in the prior year.\n Zimmerman also said the company will concentrate on\nmaintaining quality earnings from existing operations rather\nthan increasing operating volumes. \"We are likely to spend money\nto enhance our operations ahead of expanding them,\" he said.\n Noranda Forest would also be interested in buying the 50\npct interest it does not already own in Northwood Pulp and\nTimber Ltd from Mead Corp <MEA> for between 150 mln and 200 mln\ndlrs, Zimmerman said.\n Noranda Forest and Mead each have the right of first\nrefusal the other's Northwood holding, but Mead likely is not\nanxious to sell, he added.\n Noranda Forest's initial dividend policy will be to pay 10\ncents a share quarterly. When asked, Zimmerman agreed the\ndividend was small compared to cash flow, adding the company\nwill later \"establish a typical or sensible dividend policy.\"\n Reuter\n\u0003","date":" 2-JUN-1987 14:23:28.99","places":["canada"]},"18205":{"title":"INVESTMENT FIRM UPS FRANCE FUND <FRN> STAKE","body":"VBI Corp, a British West Indies\ninvestment firm, told the Securities and Exchange Commission it\nraised its stake in France Fund Inc to 1,075,700 shares, or\n14.3 pct of the total, from 896,500 shares, or 11.9 pct.\n VBI said it bought 179,200 France Fund common shares\nbetween April 24 and June 2 at prices ranging from 13.000 to\n14.125 dlrs a share.\n Reuter\n\u0003","date":" 2-JUN-1987 14:24:56.41","topics":["acq"],"places":["usa"]},"18206":{"title":"SOUTHERN <SO> UNIT PREFERRED OFFERING UNDERWAY","body":"Lead underwriter PaineWebber Group Inc\n<PWJ> said an offering of two mln shares of the Class A\npreferred stock of Southern Co's Georgia Power Co subsidiary is\nunderway at 25 dlrs per share.\n It said the underwriters won the issue at competitive sale\ntoday on a bid of 23.812 dlrs per share.\n The shares are not redeemable through refunding operations\nbefore June 1, 1992, when a sinking fund will start retiring\nthe issue.\n Reuter\n\u0003","date":" 2-JUN-1987 14:25:04.78","places":["usa"]},"18207":{"title":"SCOTT PAPER <SPP> SETS MODERNIZATION PROGRAM","body":"Scott Paper Co said its S.D. Warren\nCo subsidiary will undertake a 60 mln dlr modernization to\nincrease capacity at its Muskegon, Mich., paper plant.\n The company said the plant is the nation's largest producer\nof premium quality coated printing paper.\n It said the modernization is expected to be completed by\nthe fall of 1988.\n Reuter\n\u0003","date":" 2-JUN-1987 14:25:18.14","places":["usa"]},"18208":{"title":"CITIZENS <CSBF.O> SAYS IT WILL INCUR EXPENSE","body":"Citizens Savings Bank FSB said\nit will incur an expense of about 393,000 dlrs or 20 cts a\nshare for the three and six months ending June 30.\n Citizens said the expense is due to a a recent decision by\nthe Federal Home Loan Bank Board to eliminate the FSLIC\nsecondary reserrve as of December 31, 1986.\n According to Citizens, the FHLBB action was taken to cover\nfuture losses of financially troubled institutions. Citizens\nsaid its secondary reserve balance as of December 31, 1986 was\n694,000 dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 14:28:25.96","places":["usa"]},"18209":{"title":"INTERNATIONAL <ICC.O> SETS NEW SOUND TECHNOLOGY","body":"International Cablecasting Technologies\nInc, said it introduced its proprietary new technology that can\nbroadcast compact disk-quality digital sound into the home.\n The company said the new technology, called digital\nmodulation, permits noise-free, undistorted transmission of 10\nchannels of pure digital sound or data via satellite and cable\ninto subscribers' homes, all on a single video channel.\n \n According to the company, the first consumer service to be\noffered by International via the new technology will be\nSuperSound, a package of eight 24-hour commercial-free digital\nuninterrupted music channels to subscribers.\n International said the SuperSound service is expected to be\nlaunched in late 1987 and generally available by early 1988.\n Reuter\n\u0003","date":" 2-JUN-1987 14:28:36.79","places":["usa"]},"18210":{"title":"LYNCH <LGL> PLANS OFFER FOR BECOR <BCW> STOCK","body":"Lynch Corp said it will offer 10.50 dlrs\na share in cash, 4.50 dlrs in subordinated debentures and a 1/4\nshare in a new company for each Becor Western Inc share\noutstanding.\n Lynch said its proposed offer \"substantially improves\" over\nthe offer of 10.45 dlrs a share in cash and 4.00 dlrs of senior\nsinking fund debentures made by BCW Acquisition Inc, formed by\nBecor's management.\n Lynch Chairman Mario Gabelli, who heads a group which owns\n12.35 pct of Becor's 16.5 mln outstanding shares, said the\nLynch bid \"is about one dlr better than the present offer.\"\n \n Gabelli previously said in a filing with the Securities and\nExchange Commission he felt the Becor managment buyout was\nunfar.\n The Lynch officer said he was invited by other Becor\nshareholders to make an offer.\n Following sale of Becor's aerospace subsidiary in February,\nthe management group led by President William Winter announced\nplans for a 238.1 mln dlr leveraged buyout. was planning to\ntake Becor for about 238.1 mln dlrs. A shareholder vote on the\nbuyout offer is scheduled for June four. \n Reuter\n\u0003","date":" 2-JUN-1987 14:29:25.34","topics":["acq"],"places":["usa"]},"18211":{"title":"MUNSON TRANSPORTATION DELAYS INITIAL OFFER","body":"Munson Transportation Inc said it\npostponed its proposed initial public offering due to weakness\nin the price of truck stocks.\n Munson is a trucking company that transports food products\nand other general commodities, primarily in the Midwestern,\nCentral and Northeastern sections of the U.S.\n Reuter\n\u0003","date":" 2-JUN-1987 14:29:58.14","places":["usa"]},"18212":{"title":"SOCAL EDISON PLANS NO MAJOR NEW PLANTS","body":"Southern California Edison Co\n<SCE> Chairman Howard Allen said the company plans no new major\nconstruction projects in the next eight years.\n \"We plan no new major plant additions until at least the\nmid-1990s and maybe longer,\" Allen told a renewable energy\nconference here.\n He said Southern California Edison had peak power reserve\nmargins greater than 20 pct last year. Allen also said he\nexpects renewable and alternate energy sources, such as solar\nand geothermal power, to contribute as much as 26 pct of the\ncompany's electricity within 10 years.\n Reuter\n\u0003","date":" 2-JUN-1987 14:31:16.06","places":["usa"]},"18213":{"title":"OVERSEAS <OSG> SEES OPEC QUOTAS KEY TO RATES","body":"Overseas Shipholding Group Inc president\nMorton Hyman said if oil production by OPEC rises during the\nsecond half of 1987, freight rates for tankers should rise\naccordingly.\n Hyman, delivering a speech at the annual shareholders\nmeeting, said international tanker markets were generally weak\nthroughout the first quarter, but since the end of March OPEC\noil production has picked up. The result has been a modest\nimprovement in tanker rates.\n Overseas said 73 pct of its fleet handles liquid cargo.\n \n He said tanker requirements decreased in September 1986 as\nOPEC production quotas dropped and levels of oil stocks rose.\n For the first quarter 1987, the company reported net income\nof 10.3 mln dlrs, or 40 cts per share, compared to 9.3 mln\ndlrs, or 36 cts per share, for the comparable quarter a year\nago.\n The company reported net income for 1986 of 37.3 mln dlrs,\nor 1.45 dlrs per share.\n \n \"The improvement in the company's 1986 results, after four\nyears of declining earnings, reflects a sharp, albeit\ntemporary, rise in freight rates in the international tanker\nmarkets last summer,\" Hyman said.\n He said the Alaskan oil trade continues to be the principal\nsource of employment for its U.S. flag tanker fleet, which\nrepresents approximately 15 pct of the company's tonnage.\n Overseas owns and operates 67 vessels.\n Reuter\n\u0003","date":" 2-JUN-1987 14:32:02.93","topics":["ship","crude"],"organisations":["opec"],"places":["usa"]},"18214":{"title":"CANADA 7 YEAR AND 3 MONTH BONDS YIELD 9.40 PCT - OFFICIAL\n","date":" 2-JUN-1987 14:32:53.31"},"18215":{"title":"OVERSEAS SHIPHOLDING GROUP <OSG> SETS PAYOUT","body":"Qtrly div 12.5 cts per share vs 12.5 cts prior\n Pay Aug 25\n Record Aug Three\n NOTER: full name of company is overseas shipholding group\ninc.\n Reuter\n\u0003","date":" 2-JUN-1987 14:33:01.32","places":["usa"]},"18216":{"title":"LOWE'S COS <LOW> RAISES QUARTERLY ONE CT","body":"Qtly div 11 cts vs 10 cts prior\n Pay July 31\n Record July 17\n Reuter\n\u0003","date":" 2-JUN-1987 14:36:06.95","places":["usa"]},"18217":{"title":"B.F. GOODRICH <GR> CANADA STUDIES PLANT","body":"The Quebec government said it joined\nwith B.F. Goodrich Canada Inc to study the feasability of\nbuilding a vinyl chloride monomer plant in Montreal. The plant\nwould supply manufacturers of PVC construction and other\nmaterials in Eastern Canada and the Northeastern U.S.,\ngovernment officials said.\n Theys said the plant would cost about 125 mln Canadian\ndlrs, with production beginning in 1991 if economic conditions\nare right. more\n The Quebec government has said it wants the project to\nproceed because it would provide future demand for Petromont\nInc petrochemical products. Petromont is jointly owned by Union\nCarbide Canada Ltd <UCC.TO> and the Quebec government's SGF\nindustrial development group. Its Montreal plant would provide\nethylene as a raw material for the project.\n Quebec said it also wants Interprovincial Pipe Line Ltd\n<IPIPF.O> to adapt its pipeline from Sarnia, Ont., to Montreal\nto carry natural gas liquids, a decision that will be made by\nthe federal National Energy Board. It said the pipeline could\nprovide Petromont with feedstock at one-third the cost of\nmoving it by rail.\n Reuter\n\u0003","date":" 2-JUN-1987 14:39:13.15","topics":["pet-chem"],"places":["canada"]},"18218":{"title":"CHICAGO PACIFIC <CPA> TO REPURCHASE NOTES","body":"Chicago Pacific Corp chairman Harvey\nKapnick told analysts that he expects whithin the next year to\nrepurchase about 25 mln dlrs of the company's 200 mln dlr issue\nof 14 pct subordinated notes.\n To date the company has repurchased about 60 mln of these\nnotes.\n \"This will have a beneficial effect on our net income but\nthe effects in 1987 have already been anticipated in estimates\nfor 1987,\" Kapnik said.\n reuter\n\u0003","date":" 2-JUN-1987 14:39:20.35","places":["usa"]},"18219":{"title":"MCDERMOTT INTERNATIONAL INC <MDR> SETS QUARTERLY","body":"Qtly div 45 cts vs 45 cts prior\n Pay July One\n Record June 15\n Reuter\n\u0003","date":" 2-JUN-1987 14:39:29.00","places":["usa"]},"18220":{"title":"NEWBERY <NBE> EXPECTS TO FILE FOR BANKRUPTCY","body":"Newbery Corp said Fireman's Fund\nCorp <FFC> and United Bank of Arizona are continuing to meet to\nexplore alternatives, but the company believes, that\nirrespective of the outcome, it will be forced to file for\nbankruptcy by the end of the week.\n On May four Newbery said it would receive supplemental\nfunding under a 30-day arrangement with Fireman's Fund and\nUnited Bank that would allow it to continue to operate until a\ndecision was made on the company's request for long-term\nfinancing.\n The company later announced that it would not be able to\nmake its July one interest payment on its 12 pct subordinated\nconvertible debentures.\n Reuter\n\u0003","date":" 2-JUN-1987 14:40:58.44","places":["usa"]},"18221":{"title":"ICCO buffer stock manager to buy 3,000 tonnes cocoa Wednesday, June 3 - official\n","date":" 2-JUN-1987 14:42:21.64","topics":["cocoa"],"organisations":["icco"]},"18222":{"title":"ICCO BUFFER TO BUY 3,000 TONNES COCOA JUNE 3","body":"The buffer stock manager of the\nInternational Cocoa Organization (ICCO) will tender for about\n3,000 tonnes of cocoa beans Wednesday, June 3, the ICCO said in\na statement.\n It said all other conditions remain unchanged from the\nprevious announcement.\n These conditions are that offers from registered companies\nshould be in pounds sterling for cocoa beans for which standard\ndifferentials have been set in the ICCO's buffer stock rules,\nand can be for cocoa afloat through to December shipment and\nspot to December arrival/delivery.\n The basis position will be afloat, May/July shipment or\nJune arrival/delivery. For later positions the appropriate\ncarrying costs will be taken into account.\n The deadline for the receipt of offers by the manager shall\nbe 1330 hrs london time (1230 gmt) in the case of offers\nemanating from the secondhand market and 1400 hours in the case\nof offers emanating from the origins.\n The competitiveness of offers will be assessed by taking\ninto account the standard differentials, the cost of taking\ncocoa into store (currently 23.00 pounds sterling from \"cif\nlanded\" and 38.00 pounds sterling from \"cif shipping weights\"\nto \"in store\") and the cost of carry which currently is 12.00\npounds sterling per month, the ICCO said.\n No more than four offers will be considered from each\noffering party, it added.\n Reuter\n\u0003","date":" 2-JUN-1987 14:45:03.10","topics":["cocoa"],"organisations":["icco"],"places":["uk"]},"18223":{"title":"GROUP LIFTS STAKE IN SCANDINAVIA FUND <SCF>","body":"A foreign investment group told the\nSecurities and Exchange Commission it raised its stake in\nScandinavia Fund Inc to 3,040,600 shares, or 46.6 pct of the\ntotal outstanding, from 2,829,300 shares, or 43.2 pct.\n The group, which includes Ingemar Rydin Industritillbehor\nAB, a Swedish firm, VBI Corp, a British West Indies investment\nfirm, and Norwegian investor Erik Vik, said it bought 211,300\nScandinavia common shares since April 30 at prices ranging from\n10.000 to 10.625 dlrs a share.\n\n Reuter\n\u0003","date":" 2-JUN-1987 14:45:58.00","topics":["acq"],"places":["usa"]},"18224":{"title":"LOWE'S <LOW> MAY SALES UP 11 PCT","body":"Lowe's Cos Inc said its\nsales for the four weeks ended May 29 were up 11 pct to 221.0\nmln dlrs from 199.5 mln dlrs a year before, with same-store\nsales up five pct.\n Reuter\n\u0003","date":" 2-JUN-1987 14:46:15.34","places":["usa"]},"18225":{"title":"MUELLER BRASS LOWERS PRODUCT PRICES","body":"Mueller Brass Co said that\neffective with shipments today, it is adjusting the price of\nall brass mill products, except free-cutting brass rod and\nrelated alloys and copper water tube and related products, to\nreflect contained copper values at 73 cents a pound, down two\ncents.\n \n Reuter\n\u0003","date":" 2-JUN-1987 14:49:54.70","topics":["copper"],"places":["usa"]},"18226":{"title":"MERCANTILE STORES <MST> SETS 2-1/2-FOR-1 SPLIT","body":"Mercantile Stores Co Inc said\nits stockholders approved a 2-1/2-for-1 common stock split.\n Mercantile said the record date for the split was June one\nand that it expects to mail the additional shares resulting\nfrom the split on June 15.\n Reuter\n\u0003","date":" 2-JUN-1987 14:50:42.95","places":["usa"]},"18227":{"title":"AMR <AMR> COMPLETES PREFERRED STOCK PLACEMENT","body":"AMR Corp, parent company of American\nAirlines, said it has completed a private placement of 150 mln\ndlrs of preferred auction rate stock through Bankers Trust Co\nNY <BT>.\n AMR said the preferred stock was sold in three series of 50\nmln dlrs each. Each series is perpetual and will pay dividend\nrates which will be determined every seven weeks through a\nDutch Auction process, AMR added.\n The company said it will add the proceeds from the issue to\nworking capital and use it for capital expenditures and for\ngeneral corporate purposes.\n Reuter\n\u0003","date":" 2-JUN-1987 14:51:02.85","places":["usa"]},"18228":{"title":"FUEL STORAGE TANKS IN FRANCE BURST INTO FLAMES","body":"Two people were missing and six\ninjured after tanks containing thousands of cubic metres of\nfuel burst into flames today at a Shell storage unit in Lyon,\nrescue workers said.\n The blaze broke out with an explosion around 1330 local\ntime (1130 GMT). Shell is a subsidiary of the Royal Dutch/Shell\nGroup <RD>.\n Some 200 firemen fought the flames at the gasoline storage\nunit at Edouard Herriot riverside port complex and appeared to\nhave the blaze under control as night fell. The entire southern\nsection of Lyon was cordoned off.\n The fire destroyed five giant tanks and threatened four\nothers, the Shell spokesman said. He said that the company\nestimated between six and seven thousand cubic metres of\ndomestic fuel oil, gasoline and additives had been burned.\n The total capacity of the burning tanks was over 10,000\ncubic metres, but some had been empty when an explosion started\ntoday's fire, he added.\n Reuter\n\u0003","date":" 2-JUN-1987 14:52:36.17","topics":["fuel"],"places":["france"]},"18229":{"title":"PAY 'N PAK <PNP> RECEIVES AMENDED PROPOSAL","body":"Pay 'N Pak Stores Inc said it\nreceived a revision to one of the two previously disclosed\nproposals to buy the company.\n Pay 'N Pak said that the proposal from a leveraged buyout\nfirm had been amended to increase the dividend rate on the\ncumulative preferred stock to be received by PNP shareholders\nfrom 13.5 pct to 17.5 pct.\n As previoiusly announced, the proposal calls for a\ntransaction in which PNP shareholders would receive a\ncombination of 17.50 dlrs in cash and 2.50 dlrs in liquidation\nvalue of cumulative preferred stock for each common share.\n \n Under the other proposal received from Paul Bilzerian, PNP\nshareholders would receive on a blended basis 16.67 dlrs in\ncash and 3.33 dlrs in liquidation value of cumulative\nredeemable preferred stock for each common share, the company\nsaid.\n Under the Bilzerian proposal, the dividend rate on the\npreferred stock would be set so that in the joint opinion of\nthe financial advisor to Bilzerian and the financial advisor to\nPay 'N Pak, the preferred stock would trade at its liquidation\nvalue on a fully distributed basis, the company said.\n Reuter\n\u0003","date":" 2-JUN-1987 14:56:57.00","topics":["acq"],"places":["usa"]},"18230":{"title":"FIRST TENNESSEE <FTEN> SELLS 12-YEAR NOTES","body":"First Tennessee National Corp is\noffering 75 mln dlrs of subordinated capital notes due 1999\nyielding 10.43 pct, said lead manager Goldman, Sachs and Co.\n The notes have a 10-3/8 pct coupon and were priced at 99.65\nto yield 175 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the debt is rated Baa-2 by\nMoody's and BBB-plus by Standard and Poor's. The gross spread\nis seven dlrs, the selling concession is four dlrs and the\nreallowance is 2.50 dlrs. Salomon Brothers co-managed the deal.\n Reuter\n\u0003","date":" 2-JUN-1987 14:57:20.75","places":["usa"]},"18231":{"title":"U.S. TO PROTECT ONLY AMERICAN SHIPS","body":"U.S. military forces in the Mideast\nGulf are under orders to protect only American flag vessels and\noccasional U.S. arms deliveries on other ships to\n\"non-belligerent\" states in the area, the Pentagon said today.\n \"No one has ever stated or supported a policy of protecting\nall shipping in those waters,\" Pentagon spokesman Bob Sims said\nas the Reagan Administration drew up plans to increase the\nprotective U.S. military presence in the gulf.\n Sims denied published reports that U.S. Defense Secretary\nCaspar Weinberger sought air cover to protect all neutral\nshipping in the western gulf from attacks by Iran and Iraq.\n \"As we have said repeatedly, only American flag vessels are\nunder our protection with the exception, on a limited\ncase-by-case basis, of ships carrying our Foreign Military\nSales equipment to friendly, non-belligerent states in the\nregion,\" Sims said.\n U.S. warships in the gulf two weeks ago protected a Kuwaiti\nship which sailed to Bahrain with U.S. arms for Bahrain and\nKuwait. But Sims said Washington had received assurances that\nthe the arms would not be used elsewhere.\n He said Kuwait, which is turning 11 oil tankers over to\nU.S. firms to fly the American flag and be protected by the\nU.S. warships, is not considered a belligerent despite Iranian\ncharges that Kuwait is supporting Iraq in the gulf war.\n Kuwaiti tankers have come under repeated Iranian attack.\n Sims refused to say how the United States will beef up its\nseven-ship Middle East Task Force in the gulf to protect the 11\nKuaiti tankers. But Pentagon officials said that additional\nships and air cover are under consideration.\n Reuter\n\u0003","date":" 2-JUN-1987 14:59:38.47","topics":["ship"],"places":["usa"]},"18232":{"title":"VIACOM SAYS FEDERAL COURT REJECTS REQUEST TO BLOCK PLANNED MERGER\n","date":" 2-JUN-1987 15:04:43.60","topics":["acq"]},"18233":{"title":"INVESTORS SAVINGS BANK <ISLA.O> SETS PAYOUT","body":"Qtly div five cts vs five cts prior\n Pay July 10\n Record June 24\n Reuter\n\u0003","date":" 2-JUN-1987 15:05:53.47","places":["usa"]},"18234":{"title":"ASAMERA <ASM> COMPLETES REFINERY SALE","body":"Asamera Inc said wholly owned\nAsamera Oil (U.S.) Inc concluded the 25.25 mln U.S. dlr sale of\nits Denver refinery to Total Petroleum North America Ltd.\n In addition, Total is purchasing crude oil and refined\nproduct inventories at market value, Asamera said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:06:53.24","topics":["crude"],"places":["canada"]},"18235":{"title":"S/P MAY DOWNGRADE HOSPITAL CORP'S 1.8 BILLION DLRS OF DEBT\n","date":" 2-JUN-1987 15:10:28.48"},"18236":{"title":"COURT DECLINES TO BLOCK VIACOM <VIA> MERGER","body":"Viacom International Inc said the U.S.\nDistrict Court for the Southern District of New York denied the\nmotion of <Carsey-Werner Co> for a temporary injunction to\nblock the proposed merger of Viacom with a subsidiary of\n<National Amusements Inc>.\n Carsey-Werner is the producer of the Cosby Show.\n Reuter\n\u0003","date":" 2-JUN-1987 15:19:46.38","topics":["acq"],"places":["usa"]},"18237":{"title":"HOSPITAL CORP <HCA> MAY BE DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it may\ndowngrade Hospital Corp of America's 1.8 billion dlrs of debt.\n S and P cited uncertainties over the company's major\nrestructuring. It noted that Hospital Corp has agreed to sell\n104 acute care hospitals to a new company owned by an employee\nstock ownership plan.\n The sale is for 1.8 billion dlrs cash. If the proceeds are\nused primarily for share repurchases, weaker asset and cash\nflow protection will result, S and P said.\n Hospital Corp currently carries A-rated senior debt and\nA-minus subordinated debt.\n Reuter\n\u0003","date":" 2-JUN-1987 15:23:32.92","places":["usa"]},"18238":{"title":"AEGON N.V. <AEGN.AS> BUYS LIFE INVESTORS SHARES","body":"AEGON U.S. Holding Corp, a\nunit of AEGON N.V. of the Netherlands, and Life Investors Inc\n<LINV.O> said they have purchased about 451,000 shares of Life\nInvestors common stock for 51.61 dlrs per share cash.\n The purchase is part of an agreement between the two\ncompanies made in November 1981, saying that on or before each\nApril 30 between 1983 and 1987 the companies would offer to buy\none-sixth of the number of Life Investors' common stock\noutstanding as of Dec. 31, 1982, not already owned by AEGON.\n On Dec. 31 1988 they would offer to buy any and all\nremaining shares.\n Reuter\n\u0003","date":" 2-JUN-1987 15:24:11.70","topics":["acq"],"places":["usa"]},"18239":{"title":"WESBANCO <WSBC.O> ACQUIRING BANK OF SISSONVILLE","body":"Wesbanco Inc said its board\nexecuted a merger agreement with the <Bank of Sissonville>.\n When the merger is completed, each of the 50,000 shares of\nthe Bank of Sissonville common stock outstanding will be\nconverted into 2.75 shares of Wesbanco common stock, the\ncompany said.\n The Bank of Sissonville has total assets of 25.5 mln dlrs\nas of Dec 31, 1986, the company said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:26:07.69","topics":["acq"],"places":["usa"]},"18240":{"title":"MOODY'S AFFIRMS COMPUTER ASSOC <CA>, UCCEL <UCE>","body":"Moody's Investors Service Inc said it\naffirmed the Ba-3 rated convertible subordinated debentures of\nboth Computer Associates International Inc, due 2012 and UCCEL\nCorp, due 1995. About 113 mln dlrs of debt is affected.\n Computer Associates plans to acquire UCCEL through an\nexchange of stock, Moody's noted. The resulting merger would\ncreate the largest independent software company yet.\n Moody's said it believes that the merged company may\nexperience short-term pressure on margins while consolidating\noperations. In the long-term, the agency said the outlook is\npositive and anticipates a greatly improved market position.\n Reuter\n\u0003","date":" 2-JUN-1987 15:27:15.54","places":["usa"]},"18241":{"title":"NUCLEAR DATA <NDI> FINANCIAL DATA QUALIFIED","body":"Nuclear Data Inc said its\nauditors, Ernst and Whinney, quaified their opinion on its\nfinancial statements for the fiscal year ended February 28.\n As previously reported, Nuclear Data's bank debt matures on\nJune 30, 1987, and its lenders have required it to obtain\nreplacement financing by then.\n It said the auditors qualified their opinion because the\ncompany does not yet have a commitment for replacement\nfinancing. Nuclear Data said it expects to have such financing\nin place shortly.\n Reuter\n\u0003","date":" 2-JUN-1987 15:27:37.98","places":["usa"]},"18242":{"title":"MUNICIPAL FINANCIAL CORP <MFC.TO> SIX MTHS NET","body":"Period ended April 30\n Shr 71 cts vs 42 cts\n Shr diluted 62 cts vs 38 cts\n Net 2,629,704 vs 1,721,384\n Revs 39.5 mln vs 32.0 mln\n Reuter\n\u0003","date":" 2-JUN-1987 15:27:47.24","topics":["earn"],"places":["usa"]},"18243":{"title":"COMMONWEALTH MORTGAGE <CCMC.O> 4TH QTR NET","body":"Qtr ends April 30\n Shr 32 cts vs 20 cts\n Net 1,981,681 dlrs vs 1,022,451 dlrs\n Avg shrs 6,220,000 vs 5,120,000\n 12 mths\n Shr 1.22 dlrs vs 59 cts\n Net 7,005,000 dlrs vs 3,030,000 dlrs\n Avg shrs 5,737,808 vs 5,120,000\n NOTE: full name of company is commonwealth mortgage co inc.\n Reuter\n\u0003","date":" 2-JUN-1987 15:28:10.72","topics":["earn"],"places":["usa"]},"18244":{"title":"CONGRESSMAN QUESTIONS INSIDER TRADING ENFORCEMENT","body":"Rep. Norman Lent, R-N.Y., said Dennis\nLevine's conviction for insider trading showed the need for\ntougher enforcement of insider trading laws by the government\nand the securities industry.\n Lent's comments came at the start of closed testimony by\nLevine at the House Oversight and Investigations subcommittee.\nLevine's testimony was not released.\n \"Why didn't Dennis Levine's superiors at four different\ninvestment banking houses question the sources of his 'uncanny'\ninformation on possible corporate takeovers?\" Lent asked.\n \"Why has the Securities and Exchange Commission historically\nbeen unable to prosecute insider trading cases without outside\nevidence that illegal behavior has taken place?\" Lent added.\n Lent said Levine had told the subcommittee staff his\nassociates at major banks told him insider trading was accepted\npractice. Levine also said he did not worry about being caught\nby the SEC.\n \"The securities industry must stop putting morality and\nethics behind proift. The SEC must exercise tougher control and\nsupervision of the industry,\" Lent said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:28:25.90","places":["usa"]},"18245":{"title":"HARCOURT<HBJ> CHIEF SAYS MANAGERS ARE CONFIDENT","body":"Harcourt Brace Jovanovich Inc\nmanagers who use a special cash dividend to buy additional\nstock are demonstrating confidence in the company, chairman\nWilliam Jovanovich said.\n In a written statement Jovanovich said the company's\nrecapitalization, which will pay a dividend of 40 dlrs per\nshare in cash and preferred stock worth 10 dlrs per share, is\nnot a leveraged buyout.\n He said management of Harcourt is not receiving shares in\nthe recapitalization other than through a legal employee stock\nownership program.\n \n Reuter\n\u0003","date":" 2-JUN-1987 15:28:50.08","places":["usa"]},"18246":{"title":"NORSTAR <NOR> DEBT DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it\ndowngraded 160 mln dlrs of debt of Norstar Bancorp.\n Cut were the company's senior debt to AA-minus from AA,\nsubordinated debt to A-plus from AA-minus and preferred stock\nto A from A-plus. S/P affirmed its A-1-plus commercial paper.\n The downgrade reflected a modest increase in Norstar's risk\nprofile, combined with lower financial performance. Norstar's\nrecent purchase of the 1.2 billion dlr Syracuse Savings Bank\nwill require substantial management and financial resources to\nbring the unit's performance in line with the bank's other\noperations, the agency said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:29:30.14","places":["usa"]},"18247":{"title":"GM <GM> LABOR TALKS TO OPEN JULY 27","body":"General Motors Corp's negotiations on a\nnew contract covering 370,000 U.S. workers who belong to the\nUnited Automobile Workers union will open July 27, UAW\npresident Owen Bieber said.\n He said the opening of talks on a new contract covering\n110,000 union members at Ford Motor Co <F> will open the\nfollowing day. Current contracts at both companies expire at\n2359 EDT on September 14.\n Reuter\n\u0003","date":" 2-JUN-1987 15:29:39.21","places":["usa"]},"18248":{"title":"NORTH AMERICAN VENTURES <NAVI.O> SELLS COMMON","body":"North American Ventures Inc\nsaid it has sold about nine mln dlrs of the company's\nrestricted common shares to the newly created <Butler\nInternational Inc> Employee Stock Option Plan.\n North American said the nine mln dlrs payment resulted from\nan excess of funds in Butler's pension plan.\n The transaction was for about 1.5 mln North American common\nshares approximating 5.1 pct of the company's outstanding\nshares, North American said.\n \n North American said proceeds from the stock sale would\nincrease the company's stockholders' equity to about 85 mln\ndlrs and will be used to pay down aquisition financing used in\nthe Butler purchase which was completed in January.\n Reuter\n\u0003","date":" 2-JUN-1987 15:29:46.46","places":["usa"]},"18249":{"title":"AARON RENTS INC <ARON.O> YEAR NET","body":"year ended March 31\n Shr 91 cts vs 1.08 dlrs\n Net 4,800,000 vs 5,800,000\n Rev 118.7 mln vs 110.3 mln\n Reuter\n\u0003","date":" 2-JUN-1987 15:33:11.68","topics":["earn"],"places":["usa"]},"18250":{"title":"U.K. BANKERS LAUD VOLCKER, UNSURE ABOUT GREENSPAN","body":"U.K. Bankers for the most part lauded\noutgoing U.S. Federal Reserve Chairman Paul Volcker for his\nachievements over the past eight years but expressed some\nuncertainty about economist Alan Greenspan, nominated by\nPresident Reagan to succeed him.\n \"One of Volcker's greatest achievements was the sense of\ncontinuity and stability he gave to the international markets,\"\nsaid Carlos Santistevan, executive director of Libra Bank Plc.\nHowever, it is uncertain how long it will take for Greenspan to\nfill that role and the degree to which he can do so, he said.\n Greenspan heads his own financial consulting firm,\nTownesend, Greenspan Associates Inc and was Chairman of the\nCouncil of Economic Advisers during the Ford Administration.\n \"He is a prominent and well known figure in the U.S.\" said\nDavid Lomax, Group Economics Adviser at National Westminster\nBank Plc, who described Greenspan as an \"orthodox Republican\neconomist\" who may be better suited to getting the U.S. Economy\non track than Volcker.\n But for the most part bankers in London are unfamiliar with\nGreenspan's views on domestic and international economics or\nthe international debt crisis.\n \"I will be sad to see Volcker go. He is a central banker of\ngood repute with a general interest in protecting the U.S. And\ninternational banking system,\" said Libra's Santistevan.\n Volcker knows and understands the problems facing indebted\ncountries, he said, adding that it is unlikely Greenspan is as\nfamiliar with the problem and the personalities involved.\n For this reason he expects there will be little change in\nthe Fed's approach to the debt crisis, even as U.S. Commercial\nbanks take a harder line in dealing with the problem by adding\nbillions of dollars in reserves against possible losses on\nthird world debt.\n Another senior banker who deals with the Latin American\ndebt problem also doubted there would be much change\npost-Volcker, but for other reasons.\n He said that despite U.S. Treasury Secretary James Baker's\ndebt initiative which called for greater contributions by\nbanks, governments and multilateral organization, government's\nhave done little to try to improve the situation, leaving the\nbulk of the responsibility in the hands of the bankers.\n Despite the Fed's independence from central government, he\nquestioned how much impact Greenspan could have coming into the\njob so close to the next Presidential election.\n News that Volcker would not seek a third term hit the\nfinancial markets hard. The U.S. Dollar fell sharply on\nforeign exchange markets before reported concerted central bank\nintervention by the Fed and the Bundesbank helped it recover\nsomewhat. Prices of Eurodollar denominated bonds fell about one\npoint, while prices of U.S. Treasury bonds traded here lost\nmore than one point.\n But despite the disruption in the markets, Lloyds Bank\nPlc's Group Economic Adivser Christopher Johnson said the\nannouncement was well-timed, given the recent rise in the\ndollar against the mark and yen.\n In recent statements U.S. Officials have said the dollar\nhas fallen far enough and at a White House briefing today\nannouncing his nomination Greenspan said \"there certainly is\nevidence\" that the dollar had bottomed out.\n However, many economists here believe that the recent rise\nin the dollar will be only temporary and that it will have to\nfall further before America's huge trade deficit begins to\nreverse.\n \"The dollar has further to fall, although it may take a few\nyears\" said Lloyds Bank's Johnson. He added that the important\nthing is that there is a soft landing.\n Like other economists, Johnson is anxious to hear\nGreenspan's testify at the Congressional confirmation hearings.\n \"He has everything going for him but he must establish\ncredibility. We have to hear his views on inflation and the\noutlook for interest rates,\" he said.\n Some bankers criticized Volcker for taking too hard a\nstance in combating inflation in the late 1970's when his\ntightening in U.S. Monetary policy pushed interest rates to\nrecord levels.\n \"He tightened more than the Republicans wanted and only\nrelaxed his stance when the Latin American debt crisis erupted\n(in 1982),\" National Westminster's Lomax said.\n Lomax said that Greenspan, if appointed, will inherit the\nagreements entered into by Volcker with other members of the\nGroup of Five industrial nations on the dollar.\n However, he said that the danger lies in dollar stability\nbeing maintained because of a monetary policy that is too\ntight. Too firm a monetary policy could send the U.S. Into\nrecession, which would not be welcome by European counterparts,\nhe said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:33:36.87","places":["uk","usa"]},"18251":{"title":"NORTHEAST UTILITIES <NU> UNIT SELLS STOCK","body":"Connecticut Light and Power Co, a\nunit of Northeast Utilities, said it sold 50 mln dlrs of\npreferred stock as part of its ongoing program to refinance\nhigh-interest debt and high-coupon preferred stock.\n Northeast said the stock, which will be retired in 25\nyears, will carry an annual dividend of 9.1 pct, with\nConnecticut Light to use the proceeds to redeem 36 mln dlrs in\npreferred stock issued in June 1982.\n The company said the new issue is being offered through E.\nF. Hutton and Co.\n \n Reuter\n\u0003","date":" 2-JUN-1987 15:36:55.41","places":["usa"]},"18252":{"title":"HOLLLINGER <HLG.TO> PAYING 50 MLN DLRS FOR BUY","body":"Hollinger Inc will pay about 50 mln dlrs\ncash for its previously reported acquisition of privately owned\nUnimedia Inc, chairman Conrad Black told reporters after the\nannual meeting, confirming a published report.\n Commenting on press reports about the 50 mln dlr price tag,\nBlack said, \"That would not be wildly inaccurate,\" although he\ndeclined to disclose the actual cost.\n Montreal-based Unimedia is Quebec's third largest newspaper\ngroup, with three French language daily newspapers in Quebec\nCity, Ottawa and Chicoutimi, Quebec and four printing plants in\nOntario and Quebec.\n Black added that Hollinger would also continue seeking\nacquisitions of daily newspapers with circulation under 25,000\nreaders. He said Hollinger was currently talking to about 10\nsuch newspapers in the U.S. where the company currently owns 23\ndailies.\n \"There is really no end to the ones that are available,\" he\ntold reporters, although he added that most remaining\nacquisition opportunities are in the U.S.\n He said that Hollinger's 58 pct-owned Daily Telegraph PLC,\nof London, should become profitable in this year's fourth\nquarter.\n \n For full-year 1987, the Daily Telegraph could break even or\nbetter, said Black, citing major reductions in labor costs and\nimproved technology at the Telegraph, Britain's largest\ncirculation quality daily. The Telegraph lost 13.2 mln Canadian\ndlrs last year.\n Daily Telegraph chief executive Andrew Knight told\nreporters after the meeting that the Telegraph's daily\ncirculation had risen by 25,000 since September to about\n1,150,000 on weekdays, despite added competition from the new\nIndependent daily newspaper.\n \n Knight said The Independent was not affecting the\nTelegraph's growth, but was making inroads into the circulation\nof other London quality dailies such as The Times and The\nGuardian.\n Hollinger chairman Black predicted Hollinger would post\n1987 net income of about 55 mln dlrs, or one dlr a share,\nincluding extraordinary gains from previous sales of\ndiscontinued operations. Hollinger lost 87 mln dlrs or 6.54\ndlrs a share last year on fewer average shares and after an\nextraordinary loss of 52 mln dlrs.\n \n Black told shareholders that first quarter operating\nearnings on continuing operations amounted to 499,000 dlrs\nagainst a year-ago loss of 165,000 dlrs.\n Revenues on continuing operations rose to 102.1 mln dlrs\nfrom 1.5 mln dlrs last year, which did not include Daily\nTelegraph revenues, he added. Consolidated first quarter\nfigures were not disclosed.\n He said the Daily Telegraph's first quarter operating loss\nwas sharply reduced from last year.\n Reuter\n\u0003","date":" 2-JUN-1987 15:37:10.91","topics":["acq"],"places":["canada"]},"18253":{"title":"TEXAS EASTERN <TEX> UNIT FILES FOR NEW RATES","body":"Algonquin Gas Transmission Co, a unit of\nTexas Eastern Corp, said it has filed for Federal Energy\nRegulatory Commission approval of new rate schedules.\n It said it has also filed for proposed service agreements\nfor interruptible and firm transportation service.\n Algonquin said the filing would allow its customers to move\navailable spot gas supplies to price competitive markets.\n Reuter\n\u0003","date":" 2-JUN-1987 15:37:40.59","topics":["nat-gas"],"places":["usa"]},"18254":{"title":"USX <X> UNIT RAISES PRICES ON CERTAIN GRADES","body":"USX Corp's USS division said it was\nraising prices for all hot rolled bar and semi-finished\nproducts 1100 series grades by 10 dlrs per ton effective July\nOne, 1987.\n The company said the increase reflects current market\nconditions.\n The company could not say what percentage the increase\nreflects from current prices, nor could it say how much per ton\nthe products sell for currently.\n Reuter\n\u0003","date":" 2-JUN-1987 15:37:56.89","topics":["iron-steel"],"places":["usa"]},"18255":{"title":"CENTRAL MAINE <CTP> SEEKS COGENERATOR SPONSORS","body":"Central Maine Power Co said it\nissued a request for proposals for about 150 potential project\nsponsors of cogeneration and small power production projects.\n The utility said it has about filled six avoided cost\ndecrements and is soliciting proposals to fill about 50\nmegawatts each in the seventh and eighth decrements as defined\nby the Maine Public Utilities Commission.\n Central Main said the avoided costs for both decrements\nhave been established on the basis of costs negotiated between\nthe utility and Hydro-Quebec for planned power purchase\nbeginning in 1992.\n Reuter\n\u0003","date":" 2-JUN-1987 15:38:07.28","places":["usa"]},"18256":{"title":"SPARTECH <SPTN.O> HAS 475,000 DLRS FOR BUYBACK","body":"Spartech Corp, which earlier said it\nwill repurchase up to 10 pct of its 2.6 mln outstanding shares\nin the open market, said it has about 475,000 dlrs currently\navailable for buybacks.\n It said its indenture for convertible subordinated debt\nlimits stock purchases to 50 pct of net earnings (less\npreferred stock dividends) each fiscal year.\n Reuter\n\u0003","date":" 2-JUN-1987 15:38:19.84","places":["usa"]},"18257":{"title":"REAGAN SEEKS ROMANIA TRADE CONCESSION","body":"President Reagan called for continued\nnondiscriminatory treatment for Romanian exports to the United\nStates in the face of congressional opposition because of the\nBucharest government's record on human rights.\n A White House statement said Reagan's decision to press for\ncontinuation of so-called Most Favored Nation (MFN) status for\nRomania had been \"exceptionally difficult\" and came after \"all\noptions were seriously considered.\"\n But the statement said that despite concerns about human\nrights abuses by the Bucharest government, the president had\ndecided that should be continued because it helped stimulate\nemigration from Romania and gave the United States influence on\nhuman rights practices there.\n The statement was issued as Reagan sent to Congress\nrequests for one-year extensions of MFN for Romania, Hungary\nand China.\n The House of Representatives has attached to a trade bill\nlegislation that would temporarily deny MFN for Romania pending\ncertification by Reagan that the country had made progress on\nhuman rights. There is no controversy over continuation of MFN\nfor Hungary and China.\n Reuter\n\u0003","date":" 2-JUN-1987 15:38:35.66","topics":["trade"],"places":["usa","romania"]},"18258":{"title":"TIMBERLINE INDUSTRIES INC <TIMB.O> 1ST QTR NET","body":"Oper shr eight cts vs two cts\n Oper net 119,000 vs 32,000\n Sales 12.0 mn vs 11.3 mln\n Note: Current qtr figures exclude loss from discontinued\noperations of 30,000 dlrs, or two cts per share, vs loss of\n54,000 dlrs, or four cts per share.\n Reuter\n\u0003","date":" 2-JUN-1987 15:38:41.33","topics":["earn"],"places":["usa"]},"18259":{"title":"RAINIER BANCORP <RBAN.O> NAMES NEW UNIT EXEC","body":"Rainier Bancorp said Allan Nichols, head\nof its Consumer Banking Division, has resigned, effective June\n19, and will be succeeded by David Williams.\n Williams is currently head of its Corporate Banking\ndivision, Rainier said.\n It said James Cullen, currently in charge of International\nBanking, will succeed Williams in Corporate Banking and Steve\nDriscol, director of the International Division's Asia-Pacific\nRegion, will succeed Cullen at International Banking.\n\n Reuter\n\u0003","date":" 2-JUN-1987 15:39:08.16","places":["usa"]},"18260":{"title":"CORBUS <CRVS.O> PRESIDENT NAMED CEO","body":"Corvus Systems Inc said Lewis\nLipton, currently president, was named to the additional post\nof chief executive.\n The company said Lipton was also elected to its board.\n Reuter\n\u0003","date":" 2-JUN-1987 15:39:32.26","places":["usa"]},"18261":{"title":"S/P MAY UPGRADE COMPUTER ASSOC <CA>, UCCEL <UCE>","body":"Standard and Poor's Corp said it may\nupgrade 100 mln dlrs of B-plus subordinated debt of Computer\nAssociates International Inc and 13 mln dlrs of B-minus\nsubordinated debt of UCCEL Corp.\n S and P cited a merger agreement between the two companies\nwhich it believes will improve both firms' market positions as\nwell as complement each other's products and distribution.\n But S and P pointed out that duplicate product lines could\nraise marketing difficulties and restrict sales.\n The agency will study improvements in the financial\ncondition and competitive position of the merged entity.\n Reuter\n\u0003","date":" 2-JUN-1987 15:39:52.12","places":["usa"]},"18262":{"title":"AUTODESK <ACAD.O> SELLS STOCK","body":"Autodesk Inc said it made an\nunderwritten public offering of 2,640,836 common shares at 24\ndlrs per share.\n The company said it sold 2.5 mln shares and the rest were\nsold by stockholders.\n Reuter\n\u0003","date":" 2-JUN-1987 15:39:58.54","places":["usa"]},"18263":{"title":"CCC ACCEPTS BONUS ON BARLEY TO SAUDI ARABIA","body":"The Commodity Credit Corporation, CCC,\nhas accepted bids for export bouses to cover sales of 150,000\ntonnes of U.S. barley to Saudi Arabia, the U.S. Agriculture\nDepartment said.\n The CCC accepted three bonus offers from one exporter which\naveraged 40.88 dlrs per tonne, it said.\n The barley is for delivery August 15-November 30 in three\nshiments of 50,000 tonnes each.\n The bonus awards were made to Louis Dreyfus Corporation and\nwill be paid in the form of commodities from CCC stocks.\n An additional 350,000 tonnes of U.S. barley are still\navailable to Saudi Arabia under the Export Enhancement Program\ninitiative annnounced on May 15, 1987, it said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:41:47.60","topics":["grain","barley"],"places":["usa","saudi-arabia"]},"18264":{"title":"ROCKWELL <ROK>, U S WEST <USW> UNIT IN PACT","body":"Rockwell International Corp said it and U\nS West Knowledge Engineering Inc, a U S West Inc subsidiary,\nagreed to jointly develop an operator workstation that combines\nvoice and data capabilities for directory assistance, call\nintercept and other operator functions in a single terminal.\n It said the systems will be offered as integrated elements\nof Rockwell's telephone- company-oriented ISS-3000 Automatic\nCall Distribution switches.\n\n Reuter\n\u0003","date":" 2-JUN-1987 15:45:29.49","places":["usa"]},"18265":{"title":"NO PROSPECT IN SIGHT OF EC BUDGET ACCORD","body":"The European Community was set to\nplunge into an ever-deepening budget crisis after ministers\nfailed to reach agreement on plugging a gap in the\nnear-bankrupt Community's finances, diplomats said.\n As EC budget ministers ended six hours of talks in\nLuxembourg, diplomats said there was little basis for an accord\namongst the trading bloc's 12 member states.\n The EC executive Commission says the Community faces a\ndeficit this year of at least five billion European Currency\nUnits and could be forced to choose between massive spending\ncuts or bankruptcy.\n It has appealed to member states to pay an extra 1.5\nbillion ECUs to help meet the deficit, caused by soaring farm\nspending and falling revenues.\n But hardliners Britain and West Germany have insisted that\nthere can be no extra cash for the Community this year and\ninstead call for a clampdown on farm spending, which absorbs\ntwo thirds of the EC budget.\n \"We have to make clear that expenses should be based on\nincome,\" West German Minister of State Hans Tietmeyer told\nreporters.\n \"There is no way the Germans will agree to extra financing\nin the form of national contributions,\" he added.\n A second Commission proposal, which would plug most of the\nbudget gap by paying member states in arrears rather than in\nadvance for their spending on Community farm policies, was also\nfar from agreement, diplomats added.\n The proposal, strongly backed by Britain and West Germany,\nwould save up to four billion ECUs if payments were delayed for\ntwo months.\n But poorer member states, which would have to borrow funds\nto cover the delay, complain the change in the system would\nunfairly impose too much of the burden on them.\n The European Parliament is also expected to refuse an early\ndebate on the changeover in the farm payments system, further\ndelaying any moves to solve the deficit problem, parliamentary\nsources said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:47:04.81","organisations":["ec"],"places":["luxembourg","uk","west-germany"]},"18266":{"title":"AHMANSON TO POST 2ND QTR WRITEOFF OF 24 MLN DLRS ON FSLIC RESERVE INVESTMENT\n","date":" 2-JUN-1987 15:50:04.09"},"18267":{"title":"DATA GENERAL <DGN> SEES LITTLE SALES UPTURN","body":"Data General Corp said sales continue to\nremain flat and it sees little evidence that demand will pick\nup in the near future.\n The company had not \"really seen any major change\" in\ndemand, vice president of group marketing, J. David Lyons, told\nReuters in an interview. \"Our sales have been moderate to flat,\nbut certainly not down,\" Lyons said.\n Data General president Edson de Castro declined to comment\non his outlook for the computer industry or on the company's\nperformance.\n \n Wall Street analysts said they were not surprised by the\nless than confident message from Data General which earlier\ntoday announced computer networking products to link personal\ncomputers with networks of its minicomputers and computers from\nother vendors.\n \"They've tried a number of different things that haven't\nseemed to work,\" said Paine Webber analyst Stephen Smith. \"Data\nGeneral is finding that aggressive pricing alone isn't enough\"\nto win sales,\" Smith said.\n In the second quarter ended March 31, Data General posted\nan operating loss of 24.4 mln dlrs, or 91 cts a share, compared\nto earnings of 2.0 mln dlrs, or eight cts a share, a year\nearlier. Sales for the quarter fell to 315.2 mln dlrs from\n318.8 mln dlrs.\n Despite reports of an upturn in sales at rivals Digital\nEquipment Corp <DEC> and International Business Machines Corp\n<IBM>, Data General said it was not convinced that the\nminicomputer market had emerged from a two-year slump.\n \"We would rather wait until we see a sustained improvement\nin orders,\" Lyons said.\n \n Lyons said new hardware and software introduced by the\ncompany are a response to customers who want to tie together\ntheir growing number of PCs and to connect them with larger\nmini and mainframe computers.\n He said the products are part of a new strategy of\nproviding industry-standard systems that allow computers from\ndifferent vendors to share and exchange information.\n \n Analysts noted that Data General is one of many companies\npromoting the integration of PCs with other office computers.\n \"PC integration is a tough strategy,\" said Smith.\n \"A lot of people are coming to the market from a lot of\ndifferent angles,\" he said.\n Reuter\n\u0003","date":" 2-JUN-1987 15:50:39.03","places":["usa"]},"18268":{"title":"SENATE CLEARS WAY FOR PASSAGE OF MONEY BILL","body":"The Senate cleared away a\nparliamentary obstacle threatening final passage of a 9.4\nbillion dlr money bill for the rest of fiscal 1987 ending\nOctober 1.\n The Senate voted 64 to 32 to override objections the bill's\nmoney total violated the 1987 budget, a vote that required 60\nvotes for approval.\n The House-passed measure, debated by the Senate since May\n7, carries funds for most government activities with the bulk\n--6.7 billion dlrs--for agriculture support programs.\n Final passage could come late tonight or tomorrow.\n Reuter\n\u0003","date":" 2-JUN-1987 15:56:42.47","places":["usa"]},"18269":{"title":"NOLAND <NOLD.O> MAY SALES DECLINES 11 PCT","body":"Noland Co said its May sales of\n35 mln dlrs was down 11 pct from the year-earlier period of\n38.8 mln dlrs.\n For the first five months of 1987, the company said its\nsales totaled 161.8 mln dlrs, four pct less than the first five\nmonths of 1986 when the company posted sales of 169.0 mln dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 15:57:10.96","places":["usa"]},"18270":{"title":"AHMANSON SAID IT POSTPONED SALE OF UP TO ONE BILLION DLRS OF SECURITIES\n","date":" 2-JUN-1987 16:00:31.55"},"18271":{"title":"LAST-MINUTE OPPOSITION TO GULF BILL ARISES","body":"House Speaker Jim Wright predicted\npassage of legislation requiring the Reagan administration to\nprovide Congress with a report on its Mideast Gulf policy, but\na last-minute revolt by an alliance of liberals and\nconservatives left the bill's fate in doubt.\n The legislation was written in the wake of the May 17th\nIraqi missile attack on the U.S. frigate Stark in the Gulf,\nwhich killed 37 Americans, and President Reagan's decision to\nprotect 11 Kuwaiti oil tankers by putting them under U.S. flags\n-- effectively making them American ships.\n Since the administration made known its reflagging plans,\ncongressional leaders complained they had not been consulted,\nand some charged the policy could lead the United States into\nthe 6 1/2-year-old war between Iran and Iraq.\n The House was to vote today on a bill -- supported by the\nDemocratic and Republican congressional leadership and the\nadministration -- which demanded a report within seven days on\nplans to meet the security needs of U.S. forces in the gulf.\n The resolution was expected to pass without controversy\ntoday in the House Foreign Affairs Committee before the full\nHouse was to take up the bill. But in a surprise move, liberal\nDemocrats and conservative Republicans on the committee joined\nin an unusual alliance to oppose the resolution.\n Liberal Democrats said a lack of any restrictions in the\nbill implied consent to Reagan's policies.\n Reuter\n\u0003","date":" 2-JUN-1987 16:01:22.24","topics":["ship"],"places":["usa"]},"18272":{"title":"U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS JUNE 8 TO PAY DOWN 1.3 BILLION DLRS\n","date":" 2-JUN-1987 16:02:58.70"},"18273":{"title":"U.S. TO SELL 13.2 BILLION DLRS OF BILLS","body":"The U.S. Treasury said it will sell\n13.2 billion dlrs of three and six-month bills at its regular\nauction next week.\n The June 8 sale, to be evenly divided between the three and\nsix month issues, would result in a paydown of 1.3 billion dlrs\nas maturing bills total 14.512 billion dlrs.\n The bills are to be issued June 11.\n Reuter\n\u0003","date":" 2-JUN-1987 16:08:14.93","places":["usa"]},"18274":{"title":"U.S. WEEKLY ELECTRIC OUTPUT UP 6.8 PCT FROM 1986","body":"U.S. power companies generated a net\n49.92 billion kilowatt-hours of electrical energy in the week\nended May 30, up 6.8 pct from 46.74 billion a year earlier, the\nEdison Electric Institute (EEI) said.\n In its weekly report on electric output, the electric\nutility trade association said electric output in the week\nended May 23 was 49.86 billion kilowatt-hours.\n The EEI said power production in the 52 weeks ended May 30\nwas 2,578.41 billion kilowatt hours, up 2.7 pct from the\nyear-ago period.\n Electric output so far this year was 1072.97 billion\nkilowatt hours, up 3.2 pct from 1039.25 billion last year, the\nEEI said.\n Reuter\n\u0003","date":" 2-JUN-1987 16:10:37.98","places":["usa"]},"18275":{"title":"USDA SETS 0/92 PROVISION FOR SOME PRODUCERS","body":"Some producers in the 1987 acreage\nreduction program may be eligible for deficiency payments on 92\npct of their enrolled acreage even though none of it is planted\nwith wheat or other program crops, the U.S. Agriculture\nDepartment said.\n The department said the provision of the Farm Disaster\nAssistance Act will be available to all eligible winter wheat\nproducers, producers of other types of wheat who were prevented\nfrom planting their 1987 wheat crop because of a 1986 natural\ndisaster, and all producers who operate farms with program crop\nacreage bases subject to flooding on 50 pct of such crop's\npermitted acreage.\n A producer who did not enroll in the 1987 acreage reduction\nprogram may become eligible by signing-up no later than July\n15. Producers will be informed by the local offices when\napplications are being accepted, it said.\n The department said producers of wheat other than winter\nwheat may use the 0/92 option if they were preventedf from\nplanting their intended acreage with wheat for harvest in 1987\nbecause of any natural disasters which occured in 1986 or if\nthe farm is located in a county approved by Farmers Home\nAdministration for emergency loans for such disasters that\noccurred in 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 16:11:50.64","topics":["grain","wheat"],"places":["usa"]},"18276":{"title":"CCC ACCEPTS BONUS ON POULTRY TO IRAQ -- USDA","body":"The Commodity Credit Corporation (CCC)\nhas accepted a bid for an export bonus to cover the sale of\n15,000 tonnes of frozen poultry to Iraq, the U.S. Agriculture\nDepartment said.\n The poultry is for shipment June-September and the bonus\nwas 719.80 dlrs per tone, it said.\n The bonus award was made to ConAgra Poultry Co and will be\npaid in the form of commodities from the inventory of CCC\nstocks.\n The purchase completes the Export Enhancement initiative\nfor Frozen Poultry to Iraq announced December 22, 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 16:13:31.75","topics":["carcass"],"places":["usa","iraq"]},"18277":{"title":"CCC ACCEPTS BONUS ON POULTRY TO EGYPT -- USDA","body":"The Commodity Credit Corporation (CCC)\nhas accepted a bid for two bonus offers to cover the sale of\n10,000 tonnes of frozen poultry to Egypt, the U.S. Agriculture\nDepartment said.\n The poultry is for shipment November, 1987, through August,\n1988, and the bonus was 473.99 dlrs per tonne for the frozen\nfryer legs. The bonuses were made to Gress Foods, Inc (5,000\ntonnes), and Serva International Ltd (5,000 tonnes).\n The subsidies will be paid to the exporters in the form of\ncommodities from CCC stocks.\n An additional 8,500 tonnes of frozen poultry remain\navailable to Egypt under the Export Enhancement Program\ninitiative announced Dec 19, 1986, and Feb 27, 1987, the\ndepartment said.\n Reuter\n\u0003","date":" 2-JUN-1987 16:15:27.70","topics":["carcass"],"places":["usa","egypt"]},"18278":{"title":"DEUTSCHE BANK SAYS NO SUPPORT FOR VW MANAGEMENT","body":"West Germany's biggest\nbank said it would withhold support from Volkswagen AG <VOWG.F>\nmanagement at next month's annual meeting because of the VW\ncurrency scandal.\n Deutsche Bank AG <DBKG.F> said it would abstain in votes\nexonerating VW management and the supervisory board, which\nrepresents shareholders and employees, unless an auditor's\nreport on the currency scandal is published before the July 2\nannual meeting and either clearly absolves or blames the\nmanagement and board.\n Several shareholder groups have said they will vote against\nmanagement at what promises to be a stormy annual meeting. If a\nmajority of shareholders back these groups, the top management\nof Europe's biggest carmaker could be dismissed.\n Deutsche said it expected the results of the auditor's\nreport on the currency fraud, which cost VW some 260 mln dlrs,\nto be published before the annual meeting.\n But in a letter to Deutsche customers depositing their VW\nshares at the bank, Deutsche wrote: \"Without knowledge of these\nresults, we do not think we are in a position to make you a\nsuggestion for or against exoneration of the management board\nand supervisory board.\"\n \"Unless you give us instructions to the contrary, we will\nabstain with your shares ... but we reserve the right to vote\nfor or against exoneration of the management board and\nsupervisory board, if this seems in your interest in line with\nthe results of the auditor's report,\" it added.\n A strong shareholder vote against the management would\nempower the supervisory board to dismiss the management if it\nchooses, though such a move would not be mandatory.\n A member of the supervisory board who does not receive\nexoneration at an annual meeting may have to step down.\n An abstention or no-vote by banks on behalf of customers\nagainst management would in itself be a vote of no confidence.\n German banks traditionally use their huge proxy votes at\nannual meetings to support the management of the company, in\nwhich they are often represented on the supervisory board.\n VW management board chairman Carl Hahn said in April that\n1986 profits had been hit by the scandal, in which documents\nrelating to currency arbitrage were allegedly faked, but\nprofits for 1987 would not be affected.\n Following the scandal, finance director Rolf Selowsky\nresigned, and former chief dealer Bobby Junger was arrested.\n Deutsche represents 8-10 pct of VW's share capital, the\nsources said, and F. Wilhelm Christians, one of the bank's two\nmanagement board spokesmen (chief executives) is on the VW\nsupervisory board.\n Banking sources said Deutsche was furious with VW after the\nbank led an international placement of VW shares from the\ncompany's record rights issue last September.\n Less than two months later VW announced a sharp fall in\ninterim profits, bashing its share price and severely denting\nconfidence in the German share market generally.\n A spokesman for the Savings Bank Association said that\nGerman savings banks would vote not to discharge Selowsky, and\ndepending on whether the auditor's report was published would\nabstain on the vote for other management board members.\n The federal government and the state of Lower Saxony\ntogether have 40 pct of VW shareholders' votes. It is still\nunclear how they will vote. Associations representing small\nshareholders will also ensure the annual meeting is heated.\n The Protective Association for Securities Ownership has\nsaid it will vote against the entire management board, and the\nProtective Society for Small Shareholders will also vote\nagainst the supervisory board.\n A spokeswoman for Deutsche Treuhand-Gesellschaft AG, the\nauditors commissioned by VW in March to investigate the\nscandal, declined to comment when its report would be issued.\n Reuter\n\u0003","date":" 2-JUN-1987 16:18:43.94","places":["west-germany"]},"18279":{"title":"BILL WITH FARM MONEY NEARS U.S. SENATE OKAY","body":"The Senate cleared away a\nparliamentary obstacle threatening final passage of a 9.4\nbillion dlr money bill for the rest of fiscal 1987.\n The Senate voted 64 to 32 to override objections the bill's\nmoney total violated the 1987 budget, a vote that required 60\nvotes for approval.\n The House-passed measure, debated by the Senate since May\n7, carries funds for most government activities with the bulk,\n6.7 billion dlrs, for agriculture support programs.\n Final passage could come late tonight or tomorrow.\n Reuter\n\u0003","date":" 2-JUN-1987 16:18:59.80","places":["usa"]},"18280":{"title":"PHELPS DODGE <PD> SEES STRONGER COPPER PRICES","body":"Phelps Dodge Corp officials said good\nfundamentals in copper markets should lead to improving prices\nfor the metal.\n In an interview with Reuters, chairman G. Robert Durham\nsaid continued strong demand and low inventories pushed prices\nup eight to nine pct on the New York Commodities Exchange last\nmonth.\n \"Our customers in this country are living off the tailgates\nof our trucks,\" he said, referring to tightness of supply and\nstrong demand. \"The fundamentals are good.\"\n \n Asked if metal prices will continue to rise, Durham said;\n\"All I know is, fundamentals cannot be ignored.\"\n He said copper supplies are lower than they have been for\nalmost 20 years. Last year, copper demand was second highest on\nrecord behind 1984, he said.\n Phelps Dodge is the nation's largest copper company, with\nannual production expected to reach 500,000 tons this year.\n \n During the interview, executive vice president Douglas\nYearley said he believed it was only a matter of time before\nthe copper price rose \"because there aren't that many new\nprojects coming on, and demand, short of a major recession,\nwill continue to grow modestly.\"\n Copper for July delivery rose more than two cts a pound to\nmore than 69 cents in Comex trading today. A one cent a pound\nrise in copper prices yields 10 mln dlrs in annual earnings for\nPhelps Dodge, the company said.\n \"Demand has been surprisingly good in 1987, in construction\nand other areas,\" Yearley said.\n \n New production later this year from a Bingham, Utah, mine\nowned by Kennecott Corp, a unit of British Petroleum Co PLC's\n<BP> Standard Oil Co, a mine in New Guinea and Phelps Dodge's\nown expanded Morenci, Ariz., mine will be offset by production\nshortfalls in Mexico and Zambia, he said.\n Durham said production costs at the New Mexico-located\nChino mine will be in line with conventional copper production\nat the company's other mines by the fourth quarter. The\ncompany's total production costs, including depreciation but\nbefore interest and corporate expense, should be below 50 cts a\npound by late 1989 or 1990, he said.\n Reuter\n\u0003","date":" 2-JUN-1987 16:19:47.63","topics":["copper"],"places":["usa"]},"18281":{"title":"CCC CREDIT GUARANTEES TO HAITI AMENDED","body":"The Commodity Credit Corporation (CCC)\nhas amended its Export Credit Guarantee Program line to Haiti\nto add one mln dlrs in guarantees for sales of U.S. wood\nproducts, the U.S. Agriculture Department said.\n The action increases the value of export credit guarantees\nfor wood products to Haiti from 1.8 to 2.8 mln dlrs and the\ntotal value of export credit guarantees authorized to Haiti for\nthe current fiscal year for all commodities to 12.0 mln dlrs,\nthe department said.\n All sales must be registered and exports completed by Sept\n30, 1987, it noted.\n Reuter\n\u0003","date":" 2-JUN-1987 16:19:55.77","topics":["lumber"],"places":["usa","haiti"]},"18282":{"title":"U.S. SUGAR <USUG.O> PRESIDENT TO RETIRE","body":"John Boy, president and chief\nexecutive officer of the U.S. Sugar Corp, said he will retire\neffective June 30, 1987.\n He will be replaced by J. Nelson Fairbanks, currently\nsenior vice president, the company said.\n Boy will be the vice chairman of the board effective July\nOne, 1987.\n Reuter\n\u0003","date":" 2-JUN-1987 16:22:03.49","places":["usa"]},"18283":{"title":"TEXAS AMERICAN ENERGY CORP <TAE> 1ST QTR","body":"Shr 42 cts vs 22 cts\n Net 3,445,000 vs 2,326,000\n Revs 41.7 mln vs 51.5 mln\n Reuter\n\u0003","date":" 2-JUN-1987 16:22:10.02","topics":["earn"],"places":["usa"]},"18284":{"title":"BRANIFF INC <BAIR.O> MAY TRAFFIC ROSE","body":"Braniff Inc aid its May load factor rose\nto 59.15 pct from 57.16 pct. Revenue passenger miles rose 25.7\npct to 268.9 mln miles from 213.8 mln miles and available seat\nmiles rose 21.5 pct to 454.5 mln miles from 374.1 mln miles.\n Year-to-date load factor rose 56.22 pct from 55.35 pct.\nRevenue passenger miles rose 34.2 pct to 1.3 billion from 934.2\nmln and available seat miles rose 32.2 pct to 2.2 billion from\n1.7 billion.\n Reuter\n\u0003","date":" 2-JUN-1987 16:23:10.10","places":["usa"]},"18285":{"title":"CENTRAL PENNSYLVANIA <CPSA.O> ADJUSTS RESULTS","body":"Central Pennsylvania Financial Corp\nsaid its earnings for the year ended March 31 have been\nadjusted downward by 126,000 dlrs to 3,005,000 dlrs.\n The company said the adjustment is due to today's Federal\nHome Loan Bank Board announcement that the Federal Savings and\nLoan Insurance Corp has cancelled the secondary reserve payment\nfrom all its members.\n It said the adjusted net income of 3,005,000 dlrs, or 2.34\ndlrs a share, compares to the previously reported 3,131,000\ndlrs, or 2.44 dlrs a share.\n Reuter\n\u0003","date":" 2-JUN-1987 16:24:06.94","places":["usa"]},"18286":{"title":"SWEET VICTORY <SVICC.O> CONTINUES ON NASDAQ","body":"Sweet Victory Inc said its common stock\nwill continue to be listed in Nasdaq via an exception from the\ncapital and surplus requirement.\n The company said while it failed to meet this requirement\nas of April 6, 1987, it was granted a temporary exception\nsubject to it meeting certain conditions.\n Reuter\n\u0003","date":" 2-JUN-1987 16:24:13.80","places":["usa"]},"18287":{"title":"TRUSTCOMPANY BANCORP <TCBC.O> UPS QTLY DIVIDEND","body":"Trustcompany Bancorporation\nsaid the company is raising its cash dividend to 1.56 dlrs from\n1.20 dlrs a share.\n The company said the dividend increase was based on a 43\npct increase in net income for 1986 and an additional 42 pct\nincrease in the first quarter of this year.\n Trustcompany said net income for the first three months of\n1987 were 2.84 mln dlrs compared to two mln dlrs over the same\nperiod last year.\n \n In addition, the company said it expects net income this\nyear to rise substantially over 1986, when the company reported\nearnings of 8.8 mln dlrs or 7.24 dlrs per share.\n Trustcompany also said it plans to open 13 additional bank\nbranches, but did not disclose details.\n Reuter\n\u0003","date":" 2-JUN-1987 16:24:23.10","places":["usa"]},"18288":{"title":"GENERAL ELECTRIC <GE> SELLS ENGINES TO BAHRAIN","body":"General Electric Co said the\nBahrain Amiri Air Force selected its engines to power 12 of its\nGeneral Dynamics Corp <GD> fighter aircraft.\n The company did not disclose the price of the engines.\n The company said Bahrain was the fourth foreign nation to\nselect the engine. The others are the Greek, Israeli and\nTurkish air forces, the company said.\n Reuter\n\u0003","date":" 2-JUN-1987 16:24:44.13","places":["usa","bahrain"]},"18289":{"title":"SHAWMUT <SHAS.O> CHANGES NAME OF SUBSIDIARY","body":"Shawmut Corp said it changed the name of\nits subsidiary, First Gibraltar Mortgage Corp, to Shawmut First\nMortgage Corp.\n Reuter\n\u0003","date":" 2-JUN-1987 16:25:08.91","places":["usa"]},"18290":{"title":"PIEDMONT AIRLINES <PIE> REPORTS CARGO RESULTS","body":"Piedmont Airlines said its\ntotal cargo load in April increased 39.5 pct compared to April\n1986.\n Piedmont said in April 1987 it carried a total of 4,949,369\nton miles of cargo compared to 3,546,543 ton miles last April.\n In addition, the airline said in the first four months of\n1987, total cargo load increased 30 pct to 18.2 mln ton miles\nfrom 14.0 mln ton miles over the same period last year.\n Reuter\n\u0003","date":" 2-JUN-1987 16:25:25.32","places":["usa"]},"18291":{"title":"BRISTOL-MYERS CO <BMY> DECLARES DIVIDEND","body":"Bristol-Myers Co said it declared a\ndividend of 35 cts a share on its common, reflecting the\ntwo-for-one stock split approved at the May five annual meeting\nof the company.\n The dividend is payable August one to shareholders of\nrecord July three.\n Reuter\n\u0003","date":" 2-JUN-1987 16:26:06.48","places":["usa"]},"18292":{"title":"CBS/FOX VIDEO SEES HIGHER 1987 REVENUES","body":"CBS/Fox Video Co, an equal partnership of\nCBS Inc <CBS> and 20th Century-Fox Film Corp, expects revenues\nfor 1987 to exceed 400 mln dlrs, up from 361 mln dlrs last\nyear, President James Fifield said in an interview.\n Despite a leveling out of video recorder sales, Fifield\nsees strong international business for the producer and\nmarketer of prerecorded videocassettes. He also said expansion\ninto non-theatrical products is bolstering results.\n Fifield was in Chicago to attend the summer Consumer\nElectronics Show.\n CBS/Fox Video projects the industry will sell about 116 mln\nunits with a total manufacturers value of 3.3 billion dlrs.\n Fifield told Reuters his company will introduce \"at least\n20 of our best titles\" in the fall to accommodate the new\nCompact Disc-Video system.\n He also said CBS/Fox will support the new S-VHS, or Super\nVHS high-resolution format with titles to match demand.\n Reuter\n\u0003","date":" 2-JUN-1987 16:26:48.94","places":["usa"]},"18293":{"title":"DANIEL <DAN> UNIT GETS PIPELINE CONTRACT","body":"Daniel Industries Inc said its\nMeasurement and Control Division has been awarded a contract\nvalued at about 7.5 mln dlrs by <SPIE Capag S.A.> for metering\nand control systerms for 11 stations on the USSR - Turkey\nPipeline System Project.\n Reuter\n\u0003","date":" 2-JUN-1987 16:28:20.82","places":["usa"]},"18294":{"title":"INTERMETCO LTD <INT.TO> SIX MTHS APRIL 30 NET","body":"Shr 18 cts vs 27 cts\n Net 283,000 vs 435,000\n Revs 97.8 mln vs 95.1 mln\n Reuter\n\u0003","date":" 2-JUN-1987 16:28:38.12","topics":["earn"],"places":["canada"]},"18295":{"title":"S/P DOWNGRADES ALLEGHENY INTL <AG> SENIOR DEBT","body":"Standard and Poor's said it downgraded\n446 mln dlrs of Allegheny International Inc's senior debt to\nCCC from B-minus and subordinated debt to CCC-minus from\nCCC-plus.\n Also downgraded to CCC-plus from B was the senior debt of a\nunit Allegheny Sunbeam Corp. Allegheny's preferred stock was\naffirmed at C.\n S and P cited further erosion in the firm's flexibility due\nto a restrictive bank loan agreement and limited debt servicing\ncapability. In spite of restructuring efforts, the firm\nreported first quarter losses of 38.5 mln dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 16:29:06.06","places":["usa"]},"18296":{"title":"FED TO RELEASE U.S. APRIL CONSUMER CREDIT JUNE 5","body":"The Federal Reserve Board said it\nwould release April consumer instalment credit figures on\nFriday.\n No fixed time was set for the release.\n Consumer credit fell a seasonally adjusted 63 mln dlrs in\nMarch after rising 1.01 billion dlrs in February.\n Reuter\n\u0003","date":" 2-JUN-1987 16:35:13.36","topics":["instal-debt"],"places":["usa"]},"18297":{"title":"U.S. WHEAT IN SENEGAL MARKET -- USDA","body":"After a highly favorable reception of\na trial batch of bread baked from 300 lbs of U.S. wheat flour\nlast February, the Senegalese appear ready to take delivery of\na first tranche of 10,500 tonnes of mixed U.S. wheat, the U.S.\nAgriculture Department said.\n In its report on U.S. Export Markets for U.S. Grain, the\ndepartment noted Senegal had bought 100,000 tonnes of wheat\nunder the Export Enhancement Program last November, but local\nopposition from millers, accustomed to French wheat, has been\ndelaying deliveries.\n As a result there were a series of baking seminars as well\nas the trial batch, in an effort to satisfy local flour millers\nand convince key officials of the qualities of U.S. wheat.\n The department said if deliveries of U.S. wheat to Senegal\nremain on track, the U.S. could dominate a wheat market that\nhad been expected to import 140,000 tonnes of mostly French\nwheat during the 1987/88 (July-June) season.\n\n Reuter\n\u0003","date":" 2-JUN-1987 16:35:43.98","topics":["grain","wheat"],"places":["usa","senegal"]},"18298":{"title":"SEARS <S> DOWNGRADED BY E.F. HUTTON","body":"Sears, Roebuck and Co's stock was\ndowngraded one notch from a neutral rating, said E.F. Hutton\nanalyst Bernard Sosnick.\n The company's stock closed at 50, off 1-1/4.\n Sosnick said \"sluggish sales cloud the economic picture and\nconcern about the outlook for credit income diminish Sears'\nnear-term investment prospects.\" He said the retail sales in\nMay were weak, which would mean sales have been below plan for\nthe past two months.\n Sosnick said indications are that Sears may not be as\nstrong a performer as other retailers.\n However, he said his earnings estimate for the company for\n1987 remains unchanged at 4.50 dlrs a share compared to 3.62\ndlrs a share in 1986. He added that \"as a result of weakening\nsales momentum, we have less confidence in that estimate.\"\n The analyst said it projects second quarter earnings in the\n1.05 to 1.10 dlrs a share range, up from 77 cts a year ago. The\n1987 estimate includes an 18 ct a share gain from the sale of\n50 savings bank branches and strong earnings contribution from\nAllstate Insurance.\n Reuter\n\u0003","date":" 2-JUN-1987 16:36:35.73","places":["usa"]},"18299":{"title":"VOLCKER LEAVING DESPITE REAGAN REQUESTS TO STAY","body":"Paul Volcker's departure as Federal\nReserve Board chairman came despite pleas from the Reagan\nadministration that he stay at the helm of the U.S. central\nbank, U.S. officials said.\n \"The President made it very clear that he would be very,\nvery pleased had the chairman's decision been otherwise,\"\nTreasury Secretary James Baker said.\n A Reagan administration official, who asked not to be\nidentified, said Baker too had urged Volcker repeatedly in the\npast several months to consider staying on as chairman.\n But there were no indications the administration had told\nVolcker that it was in the national interest for him to stay\nand that current global economic uncertainties required it.\n Associates of Volcker have assumed Volcker would only have\nstayed on in such circumstances. \"He doesn't care a lot,\nemotionally, about a third term,\" Nikko Securities vice-chairman\nStephen Alixrod, until last year a top Fed staffer, told\nReuters recently.\n Officials are confident that newly-nominated chairman Alan\nGreenspan will re-establish close working relations with Baker\nand his credentials eventually will calm markets.\n One Reagan administration economic policymaker, who asked\nnot to be named, pointed out that Baker and Greenspan worked\ntogether closely in the Ford administration.\n At the time, Baker was acting Secretary of Commerce and\nGreenspan headed the President's Council of Economic Advisers.\n Reagan administration officials made clear, meanwhile, that\nthe announcement, precipitated by Volcker's unshakeable\ndecision to quit, came in order to clear up uncertainty ahead\nof the Summit of leading industrial democracies in Venice.\n President Reagan might have been in an embarrassing\nposition if no decision had been made by then.\n Volcker enjoys the respect of most top economic officials\nabroad, and is admired at the West German Bundesbank, and in\nTokyo, despite his criticism of Japanese policies.\n Financial markets, possibly reflecting some of the\ndisappointment in foreign capitals, drove the dollar sharply\nlower on news of his departure, prompting central bank\nintervention to stem the fall, dealers said.\n Finance Ministries and central banks of the other summit\nnations -- Japan, West Germany, Britain, France, Italy and\nCanada -- were informed shortly before the news was announced,\nBaker told reporters today.\n Monetary sources also said one reason Volcker decided to\nresign was his personal financial situation and his marriage \n-- his wife lives in New York and did not want him to take up a\nsecond term in mid-1983.\n Volcker has foregone potentially million-dollar salaries to\na life almost overwhelmingly devoted to public service at pay\nrates low relative to his financial commitments.\n Both these reasons at one time prompted him to consider\nstepping down before his second term was completed.\n But Volcker also hinted there might be more than personal\nreasons for his decision. \"It was a personal decision, taking\naccount of a lot of things, including purely personal\nconsiderations and others,\" he told reporters.\n Fed sources note Volcker's considerable unease at the lack\nof progress by the administration in reaching a budget deficit\nreduction agreement.\n In addition, Volcker would have faced four more years with\na Board that he was less than comfortable with, monetary\nsources say. The other five members are Reagan appointees.\n What may unsettle markets, however, is the fact that the\nFed governors now have only six to seven years' collective\nexperience between them, at a time of great financial\nuncertainty.\n Analysts said that while Greenspan might well be considered\nas tough an inflation-fighter as Volcker, his Republican\ncredentials could make him more of a political Fed chairman\nthan Volcker.\n An administration official said Volcker was consulted on\nGreenspan \"and very much approved of his replacement.\"\n But one analyst compared Greenspan's relationship to the\nadministration, to whom he has been an unofficial economic\nadviser, with the relationship former chairman Arthur Burns had\nwith the Nixon administration.\n Burns was somewhat more sympathetic to the administration\nviewpoint than Volcker has been, and Burns was less willing to\nmake radical policy changes.\n Making clear his decision was a strong one, Volcker told\nreporters, \"I told (Reagan) with considerable definitiveness\nyesterday.\" Administration officials said Volcker arrived at the\nWhite House yesterday afternoon with his resignation.\n When renominated in mid-1983, Volcker said he would\nprobably step down within two years. Monetary sources said the\ndeparture of Donald Regan as Treasury Secretary was one factor\nthat convinced him to stay on. Regan and Volcker clashed almost\nfrom the start of the administration.\n Another, these sources said, was the prospect of being able\nto work with Baker as Treasury Secretary to tackle the\ninternational debt crisis and deal with the then high-flying\ndollar.\n Reuter\n\u0003","date":" 2-JUN-1987 16:38:43.85","places":["usa"]},"18300":{"title":"PROFESSOR LIFTS BANC TEXAS <BTX> PREFERRED STAKE","body":"A University of Massachusetts finance\nprofessor said he raised his stake in Banc Texas Group Inc to\n45,340 shares of 1.4625 dlr cumulative preferred stock, or 7.4\npct of the total, from 30,300 shares, or 5.0 pct.\n In a filing with the Securities and Exchange Commission,\nBen Shirley Branch also said he bought 52,025 shares of Class A\ncumulative convertible preferred stock, or 5.9 pct of the\ntotal, for 160,000 dlrs, bringing his total investment in both\npreferred series to about 330,000 dlrs.\n Branch said he bought the stock as an investment, but\nreserved the right to try to influence the company.\n Reuter\n\u0003","date":" 2-JUN-1987 16:40:49.41","topics":["acq"],"places":["usa"]},"18301":{"title":"AHMANSON <AHM> TO TAKE 2ND QTR WRITEOFF","body":"H.F. Ahmanson and Co said second\nquarter earnings will include the write-off of the company's 24\nmln dlr investment in the Federal Savings and Loans Insurance\nCorporation.\n The company also said it will postpone planned second\nquarter sales of up to one billion dlrs of adjustable rate\nmortgage-backed securities because secondary market premiums\nhave temporarily contracted.\n \n It said the write-off will reduce net earnings for the\nquarter and year by about 13 cents per share and the\npostponement of securities sales will defer about 30 cts per\nshare of profits to subsequent quarters.\n The company said the write-off of the FSLIC asset was\nprompted by a recent General Accounting Office report that\ndeclared the FSLIC technically insolvent.\n The company said it also received a letter from the FSLIC\ninforming Ahmanson that it will not honor its long-standing\nobligation to Ahmanson's Home Savings of America unit, as well\nas to hundreds of other thrifts.\n \n The company said the letter stated that Ahmanson's\ninvestment should be written off in May.\n The company reported second quarter net income last year of\n76.6 mln dlrs, or 80 cts per share. Ahmanson reported 1986 net\nincome of 303.6 mln dlrs, or 3.22 dlrs per share.\n Reuter\n\u0003","date":" 2-JUN-1987 16:45:10.07","places":["usa"]},"18302":{"title":"INVESTMENT CRUCIAL TO U.S. TEXTILE RECOVERY","body":"With more private investment, not more\nprotection, the U.S. textile industry could become competitive\nwith the most modern foreign producers, analysts from two\ncongressional agencies said today.\n The Office of Technology Assessment, a nonpartisan arm of\nCongress told a House Ways and Means Trade Subcommittee hearing\nthere was still concern for the future of parts of the U.S.\ntextile and apparel industry, but there was more reason for\noptimism than a few years ago.\n \"While textile producers are making significant\ninvestments, they could do more,\" OTA analyst Henry Kelly said.\n The Congressional Budget Office (CBO), the nonpartisan\nbudget analysis arm of Congress, said federal loans or loan\nguarantees would be preferable options for Congress rather than\nincreased trade protection which could lead to foreign\nretaliation.\n CBO analyst Edward Gramlich said past trade protections,\nfirst imposed in the 1950's have had only a small benefit for\nprofits and investments of domestic firms.\n Trade Subcommittee chairman, Rep. Sam Gibbons, said the\nagencies analyses seemed to agree with his opinion against\ncongressional approval of protectionist textile quota\nlegislation aimed mainly at Western Europe, Japan and other\nAsian textile producing countries.\n President Reagan last year vetoed a textile protection bill\nbut it was reintroduced in this session of Congress and is\nexpected to be voted on in the House this year.\n However, approval this year is in doubt because passage of\na major trade bill without specific protections for textiles\nshowed a weakening of support for the legislation.\n Most U.S. producers have fallen behind other foreign\nproducers in the use of modern textile and apparel production\nequipment and net imports are growing faster than the domestic\nmarkets, Kelly said.\n He added that private investment in the textile and\nclothing industry in 1983 of 0.5 pct was less than one-seventh\nthe average manufacturing investment of 3.9 pct.\n Despite existing import quotas and tariffs, imports of\ntextiles grew 26 pct in 1986 and imports of apparel grew 14 pct\nwhile U.S. production rose only 1.9 pct.\n \"The traditional industry seems destined to be replaced by\nnew technology, imports, or some combination of both. While the\nindustry may not be able to compete in all domestic markets\nthat it enjoyed twenty years ago, the results of our research\nindicate that portions of the domestic market can be recovered,\nand that exports can be expanded,\" Kelly said.\n Reuter\n\u0003","date":" 2-JUN-1987 16:46:39.70","topics":["trade"],"places":["usa"]},"18303":{"title":"<IONE INC> SIX MONTHS MARCH 31 NET","body":"Shr two cts vs n.a.\n Net 68,281\n Revs 639,471\n NOTE: Company became public in March 1987\n Reuter\n\u0003","date":" 2-JUN-1987 16:47:30.55","topics":["earn"],"places":["usa"]},"18304":{"title":"FGIC CORP <FGC> QTLY DIVIDEND","body":"Qtly div one cts vs one cts prior\n Payable July 1\n Record June 10\n Reuter\n\u0003","date":" 2-JUN-1987 16:47:34.41","places":["usa"]},"18305":{"title":"DI INDUSTRIES FLORIDA UNIT GETS WATER CONTRACT","body":"Drillers Inc of Florida, a unit of <DI\nIndustries Inc>, formerly Drillers Inc <DRL>, said it has\nreceived two separate contracts for water injection projects\nvalued at 408,500 dlrs and 850,000 dlrs respectively.\n DI Industries said another unit, Drillers Inc of Texas\ncompleted a 560,000-dlr Department of Defense project which\ninvolved drilling a vertical firing shaft for the department's\nR and D Railgun.\n DI said the projects represented efforts of the company to\ndiversify from its traditional oil and gas drilling contracts.\n Reuter\n\u0003","date":" 2-JUN-1987 16:48:59.06","places":["usa"]},"18306":{"title":"RAINS AID MANITOBA CROPS DURING WEEK","body":"Widespread, soaking rains aided crop\ndevelopment across the province, with the northwest crop\nproducing region receiving the most precipitation, according to\nthe Manitoba Agriculture weekly crop report.\n The rains replenished formerly low soil moisture reserves,\nwith reserves in all areas now rated good, the report said.\n Plantings were virtually complete across the province and\ngermination was well advanced. However, some fields still\nshowed spotty stands.\n Cereal crops in the southwest were 90 pct germinated, with\nsome fields already in the subsequent tillering stage, it said.\nOilseeds in the northwest region were about 80 pct emerged in\nmany areas, with other regions 50 to 70 pct emerged.\n Reuter\n\u0003","date":" 2-JUN-1987 16:50:53.19","topics":["grain","oilseed"],"places":["canada"]},"18307":{"title":"ATLAS YELLOWKNIFE <AY.TO> SIX MTHS LOSS","body":"Period ended March 31\n Shr loss nil vs profit one ct\n Net loss 36,000 vs profit 310,000\n Revs 1,172,000 vs 1,686,000\n Note: Full name Atlas Yellowknife Resources Ltd.\n Reuter\n\u0003","date":" 2-JUN-1987 16:55:06.57","topics":["earn"],"places":["canada"]},"18308":{"title":"WOODWARD'S LTD <WDSA.TO> 1ST QTR MAY 2 LOSS","body":"Shr loss 32 cts vs loss 37 cts\n Net loss 5,374,000 vs loss 6,159,000\n Revs 241.3 mln vs 253.2 mln\n Reuter\n\u0003","date":" 2-JUN-1987 16:56:26.87","topics":["earn"],"places":["canada"]},"18309":{"title":"COMMONWEALTH MORTGAGE CO INC <CCMC.O> 4TH QTR","body":"Qtr ended April 30.\n Shr 32 cts vs 20 cts\n Net 1,982,000 vs 1,022,000\n Year\n Shr 1.22 dlrs vs 59 cts\n Net 7,005,000 vs 3,030,000\n Assets 191.3 mln vs 116.5 mln\n Reuter\n\u0003","date":" 2-JUN-1987 16:56:54.29","topics":["earn"],"places":["usa"]},"18310":{"title":"CENTRAL MAINE <CTP> SEEKS COGENERATOR SPONSORS","body":"Central Maine Power Co said it\nissued a request for proposals for about 150 project sponsors\nof cogeneration and small power production projects.\n The utility said it is soliciting proposals to fill about\n100 megawatts of commitments to the Maine Public Utilities\nCommission. The avoided costs which will be paid for power\nproduced by these projects will be based on costs negotiated\nbetween Central Maine and Hydro-Quebec for planned power\npurchases beginning in 1992.\n Reuter\n\u0003","date":" 2-JUN-1987 16:57:09.83","places":["usa"]},"18311":{"title":"API SAYS DISTILLATE STOCKS UP 2.85 MLN BBLS, GASOLINE OFF 2.37 MLN, CRUDE OFF 1.13 MLN \n","date":" 2-JUN-1987 16:57:33.71","topics":["gas","crude"]},"18312":{"title":"REAGAN NAMES ROGERS TO NUCLEAR AGENCY","body":"President Reagan is to nominate\nKenneth Rogers, president of the Stevens Institute of\nTechnology, to be a member of the Nuclear Regulatory\nCommission, the White House said.\n Rogers, 58, would succeed James Asseltine for a five-year\nterm expiring June 30, 1992. He has has been president of the\nStevens Institute, in Hoboken, N.J., since 1972. He was\npreviously acting provost and dean of faculty.\n Reuter\n\u0003","date":" 2-JUN-1987 16:59:03.69","places":["usa"]},"18313":{"title":"STOCKHOLDERS WON'T PURSUE CONTINENTAL <CUO> BID","body":"Continental Associates, a group of four\nshareholders who hold about 5.02 pct of of Continental\nMaterials Corp stock, said it will not pursue a tender offer\nfor all of its shares.\n The shareholders said they were told that Continental\nMaterials directors had no interest in selling the company.\n Late yesterday, Continental Materials board said it decided\nnot to give further consideration to a \"business combination\"\nproposed by the group of St. Louis businessmen.\n Reuter\n\u0003","date":" 2-JUN-1987 16:59:17.55","topics":["acq"],"places":["usa"]},"18314":{"title":"BELL ATLANTIC <BEL> FILES FOR NEW YORK SERVICE","body":"Bell Atlantic Mobile Systems\nsaid it filed with the New York Public Service Commission\nproposed retail rates to market mobile telephone services in\nthe metropolitan New York City area.\n The company expects the rates to go into effect July 1,\nafter a 60-day statutory period, pending regulatory approval.\n It said the approved price structure is the last regulatory\nstep before the company begins marketing cellular service and\nequipment in northern New Jersey.\n\n Reuter\n\u0003","date":" 2-JUN-1987 17:00:16.10","places":["usa"]},"18315":{"title":"U.S SUBCOMMITTEE APPROVES DEVELOPMENT BANK FUNDS","body":"A House Banking subcommittee approved\na bill authorizing U.S. contributions to the International\nDevelopment Association, the Asian Development Fund and the\nAfrian Development Bank.\n The bill authorizes 2.875 billion dlrs as the U.S.\ncontribution to the eighth replenishment of the International\nDevelopment Association, 584.3 mln dlrs to the Asian\nDevelopment Fund and 719.5 mln dlrs to buy 59,648 shares of the\ncapital stock of the African Development Bank.\n The bill, which now goes to the full Banking Committee,\nincludes an amendment opposing U.S. approval of development\nbank loans for commodities in surplus in the world and which\nare intended for export.\n Reuter\n\u0003","date":" 2-JUN-1987 17:04:15.94","organisations":["adb-africa"],"places":["usa"]},"18316":{"title":"BANK OF CANADA WELCOMES GREENSPAN APPOINTMENT","body":"The Bank of Canada, the country's central\nbank, believes economist Alan Greenspan was a sound choice to\nreplace retiring U.S. Federal Reserve Chairman Paul Volcker, a\nspokesman for the bank said.\n \"Mr. Greenspan is well known to the bank. He's had a lot of\nexperience. He's very capable, and with Mr. Volcker's decision\nnot to seek reappointment, he's a sound choice,\" said Roy\nFlett, associate secretary for the bank.\n Flett said, \"the Bank of Canada has enjoyed an excellent\nrelationship with Mr. Volcker during his terms and has only the\ngreatest respect for his performance.\"\n Economists said the appointment was extremely important to\nCanada because the country's monetary policy is closely linked\nwith that of the U.S.\n \"Basically, we have chosen ... to march in lockstep with\nU.S. monetary policy, so really in some sense this is our\ncentral banker that has just been appointed as well,\" said Mike\nMcCracken, head of Infometrica Ltd.\n Reuter\n\u0003","date":" 2-JUN-1987 17:10:14.87","places":["canada"]},"18317":{"title":"PHELPS DODGE <PD> SETS SIGHTS ON ACQUISITION","body":"Phelps Dodge Corp chairman G. Robert\nDurham said the company is prepared to make another large\nnon-copper acquisition and that a deal could be struck in the\nnear future.\n In an interview with Reuters, Durham said the company was\nexamining potential candidates but not yet talking with any.\n He declined to name the companies but said a deal could\noccur as soon as the second half of 1987.\n \n Phelps Dodge, which ranks as the largest copper producer in\nthe U.S., last year paid 240 mln dlrs for Columbian Chemicals\nCo, a maker of carbon black which is used in rubber and tires\namong other products.\n The purchase was part of a strategic plan to diversify and\neventually match earnings from non-copper operations and copper\noperations.\n Phelps Dodge could spend between 250 mln and 500 mln dlrs\nto buy another non-copper company, Durham said, citing about\n100 mln dlrs of cash and 580 mln dlrs of untapped bank credit.\n \n Any acquisition candidate would have to have a different\neconomic cycle than copper, substantial earnings and good\nmanagement, he said. Phelps Dodge would only want a friendly\ndeal, he added.\n \"We're not talking high-tech, or financial services or\nabout a perfume company,\" he said. \"We want a good basic\nindustrial company that will fit into our management\nstructure,\" Durham said.\n \n During the interview, Durham and other executives also said\ncontinued strong demand and tight copper supply should lead to\nhigher prices for the metal.\n \"In my view, it's not a matter of if but when the price\n(for copper) will improve because there aren't that many new\nprojects coming on, and demand, short of a major recession,\nwill continue to grow modestly,\" said executive vice president\nDouglas Yearley. Phelps Dodge continues to lower its cost of\nproducing copper, the executives said. Costs should be below 50\ncents a pound, after depreciation but before interest and\ncorporate expense, by 1989 or 1990.\n Production costs are about 56 to 57 cents a pound now\ncompared to one dlr a pound in 1981, some Wall St analysts\nsaid.\n Durham said copper supplies are lower than they have been\nfor almost 20 years and demand continued to be strong.\n He declined to project results for the second quarter or\nyear. But he said the quarter was going well and the rise in\ncopper prices in the last month will help results.\n Durham said last month that the second quarter should match\nthe first quarter when earnings rose about 11 pct to 16.8 mln\ndlrs or 49 cts a share.\n First quarter sales rose 61.5 pct to 372.9 mln dlrs,\nreflecting the acquisition of Columbian Chemicals and increased\ncopper shipments from the Chino copper mine in New Mexico, also\nacquired last year.\n Analysts are projecting 1987 earnings of 2.20 dlrs to 2.75\ndlrs a share, up sharply from 1.79 dlrs in 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 17:11:03.96","topics":["acq","copper"],"places":["usa"]},"18318":{"title":"LILLY <LLY> TO PAY ROCHE ROYALTIES ON HUMATROPE","body":"Hoffman-LaRoche Inc said Eli Lilly and\nCo Inc will pay it royalties on the sale of Lilly's human\ngrowth hormone, Humatrope, as part of an earlier-reported\nlicensing agreement between the companies.\n Hoffman-La Roche spokesman John Doorley declined to\ndisclose the amount of the royalty payments.\n \"Lilly has taken the position of respecting our patent by\npaying us roylaties,\" said Doorley. \"We are hopeful that other\ncompanies will respect that position,\" he said.\n Roche is the licensee of a Hormone Research Foundation\npatent for a synthetic version of human growth hormone.\n \n Last September, Roche and the Foundation sued Genetech Inc\n<GENE> alleging Genetech's product, Protropin, a human growth\nhormone, infringed on Hoffman's patent for the hormone.\n Last year Genetech's sales of Protropin were about 35 mln\ndlrs. David Saks, drug analyst with Morgan Olmstead, Kennedy\nand Gardner in New York, said Genetech's and Lilly's product\ncan each bring in about 50 mln dlrs in sales annually.\n Other companies developing human growth hormone include\nBiotechnology General Corp. Roche's Doorley said the company\nhad at one time started developing a growth hormone but decided\nto put its efforts into other products.\n Reuter\n\u0003","date":" 2-JUN-1987 17:11:13.86","places":["usa"]},"18319":{"title":"MERCANTILE BANCORP SEES 2ND QTR LOSS OF 33 MLN DLRS, YEAR PROFIT OF TWO MLN\n","date":" 2-JUN-1987 17:15:20.60"},"18320":{"title":"PACIFIC LIGHTING CORP <PLT> SETS QTLY DIV","body":"Shr 87 cts vs 87 cts prior\n Pay August 14\n Record July 20\n Reuter\n\u0003","date":" 2-JUN-1987 17:15:56.32","places":["usa"]},"18321":{"title":"TREASURY TO PUBLISH U.S. RESERVE ASSETS MONTHLY","body":"The Treasury Department said it would\nrelease data on U.S. reserve assets on a monthly basis from now\non instead of quarterly.\n Reserve assets are held in gold, special drawing rights\nwith the Internatinal Monetary Fund, foreign currencies and in\na U.S. reserve position in the IMF.\n Assets totaled 46.59 billion dlrs at the end of April,\ncompared with 48.82 billion dlrs at the end of March, the\nTreasury said.\n Reuter\n\u0003","date":" 2-JUN-1987 17:16:33.71","topics":["reserves"],"organisations":["imf"],"places":["usa"]},"18322":{"title":"ALASKA AIR GROUP INC <ALK> SETS QTLY DIV","body":"Shr four cts vs four cts prior\n Pay August 5\n Record July 15\n Reuter\n\u0003","date":" 2-JUN-1987 17:17:07.51","places":["usa"]},"18323":{"title":"MEXICO HAS NO PLANS TO LEAVE ICO","body":"Mexico has no intention of leaving\nthe International Coffee Organization (ICO), in the event of\nBrazil withdrawing from the group, the Mexican Coffee Institute\n(IMC) said.\n The IMC said in a statement the ICO is an important\ninstrument for ensuring producers obtain an adequate price.\nMexico currently produces around five mln 60-kilo bags of\ncoffee per year.\n Brazil said during a meeting of coffee producers in Rio de\nJaneiro over the weekend that it would consider leaving the ICO\nif its export quota was reduced by the organization.\n Reuter\n\u0003","date":" 2-JUN-1987 17:26:06.99","topics":["coffee"],"organisations":["ico-coffee"],"places":["mexico"]},"18324":{"title":"MERCANTILE <MTRC.O> RAISES RESERVE, SEES LOSS","body":"Mercantile Bancorp Inc said it will add\na special provision of 75 mln dlrs to its reserve for possible\nloan losses in the second quarter, and expects to report a loss\nof 33 mln dlrs during the period.\n The company estimated it will report net income of two mln\ndlrs during the full year 1987.\n Mercantile Bancorp said the additional provision represents\n28.5 pct of Mercantile Bancorp's 263 mln dlrs in total\noutstanding loans to Latin American countries. The special\nprovision will raise the reserve to 148 mln dlrs, or 3.1 pct of\nthe company's 4.7 billion dlrs total loans.\n Mercantile Bancorp earned 19.5 mln dlrs in last year's\nsecond quarter, or 1.23 dlrs a share, and 55.6 mln dlrs, or\n3.50 dlrs a share for the full year 1986.\n Mercantile Bancorp's reaffirmed its intention to continue\nthe present dividend and to follow its normal policy of basing\nfuture dividends on anticipated earnings from ongoing business.\n \"It now appears the adjustment process for heavily indebted\ncountries could stretch into the 1990's, and these\nrestructurings may have negative economic effects on the loan\nportfolio,\" Mercantile Bancorp said.\n Reuter\n\u0003","date":" 2-JUN-1987 17:26:50.27","places":["usa"]},"18325":{"title":"AMOCO <AN> SAYS DOME <DMP> BUY GOOD FOR CANADA","body":"Amoco Corp's wholly owned Amoco\nCanada Petroleum Co Ltd said its proposed 5.22-billion-\nCanadian-dlr acquisition of Dome Petroleum Ltd will benefit\nCanada just like the foreign investment that made possible\ncommercial development of Alberta's oilsands.\n Amoco Canada president T. Don Stacy told an oilsands\nconference that \"Amoco Canada has presented the solution to the\nDome problem, and we're investing our confidence, dollars and\ndetermination to make that solution work.\"\n The Amoco buyout of debt-burdened Dome has angered Canadian\nnationalists, who want a Canadian buyer for Dome.\n Stacy described Amoco Canada's previously reported share\noffer proposal as a chance to increase Canadian ownership of\nthe country's oil and gas industry, now at about 50 pct.\n He reiterated that Amoco planned virtually no layoffs of\nDome employees. He also reaffirmed that Amoco would reinvest in\nAmoco Canada-Dome properties all available cash flow for five\nyears after the acquisition.\n Reuter\n\u0003","date":" 2-JUN-1987 17:33:00.09","topics":["acq","crude","nat-gas"],"places":["canada"]},"18326":{"title":"MINNTECH CORP <MNTX.O> 4TH QTR MAR 31 NET","body":"Opr shr nil vs seven cts\n Opr net 3,000 vs 99,000\n Revs 2,745,000 vs 2,395,000\n Avg shrs 1,500,000 vs 1,375,000\n Year\n Opr shr 24 cts vs 20 cts\n Opr net 343,000 vs 271,000\n Revs 10.7 mln vs 8,232,000\n Avg shrs 1,459,000 vs 1,341,000\n NOTE: Earnings for year exclude gains due to tax loss\ncarryforward of 210,000 dlrs or 14 cts a share in 1987 and\n198,000 dlrs or 15 cts in 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 17:36:38.22","topics":["earn"],"places":["usa"]},"18327":{"title":"TCBY <TCBY.O> WITHDRAWS REGISTRATION","body":"TCBY Enterprises Inc said it\nwill apply to the Securities and Exchange Commission to\nwithdraw its registration statement filed May 14 for 30 mln\ndlrs of subordinated convertible debentures due to unfavorable\nmarket conditions.\n THe company said other forms of financing available to the\ncompany and working capital are more than sufficient to fund\nthe uses for which the proceeds of the debentures offering were\nto be applied.\n Reuter\n\u0003","date":" 2-JUN-1987 17:46:44.05","places":["usa"]},"18328":{"title":"U.S. HOUSE PASSES GULF BILL DESPITE OPPOSITION","body":"The U.S. House of Representatives \napproved a bill that requires the Reagan administration to\nprovide Congress with a report on its Gulf policy but does not\nplace any restrictions on its actions.\n The bill passed 305-102 -- winning a necessary two-thirds\nof those voting -- despite a last-minute revolt by an alliance\nof liberal Democrats and conservative Republicans who sought to\ndefeat it as a signal that a growing number of legislators\noppose President Reagan's policies in the region.\n The legislation was passed in the wake of the May 17th\nIraqi missile attack on the U.S. frigate Stark in the Gulf,\nwhich killed 37 Americans, and Reagan's decision to protect 11\nKuwaiti oil tankers by putting them under U.S. flags --\neffectively making them American ships.\n The legislation -- supported by Congress' Democratic and\nRepublican leadership as well as by the administration --\nrequired Defense Secretary Caspar Weinberger to provide a\nreport to Congress, within seven days of enactment, on plans to\nprotect U.S. warships and flag ships in the Persian Gulf.\n It did not, however, place any restrictions on the\nadministration as it proceeds to reflag the Kuwaiti ships and\nthus has no immediate effect on U.S. policy.\n The Senate was expected to approve the legislation this\nweek. The bill would then be sent to Reagan for signature.\n Supporters of the bill said passage of the bill was only a\nfirst step toward a greater congressional involvement in\nformulating policy.\n But Democratic critics said the bill did not ask the\nadministration to address tough policy questions in the report.\n Reuter\n\u0003","date":" 2-JUN-1987 17:46:59.12","topics":["ship"],"places":["usa"]},"18329":{"title":"U.S. SENATE TEAM WANTS MULTINATIONAL GULF FORCE","body":"The leaders of a U.S. Senate team probing\nAmerican defense strategy in the MidEast Gulf said they favored\na multinational force to keep oil flowing through the waterway.\n Sen. John Glenn and John Warner, in Kuwait as part of a\nGulf Arab tour, said at a news conference that top officials in\nthe area appeared ready to discuss extra facilities needed if\nthe U.S. upgraded its defense role.\n The Senate team next heads for the United Arab Emirates,\ntheir last stop on a fact-finding mission prompted by Reagan\nadministration plans to let half of Kuwait's 22-tanker fleet\nfly the U.S. flag.\n Glenn and Warner said the U.S., Britain and France, should\nexplore the possibility of a unified Gulf force.\n \"The American ships, the British ships, the French ships now\ntalk to each other and all we've got to do is formalize this\narrangement,\" Warner said.\n Glenn said a multinational force could be effectively\ndeployed within 24 hours of a decision.\n Glenn voiced a preference for a United Nations\nmultinational force, or failing that, an American, British,\nFrench force with cooperation from the Gulf Arab states.\n Warner voiced concern that the Soviet Union might use the\nsituation in the Gulf to raise its presence. \"And,\nunequivocally, all GCC states we have talked with, have said\nthat would not be in the interests of the Arabian peninsula.\"\n Reuter\n\u0003","date":" 2-JUN-1987 17:49:58.91","topics":["ship","crude"],"places":["kuwait","usa"]},"18330":{"title":"ABRAMS SAYS HE \"HONEST BUT WRONG\"","body":"Assistant Secretary of State Elliott\nAbrams said he was \"completely honest and completely wrong\" when\nhe gave assurances last October that the U .S. government was\nnot involved in a flight by a contra supply plane downed over\nNicaragua.\n He was being questioned by the congressional Iran-contra\npanel about testimony he gave to the House Foreign Affairs\nCommittee on October 15, 1986, saying no U.S. intelligence,\ndefense or other government official was involved in the\nflight.\n \"I made those statements and I made a similar statement on\nOctober 14 to Secretary (of State George) Shultz. And every one\nof those statements was completely honest and completely wrong,\"\nAbrams testified.\n Two of the crew of the downed aircraft, operating out of El\nSalvador, were killed. The third, Eugene Hasenfus, was\ncaptured, tried and sentenced to 30 years' jail, but later\nreleased by the Nicaraguan authorities.\n Abrams -- the highest-ranking member of the administration\nto testify in five weeks of televised hearings -- said he did\nnot remember how he learned that the plane had been shot down,\nbut thought it was probably from the CIA.\n He said he made public statements within a couple of days\nthat there had been no U.S. government involvement after making\ninquiries of the CIA, the National Security Council and the\nPentagon.\n \"Everybody said, not only then but later, that there was no\nU.S. government role,\" he said.\n Reuter\n\u0003","date":" 2-JUN-1987 17:52:32.45","places":["usa","nicaragua"]},"18331":{"title":"CONISTON ASKS DOT TO REVIEW ALLEGIS-BOEING DEAL","body":"A New York investment partnership\nseeking control of Allegis Corp <AEG> disclosed that it has\nasked the Department of Transportation to review a 700 mln dlr\nnote agreement Allegis has with Boeing Co <BA>.\n Citing what it called serious competitive and public\ninterest concerns in the deal, Coniston Partners, which holds\nabout 13 pct of Allegis asked the department to assert its\njurisdiction in the matter and require the two companies to\nseek its approval for the transaction.\n In a petition to the department, contained in a filing with\nthe Securities and Exchange Commission, Coniston also claims\nBoeing, a major aircraft manufacturer, has obtained control\nover Allegis, parent of United Airlines, by virtue of the May\n12 deal between the two companies.\n Under the deal, Boeing bought from Allegis 700 mln dlrs of\nconvertible notes due May 31, 1992 simultaneously with a 2.1\nbillion dlr aircraft order United placed with Boeing.\n Coniston said the notes give Boeing control over Allegis\nand warned that the relationship between the two companies\nraises antitrust issues and should be scrutinized closely.\n \"The world's largest manufacturer of aircraft should not be\npermitted to acquire control over one of the nation's largest\nairlines without an opportunity for public comment and fact\nfinding and scrutiny by the regulatory agency having\njurisdiction over the air transporation marketplace,\" Coniston\nsaid in its petition.\n Coniston, calling itself the Allegis Investors Group in the\npetition, said the department should force Allegis and Boeing\nto make the required regulatory filings.\n Coniston is currently seeking control of Allegis by winning\nmajority representation on its board of directors.\n Reuter\n\u0003","date":" 2-JUN-1987 18:00:17.21","places":["usa"]},"18332":{"title":"COLOMBIAN GROUP SUSPENDS BOMBINGS OF PIPELINES","body":"A Colombian group announced the suspension\nof its bombings of oil pipelines pending the government's levy\nof a social tax on foreign petroleum companies and an 800 mln\ndlrs fine on the Occidental Petroleum Corp <OXY>.\n There was no indication the government would meet the\nconditions demanded by the leftist National Liberation Army\n(ELN).\n According to the state oil firm, ECOPETROL, the ELN carried\nout 72 attacks on petroleum pipelines between 1984 and 1986.\n The assaults, the most recent launched two months ago, have\ncaused an estimated total of 50 mln dlrs in damage.\n In a communique, the ELN said it would demand a tax of one\ndollar per barrel of crude oil pumped by foreign firms as a\ncondition for maintaining its suspension of the assaults.\n Foreign oil firms pump an average of 225,083 barrels per\nday in Colombia. Colombian tax authorities are investigating\nOccidental, a U.S.-owned firm, for alleged tax evasion.\n If the charges are proven, the firm could face a fine of up\nto 800 mln dlrs. The ELN demands the government charge the\npenalty.\n Reuter\n\u0003","date":" 2-JUN-1987 18:02:54.73","topics":["crude"],"places":["colombia"]},"18333":{"title":"CFTC CLARIFIES COMMODITY TRADING ADVISOR RULES","body":"The U.S. Commodity Futures Trading\nCommission (CFTC) released guidelines on how commodity trading\nadvisors (CTA) should calculate \"beginning net asset value\"\n(BNAV) for purposes of computing rates of return required by\ncommission disclosure rules.\n The commission said it was compelled to release the\nguidelines because it has received disclosure documents which\nindicate \"serious differences\" in the way certain CTAs are\ndefining BNAW -- \"differences that may have compromised the\nability to compare rates of return among different advisors.\"\n CFTC said CTAs must only use funds under their control or\nin conjunction with their carrying futures commission merchants\nin calculating BNAV.\n Computation of BNAV must exclude any item that is not\nmoney, securities or other tangible property and any funds that\nare not under the control of the CTA, or CTA in conjunction\nwith its carrying futures commission merchant.\n CFTC said \"notational\" funds must be excluded because they\nare merely verbal promises to furnish funds.\n Funds in a commodity trading account over which a CTA has\ndiscretionary trading authority must be included, CFTC said.\n Reuter\n\u0003","date":" 2-JUN-1987 18:03:46.98","places":["usa"]},"18334":{"title":"INVESTMENT FIRMS HAVE 7.7 PCT OF MIDWAY <MDWY.O>","body":"Two affiliated investment firms told\nthe Securities and Exchange Commission they have acquired\n593,000 shares of Midway Airlines Inc, or 7.7 pct of the total\noutstanding common stock.\n The firms, Boston-based FMR Corp and Fidelity International\nLtd, a Bermuda-based investment advisory firm, said they bought\nthe stake \"to acquire an equity interest in the company in\npursuit of specified investment objectives....\"\n The firms said they may increase or decrease their stake in\nthe company, but have no plans to seek control of the company\nor representation on its board.\n Reuter\n\u0003","date":" 2-JUN-1987 18:06:47.53","topics":["acq"],"places":["usa"]},"18335":{"title":"WATKINS-JOHNSON <WJ> WINS CONTRACT","body":"Watkins-Johnson Co said it\nreceived a contract from General Electric COrp's <GE> G.E.\nAstro Space division for nearly two mln dlrs to provide\ntraveling-wave-tube amplifiers on the Mars Observer spacecraft.\n The Observer is scheduled to be launched into Mars orbit in\nthe early 1990s.\n Reuter\n\u0003","date":" 2-JUN-1987 18:18:08.67","places":["usa"]},"18336":{"title":"WICKES <WIX> COMPLETES PURCHASE","body":"Wickes Cos Inc said it has\ncompleted the purchase of Dura Corp for an undisclosed amount.\n Dura, a supplier of automotive equipment, had annual sales\nof over 100 mln dlrs.\n Reuter\n\u0003","date":" 2-JUN-1987 18:18:25.09","topics":["acq"],"places":["usa"]},"18337":{"title":"COMINCO <CLT> SETS TENTATIVE TALKS ON STRIKE","body":"Cominco Ltd said it set\ntentative talks with three striking union locals that rejected\non Saturday a three-year contract offer at Cominco's Trail and\nKimberley, British Columbia lead-zinc operations.\n The locals, part of United Steelworkers of America,\nrepresent 2,600 production and maintenance workers. No date has\nbeen set for the talks, the spokesman replied to a query.\n The spokesman said talks were still ongoing with the two\nother striking locals, representing 600 office and technical\nworkers. Production at Trail and Kimberley has been shut down\nsince the strike started May 9.\n Each of the five locals has a separate contract that\nexpired April 30, but the main issues are similar.\n The Trail smelter produced 240,000 long tons of zinc and\n110,000 long tons of lead last year, while the Sullivan mine at\nKimberley produced 2.2 mln long tons of ore last year, most for\nprocessing at Trail.\n Revenues from Trail's smelter totaled 356 mln Canadian dlrs\nin 1986.\n Reuter\n\u0003","date":" 2-JUN-1987 18:19:02.43","topics":["lead","zinc"],"places":["canada"]},"18338":{"title":"SOUTHERN AIR SUES MIAMI TV STATION","body":"<Southern Air Transport> said it sued\nWPLG-Channel 10 of Miami for compensatory and punitive damages\nin excess of 50 mln dlrs for false and defamatory statements\nmade by the television station in a series of broadcasts last\nmonth.\n The complaint alleges that the broadcast contained numerous\nfalse statements which the stations knew were untrue.\n Officials of either company were unavailable for comment.\n Reuter\n\u0003","date":" 2-JUN-1987 18:19:34.28","places":["usa"]},"18339":{"title":"PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER","body":"Phelps Dodge Corp is prepared to make\nanother large non-copper acquisition and a deal could be struck\nin the near future, chairman G. Robert Durham said.\n Durham told Reuters the company was examining potential\ncandidates but not yet talking with any. Any acquisition must\nhave a different economic cycle to copper, he said.\n Phelps Dodge, the largest U.S. copper producer, last year\npaid 240 mln dlrs for Columbian Chemicals Co which makes carbon\nblack used in rubber and tires. The purchase was part of a\nstrategic plan to diversify and then match earnings between\ncopper and non-copper operations.\n The company could spend between 250 mln and 500 mln dlrs to\nbuy another non-copper firm, Durham said, citing 100 mln dlrs\nof cash and 580 mln dlrs of untapped bank credit.\n Reuter\n\u0003","date":" 2-JUN-1987 18:26:06.13","topics":["copper"],"places":["usa"]},"18340":{"title":"EC WATCHING GULF WAR DEVELOPMENTS","body":"The European Community (EC) should\nwatch very carefully for any developments in the Gulf War and\ntheir consequences on the oil market, EC Energy Commissioner\nNicolas Mosar said today.\n Speaking two weeks after a U.S. warship was attacked in the\nGulf, Mosar warned, \"An escalation in the Gulf would increase\ntensions in the oil market.\"\n \"But I do not want to be alarmist,\" he told a news conference\nafter an EC energy ministers meeting in Luxembourg.\n He said the volume of EC oil imports from the Gulf had\ndeclined to around 31 pct of total oil imports in the first\nthree months of 1987 against 35 pct in the same period last\nyear. \"There are also other potential sources of supplies in the\nworld,\" he added.\n The issue of Gulf oil imports was not discussed at the\nministers' meeting, he added.\n A EC committee of national experts in the so-called oil\nsupply group would discuss Gulf oil supplies at their bi-annual\nmeeting on June 19, he said.\n But any major decisions would have to be reserved for EC\nforeign ministers, diplomats said.\n West European nations have so far shown little enthusiasm\nfor backing a U.S. plan to give military protection to merchant\nships in the Gulf which could help insure the safety of oil\nsupplies.\n Reuter\n\u0003","date":" 2-JUN-1987 18:35:29.88","topics":["crude","ship"],"organisations":["ec"],"places":["luxembourg"]},"18341":{"title":"FCC GRANTS LICENSE, CLEARS WAY FOR SALE","body":"Spanish International Communications\nCorp said the Federal Communications Corp granted the license\nrenewal of five of its stations, clearing the way for the sale\nof the company to <Hallmark Cards Inc>.\n THe FCC had preliminarily approved the transfer of the\nstations on September 26, 1986, after which several parties had\nfiled applications with the FCC seeking to block the renewal of\nthe broadcast licenses and block the sale.\n The stations granted the renewal include KMEX-TV in Los\nAngeles, KWEX-TV in San Antonio, WLTV in Miami, WXTV in New\nYork and KFTV in Fresno, Calif.\n Reuter\n\u0003","date":" 2-JUN-1987 18:43:51.20","places":["usa"]},"18342":{"title":"BALL CORP <BLL> COMPLETES ACQUISITION","body":"Ball Corp said it completed the\npurchase of privately held <Verac Inc>, a San Diego defense\nsystems and software development company.\n Terms of the acquisition were not disclosed. Verac had 1986\nsales of about 23 mln dlrs.\n Verac will operate in San Diego as part of Ball's technical\nproducts group.\n Reuter\n\u0003","date":" 2-JUN-1987 18:44:07.90","topics":["acq"],"places":["usa"]},"18343":{"title":"SEC SAYS COMPANY INFLATED 1982/83 INCOME","body":"The Securities and Exchange Commission\ncharged Windsor Holding Co, a Chicago-based lamp and ceiling\nfan maker, with fraudulently overstating its 1982 and 1983\npre-tax income by a total of 3.6 mln dlrs.\n Simultaneously with the filing of the civil case in U.S.\nDistrict Court here, the company, formerly Windsor Industries\nInc, three former officers and a former director, agreed to\nsettle the charges without admitting or denying them.\n But under the settlement, the company and the other\ndefendants consented to court orders barring them from\ncommitting further violations of securities law.\n There were no monetary penalties in the settlement and the\ncompany, which was delisted from the National Association of\nSecurities Dealers Automated Quotation, NASDAQ, system in May\n1985, was not required to restate its earnings.\n The SEC charged Jose Arrojo, a vice president of a Windsor\nsubsidiary, Ronald Kahn, former vice of the company, and David\nGarvin, former president of a Windsor subsidiary, with taking\npart in a scheme to inflate the value of Windsor's 1982\nyear-end inventory, resulting in a 2.0 mln dlr overstatement of\nthe company's pre-tax income for that year.\n The company's inventory was again falsified a year later,\nresulting in a 1.6 mln dlr overstatement, the SEC charged.\n Another defendant, Arthur Usheroff, a former Windsor board\nmember, the company and Kahn also failed to disclose in an SEC\nfiling an arrangement under which Usheroff was compensated for\nservices rendered in a 1983 Windsor public stock offering, the\nagency said.\n Arrojo, Kahn and the company were also charged with making\nfalse statements in required SEC filings.\n Windsor filed for bankruptcy in August 1985 and had a plan\nof reorganization approved last December.\n Reuter\n\u0003","date":" 2-JUN-1987 18:51:10.00","places":["usa"]},"18344":{"title":"CONCERN IN BRAZIL OVER VOLCKER DEPARTURE","body":"Brazilian officials are privately\nexpressing concern that the change of command at the Federal\nReserve may lead to a tougher U.S. Policy on debt and less\nunderstanding of the problems of the Third World.\n Paul Volcker, head of the Federal Reserve, was considered\nhere to be understanding of Brazil's difficulties.\n A Finance Ministry source said of his colleagues in the\nministry: \"They are a bit apprehensive about (Alan) Greenspan\n(who will replace Volcker), considering his reputation as a\nvery tough man, an advocate of recessive measures to\ncounter-attack inflation. There is a little bit of concern.\"\n Reuter\n\u0003","date":" 2-JUN-1987 18:53:18.16","places":["brazil"]},"18345":{"title":"ALBERTA SEEDING VIRTUALLY COMPLETE","body":"Ninety-six pct of Alberta and\nnortheastern British Columbia crops have been seeded, about a\nweek ahead of the 10 year average, according to the Alberta\nwheat pool report.\n Hard red spring wheat accounts for most acreage with 6.0\nmln estimated for this year, little changed from last year.\nOats acreage of 1.95 mln is unchanged on last year and barley\narea of 5.9 mln is also similar to last year. Rapeseed planting\nof an estimated 3.24 mln is expected five pct up on 1986. The\nsouth and south central areas of Alberta lacked moisture with\ngermination patchy at best. Growth prospects in northern areas\nare generally in the good to very good range.\n Soil moisture is better in the north central and Peace\nareas, the wheat pool said.\n Reuter\n\u0003","date":" 2-JUN-1987 18:53:46.40","topics":["grain","wheat","oilseed","rapeseed"],"places":["canada"]},"18346":{"title":"FORD <F> HAILS VOLKER, GREENSPAN","body":"Ford Motor Co praised President Reagan's\nnomination of Alan Greenspan as Federal Reserve Board chairman,\nsaying the conservative economist has a \"sound record to fill\nthe void of (Paul) Volker's departure.\"\n The number two U.S. auto maker said in a statement that\nVolker \"took office...at the beginning of a critical time for\nthe auto industry\" and had had \"a very positive impact on the\nU.S. economy.\"\n Reuter\n\u0003","date":" 2-JUN-1987 18:54:38.23","places":["usa"]},"18347":{"title":"N.Z. APRIL CURRENT ACCOUNT DEFICIT NARROWS","body":"New Zealand's current account deficit\nnarrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln\ndlrs in March, and 224 mln dlrs in April 1986, in a smoothed\nseasonally-adjusted measurement, the Statistics Department\nsaid.\n The March figure was revised from 69 mln dlrs.\n The department said in a statement seasonally adjusted, but\nnon-smoothed figures, showed a deficit of 99 mln dlrs against\n76 mln dlrs in March and 230 mln dlrs in April 1986.\n Totally unadjusted figures show a deficit of 83 mln dlrs\nagainst 164 mln dlrs in March, revised from 178 mln dlrs, and\ncompared with 262 mln in April 1986.\n The smoothed seasonally adjusted series shows a surplus on\nmerchandise trade of 145 mln dlrs against 135 mln dlrs in March\nand 30 mln dlrs in April 1986.\n Seasonally adjusted but non-smoothed figures show a\nmerchandise trade surplus of 132 mln dlrs against a 148 mln dlr\nsurplus in March and a 14 mln dlr surplus in April 1986.\n Unadjusted merchandise figures show a surplus of 151 mln\ndlrs against a 5.0 mln dlr (revised from 10 mln dlr) deficit in\nMarch and a 31 mln dlr deficit in March 1986.\n The smoothed seasonally adjusted deficit on invisibles was\n234 mln N.Z. Dlrs against 236 mln dlrs in March and 255 in\nApril 1986.\n The seasonally adjusted but non-smoothed deficit on\ninvisibles was 240 mln dlrs against 229 mln dlrs in March and\n245 mln dlrs in April 1986. The unadjusted deficit on\ninvisibles was 234 mln dlrs against 158 mln dlrs, revised from\n168 mln dlrs, in March and 231 mln dlrs in April 1986.\n Seasonally adjusted export and import figures were not\navailable.\n The department said these figures show a continuing\nimprovement in the current account deficit, caused mainly by an\nimprovement in the balance on merchandise trade which has now\nbeing in surplus since november 1985.\n Reuter\n\u0003","date":" 2-JUN-1987 18:58:11.41","topics":["bop","trade"],"places":["new-zealand"]},"18348":{"title":"STRONG DEMAND FOR PERU BISMUTH IN JAN/MAY","body":"Very strong demand from all markets\nincluding, recently, Japan has resulted in Peru's bismuth\nexports showing an impressive increase in January/May 1987,\nPeru's state owned mining industry's marketing arm Minpeco S.A.\nSaid.\n In a statement released by its London office, Minpeco said\nPeruvian customs figures for bismuth exports for the first five\nmonths were 574.8 tonnes compared with 160.7 tonnes in the same\nperiod of 1986 and 483.4 tonnes during the whole of 1986,\nMinpeco said.\n A breakdown of the figures showed Peru exported 296.4\ntonnes of bismuth to the U.S. During Jan/May 1987 compared with\n127.0 during the whole of 1986. Other recipients were Peoples\nRepublic of China 110.4 (100.0), Holland 100.2 (150.0), USSR\n50.0 (50.0) and other areas 17.8 tonnes (56.4).\n Sales to the U.K., West Germany, France and other Western\nand Eastern European countries are hidden under the heading\nHolland as Minpeco sells to customers in these countries from\nstocks the company normally holds in Rotterdam, the statement\nsaid.\n REUTER\n\u0003","date":" 2-JUN-1987 19:01:51.72","topics":["strategic-metal"],"places":["uk","peru"]},"18349":{"title":"ALLERGY GETS GRANT TO DEVELOP INTERLEUKIN KIT","body":"Allergy Immuno Technologies\nInc said it received federal funding to develop a diagnostic\nkit for measuring Interleukin-2 and Interleukin-2 receptor.\n Interleukin is a naturally produced substance important in\nmaintaining the body's immune system.\n Reuter\n\u0003","date":" 2-JUN-1987 19:04:16.67","places":["usa"]},"18350":{"title":"FLOATING POINT <FLP> CUTS WORKFORCE","body":"Floating Point Systems INc said it\nimplemented a restructuring, consolidating eight departments\ninto four and decreasing its worldwide staff to 800 from 1,200.\n It said cost-cutting measures include a significant\nreduction in its Ireland manufacturing facility.\n \"Our expectation that 1987 will be a slow turnaround year\nrequires an intensified effort to make operations more\ncost-effective,\" chairman Milton Smith said.\n For the year ended October 31, 1986, FLoating POint\nreported a net loss of 14.3 mln dlrs or 1.67 dlrs per share on\nsales of 88.6 mln dlrs.\n Floating Point said it expects to incur a charge of between\nfive and 10 mln dlrs in its third quarter ending July 31 which\nwill be off from last year's third quarter.\n In 1986, Floating Point reported a third quarter loss of\ntwo mln dlrs on sales of 20.8 mln dlrs\n Floating Point said it expects to report another loss for\nthe full year. It said its restructuring will result in savings\nof between four and five mln dlrs on a quarterly basis.\n \n Reuter\n\u0003","date":" 2-JUN-1987 19:05:11.05","places":["usa"]},"18351":{"title":"FREEDOM <FRDM> TO RECOGNIZE GAIN ON UNIT SALE","body":"Freedom Savings and Loan Association\nsaid it will record a net gain of 13.5 mln dlrs on the sale of\ncertain assets of its Freedom Mortgage Co subsidiary to Chase\nHome Mortgage Corp, a subsidiary of Chase Manhattan Corp <CMB>.\n Freedom also said it had completed the sale.\n The company said about 9.5 mln dlrs of the gain will be\nrecnogized in the quarter ending June 30 with the remainder\nderferred and recognized over the remaining life of the\nserviced mortgage porfolio.\n Reuter\n\u0003","date":" 2-JUN-1987 19:05:57.98","topics":["acq"],"places":["usa"]},"18352":{"title":"U.S. MEAT INDUSTRY LAUNCHES CAMPAIGN IN JAPAN","body":"The U.S. meat industry has launched an\naggressive promotion campaign in Japan to increase consumer\nawareness of U.S. beef and persuade the Japanese government to\nrelax current beef import quotas.\n U.S. beef sales to Japan, currently around 480 mln dlrs\nannually, could increase to over two billion dlrs and as high\nas six billion dlrs by the year 2000 if Japanese quotas were\nremoved and the Japanese consumer were made more aware of the\nattributes of U.S. beef, officials of the U.S. Meat Export\nFederation said at a press conference today.\n Partially funded with a 6.5 mln dlr award made through the\nAgriculture Department's Targeted Export Assistance (TEA)\nprogram, a five-year meat promotion campaign in Japan was\nlaunched by the U.S. Meat Export Federation in April.\n \"The promising Japanese beef market could be one of the\nbright spots for U.S. agricultural exports,\" said Philip Seng,\nAsian Director for the Federation. \"We supply and they (Japan)\nbuy a very high quality of beef. They like our beef and want to\nbuy more,\" he said.\n Seng pointed to Japan's beef quota system, which limits\ntotal Japanese beef imports to 177,000 tonnes per year and U.S.\nimports to 58,400 tonnes, as the major constraint in expanding\nU.S. beef shipments to Japan.\n The quotas were implemented in 1977 at a time of heavy\nJapanese foreign beef imports. The current quota agreement\nexpires next March and beef quota negotiations are set to get\nunderway this fall.\n The Reagan administration has called for an end to the\nquotas by April, 1988, but Japanese officials have said they\nwould not liberalize imports regardless of the U.S. pressure.\n Officials from the Meat Export Federation told Reuters that\nthey do not expect a complete lifting of the quota, but that\nthey hope for at least a gradual increase in the quota.\n High beef prices in Japan caused by the protected market\nhas also kept beef consumption at modest levels, meat industry\nofficials said.\n Japanese shoppers pay an average of 27.14 dlrs for a U.S.\ntenderloin steak in a restaurant and an average of 47.42 dlrs\nfor a Japanese-produced restaurant steak, the meat association\nsaid. At the retail level, U.S. striploin sells for 9.77 dlrs\nper pound, while Japanese beef sells for 28.51 dlrs per lb.\n Japanese consumers currently eat less than 10 lbs of beef\nper year, compared to 78 lbs for the average American,\nofficials said.\n Total beef consumption in Japan is now 700,000 to 800,000\ntonnes per year, but Seng said with the removal of quotas and a\ndecrease in beef prices, consumption could increase to 3.2 mln\ntonnes.\n Reuter\n\u0003","date":" 2-JUN-1987 19:10:59.10","topics":["carcass"],"places":["usa","japan"]},"18353":{"title":"COORS <ACCO.O> SEES LOWER SECOND QUARTER","body":"Adolph Coors Co said it expects\nsecond quarter net income to be in the range of 45 cts to 50\ncts a share compared to 82 cts a share in 1986.\n Coors said earnings were hurt by start-up expenses at the\nnew Shenandoah Brewery and other marketing expenses.\n It said it expects to achieve record barrel sales in 1987,\nbut that second quarter beer shipments are expected to be\nsimilar to the 4.2 mln volume of the second quarter of 1986.\n It said will spend about 90 mln dlrs in 1987 and 1988 to\nexpand Shenandoah's operations and will increase advertising\nspending by 10 pct to 200 mln dlrs in 1987.\n Reuter\n\u0003","date":" 2-JUN-1987 19:11:52.78","places":["usa"]},"18354":{"title":"COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR","body":"Shr 18 cts vs 15 cts\n Net 3.3 mln vs 2.5 mln\n Revs 45.2 mln vs 26.8 mln\n NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss\ncarryforward.\n Reuter\n\u0003","date":" 2-JUN-1987 19:12:10.92","topics":["earn"],"places":["usa"]},"18355":{"title":"MERCHANTS <MCHN.O> TO REPORT 2ND QTR LOSS","body":"Merchants National Corp, with 3.7\nbillion dlrs in assets, said it will report a loss of 13 mln\ndlrs for the second quarter due to its decision to increase its\nprovision for losses by 30 mln dlrs, mainly due to\nuncertainties surrounding Latin American debt.\n In the second quarter last year, Merchants reported net\nincome of 6.2 mln dlrs or 68 cts a share.\n As a result of the increased loan loss provision, the bank\nsaid the allowance for loan losses will increase from 1.4 pct\nto 2.5 pct of the bank's total loans. The bank said its expects\nto report estimated net of over 15 mln dlrs for 1987.\n Reuter\n\u0003","date":" 2-JUN-1987 19:12:33.33","topics":["earn"],"places":["usa"]},"18356":{"title":"VENEZUELAN ALUMINUM FIRM TO CREDITS","body":"the venezuelan state aluminum company\nvenalum is negotiating a total of 123.9 mln dlr in credits from\nabroad for a planned expansion of production faciities, finance\nminister manuel azpurua said.\n Azpurua spoke to reporters after meeting representatives of\nthe kreditanstalt fur wiederaufbau (kfw) bank of germany, who\ntommorrow will sign a agreement to grant 100 mln marks (54.9\nmln US dlrs) in credits to venalum.\n The agreement will have an eight and one-half year term and\na fixed interest rate of 6.13 pct.\n Azpurua said venalum is negotiating credits of 14.9 mln\ndlrs from the swiss bank corporation, 14 mln dlrs from\nmitsubishi of japan and 40 mln dlrs from eksportfinans of\nnorway.\n \"this proves we are achieving our goal of reestablishing\nthe financial flows to the country,\" said azpurua.\n The credits would go to the installation of a fifth\nproduction line in venalum, one of three state aluminum\ncompanies, which produces primarily for the export market.\n Reuter\n\u0003","date":" 2-JUN-1987 19:15:48.53","topics":["alum"],"places":["venezuela"]},"18357":{"title":"U.S. HOUSE PASSES MIDEAST GULF BILL","body":"The House today approved a bill\nrequiring the Reagan administration to report to Congress on\nits Mideast Gulf policy but not restricting its actions.\n The vote in favor was despite a last-minute revolt by an\nalliance of liberal Democrats and conservative Republicans who\nsought to defeat it as a signal that a growing number of\nlegislators oppose President Reagan's policies in the region.\n In the Senate, a leading Republican senator, former Senate\nAppropriations Committee Chairman Mark Hatfield of Oregon, said\nhe would try to prevent consideration of the bill.\n He said he will put a so-called \"hold\" on the bill until he\nfinds out whether the War Powers Act applies to protecting\nKuwaiti tankers.\n Congressional leaders complain they were not consulted\nabout plans to put the U.S. flag on Kuwaiti ships and some\ncharged the policy could lead the U.S. into the Iran-Iraq war.\n Conservative Republicans said increasing the U.S. military\nobligation in the gulf would place impossible burdens on\nAmerican servicemen and equipment, and warned it could lead to\nwar.\n \"It is a real snake pit at best and a powder keg that will\nblow sky-high at worst,\" said Wisconsin Rep. Toby Roth.\n \n Reuter\n\u0003","date":" 2-JUN-1987 19:24:43.92","topics":["ship"],"places":["usa"]},"18358":{"title":"FIRMS AWARDED U.S. POSTAL SERVICE AWARDS","body":"The U.S. Postal Service said Unisys Corp\n<UIS>, Bell and Howell Co <BHW>, Recognition Equipment Inc\n<REC>, Toshiba and AEG, were awarded contracts for automating\nthe postal services mail sorting system.\n The Postal Service said the contracts will lead to increase\nuse of multiline optical character readers. Based on the\noutcome of next summer's tests, the Postal Service said it will\ndecide whether to buy only new equipment or combine new\npurchases with some of its older equipment.\n It also said a test of a kit under a previous contract was\nsuccessfully completed by ElectroCom Automation Inc.\n Reuter\n\u0003","date":" 2-JUN-1987 19:33:26.56","places":["usa"]},"18359":{"title":"VOLCKER LEAVES VOID ON LDC DEBT, BANKERS SAY","body":"Paul Volcker's resignation as Federal\nReserve Board chairman creates a serious leadership vacuum at a\ntime of deep uncertainty about the future management of the\nthird-world debt crisis, bankers said.\n They said Volcker did more than any other official to hold\nthe financial system together when Mexico halted interest\npayments in August 1982 and has played a central role ever\nsince.\n \"Where is the leadership going to come from? Suddenly\nthere's a terrible void,\" one New York banker said.\n Volcker's expertise will be all the more sorely missed\nbecause International Monetary Fund managing director Michel\nCamdessus is new to his job and Barber Conable is finding it\nhard to make a mark as World Bank president, bankers said.\n Moreover, Volcker's successor, Alan Greenspan, has little\nexperience of international affairs and third world debt.\n \"Greenspan does not have the sensitivity to these issues\nand the sense of understanding of their complexity that Volcker\nhas. Volcker understands what motivates people outside the U.S.\nThat was in his gut. Greenspan just does not have the intuitive\nfeeling,\" one banker said.\n This banker, who has discussed debt questions with\nGreenspan, described his views as simplistic.\n But Robert Hormats of Goldman, Sachs and Co said he was not\nworried by Greenspan's lack of international experience.\n \"People rush to judgment, but once they get to know\nGreenspan I'm sure they'll find him an excellent replacement,\"\nsaid Hormats, a former Administration official.\n Anyone nominated to replace Volcker would have paled in the\ninitial comparison, Hormats said. \"Volcker had the status of a\nfinancial demigod and you can't attain that status overnight,\"\nhe said.\n One veteran debt rescheduler said Volcker, together with\nthe Bank of England, deserves credit for keeping the banking\nsystem intact after Mexico's default.\n \"If it hadn't been for him, the world would look a lot\ndifferent now,\" he said. \"Whether you agreed with him or not,\nhe has a superb grasp of ideas.\"\n Certainly, not all bankers did agree all the time with\nVolcker. In particular, he was roundly criticized by some for\nmore or less forcing them last September to grant Mexico\ngenerous terms on its 77 billion dlr new-loan and debt\nrescheduling agreement.\n \"Volcker lost a lot of credibility by overstepping the\nbounds and pushing the package onto the banks,\" commented one\nbanker who helped to negotiate the Mexican deal.\n Another critic was Citicorp chairman John Reed, who said\nthe 13/16 pct interest margin would deter some bank lenders and\nthus delay Mexico's return to the voluntary markets.\n It was a review of the fate of the Mexican deal - and of\nothers that followed it for Chile, Venezuela, the Philippines\nand Argentina - that helped to convince Reed that the debt\ncrisis was not about to be solved and that Citicorp needed to\nbolster its reserves in case some of the loans went bad.\n \"It certainly contributed to the general feeling of\nmalaise,\" one Citicorp banker said in describing the impact of\nthe Mexican package on the bank's decision to add three billion\ndlrs to its reserve for possible loan losses.\n That decision, since followed by Chase Manhattan and\nSecurity Pacific Corp, may profoundly alter the strategy of\ncreditors and debtors alike for tackling the debt crisis.\n But no one is sure what the impact will be. \"It's very\ndifficult for anyone to know which way the debt problem is\ngoing, and with Volcker out of the picture it just adds to the\nuncertainty,\" one banker said.\n Reuter\n\u0003","date":" 2-JUN-1987 19:33:56.65","organisations":["imf"],"places":["usa","mexico"]},"18360":{"title":"NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES","body":"Currency futures are likely to move\nhigher following the sharp rally today after President Reagan\nannounced that Paul Volcker would not accept a third term as\nFederal Reserve Chairman and that Alan Greenspan was nominated\nas his replacement, currency analysts said.\n Contrary to predictions before the Volcker resignation,\nanalysts are calling for higher currency futures prices between\nnow and the June 8 Venice economic summit.\n In particular, uncertainty about Greenspan's attitude to\nthe dollar could undermine sentiment toward the U.S. currency,\nanalysts said.\n Greenspan said today that the dollar appeared to be nearing\na bottom, but the market will bear in mind his remarks in\nChicago last week that the dollar's recent move upward was a\ntechnical reaction and that it would trade significantly lower,\nanalysts said.\n \n \"Disappointment of European central bankers over the\nappointment will be used as an opportunity to sell the dollar\nlower,\" said Manufacturers Hanover Futures vice president Carol\nMackoff.\n \"The international community will not like this\nappointment,\" as it suggests the possibility that the U.S.\nbudget deficit is too much of a burden on monetary policy and\nthat Volcker was unable to get the commitment he sought to\nreduce the deficit, added Merrill Lynch Economics analyst David\nHorner.\n Furthermore, \"that Greenspan was not named two months ago\nsuggests that he was not the Administration's first choice --\nand that the status of his appointment was as a bridesmaid,\"\nHorner said.\n A declining dollar scenario with higher currency futures\nprior to and throughout the Venice meetings would be mitigated\nonly by concrete action as opposed to \"jawboning\" at the G-7\nsummit, he said.\n But G-7 finance ministers, judged by recent statements, may\nbe at an impasse, analysts said.\n Japan and West Germany today reiterated that neither\nplanned further interest rate cuts, despite pressure from the\nU.S. to do so, Mackoff said.\n The U.S., on the other hand, has not cut its budget deficit\nas Japan and West Germany have urged, she said.\n Should G-7 members force a U.S. commitment to cut its\nbudget deficit in the next two years, a further decline in the\ndollar could be forestalled, Horner said.\n However, \"the impact from Venice will be nothing if nothing\nchanges,\" Horner said.\n Smith Barney, Harris Upham and Co. analyst Craig Sloane\nsaid European currencies will likely move to the higher end of\ntheir 1987 ranges after today's sharp advance.\n For the next two weeks, Sloan calls for September yen\nfutures to advance toward the 0.007200 area. He said September\nmarks could close in on 0.5700 as an upside target, while Swiss\nfrancs could climb to a range between 0.6900 and 0.6950.\n Reuter\n\u0003","date":" 2-JUN-1987 19:40:12.50","topics":["money-fx"],"places":["usa"]},"18361":{"title":"WORLD BANK SUSPENDS LOANS TO PERU - CENTRAL BANK","body":"The World Bank has suspended loans to Peru\nbecause the country has over two months of payment arrears with\nthe lending agency, central bank general manager Hector Neyra\nsaid.\n He told reporters the government decided to stop paying\nthe World Bank because scheduled repayments outweighed the\nloans it was due to receive.\n The measure was the latest hard-line debt stance adopted\nby the government of President Alan Garcia, one of Latin\nAmerica's most delinquent debtors. The 22-month-old\nadministration has cut repayments to 10 pct of export earnings\non nearly all its 14.4 billion dlr foreign debt.\n Neyra said since late 1986 Peru had sought an accomodation\nwith the World Bank under which it would receive more credits\nthan it would remit in repayments.\n Neyra stressed Peru was not withdrawing from the world\nbank. The country had recently increased its capital\nsuscription in the institution by about three mln dollars.\n The Bank would immediately resume loan disbursements to\nPeru once it cleared its arrears, he said. He did not specify\nthe value of the overdue payments. The economy ministry said\nPeru's debt to the world bank was 521 mln dlrs at end-1985.\n At the end of last year, Peru's total foreign debt stood at\n14.46 billion dollars, 13.17 billion dollars of which is\nmedium- and-long-term debt, the central bank said. Total\narrears were 5.42 billion dollars.\n Central bank president Leonel Figueroa said Peru had enough\nhard currency, gold and silver on hand to cover 10 or 11\nmonths' worth of imports.\n The holdings of the two precious metals and the hard\ncurrencies were valued at 2.172 billion dlrs on May 22, 1987,\nhe said.\n Gross reserves were slightly lower at 1.857 billion dlrs\nbecause this classification did not include silver holdings and\nundervalued the central bank's gold.\n Reserves were projected to fall at most 150 mln dlrs this\nyear, he said.\n Reuter\n\u0003","date":" 2-JUN-1987 20:02:32.05","places":["peru"]},"18362":{"title":"WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE","body":"Westpac Banking Corp <WSTP.S> said it\nis cutting its indicator lending rate to 22 pct from 23 pct\neffective from June 15.\n Westpac said in a statement various other lending rates are\nalso being revised downwards. The Westpac move follows base\nrate drops by other New Zealand trading banks recently. <Bank\nof New Zealand's> base rate drops to 22 pct from 23 on June 16\nand <National Bank of New Zealand Ltd's> rate falls to 21.50\npct from 23 on June 15. The Australia and New Zealand Banking\nGroup Ltd <ANZA.S> rate remains at 23 pct.\n Reuter\n\u0003","date":" 2-JUN-1987 20:12:23.75","topics":["interest"],"places":["new-zealand"]},"18363":{"title":"Bank of Japan intervened buying small amount of dollars at 142.85 yen - dealers\n","date":" 2-JUN-1987 20:58:19.60","topics":["money-fx","dlr","yen"]},"18364":{"title":"DAIWA SINGAPORE LAUNCHES 100 MLN DLR MINEBEA BOND","body":"Daiwa Singapore Ltd, wholly-owned by\nDaiwa Securities Co Ltd of Japan, yesterday launched a 100 mln\nU.S. Dlr tranche of an equity warrant eurobond in Singapore for\nJapan's Minebea Co Ltd <MIAT.T>.\n The five-year eurobond carries an indicative coupon rate of\none and 5/8 pct and will be managed from Singapore. The\nwarrants may be exercised for shares in Minebea from July 1,\n1987 to June 10, 1992.\n The bond was part of a 200 mln U.S. Dlr equity warrant\nEurobond issued by Minebea. Nomura International Ltd launched\nthe other 100 mln dlr bond in London.\n REUTER\n\u0003","date":" 2-JUN-1987 21:45:54.64","places":["singapore"]},"18365":{"title":"MATSUSHITA IN JOINT VENTURE WITH FORD, MAZDA","body":"Matsushita Electric Industrial Co Ltd\n<MC.T>, Mazda Motor Corp <MAZT.T> and Ford Motor Co <F> have\nsigned an agreement to set up a joint venture to make car air\nconditioners in Japan, Matsushita said in a statement.\n The new venture, <Japan Climate Systems Corp> will be\ncapitalised at 1.5 billion yen, and the three partners will\nhold equal shares.\n The partners will invest 3.6 billion yen in constructing a\nplant in Hiroshima, due for completion in late 1988. The plant\nwill initially make 100,000 air conditioners a year for Mazda,\nit said.\n REUTER\n\u0003","date":" 2-JUN-1987 21:55:51.20","places":["japan"]},"18366":{"title":"S. KOREAN WHOLESALE PRICES UP 0.4 PCT IN MAY","body":"South Korea's wholesale price index, base\n1980, rose 0.4 pct to 127.0 in May after a 1.1 pct rise in\nApril and was 1.5 pct higher than in May 1986, the Bank of\nKorea said.\n The May consumer price index, which has the same base, rose\n1.4 pct to 149.1 after a 0.3 pct gain in April, for a\nyear-on-year rise of 3.5 pct.\n Wholesale prices rose 2.0 pct in the first five months of\n1986, while consumer prices rose by 3.2 pct. Bank officials\nsaid the rises were due to a strong yen which made imports of\nJapanese parts, raw and intermediary materials more expensive.\n REUTER\n\u0003","date":" 2-JUN-1987 22:54:53.56","topics":["wpi"],"places":["south-korea"]},"18367":{"title":"ESS0 LOWERS PREMIUM PETROL PUMP PRICE","body":"Esso Singapore Pte Ltd will lower the\npump price of its premium 97 octane petrol price to 96.8\ncents/litre from 97 cents effective midnight tonight, a\nspokeswoman said.\n The new price is similar to other oil companies' price for\nthe same grade.\n Esso's price for 95 octane remains unchanged at 90.8 cents.\n REUTER\n\u0003","date":" 2-JUN-1987 22:58:37.55","topics":["gas"],"places":["singapore"]},"18368":{"title":"MATSUSHITA BRAZIL JOINT VENTURE TO MAKE VTRS","body":"A Matsushita Electric Co Ltd <MC.T> joint\nventure will make VHS-format video tape recorders (vtrs) in\nBrazil for the domestic market in the face of government quotas\non vtr imports, a Matsushita spokesman told Reuters.\n <Springer National de Amazonia SA> will start output in\nearly 1988 at a rate of 20,000 vtrs the first year, he said.\n Springer National, located in Manaus and capitalised at\n89.93 mln cruzeiros, is owned 51 pct by <Springer SA> of Brazil\nand 49 pct by Matsushita unit <National do Brasil Ltd>.\n It was formed in July 1981 to make colour televisions,\naudio equipment and microwave ovens.\n REUTER\n\u0003","date":" 2-JUN-1987 23:16:57.80","places":["japan","brazil"]},"18369":{"title":"BRAZIL'S ECONOMIC PLAN MAY PERMIT NEW DEBT TALKS","body":"Brazil's new economic plan should enable\nBrazil to renew negotiations with creditors on its 111-billion\ndlr foreign debt within the next 30 days, Finance Minister Luiz\nCarlos Bresser Pereira said.\n The plan, which predicted the economy would grow 4.5 pct\nthis year and inflation would drop to 10 pct a month by\nDecember from 20 pct at present, would be officially announced\n\"within three or four weeks,\" he told a news conference.\n The minister said he presented an outline of the program\nduring a cabinet meeting in which President Jose Sarney\ndeclared \"a total war\" on inflation.\n Sarney told the meeting an austerity plan to trim\ngovernment spending would be introduced.\n Bresser Pereira said Brazil faced the risk of economic\nrecession, but he estimated the gross national product would\ngrow 4.5 pct this year. It grew 8.3 pct last year.\n Its April inflation rate was a record 20.96 pct and\ncontributed to an accumulated rate of 84.19 pct in the first\nfour months of 1987.\n Bresser Pereira said the economic plan would seek to keep\nthe economy growing, to build an eight billion dlr trade\nsurplus and to force a sharp drop in the inflation rate.\n REUTER\n\u0003","date":" 2-JUN-1987 23:17:39.26","places":["brazil"]},"18370":{"title":"NAKASONE SAYS DOLLAR FALL ONLY TEMPORARY","body":"Prime Minister Yasuhiro Nakasone said the\ndollar's sharp fall against the yen overnight was only\ntemporary.\n The dollar dropped sharply in New York after news that Paul\nVolcker would step down as chairman of the U.S. Federal\nReserve.\n Nakasone told reporters he did not expect U.S. Policy to\nchange after Volcker steps down.\n REUTER\n\u0003","date":" 2-JUN-1987 23:39:39.70","topics":["money-fx","dlr","yen"],"places":["japan"]},"18371":{"title":"BLOCKED RHINE NAVIGATION CHANNEL REMAINS CLOSED","body":"The main navigation channel of the\nRhine, blocked by two sunken boats, will remain closed at least\nuntil the beginning of next week, a water authority spokesman\nsaid today.\n Karlsruhe water authorities said a queue of about 70 ships\nhad formed between the towns of Speyer and Iffezheim but most\nshipping companies had unloaded cargoes and were using\nalternative means of transport.\n Heinz-Josef Recker, of the Mannheim water authority, said\ntwo floating cranes would make a fresh attempt to raise the\nsunken tug and its lighter after an unsuccessful try on Friday.\nThe tug Orinoko hit a railway bridge last Tuesday and sank with\na cargo of 3,500 tonnes of gravel on board. Before the\naccident, about 100 ships a day sailed under the bridge.\n Reuter\n\u0003","date":"15-JUN-1987 09:12:50.74","topics":["ship"],"places":["west-germany"]},"18372":{"title":"W GERMAN SHIP HIT DURING WARSAW PACT WAR GAMES","body":"A West German navy ship was accidentally\nhit today by artillery shells from a Warsaw Pact vessel in the\nBaltic Sea and three sailors were injured, the Defence Ministry\nsaid.\n The ship, the Tender Neckar, was struck while watching\nWarsaw Pact exercises in the Baltic Sea, a ministry spokesman\nsaid.\n He could not say what condition the men were in or which\ncountry owned the ship which fired the shots. The spokesman\nsaid West Germany believed the incident was accidental.\n Reuter\n\u0003","date":"15-JUN-1987 09:16:02.66","topics":["ship"],"places":["west-germany"]},"18373":{"title":"HOG AND CATTLE SLAUGHTER GUESSTIMATES","body":"Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 250,000 to 270,000 head versus\n249,000 week ago and 261,000 a year ago.\n Cattle slaughter is guesstimated at about 126,000 to\n131,000 head versus 126,000 week ago and 131,000 a year ago.\n Reuter\n\u0003","date":"15-JUN-1987 09:40:54.86","topics":["hog","livestock"],"places":["usa"]},"18374":{"title":"ISRAELI INFLATION 0.6 PCT IN MAY","body":"Israel's inflation rate for May was\n0.6 pct, the lowest since last July when there was no increase,\nthe Central Bureau of Statistics said.\n In April, inflation was 2.2 pct and the figure for May last\nyear was 1.6 pct. The rate for the first five months of 1987\nwas 7.5 pct, the bureau said.\n The annual inflation rate for the past 12 months was 20.3\npct, a bureau spokesman said.\n Israeli inflation was running at an annual rate of more\nthan 400 pct until the government imposed an austerity plan\ncontrolling wages and prices in mid-1985.\n REUTER\n\u0003","date":"15-JUN-1987 10:04:42.39","topics":["cpi"],"places":["israel"]},"18375":{"title":"CUBA SUGAR HARVEST ENDS AFTER LONG DELAYS","body":"The Cuban sugar harvest, which was\nextended almost a month and a half beyond its originally\nscheduled shutdown date, ended here as the last of the island's\n154 mills closed operations, the official newspaper granma\nsaid.\n The newspaper characterized the harvest, which began in\nlate November, 1986, as \"a tense and pressured campaign.\"\n In a recent interview with the French communist party\nnewspaper l'humanite, Cuban president Fidel Castro said that\ncrude sugar production during the harvest would be \"less than\n7.5 mln tonnes.\n The harvest was plagued by a four year shortfall of rain\nwhich reduced the sugar content of the cane and by unseasonable\nrain storms during the first two months of this year which made\ncane cutting by mechanical combines virtually impossible.\n Many foreign sugar experts voiced doubts during the present\nharvest that raw sugar production would exceed last year's 7.2\nmln tonne mark.\n In the 1984-85 campaign Cuba produced 8.2 mln tonnes of raw\nsugar.\n Reuter\n\u0003","date":"15-JUN-1987 10:09:03.70","topics":["sugar"],"places":["cuba"]},"18376":{"title":"DOW CHEMICAL <DOW> RAISING LATEX ADDITIVE PRICES","body":"Dow Chemical Co said effective\nJuly 15 it is raising all bulk and drum prices for its line of\nDOWNRIGHT styrene-butadiene latex additives used in the\nmodification of asphalts by 15 pct.\n Reuter\n\u0003","date":"15-JUN-1987 10:20:28.19","topics":["rubber"],"places":["usa"]},"18377":{"title":"EGYPT SUBMITS IDENTICAL BID IN EEP WHEAT TENDER","body":"Egypt for the third time submitted a\nbid of 89 dlrs per tonne in its tender for 200,000 tonnes of\nsoft red or white wheat for June-July delivery under the export\nenhancement program, U.S. exporters said.\n USDA has rejected that bid twice, the sources noted.\n Reuter\n\u0003","date":"15-JUN-1987 10:30:23.27","topics":["grain","wheat"],"places":["usa","egypt"]},"18378":{"title":"EC FARM CRISIS LIKELY TO GO TO END-JUNE SUMMIT","body":"Plans for key reforms of the European\nCommunity's (EC) controversial farm policy will almost\ncertainly have to be referred to the bloc's heads of government\nat a summit meeting on June 29 and 30, Belgian finance minister\nMark Eyskens said today.\n Eyskens was speaking at a news conference after chairing a\njoint meeting of EC finance and agriculture ministers which was\ndesigned to help break a deadlock over this year's EC farm\nprice package which has endured since March.\n Diplomats quoted EC Executive Commission president Jacques\nDelors as saying at the same meeting that it would be a\ndisaster if the two most difficult issues at the farm talks had\nto be referred to heads of government.\n These issues are a Commission plan for a tax on marine and\nvegetable fats and oils, and proposals to change the system by\nwhich EC farm prices, expressed in European currency units\n(Ecus), are translated into the currencies of member states.\n The oils and fats tax is opposed by a group of countries\nwhich fears it could provoke trade retaliation by the U.S., A\nmajor exporter of soybeans to the EC.\n West Germany, meanwhile, is strongly against the technical\ncurrency move, which would result in additional price cuts for\nfarmers in countries with strong currencies, such as the mark.\n Commission sources said Delors is anxious that the two\nissues are not referred to the summit because this would mean\nheads of government diverting their attention from much more\nimportant world and Community issues.\n Eyskens said decisions from heads of government were also\nlikely to be less sound since they do not usually interest\nthemselves in such technically complex questions.\n However, Eyskens said today's meeting had thrown up some\nnuances in member state positions \"which may make the dialogue\nmore constructive in the next few weeks.\"\n If farm prices are not decided by the end of this month,\nthe Commission could use its own powers to impose a seven pct\ncut in cereals prices, farm trade sources said. It originally\nproposed measures to cut farm spending by 1.1 billion Ecus this\nyear, with effective price cuts of over 10 pct for some crops.\n Diplomats said farm ministers might be able to agree a\nprice package cutting spending by around 340 mln Ecus but for\ntheir disagreements on the oils/fats tax and on currency\nreforms.\n The finance ministers were called in to emphasise the need\nfor budgetary restraint in the face of an almost certain EC\nbudget deficit of over five billion Ecus this year.\n Although Delors was said by aides to have found today's\nmeeting very useful, diplomats said there was little sign of a\nmajor shift in the position of member states, or of finance\nministers adopting a different line from that of their\nagriculture colleagues.\n The farm ministers are expected to meet for most of this\nweek in Luxembourg in a pre-summit attempt to bridge their\ndifferences.\n REUTER\n\u0003","date":"15-JUN-1987 10:59:31.81","topics":["veg-oil"],"organisations":["ec"]},"18379":{"title":"PHONEMATE INC <PHMT.O> RELISTED ON NASDAQ","body":"PhoneMate Inc said its common\nstock will be relisted on the NASDAQ National Market System on\nJuly 8.\n NASDAQ said the company's shares were relisted in the\nNASDAQ system on June 4, following a delisting in September\n1984 due to insufficient capital and surplus.\n PhoneMate Inc designs, engineers and markets\ntelecommunications products for the home and small business\nmarkets.\n Reuter\n\u0003","date":"15-JUN-1987 11:10:34.44","places":["usa"]},"18380":{"title":"WORLD FAILS AFRICA ON RECOVERY, CONFERENCE TOLD","body":"Africa's efforts to revive its\neconomy are not being matched by international help, two of the\ncontinent's heads of state said at the opening of a conference.\n Presidents Ibrahim Babangida of Nigeria and Denis Sassou-\nNguesso of Congo urged Africa's development partners to act\nover the continent's debt, which now totals 175 billion dlrs,\nat a meeting organised by the Economic Commission for Africa\n(ECA).\n Their view was backed by Monique Landry, Canada's Minister\nfor External Relations. \"Whether we look at aid or debt or\ntrade, the rich countries have not as yet lived up to their\npart of last year's economic recovery pact.\"\n Babangida said it was unrealistic to expect any country to\nspend more than 30 pct of its earnings on debt servicing\nparticularly as prices for the continent's commodities were so\nunstable.\n Sassou Nguesso, current Chairman of the Organisation of\nAfrican Unity, accused international aid donors of failing to\nprovide the vigorous effort they promised a year ago.\n The conference, attended by African ministers, economists\nand representatives from major donors, will review progress\nsince both sides agreed at the U.N. Last year to revive the\nAfrican economy over five years.\n The response from the international community has been\nnegative and projections of improved growth rates for Africa\nalready look far too optimistic, ECA Executive Secretary\nAdebayo Adedeji told the conference.\n Both Babangida and Sassou Nguesso called for the debts of\nAfrica's poorest countries to be written off and for repayment\nand grace terms to be eased.\n They won a degree of support from Landry, \"Even private\nbankers are willing to talk about the need for longer term\nsolutions to Africa's debt.\"\n REUTER\n\u0003","date":"15-JUN-1987 11:14:37.30","organisations":["eca"],"places":["nigeria"]},"18381":{"title":"OCCIDENTAL <OXY> BUYS SHELL VINYL CHLORIDE UNIT","body":"Occidental Petroleum Corp said it\nhas completed the acquisition of Shell Oil Co's vinyl chloride\nmonomer business for undisclosed terms.\n Shell is a subsidiary of Royal Dutch/Shell Group <RD> <SC>.\n The company said the transaction will allow it to source\nover half its vinyl chloride monomer requirements internally,\nmaking it fully integrated in polyvinyl chloride production. It\nhas been buying all of its requirements.\n Reuter\n\u0003","date":"15-JUN-1987 11:19:00.65","topics":["acq","pet-chem"],"places":["usa"]},"18382":{"title":"WINTER DAMAGE TO POLISH RAPESEED SEEN MINOR","body":"Despite the past severe winter,\ndamage to rapeseed acreage in Poland appears to be minor, the\nU.S. Agriculture Department's Counselor in Warsaw said in a\nfield report.\n The report, dated June 11, said official statements show\nthat about 40,000 hectares, less than 10 pct of sown area, was\nplowed under this year compared with the usual 15 pct.\n Rapeseed production is forecast at 1.1 mln tonnes, 200,000\ntonnes below the record crop produced in 1986, but 35 pct above\nprevious forecasts, the report said.\n Reuter\n\u0003","date":"15-JUN-1987 11:22:24.47","topics":["oilseed","rapeseed"],"places":["usa","poland"]},"18383":{"title":"DROUGHT THREATENS FAMINE, COCOA DAMAGE IN GHANA","body":"Ghana is taking steps to combat imminent\nfamine in certain areas near its border with Togo following\nscant rainfall, Accra Radio reported today.\n The Radio, monitored in Abidjan, said fishing and farming\nactivities have been disrupted in certain districts around the\nVolta region near the eastern coast.\n The report follows a period of unusually dry weather in\nboth Ghana and the Ivory Coast, which trade sources in Abidjan\nsaid could pose problems for important developing cocoa crops.\n The Accra Radio report said a Ghanaian government\ndelegation, which visited the Anglo and Ketu districts last\nweek to investigate reports of food shortages, promised the\npeople a regular supply of maize, rice and sugar.\n At Anglo, the delegation was told that the Keta Lagoon had\ndried up, halting fishing activities, while catches at sea were\npoor and crops had failed, all due to lack of rainfall.\n Reuter\n\u0003","date":"15-JUN-1987 11:34:58.34","topics":["cocoa"],"places":["ghana","ivory-coast"]},"18384":{"title":"LEWIS GALOOB <GATO.O> CLEARED FOR NYSE LISTING","body":"Lewis Galoob Toys\nInc said it has been cleared to apply for New York Stock\nExchange listing, and it has filed a formal application.\n the company said it expects to be listed on the NYSE by the\nfirst week in July.\n Galoob's stock is now traded on the NASDAQ system.\n Reuter\n\u0003","date":"15-JUN-1987 11:36:19.03","places":["usa"]},"18385":{"title":"CONCENTRATION OF ZINC INDUSTRY SEEN CONTINUING","body":"The world's zinc mining and smelting\nindustry will continue to become more concentrated and more\nintegrated in the 1990s, Dr Klaus Goekmann, vice-president of\nmarketing and sales for Cominco Ltd, said.\n Opening a Metal Bulletin base metals conference here,\nGoekmann forecast the number of individual businesses in the\nindustry would continue to decline as companies merged or\nformed conglomerates with increased market shares.\n At the same time, the conglomerates would become more\nintegrated, handling the entire chain from basic ore production\nthrough marketing, he added.\n \"The key to future viability will be flexibility. Prices are\nlikely to remain at current historically low levels at least in\nthe medium term, and competition with other metals and\nmaterials will continue to intensify,\" Goekmann said.\n \"In the past, we have only reacted to changes in the world's\nmarket and economics. In the future, we have to act less\ndefensively and more aggressively.\"\n The industry also has massive overcapacity and this problem\nhas to be tackled quickly, he added.\n \"Attempts in the past to cut out this excess capacity in\nEurope have all failed miserably. However, there is some hope\nthat current efforts may be successful,\" Goekmann said.\n At the same time, companies must move to limit their\ngeographical and currency risks and become far more marketing\norientated, he added.\n \"With all these changes and rationalization, the industry\ncan survive to recover its past strength and profitability.\nWithout them, the future does not look very rosy,\" Goekmann\nsaid.\n Reuter\n\u0003","date":"15-JUN-1987 11:46:57.48","topics":["zinc"],"places":["netherlands"]},"18386":{"title":"REICHHOLD <RCI> UNIT HIKES PRICES ON PRODUCTS","body":"Reichhold Chemicals Inc <RCI.N> said\nits emulsion polymers division increased its selling prices of\nits polyvinyl acetate and vinyl acetate-acrylate latexes for\npaper coating application by between two and four cts per dry\npound.\n The company attributed the price increases to the\ncontinuing escalation of raw materials costs.\n Reuter\n\u0003","date":"15-JUN-1987 11:55:08.66","topics":["pet-chem","rubber"],"places":["usa"]},"18387":{"title":"INT'L PHOENIX ENERGY <IPYV> JOINS GOLD VENTURE","body":"International\nPhoenix Energy Corp said it launched a gold recovery venture\nwith <Phoenix Exploration and Recovery Inc> and Mexico's\nSistemas Tecnicos De Recuperaciones, Sociedad Anonima de\nCapital Variable.\n The company said the joint venture will explore and recover\ngold, precious metals and artefacts from treasure ships worth\n10 billion dlrs reported to have sunk in the harbor area of\nVera Cruz, Mexico.\n The company said it expects work to begin in 30 days.\n Reuter\n\u0003","date":"15-JUN-1987 11:59:07.22","topics":["gold"],"places":["canada"]},"18388":{"title":"INT'L PHOENIX ENERGY <IPYV> JOINS GOLD VENTURE","body":"International\nPhoenix Energy Corp said it launched a gold recovery venture\nwith <Phoenix Exploration and Recovery Inc> and Mexico's\nSistemas Tecnicos De Recuperaciones, Sociedad Anonima de\nCapital Variable.\n The company said the joint venture will explore and recover\ngold, precious metals and artefacts from treasure ships worth\n10 billion dlrs reported to have sunk in the harbor area of\nVera Cruz, Mexico.\n The company said it expects work to begin in 30 days.\n Reuter\n\u0003","date":"15-JUN-1987 11:59:59.35","topics":["gold"],"places":["canada"]},"18389":{"title":"BASIN PIPELINE REOPENS IN U.S. SOUTHWEST","body":"The Basin Pipeline in the Southwestern\nU.S. reopened yesterday with the expectation that all crude oil\nshipments for June will arrive on schedule, according to a\nspokesman for Texaco Inc. <TX>, operator of the pipeline\nthrough its Texaco Pipeline Co subsidiary.\n \"We project the pipeline will make all June crude shipments\nscheduled,\" said Dan Stevens, the spokesman. \n The pipeline reopened Sunday evening around 1900 EDT,\ncarrying an equivalent 280,000 barrels of crude oil per day\ncompared with an average 225,000 bpd shipped during the 30 days\nbefore its shutdown on May 30, according to Stevens.\n Stevens said the increased shipments will make up for all\ncrude oil scheduled to arrive in Cushing, Oklahoma via the\npipeline by the end of June.\n The pipeline was shut May 30 because of an apparent rupture\ncaused by flooding of the Red River, near the Texas/Oklahoma\nborder. It was expected to resume service Saturday but rising\nwaters of the river, which had recently receded, delayed the\nreopening, Stevens said. Approximately 1100 feet of new 24-inch\nsteel piping was installed under the river to replace damaged\npiping, according to Stevens.\n Reuter\n\u0003","date":"15-JUN-1987 12:07:52.41","topics":["crude"],"places":["usa"]},"18390":{"title":"AMAX INC <AMX> USES POND SYSTEM FOR MAGNESIUM","body":"AMAX Inc unit, AMAX\nMagnesium Corp, said it will build a Knolls Solar Evaporation\nPond System for recovery of magnesium.\n The company said the system will replace a previous\nrecovery system which was flooded in 1986.\n The company said construction should be complete by 1988\nand in full production by 1989.\n Reuter\n\u0003","date":"15-JUN-1987 12:34:22.09","topics":["strategic-metal"],"places":["usa"]},"18391":{"title":"JAPAN BUYS UP TO 5,000 TONNES CANADIAN RAPESEED","body":"Japanese crushers have bought 3,000 to\n5,000 tonnes of Canadian rapeseed, trade sources said.\n Delivery dates and price details were not available.\n Reuter\n\u0003","date":"15-JUN-1987 12:40:21.75","topics":["oilseed","rapeseed"],"places":["canada","japan"]},"18392":{"title":"OLIN <OLN>, NIPPON-GAKKI'S YAMAHA IN PACT","body":"Olin Corp said it formed a joint\nventure with the Yamaha Group of Japan's Nippon-Gakki Co LTd to\nmanufacture Olin's high-performance copper alloys in Japan for\nsale in the Far East.\n The new firm, Yamaha-Olin Metal Corp, will share facilities\nwith Yamaha in Iwata, which are expected to come on line in the\nthird quarter of 1988., it said.\n The two companies first joined forces in August 1983 when\nYamaha agreed to process and market one of Olin's alloys. The\nagreement led to a 1985 reroll agreement that involved a number\nof alloys, it said.\n Reuter\n\u0003","date":"15-JUN-1987 13:00:55.02","topics":["copper"],"places":["usa"]},"18393":{"title":"SPAIN COMES OUT AGAINST EC FATS TAX","body":"Spain has joined the group of\nEuropean Community countries opposed to the proposed tax on\nmarine and vegetable oils and fats, diplomatic sources said.\n They said the Spanish position was clarified at a joint\nmeeting here of EC finance and agriculture ministers to discuss\nthe budgetary situation surrounding this year's EC farm price\nnegotiations.\n Previously, West Germany, Britain, Portugal and Denmark\nhave declared themselves against the tax with Spain's position\nunclear, the sources said.\n The sources said Spanish junior finance minister Guillermo\nde la Dehesa said Spain was against the tax because of its\nimplications for world trade talks within the General Agreement\non Tariffs and Trade and because it was discrimatory by\nexcluding butter.\n They said the countries now opposed to the tax have far\nmore votes than needed under the EC's majority voting system to\nblock the proposal.\n Reuter\n\u0003","date":"15-JUN-1987 13:19:48.53","topics":["veg-oil"],"organisations":["ec"],"places":["spain"]},"18394":{"title":"OLIN NIPPON-GAKKI'S YAMAHA IN PACT","body":"Olin Corp said it formed a joint\nventure with the Yamaha Group of Japan's Nippon-Gakki Co Ltd to\nmanufacture Olin's high-performance copper alloys in Japan for\nsale in the Far East.\n The new firm, Yamaha-Olin Metal Corp, will share facilities\nwith Yamaha in Iwata, which are expected to come on line in the\nthird quarter of 1988., it said.\n The two companies first joined forces in August 1983 when\nYamaha agreed to process and market one of Olin's alloys. The\nagreement led to a 1985 reroll agreement that involved a number\nof alloys, it said.\n Reuter\n\u0003","date":"15-JUN-1987 13:21:08.52","topics":["copper"],"places":["usa"]},"18395":{"title":"CAOBISCO CONDEMNS EC OILS AND FATS TAX PROPOSAL","body":"The proposed European Community (EC) levy\non oils and fats has been criticised by CAOBISCO, the\nassociation of EC biscuit, chocolate and confectionery\nmanufacturers.\n In a letter to the President of the Council of Ministers,\nM. Eyskens, the association said the tax would cost the EC\nbiscuit, cake, chocolate and confectionery industries almost\n200 mln European currency units per year.\n The tax also was contrary to the spirit of the General\nAgreement on Tariffs and Trade (GATT) and could prompt U.S.\nRetaliatory measures on EC exports, CAOBISCO said.\n In a parallel move the British Biscuit, Cake, Chocolate and\nConfectionery Alliance has written to U.K. Chancellor of the\nExchequer Nigel Lawson urging him to oppose the levy.\n President Charles Gillett said the tax was extending the\nCommission's powers by allowing it to set levels of consumer\ntaxation, an area previously reserved for national treasuries.\n Reuter\n\u0003","date":"15-JUN-1987 13:23:10.25","topics":["veg-oil","cocoa","sugar"],"organisations":["ec"],"places":["uk"]},"18396":{"title":"ISO DEFERS DEBATE ON BUDGET CONTRIBUTIONS","body":"An International Sugar Organization (ISO)\ncommittee discussed the terms of a new administrative\nInternational Sugar Agreement but did not debate the most\ncontroversial area of budget contributions, delegates said.\n Progress was made in a number of technical areas, but with\none of the main importers, the Soviet Union, unable to attend\nbecause of prior commitments, the distribution of votes and\ncontributions was not raised, an ISO spokesman said.\n Delegates said private meetings are also taking place\nbetween the main participants to discuss the details of the new\nagreement. The committee is due to meet again tomorrow.\n Reuter\n\u0003","date":"15-JUN-1987 13:36:23.50","topics":["sugar"],"organisations":["isa"],"places":["uk"]},"18397":{"title":"POOR RAINFALL MAY HIT IVORY COAST COCOA - TRADE","body":"Lack of rainfall in recent weeks may\nhave affected Ivory Coast 1987/88 main crop cocoa prospects,\nalthough good precipitation in the last half of June and in\nJuly could still reverse the situation, trade sources said.\n They said the crop is still likely to be fairly large and\nit is too early to determine the consequences of the dry spell\non the harvest.\n \"This year's crop will probably be another good one. It is\nimpossible to tell how flowering is going, but there should be\nno problems unless something drastic happens,\" one trader said.\n Private forecaster Accu-Weather reported today that most\nIvory Coast cocoa growing regions were without rain over the\nweekend and similar weather will persist today and Tuesday.\n \"Rain would be welcomed, as the past week has been quite\ndry, except along the western portion of the coast,\" it said.\n Traders agreed rain was needed, but some noted that the dry\nconditions had not affected the entire country.\n The Ivorian Meteorological Office could not be reached for\ncomment or recent statistics. The trade sources said rainfall\nin recent weeks was likely insufficient for cocoa plants,\nalthough it is difficult to assess what the minimum\nrequirements are.\n Trade sources said there had been good rains in late\nJanuary, February and March which helped to promote flowering,\nbut April and May were fairly dry in most areas except in the\nsouth west of the country.\n The Ivory Coast mid-crop should have been covered by\nMarch/April rains but the main crop, still in its formation\nperiod, depends largely on rainfall from April through July.\n The main rains normally last between May and July, before\nreturning again in September/October. \"Flowering has been less\nthan normal and if the trees are not carrying that much at the\nmoment, then they have a chance to recover,\" one trader said.\n Another trade source noted the flowers still had plenty of\ntime to develop and the rains were \"not good but still not bad.\"\n The sources said that while the weather might emerge as a\ncause for concern, crop conditions in West Africa were\npresently taking a back seat to other factors in the\ninternational cocoa market.\n This is not only because of the premature nature of any\nharvest predictions but also because of the supply of cocoa\nalready burdening the market, they said.\n \"With a third year of surplus overhanging the market and the\nbuffer stock failing to boost prices despite regular purchases,\nthe weather has not been a factor,\" one private consultant said.\n London-based dealer Gill and Duffus said in its April cocoa\nmarket report the current 1986/87 Ivory Coast crop was likely\nto total 570,000 tonnes, which compares with a record 1985/86\ncrop estimate of 585,000 tonnes.\n Reuter\n\u0003","date":"15-JUN-1987 13:45:10.26","topics":["cocoa"],"places":["ivory-coast"]},"18398":{"title":"AMOCO <AN> TO BUILD TAIWAN CHEMICAL PLANT","body":"Amoco Corp said a Taiwan petrochemical\nventure in which it is part owner plans to build a chemical\nplant in Taiwan.\n The company said the plant, to be built by China American\nPetrochemical Co Ltd which is 50 pct owned by Amoco Chemical\nCo, will make purified terephthalic acid (PTA), a raw material\nused to make polyester fibers.\n It said the facility, China American's third PTA plant,\nwill have a capacity of 550 mln pounds of PTA annually.\n China American's other two owners are Chinese Petroleum\nCorp, 25 pct, and Central Investment Holding Co, 25 pct.\n Reuter\n\u0003","date":"15-JUN-1987 13:45:26.40","topics":["pet-chem"],"places":["usa","taiwan"]},"18399":{"title":"EC OFFICIAL WARNS U.S. ON UNILATERAL TRADE MOVES","body":"Roy Denman, the European Community\nrepresentative in Washington, warned the United States against\nsetting a rule that trading partners running a surplus should\nbe \"beaten over the head\" for not removing trade barriers.\n Denman, in an Op-Ed piece in today's Washington Post, said\ntrade disputes should be dealt with through negotiations,\neither bilaterally or multilaterally, through the Geneva-based\nUnited Nations agency, General Agreement on Tariffs and Trade,\nGATT.\n Denman's comments came as the Senate was to begin debate\nthis week on a major trade bill.\n \"It is dangerous to establish a rule that trading partners\nrunning a surplus with the United States should be beaten over\nthe head if trade barriers objected to by the United States are\nnot removed within a certain time-scale,\" said Denman in an\napparent reference to some of the measures in the congressional\ntrade bill.\n \"If we turn to the path of unilateral action, retaliation\nand counter-retaliation, the one-world (GATT) trading system\nwill very quickly unravel,\" he said.\n Denman said the 170 billion dlr U.S. trade deficit was not\npurely the result of unfair trade practices by foreign nations.\n \"The trade deficit results from a combination of\nmacroeconomic factors (the U.S. budget deficit), the exchange\nrate and the competitiveness of (U.S.) domestic industry,\"\nDenman said.\n He also said that Washington employed what he termed unfair\ntrade prctices.\n He said the European Community had recently updated a list\nof some 30 U.S. trade barriers that impede EC exports.\n \"We did not circulate this list with any hostile or\naggressive intent. We did so to set the record straight,\" Denman\nsaid.\n Reuter\n\u0003","date":"15-JUN-1987 13:50:22.20","topics":["trade"],"organisations":["ec","gatt"],"places":["usa"]},"18400":{"title":"TUNISIA SETS SOFT WHEAT BUYING TENDER ON JUNE 16","body":"Tunisia has launched a fresh buying tender\nfor 200,000 tonnes of French soft wheat for tomorrow for\nshipping between July and September, trade sources said.\n Tunisia has in recent weeks cancelled several tenders,\nwhich are covered by the French government's COFACE export\ncredits.\n Reuter\n\u0003","date":"15-JUN-1987 14:10:26.83","topics":["grain","wheat"],"places":["france","tunisia"]},"18401":{"title":"PREMIERS, GOVERNORS PUSH EAST COAST DEVELOPMENT","body":"The premiers of Canada's\neastern provinces and the governors of America's New England\nstates urged development of Canada's offshore oil and gas\nfields and construction of a pipeline from Nova Scotia to New\nEngland.\n Newfoundland premier Brian Peckford, speaking to the annual\nconference of New England and eastern Canadian leaders, said\ndevelopment would prevent a repetition of the energy crisis of\nthe early 1970s.\n The group also agreed to discuss energy and security of\nsupply next spring.\n Drilling off Canada's Atlantic coast has stalled since\nworld oil prices began tumbling two years ago. The resolution\nsupporting a natural gas pipeline from Nova Scotia to New\nEngland has been on the agenda for six years, and this is the\nsixth year it has been approved.\n The two-day conference ends tomorrow.\n Reuter\n\u0003","date":"15-JUN-1987 14:19:12.89","topics":["crude","nat-gas"],"places":["canada"]},"18402":{"title":"USX <X>/WORTHINGTON PLANT REACHES DESIGN LEVELS","body":"USX Corp said it and Worthington\nIndustries <WTHG.O> Inc's Worthingon Specialty Products steel\nprocessing plant in Jackson, Mich., has recently reached\nproduction at the levels for which it was designed.\n The company said the 600,000 short ton per year plant is\ndesigned to provide automotive, appliance and other customers\nwith first-stage processed steel for just-in-time delivery.\n It opened in August 1986, just as USX was beginning a\nsix-month labor dispute. USX is sourcing the plant with coils\nfrom its Gary, Ind., works and Mon Valley Works near\nPittsburgh, and Worthington is operating the plant.\n Reuter\n\u0003","date":"15-JUN-1987 14:25:49.81","topics":["iron-steel"],"places":["usa"]},"18403":{"title":"GERMANY PLANS TO RUSH SPECIAL CREDITS TO FARMERS","body":"Bonn is expected to rush through\nlegislation this month creating special credits to protect West\nGerman farmers from a proposed European Community, EC, payments\nfreeze, government sources said.\n The new measures are apparently designed to shield West\nGerman farmers from the consequences of the looming EC budget\ncrisis and give Bonn scope to keep up its opposition to the EC\nexecutive commission's farm policy reform plans, political\nsources said.\n EC finance and farm minsters held an unprecedented joint\nsession in Luxembourg today to try to solve the stalemate over\nfuture farm financing.\n West Germany has proved the main obstacle to Commission\nattempts to raise fresh funds for farm financing by taxing\nimports of vegetable oil and fats, for fear of U.S.\nretaliation.\n Bonn has also opposed the abolition of an agri-monetary\nmechanism that acts as a subsidy for West German farm exports.\n The draft legislation, which the ruling centre-right\ncoalition will present to parliament tomorrow, would provide\ntemporary credits for farm subsidies usually paid by Brussels.\n The Commission, facing a five billion European Currency\nUnits (5.73 billion dlrs) budget deficit by the end of the\nyear, has threatened to start phasing out payment of some\nsubsidies and premiums from August, unless EC member states\ntake urgent measures to provide fresh funds.\n West German Agriculture Minister Ignaz Kiechle gave the new\nlegislation top priority after last month's failure to agree to\na farm price package for 1986/87.\n Political sources in Bonn said Kiechle decided to take the\nsting out of proposed Commission measures to cut back subsidies\nby creating a buffer for West German farmers.\n The opposition SPD has agreed to back the Kiechle bill and\nallow its hasty passage through parliament by July 1, ahead of\nthe summer recess, SPD sources said.\n SPD farm policy spokesman Jan Oostergetelo said his party\nwould support the bill, even though it would further swell\nmassive government spending on agriculture. He said the bill\nwas an admission that the government believes the farm price\ntalks will fail and the EC faces bankruptcy.\n According to a copy of the draft bill obtained by Reuters,\ngovernment authorities will have over two billion marks (1.1\nbillion dlrs) available to pay farmers advance subsidies and\npremiums for grains and other crops harvested this summer.\n The Commission has agreed to pay the subsidies eventually.\nBut paying farmers on time will cost Bonn about 100 mln marks\n(55 mln dlrs) in interest payments, farm policy sources said.\n Chancellor Helmut Kohl's cabinet is expected to support the\nbill when it meets tomorrow.\n Reuter\n\u0003","date":"15-JUN-1987 14:27:12.11","topics":["veg-oil"],"organisations":["ec"],"places":["west-germany"]},"18404":{"title":"BAKER SAYS DOLLAR DROP WOULD BE COUNTERPRODUCTIVE","body":"Treasury Secretary James\nBaker said any further decline in the dollar against other\ncurrencies would be counterproductive.\n Baker was asked after a speech to the Pan American Economic\nLeadership Conference about U.S. policy in light of President\nReagan's comment last week at the Venice summit that he could\nsee some further decline in the dollar within reason.\n \"All of the G-7 nations believe that any further decline in\nthe dollar would be counterproductive,\" Baker told reporters.\n Following the Venice press conference by Reagan, the White\nHouse clarified Reagan's comments on the dollar by saying that\nthe United States wants a stable dollar.\n The main incentive for the United States to favor a weaker\ndollar has been the need to reduce the massive trade deficit,\nbut the deficit has narrowed for the past two months and\nappears to be responding to the 40 pct drop in the dollar\nagainst the yen and the mark during the past two years.\n Reuter\n\u0003","date":"15-JUN-1987 15:17:10.55","topics":["dlr","money-fx"],"places":["usa"]},"18405":{"title":"HEDGERS INCREASE SHARE OF U.S. CRUDE OIL FUTURES","body":"Commercial hedgers increased their\nstake in sales of U.S. crude oil and heating oil futures during\nMay, according to a U.S. federal agency report.\n Trade hedgers accounted for 64.7 pct of open short\npositions in May, compared with 58.2 pct in April, and added\n5,700 new sales in May, while liquidating almost 11,000\npurchases, the report said.\n Speculators, in contrast, saw a decline in share of crude\noil shorts in May. May spec shorts totaled 13.6 pct versus 25.6\npct in April. The report was prepared by the Commodity Futures\nTrading Commission. \n In heating oil futures, commercial users accounted for\n68.7 pct of short postions in May versus 58.2 pct in April and\nadded 311 new short positions.\n Gasoline futures saw little change in the percentage of\nshort or long positions held by commercial users, speculators,\nor small traders, according to the CFTC report. Trade users \naccounted for 72.5 pct of short gasoline futures positions in\nMay, compared with a revised 75.7 pct in April.\n New York Mercantile Exchange\n Commitments of traders, May 29, 1987\n SPECULATOR SPREADERS HEDGERS TOTAL\n LONG SHRT LONG SHRT LONG SHRT LONG SHRT\n HEATING 16.1 5.7 2.5 2.5 49.7 68.7 68.2 76.8\n OIL SMALL TRADERS - long 31.8 short 23.2\n UNLEADED 10.8 4.0 7.0 7.0 64.4 72.5 82.3 83.6\n GAS SMALL TRADERS - long 17.7 short 16.4\n CRUDE 15.1 13.6 5.5 5.5 61.2 64.7 81.8 83.8\n OIL SMALL TRADERS - long 18.2 short 16.2\n Reuter\n\u0003","date":"15-JUN-1987 15:35:09.06","topics":["crude","heat","gas"],"places":["usa"]},"18406":{"title":"BEAR AUTOMOTIVE <BEAR.O> TO TRADE ON NASDAQ","body":"Bear Automotive Service\nEquipment Co said its common stock will begin trading June 16\non the NASDAQ National Market System.\n The company manufactures computerized electronic diagnostic\nand wheel alignment equipment.\n Reuter\n\u0003","date":"15-JUN-1987 15:40:15.36","places":["usa"]},"18407":{"title":"GERMAN STEEL INDUSTRY TO SEEK LAY-OFF FUNDS","body":"The West German Government will be asked\nJune 16 to provide nearly 850 million marks (470 million\ndollars) to lay off or retrain 20,000 steel workers whose jobs\nare threatened by the recent slump in the country's steel\nindustry.\n Government spokesman Friedhelm Ost said Chancellor Helmut\nKohl will review a joint proposal by steel employers and trade\nunions at a meeting on the ailing industry tomorrow.\n Both steel employers and union leaders are expected to tell\nKohl tomorrow that the Government has failed to do enough to\nprotect German steel firms from subsidies and unfair\ncompetition from other European Community members.\n Government sources said Bonn was prepared to take part in a\ncommon effort to find a solution for the steelworkers. But\nsince the Government is struggling to finance tax cuts by\nslashing state subsidies, it is not prepared to pick up the\nwhole bill for the layoffs, the sources said.\n A spokesman for IG Metall, the metalworkers' trade union,\nsaid the proposal seeks redundancy payments to 10,000 workers\nin Ruhr and Rhineland plants. Some 6,000 workers would be\nredeployed in non-steel making sectors of steel companies,\nwhile a further 4,000 would be eligible for job-retraining\nschemes.\n The union estimates that the redundancy payments would\ntotal 600 million marks (340 million dollars), while job\nretraining schemes would cost a further 240 million marks (130\nmillion dollars).\n Up to 30,000 West German steel jobs are at risk in the next\nfew years following steep losses incurred by the industry since\nmid-1986.\n Extensive restructuring of the industry in recent years was\nunable to compensate for the effects of the weak dollar which\ndepressed foreign demand for steel, industry sources said.\n Reuter\n\u0003","date":"15-JUN-1987 16:19:46.15","topics":["iron-steel"],"places":["west-germany"]},"18408":{"title":"NO YIELD DAMAGE YET IN U.S. CORN, BEANS - USDA","body":"The U.S. corn and soybean crops are\nin mostly good condition and have not suffered any yield\ndeterioration from recent hot, dry weather, Agriculture\nDepartment and private weather and crop analysts said.\n \"I don't see any reduction in yield potential yet,\" Norton\nStrommen, chief meteorologist at USDA told Reuters. \"The (corn\nand soybean) crop is actually in mostly good condition and is\nprogressing ahead of normal, which is good,\" he said.\n Abnormally hot, dry weather in midwestern crop areas\nsparked a sharp rally in Chicago futures today, causing new\ncrop soybeans to advance the 30 cent daily limit to 6.14 dlrs\nper bushel and September corn to go up 12 cents to 2.81 dlrs.\n \"This rally is amazing,\" a private crop analyst said. \"Corn,\nsoybeans and wheat are in excellent condition.\"\n The USDA meteorologist said the only effects of the warm,\ndy weather on crops so far has probably been to speed up\ndevelopment of the crop, which will help the crop better cope\nwith stress later in its more critical growing period.\n \"What this weather will do is simply push the crop towards\nrapid development of a good, deep root system to draw on the\nsubsoil reserve. It actually strengthens the crop to go through\na little stress early on,\" Strommen said.\n Strommen noted that subsoil moisture is in good shape in\nmost growing areas.\n Strommen and other private crop analysts noted corn and\nsoybeans will not enter their critical growth stages until July\nand August.\n But because of its early development this year, Strommen\nsaid the midwestern corn crop could enter its reproduction\nperiod by the first of July.\n \"Weatherwise, if the market is truly concerned about corn or\nsoybeans, it should be more concerned about corn. But the\ndryness still has to last for another two to three weeks,\" an\nanalyst said.\n Soybeans, on the other hand, can withstand several more\nweeks of dryness before yields start deteriorating, crop\nanalysts agreed.\n August and September are the critical yield-producing\nmonths for soybeans, Strommen said.\n \"The sole purpose of the soybean plant is to simply survive\nduring May, June and July until the August rains which\ndetermine the crop,\" a crop analyst said.\n Some analysts contend, however, that in certain growing\nareas the crop has not been receiving enough moisture to ensure\nthat there will not be problems later.\n Strommen noted the USDA's current six to 10 day weather\nforecast calls for above normal temperatures and below normal\nprecipitation in much of the corn belt.\n \"This opens up all sorts of speculation,\" he said.\n Reuter\n\u0003","date":"15-JUN-1987 16:34:43.47","topics":["grain","corn","oilseed","soybean"],"places":["usa"]},"18409":{"title":"HOT WEATHER PUSHES CBT GRAINS TO NEW HIGHS","body":"Hot, dry weather over the Midwest, with\nmore forecast, pushed grain futures prices to new highs today\non the Chicago Board of Trade.\n Soybean futures led the advance, closing up the\n30-cent-per-bushel daily trading limit in contracts for\ndelivery after this year's fall harvest. All months set\nlife-of-contract highs and November closed at 6.23 dlrs a\nbushel.\n \"The market is anticipating that it will stay hotter than\nnormal for some time out,\" said David Bartholomew, assistant\nvice president for Merrill Lynch. \"We have probably gone as\nhigh as we need to go at this time, but I don't know how to\nmeasure the euphoria level.\"\n Soymeal futures, which led the grain rally last week,\nposted contract highs and ended up the 10 dlr a ton daily limit\nin new-crop contracts. December closed at 195.70 dlrs.\n Corn futures set contract highs in March through September,\nwith December closing up the 10 cent a bushel limit at 2.11-3/4\ndlrs. Wheat posted more modest gains as dry weather improved\nharvest conditions in the southern Midwest.\n The hot weather could stress developing corn and soybean\nplants in the Midwest, although some periods of dryness benefit\nyoung plants by encouraging the development of deep root\nsystems, Bartholomew said.\n European demand for U.S. soybeans and meal contributed to\nactive buying here and an estimated 2.0 mln bushels of soybean\norders went unfilled at the close, traders said.\n After trading ended, a U.S. Agriculture Department (USDA)\nmeteorologist said the U.S. corn and soybean crops have not\nsuffered any yield loss yet from hot, dry weather.\n Strong grain futures ignored weakness in the value of the\ndollar, which can depress prices by making grains more\nexpensive for foreign buyers.\n But the surge in soybeans encouraged buying at New York's\nCOMEX, where silver futures recovered from early lows to settle\nsteady.\n Managed fund traders bought silver on the belief that the\nweather-spurred jump in grain futures will revive fears of\ninflation. But the weak dollar pressured COMEX gold futures,\nwhich closed down following last Friday's news of improved U.S.\ntrade deficit figures and better U.S. producer prices.\n A USDA report released after trading said the number of\ncattle being fed in seven major producing states was above\nlevels expected by traders. Traders said the report would\nprobably push live cattle futures lower tomorrow at the Chicago\nMercantile Exchange.\n USDA put cattle-on-feed in the seven major states at 7.52\nmln head, 106 pct of a year ago and at the high end of trade\nforecasts.\n A total of 1.954 mln head were placed on feed during May,\nup 111 pct from a year ago, and May cattle marketings were off\n93 pct at 1.524 mln head, USDA said.\n Cattle futures closed mixed in choppy trading today as hot\nweather slowed consumer demand for red meat, traders said.\n Reuter\n\u0003","date":"15-JUN-1987 17:19:51.88","topics":["grain","oilseed","soybean","corn","meal-feed","soy-meal"],"places":["usa"]},"18410":{"title":"SPENDTHRIFT <SFI> REMOVED FROM AMEX","body":"Spendthrift Farm Inc said it has\nconsented to its removal from the American Stock Exchange due\nto its failure to meet financial listing requirements.\n The last day for Spendthrift trading shall be June 26.\n The company also said its board named Dale McDoulett,\nformerly president of Diamond Shamrock International Petroleum\nCo, as president replacing Robert Hagopian who resigned\nFebruary 7.\n Reuter\n\u0003","date":"15-JUN-1987 17:25:18.79","places":["usa"]},"18411":{"title":"NORANDA <NOR.TO> IN TALKS WITH BRUNSWICK MINERS","body":"Noranda Inc said contract talks that\nresumed today were continuing with about 1,600 unionized\nworkers at its 63 pct-owned Brunswick Mining and Smelter Corp\n<BMS.TO> lead-zinc mine and lead smelter at Bathurst, New\nBrunswick.\n A Noranda official said in reply to an inquiry that the\ntalks involved both the mine and smelter union locals, which\nare part of the United Steelworkers of America.\n The mineworkers' contract expires July 1. They will vote on\nJune 22 either to authorize a strike or ratify a possible\ncontract offer. The smelter workers' pact expires July 21.\n The Brunswick mine produced 413,800 tonnes of zinc and\n206,000 tonnes of lead last year at a recovery rate of 70.5 pct\nzinc and 55.6 pct lead. Concentrates produced were 238,000\ntonnes of zinc and 81,000 tonnes of lead.\n Reuter\n\u0003","date":"15-JUN-1987 17:30:22.76","topics":["lead","zinc"],"places":["canada"]},"18412":{"title":"COMINCO <CLT.TO> TALKS STILL STALLED","body":"Cominco Ltd has no\ncontract negotiations scheduled this week with any of the five\nstriking locals at the Trail smelter and Kimberley lead-zinc\nmine, union spokesmen said.\n However, leaders of the negotiating teams are trying to set\nup an informal meeting to discuss the stalemate, said John\nOwens, spokesman for United Steelworkers of America local 480,\nwhich is one of three locals that represents 2,600 production\nand maintenance workers.\n Owens also said Cominco has said the strike is costing it\nfive mln Canadian dlrs a day in debt service costs that are not\ncovered by revenue. He said the company has not estimated total\nlost revenue and Cominco spokesmen were not immediately\navailable for comment.\n The strike, which began May nine, also involves two locals\nthat represent 600 office and technical workers.\n The production and maintenance workers three weeks ago\nrejected a tentative three-year agreement that provided cost of\nliving adjustments but no basic wage increase.\n Each of the five locals has a separate contract that\nexpired April 30, but the main issues are similar.\n The Trail smelter produced 240,000 long tons of zinc and\n110,000 long tons of lead last year. The Sullivan mine at\nKimberley produced 2.2 mln long tons of ore last year, most for\nprocessing at the Trail smelter.\n Reuter\n\u0003","date":"15-JUN-1987 17:35:23.35","topics":["lead","zinc"],"places":["canada"]},"18413":{"title":"MORE EEP WHEAT FOR WEST AFRICAN COUNTRIES-USDA","body":"U.S. exporters will have the\nopportunity to sell 170,000 tonnes of wheat to West African\ncountries under the Export Enhancement Program, the U.S.\nAgriculture Department said.\n It said in addition to Benin, Cameroon, Ivory Coast, Ghana\nand Togo, four more countries -- Burkina Faso, Gabon, Liberia\nand Niger -- have been declared eligible under the initiative.\n The export sales will be subsidized with commodities from\nthe inventory of the Commodity Credit Corporation (CCC), it\nsaid.\n West African countries have already purchased 129,500\ntonnes of wheat under previously announced export bonus\nprograms, it noted.\n Reuter\n\u0003","date":"15-JUN-1987 17:51:23.48","topics":["grain","wheat"],"places":["usa","benin","ivory-coast","ghana","togo","burkina-faso","cameroon","gabon","liberia","niger"]},"18414":{"title":"NORANDA IN TALKS WITH BRUNSWICK LEAD-ZINC MINERS","body":"Noranda Inc said contract talks resumed\nwith about 1,600 unionized workers at its 63 pct-owned\nBrunswick Mining and Smelter Corp lead-zinc mine and lead\nsmelter at Bathurst, New Brunswick.\n A Noranda official said talks involved both the mine and\nsmelter union locals, which are part of the United Steelworkers\nof America.\n The mineworkers' contract expires July 1. They will vote on\nJune 22 either to authorize a strike or ratify a possible\ncontract offer. The smelter workers' pact expires July 21.\n The Brunswick mine produced 413,800 tonnes of zinc and\n206,000 tonnes of lead last year at a recovery rate of 70.5 pct\nzinc and 55.6 pct lead. Concentrates produced were 238,000\ntonnes of zinc and 81,000 tonnes of lead.\n Reuter\n\u0003","date":"15-JUN-1987 17:59:44.98","topics":["lead","zinc"],"places":["canada"]},"18415":{"title":"THREE U.S. EXCHANGES VIE FOR GOLD","body":"The glitter of gold has generated a\nthree-way competition among the world's largest futures\nexchanges for a 100-ounce contract for the precious metal.\n When the Chicago Mercantile Exchange (CME) re-introduces\ngold futures trading here Tuesday (at 9 a.m. CDT), it will go\ntoe-to-toe in an uphill battle against the Commodity Exchange\nInc. of New York (Comex), which brokerage executives describe\nas the world's precious metals futures capital for\ninstitutional business.\n And by autumn, the oldest and biggest exchange, the Chicago\nBoard of Trade (CBT), expects to join the fray when the\nCommodity Futures Trading Commission (CFTC) approves a pending\napplication for a 100-ounce gold contract to trade side-by-side\nwith the CBT's smaller, one kilogram (about 2.5 U.S. pounds)\ngold futures.\n The CME introduced a 100-ounce gold futures contract in\n1974, but lack of interest forced it to abandon the instrument\nin July 1986.\n CME officials said investors and brokerage firms asked the\nexchange to reintroduce the contract because of recent\nvolatility in precious metals. Other factors influencing the\ndecision may also have been clearing problems in May which\nforced the Comex to shorten trading for three straight days in\nan effort to clear up a huge backlog of unresolved trades,\nespecially in silver futures.\n Comex's problems may now create a window of opportunity for\nother exchanges to successfully offer precious metals\ncontracts, industry sources say.\n But it is much too early to predict whether other exchanges\ncan inflict serious damage on the Comex' daily trading volume\nof more than 40,000 contracts which represents commitments to\nbuy and sell gold of more than 2 billion dlrs.\n While average daily trading in the CBT's smaller gold\ncontract, aimed at retail customers rather than institutions,\nwas under 500 contracts per day throughout 1986, it has\nsurpassed 1,000 contracts daily for the past two months.\n \"The climate could not be better for this venture by the\nCME,\" said Merrill Lynch Commodity Marketing Vice President Neil\nMcGarrity.\n \"Everybody is talking about metals now, and interesting\ndaily trading ranges provide opportunities for bulls and bears.\nThere's good trading volume in all world outlets,\" McGarrity\nadded.\n \"The Merc's gold futures would be insurance for dealers,\nmerchants and customers that there would be a market open for\ntrading,\" if heavy gold or silver futures volume causes the\nComex to close early again, said Jack Lehman, senior vice\npresident and director of commodities for Shearson Lehman Bros.\nInc. and a Comex board member.\n Delivery points vary for each exchange's 100-ounce gold\nfutures. Comex contracts are deliverable through New York\nwarehouses while the CME contract specifies London delivery\nthrough a CME account at Samuel Montagu and Co. Ltd., a member\nof the London gold market. The CBT gold application specifies\ndelivery from New York and Chicago vaults.\n The Comex and the CBT have applied to the CFTC for an\nearlier precious metals opening to match the CME's starting\ntime of 7:20 a.m. CDT. The exchanges said the earlier start\nallows for trading before many important government reports are\nreleased at 7:30 a.m. CDT.\n CME marketing sources said arbitrage possibilities exist\nwith side-by-side trading, noting local interests can be\ngenerated by traders dealing in foreign currency and short-term\ndebt futures along with gold futures contracts to further hedge\ntheir financial risks.\n \"If the dollar rises, traders can sell currencies and buy\ngold,\" said David Johnson, CME's manager of currency products.\n The Chicago Board of Trade sees an extra advantage to gold\ntrading. \"Given our night trading session, we could add either\nour pending 100-ounce gold or our existing 5,000-ounce silver\ncontract to attract overseas business,\" a CBT official said.\n Which market is identified as the precious metal capital\ndoes not appear to be a major issue among professionals.\n \"We've seen Chicago bring in a new constituency before, with\nperhaps different needs,\" Mocatta Metals Chairman Dr. Henry\nJarecki said.\n \"Merchants will go to the CME or anywhere to trade a liquid\ncontract. Our firm is no exception,\" Jarecki said.\n \"At worst, even if the CME gold futures fail, the Comex will\nbe under pressure to improve the integrity of its clearing\nprocesses,\" a CME official added.\n Reuter\n\u0003","date":"15-JUN-1987 18:10:09.49","topics":["gold"],"places":["usa"]},"18416":{"title":"COMINCO STRIKE TALKS STILL STALLED","body":"Cominco Ltd has no\ncontract negotiations scheduled this week with any of the five\nstriking locals at the Trail smelter and Kimberley lead-zinc\nmine, union spokesmen said.\n However, leaders of the negotiating teams are trying to set\nup an informal meeting to discuss the stalemate, John Owens,\nspokesman for United Steelworkers of America local 480 said.\n Owens said Cominco has said the strike, which began May 9,\nis costing it five mln Canadian dlrs a day in debt service\ncosts that are not covered by revenue. He said the company has\nnot estimated total lost revenue.\n Cominco spokesmen were not immediately available for\ncomment.\n Reuter\n\u0003","date":"15-JUN-1987 18:14:22.94","topics":["lead","zinc"],"places":["canada"]},"18417":{"title":"ASCS TAKES STEPS TO EASE SALES OF CCC SOYBEANS","body":"The Agricultural Stabilization and\nConservation Service announced several temporary steps to\nenable it to respond more quickly to the high demand for\nCommodity Credit Corp.-owned soybeans.\n The CCC has suspended its practice of contacting storing\nwarehousemen before selling soybeans for cash to a third party,\nsaid Collyn Peterson, deputy director in the ASCS Kansas City\noffice.\n In addition, he said, minimum quantities for sales will be\n25,000 bushels, or all of a warehouse total inventory if less\nthan that.\n ASCS has added telephone lines to handle calls from those\ninterested in buying soybeans, Peterson said.\n Reuter\n\u0003","date":"15-JUN-1987 18:36:23.57","topics":["oilseed","soybean"],"places":["usa"]},"18418":{"title":"REAGAN SENDS KUWAITI PLAN TO CONGRESS","body":"President Reagan today sent a\nclassified report to Congress on his plan to protect Kuwaiti\noil tankers with U.S. military escorts.\n Congressional officials said the report, received by House\nSpeaker Jim Wright and Senate majority leader Robert Byrd, will\nnot be made public.\n Congress has demanded a detailed security plan on how U.S.\nwarships and servicemen would be protected from possible attack\nin the Gulf region, scene of the prolonged war between Iran and\nIraq.\n White House spokesman Marlin Fitzwater said the\nAdministration intended to push ahead with the plan despite\nstrong opposition in Congress.\n He said the report to Congress provided a comprehensive\noverview of Administration strategy in the Gulf, adding the\nmilitary escort plan would begin \"when the President was\nsatisfied that all preparations had been completed\nsatisfactorily\".\n Fitzwater did not say when this might be, but denied the\nprotection plan was being held up.\n Reuter\n\u0003","date":"15-JUN-1987 18:38:03.01","topics":["ship"],"places":["usa","kuwait"]},"18419":{"title":"ECUADOR ACCEPTS EXPLORATION BIDS","body":"Ecuador is accepting bids from companies\nwishing to explore for crude oil in a 1.2-million-hectare area\nin the southeast of the country, a spokesman for the Ecuadorian\nState Oil Company (CEPE) said.\n The spokesman said companies have until October 15 to\npresent their bids and until the middle of next year to sign\ncontracts.\n Competitors may bid for six alternative 200,000-hectare\nareas, in the southeast forest bordering Peru and in the\nwestern coastal plain around the Pacific.\n Petrocanada will start by drilling two exploratory wells\nin a 200,000 hectare area.\n Reuter\n\u0003","date":"15-JUN-1987 19:15:52.01","topics":["crude"],"places":["ecuador"]},"18420":{"title":"EC CONSIDERS NEW PROPOSALS TO END FARM DEADLOCK","body":"The European Community (EC) executive\nCommission will today urgently consider whether to take a new\ninitiative to break the current deadlock over reform of the\nbloc's farm policy and to ease its budgetary crisis.\n The Commission will meet in Strasbourg following what\ndiplomats described as a largely fruitless special joint\nmeeting of farm and finance ministers on the issue in\nLuxembourg Monday.\n Commission officials said farm commissioner Frans\nAndriessen will ask the 17-man body for permission to present\nfarm ministers with a compromise plan revising proposals for\n1987/88 farm prices which have divided them since they were\nfirst announced in March.\n The most controversial aspects of these proposals are a\nplan to tax all vegetable and marine oils and fats to finance\nrapidly increasing production subsidies and technical measures\nwhich would change the way common EC farm prices are converted\ninto member state currencies.\n West German delegation sources, who have opposed both plans\nfiercely, said if the Commission dropped the oils and fats tax\nplan and modified the currency proposals, there would be a\nchance of agreement on other aspects of the package.\n These include measures to cut the effective price paid to\nfarmers for cereals and some other crops by over 10 pct.\n But a Commission spokesman said any new proposals would\ninclude plans for revising the current oils and fats and\ncurrency regulations.\n The Commission is anxious to avoid a complete deadlock in\nmeetings of EC farm ministers here this week as it fears issues\ncould then be referred to the EC heads of government summit at\nthe end of the month.\n Commission president Jacques Delors, who wants to ensure\nthe summit has ample time to consider proposals for new means\nof financing the cash-strapped EC, said yesterday it would be\n\"disastrous\" if farm issues had to be discussed by government\nleaders.\n However, with a five billion European Currency Unit (5.75\nbillion dollar) EC budget deficit almost inevitable this year,\nthe Commission will be wary of making major concessions to the\ntraditionally free-spending farm ministers, diplomats said\n Belgian finance minister Mark Eyskens, who chaired\nyesterday's joint meeting of ministers, said afterwards some\naspects of the farm price package will almost certainly have to\nbe referred to the summit.\n Although Delors' aides described the joint meeting as\nuseful in clarifying the issues, some diplomats said it seemed\nto have merely confirmed member states' long held positions.\n Indeed, they said an extra state, Spain, seemed to have\nlined up with the four others already opposing the oils and\nfats tax, West Germany, Britain, Denmark and Portugal.\n Reuter\n\u0003","date":"15-JUN-1987 19:47:46.39","topics":["veg-oil"],"organisations":["ec"]},"18421":{"title":"STUDY SAYS U.S. EMPLOYMENT NOT JEOPARDIZED BY BORDER PLANTS","body":"The growing shift of low-skilled\nmanufacturing jobs from the United States to Mexican border\ncities is not a threat to American employment because it will\nhelp create new markets for products, according to a study\nreleased today.\n Richard Bolin, director of the Flagstaff Institute of\nArizona, which studies international trade issues, said the\nUnited States needs to encourage the expansion of manufacturing\nin developing countries so that those nations can become\nconsumers of more U.S. goods.\n His study was commissioned by the border city of McAllen,\nTexas, for presentation to the International Trade Commission\nwhich is gathering information for a report to Congress on what\nchanges may be needed in the U.S. tariff codes to prevent the\nloss of jobs and industry.\n McAllen and other Texas border cities have benefitted from\na trend among U.S. companies to build twin plants that employ\nfactory workers on both sides of the U.S.-Mexico border.\n More than 700 manufacturers are taking advantage of lenient\ntax codes that allow U.S. companies to bring raw goods into\nMexico for assembly by low-skilled workers into products that\nare completed by U.S. workers at a nearby sister plant.\n Bolin said his research indicated that the shift in\nlow-paying jobs across the border reflected changing\ndemographics of the U.S. workforce.\n \"In the post-baby boom era, fewer workers will be available\nto fill these low-skill jobs -- and these workers will be\nbetter educated than prior generations,\" Bolin told reporters in\nMcAllen.\n \"The jobs in low-tech industries that are being exported to\nother countries are, for the most part, jobs that we may not be\nable to fill in the future.\"\n U.S. employment in less-skilled manufacturing jobs plunged\nby more than 900,000 between 1977 and 1982, largely due to the\ntransfer of jobs outside U.S. borders, he said. American\nemployment in high-tech industries increased by 634,000 during\nthe same period, he said.\n But high-tech industries, those in which engineers make up\nmore than six percent of the workforce, pay higher wages and\ngenerate more U.S. exports than low-tech businesses, he said.\n Reuter\n\u0003","date":"15-JUN-1987 20:41:35.61","topics":["jobs"],"places":["usa"]},"18422":{"title":"JAPAN MINISTRY SAYS DOLLAR SHOULD BE ABOVE 170 YEN","body":"The dollar should worth more than 170 yen\nbased on purchasing power parity, the Ministry of International\nTrade and Industry (MITI) said in its annual white paper on\ninternational trade.\n Using 1973 as a base year, the ministry said inflation\ndifferentials pointed to a yen/dollar rate of 172 in fourth\nquarter 1986. The dollar opened here today at 144.90 yen.\n MITI also said the so-called \"J-curve\" and the drop in oil\nprices together accounted for 33.2 billion dlrs of the 36.6\nbillion dlr rise in Japan's trade surplus last year.\n On a customs cleared basis, the Japanese trade surplus rose\nto a record 82.66 billion dlrs last year.\n The ministry said the fall in oil prices accounted for 16.5\nbillion dlrs and the \"J-curve\" 17.2 billion dlrs of the rise in\nthe 1986 surplus.\n Analyzing the expansion in Japan's trade imbalance in\nrecent years, MITI calculated that 37 pct of it could be\naccounted for by exchange rates, 24 pct by differences in\neconomic growth rates between Japan and other countries, and 36\npct by so-called price elasticities of imports and exports.\n Analyzing the expansion in the U.S. Trade deficit from 1982\nto 1985, the ministry said 24 pct was accounted for by exchange\nrates, 34 pct by differences in the income elasticity of\nimports and exports and 39 pct by differences in economic\ngrowth rates. The figures do not tally to 100 pct because other\nminor factors have been left out.\n \"One index of trade structure, the income elasticity of\nexports and imports, shows that the U.S. Is more likely to\nexperience increases in imports, while Japan is structurally\npredisposed to growth in exports,\" MITI said.\n Structural adjustment is already underway in Japan, under\nthe impact of the strong yen, MITI said. Japanese companies are\nstepping up their imports and expanding capacity overseas.\n Japanese consumer attitudes are also changing. The ministry\ncited a survey showing that price was now the number one factor\nin the purchase of imports from the U.S. And Western Europe,\nreplacing design and brand reputations.\n \"The smooth adjustment of the economic structure calls for\nmeasures to address the needs of affected firms,\" it said. \"Whole\nindustries have felt the pinch and employment is expected to\nsuffer.\"\n \"Sustained economic growth, led by domestic demand, will\nalso be an essential condition,\" the ministry said.\n It said four structural factors have contributed to the\ngrowth of the U.S. Trade deficit in recent years -- a decline\nin U.S. Industrial competitiveness, insufficient productive\ncapacity, an increase in foreign procurement by U.S. Companies\nand short-sighted U.S. Management attitudes.\n \"While (U.S.) exports have picked up somewhat with the\ndollar's fall in value, no marked improvements have appeared in\nthe import picture,\" MITI said.\n REUTER\n\u0003","date":"15-JUN-1987 21:42:33.86","topics":["dlr","money-fx","trade"],"places":["japan"]},"18423":{"title":"MIYAZAWA SAYS JAPANESE ECONOMY BOTTOMED OUT","body":"The Japanese economy has bottomed out\nafter an extended period of stagnation, Finance Minister Kiichi\nMiyazawa told a press conference.\n But he said he was not too optimistic about the state of\nthe economy as the employment situation was still shaky in\ncertain regions of the country.\n Yesterday, the Finance Ministry said its quarterly\ncorporate survey showed that the economy was showing increasing\nsigns of recovery.\n REUTER\n\u0003","date":"15-JUN-1987 22:15:57.71","topics":["gnp"],"places":["japan"]},"18424":{"title":"TAIWAN ISSUES MORE CDS TO CURB MONEY SUPPLY GROWTH","body":"The Central Bank has issued 8.29 billion\nTaiwan dlrs worth of certificates of deposit (CDs), raising\ntotal CD issues so far this year to 228.27 billion, a bank\nofficial told Reuters.\n The CDs, with maturities of six months, one and two years,\nbear interest rates ranging from 4.05 to 5.25 pct, she said.\n The issues are intended to help curb the growth of the M-1b\nmoney supply which is expanding due to the rise in Taiwan's\nforeign exchange reserves, now at some 60 billion U.S. Dlrs.\n REUTER\n\u0003","date":"15-JUN-1987 22:18:43.14","topics":["money-supply","reserves"],"places":["taiwan"]},"18425":{"title":"KEATING REVISES 1986/87 AUSTRALIA PAYMENTS DEFICIT","body":"Treasurer Paul Keating said he now\nexpected the Australian current account deficit for fiscal\n1986/87 ending June 30 to come in around 13.25 billion dlrs.\n In a statement released after Statistics Bureau figures\nshowed the May deficit was below forecasts at 866 mln dlrs,\nKeating said the cumulative deficit is now likely to be about\n1.5 billion dlrs below the Treasury forecast of 14.75 billion\nissued with the 1986/87 Budget papers last August.\n However, the government had subsequently revised the\nforecast to around 13.75 billion dlrs after a series of current\naccount figures indicated a declining trend.\n Keating's revised 1986/87 current account deficit forecast\ncompares with a record shortfall of 14.40 billion dlrs in\n1985/86, a level nearly double the 7.29 billion deficit\nrecorded only two years earlier in 1983/84.\n Keating said the main reason for his revision was a\nbetter-than-expected export performance. Recent quarterly\nfigures showed export volumes rose 14.4 pct in the half-year to\nMarch 30 while import volumes rose only 0.9 pct, he said.\n The Bureau data issued today showed the cumulative deficit\nfor the first 11 months of 1986/87 narrowed to 12.32 billion\ndlrs from 13.21 billion a year earlier.\n REUTER\n\u0003","date":"15-JUN-1987 22:58:48.26","topics":["bop"],"places":["australia"]},"18426":{"title":"PANAMA CANAL UNAFFECTED BY POLITICAL PROTEST","body":"The Panama Canal, one of the world's\nkey maritime crossroads, has not been affected by the recent\nanti-government protests here, a spokesman for the\nU.S.-government agency that operates the waterway said.\n \"Everything's normal here. It (the canal) is running\nefficiently and everything is going well,\" said Anel Beliz,\nspokesman for the Panama Canal Commission.\n The commission was monitoring the situation and\ncontingencies exist to ensure continued operation, he said.\nUnconfirmed reports said several shipping lines had ordered\ntheir vessels away from Panama until further notice.\n REUTER\n\u0003","date":"15-JUN-1987 23:12:30.59","topics":["ship"],"places":["panama"]},"18427":{"title":"TAIWAN, URUGUAY IN PRICE DISPUTE OVER SOYBEANS","body":"Uruguayan suppliers have agreed to supply\nTaiwan with only 25,000 tonnes of soybeans out of a total\n70,000 tonnes agreed in April, a spokesman for the joint\ncommittee of Taiwan's soybean importers told Reuters.\n He said a rise in world prices had made the Uruguayans\nreluctant to ship any soybeans at the agreed price of 226.56\nU.S. Dlrs per tonne.\n The Uruguayans agreed to supply part of the shipment after\nthe Taiwan committee threatened last week to cancel the order,\nbut they postponed delivery to July 1-20 from the original June\n5-25, the committee spokesman said.\n Government sources in Montevideo confirmed that Uruguayan\ngrain exporting firms would ask Taiwan to reconsider prices on\nthe soybeans but said the government would not intervene in the\ndispute.\n \"The deal was agreed to between two private companies,\nwithout any participation whatsoever from the Uruguayan\ngovernment,\" Uruguyan Agriculture Ministry spokesman Andres\nBonino said.\n He added, \"Uruguay is not going to export 70,000 tonnes of\nsoybeans, since total production this year has been lower than\nthat figure.\"\n The contract called for the Uruguayans to deliver the\n70,000 tonnes in two shipments between June 5 and August 10.\n Taiwan's ambassador in Montevideo, Henry Wang, told\nreporters, \"Both countries are finishing details to arrive at a\nsatisfactory price.\"\n He said the price would be \"very advantageous (for Uruguay)\nbecause it will be above the international price.\"\n Taiwan bought some 36,000 tonnes of soybean last year,\nmaking it Uruguay's biggest customer for the oilseed.\n Taiwan's joint committee holds a tender today for two\nshipments of U.S. Soybeans totalling 87,000 tonnes.\n REUTER\n\u0003","date":"15-JUN-1987 23:14:55.75","topics":["oilseed","soybean"],"places":["taiwan","uruguay"]},"18428":{"title":"SUMMIT DEEPENS IMF COORDINATION ROLE,OFFICIAL SAYS","body":"The Venice summit accord gives the\nInternational Monetary Fund (IMF) increased responsibility in\nsmoothing vital economic cooperation between industrial\ncountries, a senior IMF official said.\n The official, who met reporters but asked not to be\nidentified, made clear that the use of a series of economic\nmeasurements to monitor the seven leading industrial\ndemocracies would be difficult but was a major step in\ncooperation.\n The United States, Japan, West Germany, France, Britain,\nItaly and Canada agreed at the summit to use a series of\neconomic indicators to forecast economic behaviour in an\nattempt to increase cooperation on economic policy.\n The setting of a formal process of review, while seen as a\nstep forward in the cooperative effort, was also criticised\nbecause it lacked teeth to force a country to change economic\nbehaviour that hurt other countries.\n But the official said influences and peer pressure could\nhave a major impact in reforming an erring country.\n Economists generally believe a cooperative economic\napproach by the largest countries will have a salutory impact\non the global economy, including helping the poorest debtor\ncountries.\n The official said the IMF function would be to warn\ncountries when their economic behaviour was straying badly and\ntry to persuade them to modify it. \"I hope it will be a yellow\nlight, not a red flag,\" he said.\n He also said he hoped negotiations would begin in the next\nfew weeks to increase the IMF's structural adjustment facility,\nwhich helps 62 of the world's poorest countries.\n The facility, approved about 15 months ago, is currently\nfinanced at about 3.8 billion dlrs, but this would be tripled\nunder the plan.\n He said reaching an accord on the agreement would be very\ndifficult, with countries pressing each other to do more and\nfinding reasons to reduce their own exposure. \"They will be\ntremendously difficult negotiations,\" he said.\n REUTER\n\u0003","date":"16-JUN-1987 00:38:08.02","organisations":["imf"],"places":["usa"]},"18429":{"title":"TAIWAN RAISES SUGAR OUTPUT TARGET FOR 1987/88","body":"Taiwan's target for sugar production in\nthe 1987/88 season (November/May) has been set at 600,000\ntonnes, up from the 479,200 tonnes harvested in 1986/87, a\nspokesman for the state-owned Taiwan Sugar Corp told Reuters.\n He said the increase was to meet rising local consumption,\nestimated at about 500,000 tonnes in calendar 1988 against\n470,000 tonnes in 1987. Taiwan would have a surplus for export\nof about 100,000 tonnes in 1988, he said.\n In 1987 Taiwan would have no exportable sugar for the first\ntime in 40 years because of typhoon damage to more than 6,000\nhectares of canefield in 1986, he said.\n REUTER\n\u0003","date":"16-JUN-1987 01:01:57.52","topics":["sugar"],"places":["taiwan"]},"18430":{"title":"MIM RAISES COPPER PRICES BY 20 DOLLARS","body":"Mount Isa Mines Ltd <MIMA.S> said it\nraised its copper prices by 20 dlrs to 2,220 dlrs per tonne for\ncathodes and to 2,387.50 dlrs per tonne for standard rods,\neffective June 17.\n REUTER\n\u0003","date":"16-JUN-1987 01:34:28.89","topics":["copper"],"places":["australia"]},"18431":{"title":"JAPAN BUYS 50,000 TONNES OF CANADIAN RAPESEED","body":"Japanese crushers have so far bought\n50,000 tonnes of Canadian rapeseed for shipment in late\nJuly/August and total purchases for the period are likely to be\naround 130,000 tonnes, trade sources said.\n Crushers reduced their Canadian purchases for late June and\nJuly to 111,000 from 120,000 tonnes due to seasonal maintenance\nwork at oil mills.\n But estimated crushers' buying for July/August was slightly\nabove monthly average and is likely to keep to this level for a\nwhile due to a better crushing margin compared with that of\nsoybeans, they said.\n REUTER\n\u0003","date":"16-JUN-1987 02:12:37.00","topics":["oilseed","rapeseed"],"places":["japan","canada"]},"18432":{"title":"SOUTH KOREAN 1986 ENERGY USE RISES NINE PCT","body":"South Korea's energy consumption rose nine\npct to 61.07 mln tonnes of oil equivalent (toe) in 1986 from\n56.0 mln in 1985, energy ministry officials told Reuters.\n They said oil accounted for 46.7 pct of energy consumption\nin 1986 against 48.5 pct in 1985. Anthracite accounted for 21.0\npct against 21.5 pct, bituminous coal 16.5 pct against 17.3 pct\nand nuclear power 11.6 pct against 7.5 pct.\n The amount spent on energy imports in 1986 was 4.53 billion\ndlrs against 6.54 billion dlrs in 1985, they said, with much of\nthe difference between the two years due to changes in the\nprice of oil.\n REUTER\n\u0003","date":"16-JUN-1987 02:25:25.63","topics":["crude"],"places":["south-korea"]},"18433":{"title":"JAPAN GNP RISES 1.2 PCT IN JANUARY/MARCH","body":"Japan's gross national product (gnp) rose\na real 1.2 pct in the January/March quarter after a downwardly\nrevised 0.7 pct increase in the previous three months, the\nEconomic Planning Agency said.\n The October/December rise was originally put at 0.8 pct.\n For the fiscal year ended last March 31, gnp rose 2.6 pct,\nafter a 4.3 pct increase in 1985/86. Last year's performance\nwas the worst since 1974/75, when gnp contracted by 0.4 pct,\nand was below the government's revised three pct forecast.\n Economists said the strong yen was largely to blame for the\nslowdown in economic growth in 1986/87.\n Domestic demand increased 0.7 pct in the January/March\nquarter and 4.3 pct in the fiscal year, compared with growth of\n0.6 pct in October/December and 3.7 pct in 1985/86.\n The annualized growth rate in the January/March quarter\naccelerated to 4.9 pct, from 2.9 pct in October/December.\n In nominal terms, gnp rose 0.7 pct in January/March, after\na 0.5 pct October/December rise, reflecting lower prices.\n Domestic demand contributed 0.7 percentage point to real\ngnp growth in January/March, while foreign trade added 0.5\npoint. In October/December domestic demand contributed 0.6\npoint, while foreign trade added 0.2 point.\n Of the 0.5 point contribution of foreign trade to gnp last\nquarter, rising exports accounted for 0.3 point and falling\nimports contributed 0.2.\n Total export volume rose 2.0 pct quarter-on-quarter in\nJanuary/March, while imports fell 1.2 pct.\n Of the 0.7 point contribution of domestic demand to\nJanuary/March gnp growth, the private sector accounted for 1.1\npoint while the public sector knocked off 0.4.\n The private sector contribution included 0.4 point for\ncorporate capital outlays and 1.0 for consumer spending, while\ndestocking subtracted 0.3 point.\n In 1986/87, domestic demand contributed 4.1 percentage\npoints to growth while foreign trade knocked off 1.5 points.\n In 1985/86, the domestic demand contribution was 3.6 points\nand foreign trade 0.7 point.\n REUTER\n\u0003","date":"16-JUN-1987 03:59:45.40","topics":["gnp"],"places":["japan"]},"18434":{"title":"CREDIT INDUSTRIEL LAUNCHES MARK FLOATING RATE NOTE","body":"Compagnie Financiere de Credit\nIndustriel et Commercial is raising 255 mln marks through a\nsix-year floating rate note (FRN) carrying a coupon of 1/8\npoint over six-month London Interbank Offered Rate (LIBOR) and\npriced at 100.05, lead manager Morgan Stanley GmbH said.\n The bullet bond will be sold in denominations 10,000 and\n250,000 marks and listed in Frankfurt. It matures on March 20,\n1993. Payment date will be July 20, 1987.\n Fees total 15 basis points with five for selling and 10 for\nmanagement and underwriting combined. The bond is the first\nlead-managed by Morgan Stanley in the mark sector.\n REUTER\n\u0003","date":"16-JUN-1987 04:08:44.59","places":["west-germany"]},"18435":{"title":"DOWTY TO BUY BOEING UNIT FOR 42.5 MLN DLRS","body":"Dowty Group Plc <DWTY.L> said it agreed\nto buy <Hydraulic Units Inc> from Boeing Co <BA.N> for around\n42.5 mln dlrs cash.\n The final sum payable would be adjusted according to\nchanges in net tangible assets between March 29 and completion,\ndue on July 1. Payment would be financed through medium-term\nborrowings.\n Hydraulic reported 4.3 mln dlrs pretax profit in the year\nto end-December 1986 on sales of 53.2 mln. It designs,\nmanufactures and sells hydraulic and mechanical systems to\nairframe manufacturers.\n REUTER\n\u0003","date":"16-JUN-1987 04:09:31.20","topics":["acq"],"places":["uk"]},"18436":{"title":"TAIWAN MISSION TO BUY 410,000 BALES U.S. COTTON","body":"A Taiwan mission plans to buy 410,000\nbales (500 lbs/bale) of U.S. Cotton worth about 110 mln U.S.\nDlrs when it visits several U.S. States early next month, a\nspokesman for the Taiwan Spinners Association told Reuters.\n He said a similar mission last year bought 700,000 bales\nworth 77 mln dlrs.\n He said the mission was buying less U.S. Cotton because the\nprice is some 15 pct higher than that of cotton from Pakistan\nand India. The current average price of U.S. Cotton is 75\ncents/lb, but the spokesman estimated the average price will be\n53 cents when the shipments are made next year.\n REUTER\n\u0003","date":"16-JUN-1987 04:11:07.38","topics":["cotton"],"places":["taiwan","usa"]},"18437":{"title":"JAPAN MAY MONEY SUPPLY UP 10.2 PCT","body":"Japan's broadly defined money supply\naverage of M-2 plus certificates of deposit (CD) jumped a\npreliminary 10.2 pct in May from a year earlier, the Bank of\nJapan said.\n The increase is the largest year-on-year rise since March\n1982 when the money supply gained 10.5 pct.\n The money supply had increased 9.8 pct in April.\n The seasonally adjusted average in May rose 1.0 pct from\nthe previous month.\n Unadjusted M-2 plus CDs were an average 347,200 billion yen\nin May against 345,500 billion in April.\n REUTER\n\u0003","date":"16-JUN-1987 04:20:57.47","topics":["money-supply"],"places":["japan"]},"18438":{"title":"VALIN POLLIN BUYS U.S. CARTER ORGANISATION","body":"U.K. Public relations group Valin Pollin\nInternational Plc said it had conditionally agreed to buy the\nNew York-based Carter Organisation Inc for up to 114.6 mln\ndlrs.\n Initial payment will be 51.0 mln dlrs with further payments\nbased on pretax profits over the three years to end-September\n1990.\n Carter is an investor relations, consultancy and proxy\nsolicitation firm.\n The first payment would be through the issue to the vendor,\nChairman Donald Carter, of new Valin Pollin ordinary shares.\n A total of 50 mln dlrs of these have been underwritten and\nthe remainder will be retained by Carter.\n In the year to end-1986 Carter made 16.0 mln dlrs on\nturnover of 35.41 mln on a pro forma basis after deducting the\nChairman's salary at the rate agreed for after the group is\nacquired.\n Carter has more than 300 clients, with the largest 20\nacocunting for about 45 pct of total turnover.\n Valin Pollin said it also proposed to issue new ordinary\nshares, some of which will be issued for cash, to finance\ncertain expenses of the deal as well as the final payment of\n3.13 mln guilders for its Dutch unit, Valin Pollin Thomas and\nKleyn BV.\n Dealings in the company's shares were suspended ahead of\nthe announcement at 290p, and it said it expected trading to\nrestart around the end of July.\n REUTER\n\n\n\n\u0003","date":"16-JUN-1987 04:25:25.07","topics":["acq"],"places":["uk"]},"18439":{"title":"CHINA GIVES FINAL 1986 BUDGET DEFICIT","body":"China's final 1986 budget deficit was\n7.05 billion yuan, down from 7.05 billion given in the March\nbudget speech and against a surplus of 2.1 billion in 1985,\nTian Yinong, Vice Minister of Finance, said.\n The New China News Agency quoted Tian as putting total 1986\nstate income at 226.03 billion yuan, up from 186.6 billion in\n1985, and 1986 spending at 233.08 billion, up from 184.5\nbillion.\n He blamed the 1986 deficit on excess demand, a rapid\nincrease in consumption funds and capital investment and losses\nby state firms.\n REUTER\n\u0003","date":" 16-JUN-1987 04:42:20.23","places":["china"]},"18440":{"title":"JAPAN TRUCK MAKERS TO CURB EXPORTS TO NORTH KOREA","body":"All four Japanese makers of large trucks\nwill stop exports to North Korea following the issue of\nJapanese government guidance, company spokesmen told Reuters.\n The move responds to the U.S. Government's expression of\nconcern that North Korea was using Japanese-made trucks as\nmissile launching pads, they said.\n <Nissan Diesel Motor Co Ltd> shipped 156 vehicles including\nlarge and mid-sized trucks and buses to North Korea in 1986\nwhile Isuzu Motors Ltd <ISUM.T> exported more than 100 six to\neight-tonne trucks in 1986, company spokesmen said.\n A spokesman for Mitsubishi Motors Corp <MIMT.T> said it had\nalmost no trade with North Korea last year.\n <Hino Motors Ltd> shipped 28 five-tonne trucks in 1986, a\ncompany spokesman said.\n REUTER\n\u0003","date":"16-JUN-1987 04:48:02.03","places":["japan","north-korea"]},"18441":{"title":"DUTCH RETAILER VENDEX DELAYS FLOTATION UNTIL 1990","body":"Dutch retail and services group Vendex\nInternational <VENN.AS> has delayed its flotation from 1988 to\n1990, chairman and major shareholder Anton Dreesmann said in an\ninterview with a Dutch financial daily.\n \"We don't need a flotation yet,\" he told the Financieele\nDagblad, noting he wanted net profit to rise to 400 mln\nguilders from last year's 302 mln before moving to the bourse.\n Dreesmann added the flotation might be speeded up if the\ncompany should need a substantial amount of capital for an\nattractive major takeover, but he had no prospects yet. Vendex\nplans to pay at least 30 pct of profits in dividends.\n REUTER\n\u0003","date":"16-JUN-1987 05:14:11.02","places":["netherlands"]},"18442":{"title":"SHULTZ SEES GOLDEN FUTURE FOR PHILIPPINES","body":"U.S. Secretary of State George Shultz\nforecast a golden future for the Philippines after talks on its\nstruggle for economic recovery and its fight against communist\ninsurgents.\n Speaking at a luncheon after an hour-long meeting with\nPresident Corazon Aquino, Shultz delivered a powerful and\nuncompromising endorsement of the Manila government.\n \"There is a golden future out there for the Filipino people\nto gain,\" he said. But he tempered his praise with a veiled hint\nWashington's attitude might change if what it called the\ncurrent realism was seen to be diluted.\n \"The political dreams of only 18 months ago are becoming the\ndemocratic institutions of today,\" Shultz said. \"Your economy is\ndeveloping an impressive head of steam, the insurgents are\nlearning that threats and intimidation will not stop the\nFilipino people from voting for democracry.\"\n He said he had been struck by the widespread awareness of\nthe problems facing the Philippines.\n \"No one I have met under-estimates the tasks which lie ahead\nor the need to act upon them. That Filipino realism is an\nessential element of American confidence in the Philippines,\" he\nsaid.\n Shultz said the revolution which brought Aquino to power 18\nmonths ago was still under way.\n He praised the efforts made by the armed forces in\ncombatting the communist insurgency, now in its 18th year,\nadding that Aquino was also addressing the social and economic\nproblems fuelling the rebellion.\n Defence Minister Rafael Ileto, briefing reporters after a\nseparate meeting with Shultz, said the U.S. Was just as\nconfident as he was that the communists would be beaten.\n U.S. Officials made it clear before the start of today's\ntalks that they expected no dramatic developments.\n REUTER\n\u0003","date":"16-JUN-1987 05:17:24.95","places":["philippines","usa"]},"18443":{"title":"ASEAN SEES CLOSER ECONOMIC TIES WITH JAPAN","body":"Foreign Ministers of the Association\nof South-east Asian Nations (ASEAN) said they expect closer\neconomic ties with Japan.\n A communique issued at the end of a two-day ministerial\nmeeting said Asean hoped for greater Japanese investment in the\nregion, better access for Asean products in the Japanese market\nand larger numbers of visiting Japanese tourists.\n The ministers are due to start four days of talks tomorrow\nwith officials of the U.S., Japan, the European Community, New\nZealand, Australia and Canada, including Secretary of State\nGeorge Shultz and Japan's Foreign Minister Tadashi Kuranari.\n The Asean communique noted Japan's large trade surplus,\nwhich it said would enable Tokyo to play a greater role in the\neconomic development of ASEAN and in facilitating closer ASEAN\neconomic cooperation.\n \"Japan could also help to facilitate the flow of Japanese\ninvestments to ASEAN through the provision of attractive\nfinancial assistance and incentives for its private sector,\" it\nsaid.\n The communique also welcomed President Reagan's firm action\nin vetoing trade protectionist measures in the Congress.\n The communique said the ASEAN ministers were concerned\nover the proliferation of protectionist policies, pressures and\nmeasures in developed countries, the continued depressed level\nof commodity prices, the instability of exchange rates and the\nlack of a comprehensive solution to the world debt situation.\n REUTER\n\u0003","date":"16-JUN-1987 05:37:38.66","topics":["trade"],"organisations":["asean"],"places":["singapore","japan"]},"18444":{"title":"MITSUBISHI HEAVY BUILDS ENERGY-SAVING TANKER","body":"Mitsubishi Heavy Industries Ltd <MITH.T>\nsaid it began building the world's most advanced energy-saving\ntanker, which consumes only 48 tonnes of fuel oil a day.\n Construction of the 258,000 dwt VLCC (very large crude\ncarrier) Nisseki Maru for <Tokyo Tanker Co Ltd>, a shipping arm\nof Nippon Oil Co Ltd <NPOL.T>, is expected to be completed in\nApril 1988. It would run on the Japan/Gulf route, a company\nstatement said.\n The statement gave no other details.\n Mitsubishi Heavy last year finished building a vlcc of\nsimilar size, but which consumed 57 tonnes of fuel a day.\n REUTER\n\u0003","date":"16-JUN-1987 05:57:04.96","topics":["fuel","ship"],"places":["japan"]},"18445":{"title":"BANK OF JAPAN MAY EXPAND BROKER CALL MARKET","body":"The Bank of Japan is considering expanding\nthe 60 billion yen daily limit on each securities firm's\noutstanding transactions in the yen call market at the request\nof the securities industry, Bank of Japan sources said.\n But before doing this, the Bank is waiting to see the\neffect on brokers' fund raising of the change, effective in\nAugust, to a shorter settlement period for cash bond\ntransactions, the sources said.\n REUTER\n\u0003","date":"16-JUN-1987 05:59:55.47","topics":["money-fx"],"places":["japan"]},"18446":{"title":"PASCO CORP ISSUES 85 MLN DLR EQUITY WARRANT BOND","body":"Pasco Corp is issuing an 85 mln dlr\nequity warrant eurobond due July 9, 1992 with an indicated\ncoupon of 1-5/8 pct and par pricing, lead manager Nomura\nInternational Ltd said.\n The issue is guaranteed by Mitsubishi Bank Ltd and final\nterms will be set on June 23. The selling concession is 1-1/2\npct while management and underwriting combined pay 3/4 pct.\n The issue is available in denominations of 5,000 dlrs and\nwill be listed in Luxembourg.\n Payment date is July 9 and the warrants are exercisable\nfrom July 20, 1987 until June 16, 1992.\n REUTER\n\u0003","date":"16-JUN-1987 06:00:48.07","places":["uk"]},"18447":{"title":"AFRICA UNABLE TO PAY ITS DEBTS, OAU CHIEF SAYS","body":"Organisation of African Unity\nChairman Denis Sassou-Nguesso said Africa was unable to pay its\ndebts due to falling export prices.\n \"Even if African countries want to pay their debts they will\nnot be able to,\" Congolese president Sassou-Nguesso told a news\nconference at a meeting between foreign and African experts on\nthe continent's economic prospects.\n \"You cannot be expected to do the impossible. All our\ncommodity exports, without exception and even oil, have fallen\nin value on international markets,\" he added.\n \"In these conditions can African countries continue to\nrespect their debt servicing?\" Sassou-Nguesso asked.\n He said the debt issue would be the main subject at next\nmonth's OAU summit in Addis Ababa and would not rule out the\npossibility of a joint \"debtors' revolt\" there.\n \"Let us wait and see,\" he replied when asked about the\npossibility.\n Debts of sub-Saharan African countries total less than 100\nbillion dlrs, according to the Economic Commission for Africa\nwhich is organising the current meeting in Nigeria's future\ncapital.\n REUTER\n\u0003","date":"16-JUN-1987 06:03:08.45","places":["nigeria"]},"18448":{"title":"OPEC OFFICIAL SAYS CARTEL HAS REGAINED LEADERSHIP","body":"OPEC has regained its former role as\nprice-setter in the oil market following last year's price war,\nacting OPEC Secretary General Fadhil al-Chalabi said.\n But he said he expects no short-term rise in demand for\nOPEC oil, adding that market stability will mean a continued\nsacrifice for the 13 OPEC member countries.\n Al-Chalabi, speaking at a university here yesterday, said\nthe December 1986 conference at which OPEC set an 18 dlr per\nbarrel reference price gave the market a signal that the\nproducers' group was serious.\n \"It (OPEC) has no choice but to defend the price and this\nhas restored its credibility,\" said al-Chalabi, who is in\nCaracas for a meeting of the OPEC Fund Board of Governors.\n Al-Chalabi said OPEC members have not exceeded the\nproduction quotas which took effect on February 1 and spot\nmarket prices are now near or above official OPEC prices.\n Before the December conference OPEC faced a major and basic\ndilemma which led to the loss of its leadership role, he said.\n\"The question was, what should OPEC do? Defend the price and\nrisk losing its market share? Or defend its market share and\nlet the price drop?\" he asked.\n \"OPEC has chosen to stabilise the price. But the question is\nhow long will it be willing to keep up this painful exercise?\" \nhe said.\n Al-Chalabi said that despite OPEC's success in shoring up\nprices and achieving discipline regarding quotas, he saw no\nquick end to restraint in production.\n He also said he foresaw no increase in demand for OPEC oil\nbecause increased non-OPEC production, combined with\nconservation and the use of alternative energy sources, has\ncaused changes in the market which will not easily be reversed.\n REUTER\n\u0003","date":"16-JUN-1987 06:04:20.07","topics":["crude"],"organisations":["opec"],"places":["venezuela"]},"18449":{"title":"ITALIAN ELECTION RESULTS BOOST SHARE PRICES","body":"Share prices opened sharply higher,\nboosted by Italian general election results which dealt a big\nblow to the Communist party and bolstered the Christian\nDemocrats and Socialists.\n The Milan Stock Index was indicated 2.90 pct higher at 0930\nGMT as all sectors were stronger. Among stocks posting early\ngains at mid morning was Fiat ordinary, which was indicated\n13,090 lire against yesterday's closing of 12,705. These are\nprovisional, not closing prices.\n Analysts said the results from Sunday's and Monday's voting\nshould boost the bourse in the short-term, but the market's\nmedium-term prospects remain clouded because of doubt over how\nlong it will take to form a new government.\n \"The result is positive in the sense that the Communists\nsuffered a defeat and Italians voted for stability,\" director\nPaolo Azzoni at Milan investment bank <ABK Spa>, told Reuters.\n Uncertainty about the election outcome and the possibility\nof large Communist gains has been weighing on the bourse in the\nlast two weeks, brokers said.\n Final returns show the Socialists, led by former Prime\nMinister Bettino Craxi, increasing their vote to 14.3 pct from\n11.4 in 1983, while the Communists dropped more than three\npoints to 26.6 pct.\n Support for the Christian Democrats rose to 34.3 pct from\nan all-time low of 32.9 in 1983.\n Carlo De Benedetti, chairman of Ing C. Olivetti EC Spa\n<OLIV.MI>, commenting on the results last night on Italian\ntelevision, said \"I am sure the reaction of international\nmarkets will be extremely favourable to the electoral verdict.\"\n Broker Francesco Dinepi at Milan investment firm <Sige\nSpa>, said some U.K. Institutional investors had placed buy\norders in Milan this morning.\n \"In the medium-term, the direction of the market depends on\nthe Christian Democrats and Socialists resolving their\ndifferences,\" said Dinepi.\n \"What Italy wants is another government and quickly,\" added\nAzzoni.\n REUTER\n\u0003","date":"16-JUN-1987 06:05:28.68","places":["italy"]},"18450":{"title":"TOYOTA LIKELY TO ISSUE 800 MLN DLR WARRANT BOND","body":"Toyota Motor Corp <TOYO.T> is likely to\nraise 800 mln dlrs through a Eurodollar bond with warrants in\nmid-July, underwriting sources said.\n A final official decision on the issue has yet to be made\nand detailed terms will be announced later, they added.\n The funds are likely to be used for investments to increase\nproductivity both domestically and abroad, they said.\n REUTER\n\u0003","date":"16-JUN-1987 06:10:47.65","places":["japan"]},"18451":{"title":"OLYMPIC CO ISSUES 50 MLN SWISS FRANC WARRANT NOTES","body":"Olympic Co Ltd of Tokyo is issuing 50 mln\nSwiss francs of five year notes with an indicated one pct\ncoupon, lead manager Morgan Stanley said.\n The issue is guaranteed by Mitsubishi Trust and Banking\nCorp.\n Terms will be fixed on June 22 with payment due July 9. The\nwarrant exercise period is from August 3, 1987 until June 30,\n1992.\n REUTER\n\u0003","date":"16-JUN-1987 06:13:18.90","places":["switzerland"]},"18452":{"title":"BUNDESBANK MAY LIFT VETO ON ECU USE - SOURCES","body":"The Bundesbank could announce today\nthat it will lift its veto on the private holding of European\nCurrency Unit (ECU) liabilities, banking sources said.\n But this would probably be the only significant news from\ntoday's council session, brought forward from its usual\nThursday date because of the Corpus Christi holiday here. The\nBundesbank is not expected to change credit policy.\n The sources said Bundesbank officials had been working out\ntechnical and legal problems with the ECU since the subject was\ndiscussed in the presence of federal finance minister Gerhard\nStoltenberg on May 7.\n With the primary internal work on the ECU completed,\napproval from the 18-member central bank council was now\nvirtually a mere formality, the sources said.\n Bundesbank president Karl Otto Poehl, chairing today's\nmeeting, said in mid-May the remaining ECU restrictions were\nlikely to be lifted, allowing individuals to open ECU accounts\nand incur liabilities previously mainly executed through the\nLuxembourg subsidiaries of the major German banks.\n The sources said the ECU liberalisation was mainly designed\nto show that West Germany was prepared to play its part in the\neffort to attain European Community monetary unity by 1992.\n REUTER\n\u0003","date":"16-JUN-1987 06:14:28.36","topics":["money-fx","interest"],"places":["west-germany"]},"18453":{"title":"EC ISSUES 500 MLN FRENCH FRANC 10 YEAR BOND","body":"The European Community is launching a 500\nmln franc, 10-year bond fungible with its 600 mln franc 8-3/4\npct, April 7, 1997 issue, lead manager Banque Indosuez said.\nCo-lead manager is Bank of Tokyo International.\n The issue price of the new tranche is 96-5/8 pct. Fees are\ntwo pct, with 1-3/8 pct for selling and 5/8 pct for management\nand underwriting combined including a 1/8 pct praecipuum.\n Payment date of the non-callable issue is July 7, plus\naccrued interest.\n Denominations are 10,000 and 50,000 francs and listing is\nin Luxembourg and Paris.\n REUTER\n\u0003","date":"16-JUN-1987 06:31:50.54","organisations":["ec"],"places":["france"]},"18454":{"title":"SWEDISH INDUSTRIAL PRODUCTION RISES IN APRIL","body":"Swedish industrial production rose 1.5\npct in April after a 2.2 pct fall in March and a rise of 3.8\npct in April 1986, according to preliminary figures from the\nCentral Bureau of Statistics.\n The bureau said the April rise occurred in most of the\nsector, with the greatest advances in the paper products and\nchemicals industries.\n REUTER\n\u0003","date":"16-JUN-1987 06:32:48.72","topics":["ipi"],"places":["sweden"]},"18455":{"title":"JAPAN OFFICIALS SAY WORST MAY BE OVER FOR ECONOMY","body":"Government officials said the worst may be\nover for the Japanese economy, after today's news of stronger\nthan expected growth in the January/March period.\n But private economists were not so sure and said the\neconomy was unlikely to achieve the government's 3.5 pct growth\nforecast in the current fiscal year ending next March.\n As already reported, GNP rose 1.2 pct in the January/March\nquarter, after a revised 0.7 pct increase in the previous three\nmonths. For the fiscal year that ended last March 31, GNP\ngrowth slowed to 2.6 pct from 4.3 pct in 1985/86.\n The government economists acknowledged that the improved\nexport performance in the January/March quarter was unlikely to\nbe repeated. The volume of exports during the period was up two\npct from the previous three months.\n The yen's rise in April to about 140 to the dollar from 150\nprobably resulted in a fall in exports in the April/June\nquarter, they said.\n However, given the yen's recent stability, stepped-up\ndomestic demand should work as a driving force to push the\neconomy onto a path of sustainable growth, they said.\n Many private economists, though, doubt that the economy\nwill achieve the government's 3.5 pct growth forecast for the\n1987/88 year.\n Growth in 1986/87 also fell short of the government's\nforecast, which was revised downwards to three pct last\nDecember from an original four pct.\n Domestic demand as a whole is not strong enough, except for\nhousing, said Johsen Takahashi, chief economist at Mitsubishi\nResearch Institute.\n Consumer spending is likely to remain weak as the growth in\nnominal income stays low, he added.\n The rise in consumer spending in the January-March quarter\nwas simply a reflection of the contraction that occurred in the\npreceding three months, Takahashi said.\n Private capital spending in the quarter looked strong but\nthis was primarily because utility companies brought forward\ntheir 1987/88 capital investment plans into the final quarter\nof 1986/87 in line with the government's economic stimulation\npackage announced last fall, he said.\n Dai-Ichi Kangyo Bank chief economist Kosaku Furuta said he\nwas unable to say the economy has bottomed out, but added he\nexpects increasing signs of recovery in the coming months.\n Destocking is coming to an end and companies are starting\nto rebuild inventories, Furuta said.\n Housing is expected to remain buoyant, backed up by lower\ninterest rates as well as government policies to stimulate the\nsector, he said. The government's recently unveiled 6,000\nbillion yen economic package will also help the economy.\n But he said that the economy was unlikely to achieve the\ngovernment's 3.5 pct forecast for 1987/88, although growth\nmight come close to three pct.\n REUTER\n\u0003","date":"16-JUN-1987 06:36:51.01","topics":["gnp"],"places":["japan"]},"18456":{"title":"GERMAN STEEL INDUSTRY SEEKS LAY-OFF FUNDS","body":"The West German government today considered\ndemands for nearly 850 mln marks to lay off or retrain 20,000\nsteel workers.\n Government spokesman Friedhelm Ost said Chancellor Helmut\nKohl reviewed a joint proposal by steel employers and trade\nunions at a special meeting with steel industry\nrepresentatives.\n Companies like Fried Krupp <KRPG.D> and Hoesch Werke AG\n<HWKG.F>, which saw profits plunge last year, have taken the\nunusual step of aligning with the metalworkers' trade union, IG\nMetall, to press for government finance to slim staff levels\nstill further.\n Government officials said Bonn was prepared to take part in\na common effort to find a solution for the steelworkers. But\nsince the government was struggling to finance tax cuts by\nreducing state subsidies, it could not pay for all the layoffs.\n A spokesman for IG Metall said the joint proposal foresaw\nredundancy payments to 10,000 workers in Ruhr and Rhineland\nplants. Some 6,000 workers would be redeployed in non-steel\nmaking sectors of steel companies, while a further 4,000 would\nbe eligible for job-retraining schemes. Redundancies are\nestimated at 600 mln marks, while job retraining would cost a\nfurther 240 mln.\n REUTER\n\u0003","date":"16-JUN-1987 06:41:16.49","topics":["iron-steel"],"places":["west-germany"]},"18457":{"title":"ZINC CONCENTRATE SUPPLY SHORTFALL SEEN IN 1988","body":"Next year is likely to see a shortfall\nin zinc concentrates of up to 100,000 tonnes, although there\nshould be ample supply in 1987, Shearson Lehman Brothers Ltd\nmetals analyst Stephen Briggs said.\n Speaking on the second day of Metal Bulletin's base metals\nconference, Briggs said the major factor in his predicted\n100,000 tonne shortfall in zinc concentrate supply in 1988 was\nthe imminent cessation of new mining and termination of milling\nat Pine Point in Canada.\n However, this could be partially offset by some stockpiles.\n Nevertheless, despite this predicted shortfall there was\nunlikely to be any dramatic change in treatment charges in\n1988. The picture for 1987, on the other hand, was one of\nrecord production of zinc metal with fewer strikes anticipated\nin Canada, some improvement in South America and new capacity\nin South Korea.\n \"Dramatic new record levels of concentrate output are also\nexpected in 1987,\" Briggs said.\n This would partly be due to a return to more normal levels\nat existing mines in Australia and Peru, allied with\nachievement of full capacity of 170,000 tonnes a year at Faro\nin Canada.\n Looking further forward, the major event was the probable\nopening in 1991 of the Red Dog mine in Alaska with a capacity\nof 300,000 tonnes of concentrates a year.\n \"Once this mine is fully on stream it is unlikely that there\nwill be a major shortage of concentrates in the early 1990s,\" he\nadded.\n The picture for lead was also closely allied to that of\nzinc, with no new dedicated lead mines planned and therefore\nsupply of concentrates largely dependent on by-products from\nzinc mines.\n \"On this basis, our calculations point to a modest\noversupply of lead concentrates in 1987,\" Briggs said.\n The copper forecast, however, was for a record\nnon-Socialist output of 6.6 mln tonnes of concentrates in 1987,\nincreasing by a further 150,000 tonnes in 1988.\n Production of primary refined copper metal would also\nincrease, but not by as much as concentrate output, leading to\na moderate oversupply of concentrates of up to 150,000 tonnes\nthis year and with no shortages predicted for the rest of the\ndecade, he said.\n REUTER\n\u0003","date":"16-JUN-1987 06:46:32.22","topics":["zinc","lead","copper"],"places":["netherlands"]},"18458":{"title":"ITALIAN WHOLESALE PRICES UP 0.5 PCT IN APRIL","body":"Italy's wholesale price index rose 0.5 pct\nmonth-on-month in April, after increasing by 0.1 pct in March,\nthe national statistics institute Istat said.\n The index, base 1980 equals 100, registered 174.2 in April\ncompared with 173.3 in March.\n The April figure represents an increase of 1.6 pct compared\nwith the corresponding month of 1986, after a year-on-year rise\nin March this year of 0.6 pct.\n REUTER\n\u0003","date":"16-JUN-1987 07:08:50.45","topics":["wpi"],"places":["italy"]},"18459":{"title":"INDONESIA SEEKS TO INCREASE SUGAR OUTPUT","body":"Indonesia will try to increase sugar\noutput in calendar 1988 to 2.4 mln tonnes from an expected 2.2\nmln in 1987, Agriculture Minister Achmad Affandi said.\n He told reporters after meeting President Suharto the gains\nwill come from increasing average production to 10 tonnes per\nhectare from the previous 6.2 tonnes.\n He said Indonesia is aiming to pass the United States to\nbecome the world's fourth largest producer compared with its\ncurrent seventh position.\n Affandi said the increase would insure Indonesia's\nself-sufficiency in the commodity and allow it to keep adequate\nstocks.\n Indonesia said it produced 2.02 mln tonnes in 1986, but the\nU.S. Embassy in its annual agriculture report said output was\n1.8 mln tonnes. The U.S. Report forecast no change for 1987.\n Indonesia imported 162,000 tonnes of sugar late last year\nand in early 1987 to boost low sugar stocks.\n The country has around 284,000 hectares of sugar cane\nfarms. The agriculture ministry estimates domestic consumption\nat 2.03 mln tonnes in calendar 1987.\n REUTER\n\u0003","date":"16-JUN-1987 07:24:57.91","topics":["sugar"],"places":["indonesia"]},"18460":{"title":"JAPAN HAS NO PLANS TO LIBERALISE FARM MARKET","body":"Japan has no plans to liberalise its farm\nmarkets, but will try to narrow the gap between the price of\nfarm products at home and overseas, Agriculture Minister\nMutsuki Kato said.\n He told reporters the move is aimed at deflecting criticism\nof Japanese protectionism on its agricultural goods.\n But Kato said he has no plans to start bilateral trade\ntalks with the United States over rice, Japan's staple food.\n Washington has called Tokyo's rice policy an extreme\nexample of protectionism and has demanded access for U.S.\nGrowers to the Japanese market. This is closed to imports\nexcept in emergency.\n Kato said Japanese farmers should however \"shed some blood,\"\nto relieve the dangerous state of international farm trade.\n His comments precede a meeting on July 1 and 2 of the Rice\nPrice Council at which the government advisory body will\ndiscuss the 1987 crop producer rice price.\n Kato said he welcomed the outcome of last week's recent\nsummit of leaders of leading industrialised democracies in\nVenice and of farm trade talks at the Organisation for Economic\nCooperation and Development (OECD) in May.\n Ministers at both conferences agreed on the long-term need\nto cut subsidies worldwide, Kato said.\n Kato said that Japan is not the only country to protect\nproducers. He said the United States spends some 25.8 billion\ndlrs a year to support producer prices and on its export\nenhancement program and the EC 21.7 billion, while Japan spends\nonly 2.9 billion. He said that although Japan provides the\nworld's highest level of subsidies per acre, its subsidy per\nfarm family was several times lower than in the United States.\n Expressing concern about growing protectionist moves in\nU.S. Congress, he said Japan should make efforts to prevent\nfarm trade issues between the two countries from becoming a\nfactor increasing protectionism in the United States.\n Japan and the United States are holding panel discussions\nat the General Agreement on Tariffs and Trade over Japan's\nimport restrictions on 12 farm items.\n Bilateral talks on beef and citrus trade in the period from\nnext April are due to start this autumn.\n REUTER\n\u0003","date":"16-JUN-1987 07:29:46.51","topics":["grain","rice"],"places":["japan"]},"18461":{"title":"TAIWAN PARLIAMENT BACKS FREE CAPITAL OUTFLOWS","body":"Parliament approved a proposal to drop\nall controls on capital outflows, raising the prospect that\nTaiwan's vast resevoir of foreign exchange will flow into the\nworld economy.\n A government spokesman said the new law would be\npromulgated by President Chiang Ching-Kuo within 10 days and\nfinancial authorities would then be empowered to lift controls\non currency outflows at any time.\n Tight restrictions on capital inflows introduced this year\nwill remain in place, the spokesman said.\n Central Bank Governor Chang Chi-Cheng has said the controls\nwill be lifted at the end of next month or early in August.\n The central bank and finance ministry proposed lifting\ncurrency restrictions to help reduce Taiwan's foreign exchange\nreserves, which stand at about 60 billion U.S. Dlrs and have\nled to runaway growth in money supply.\n The reserves, the world's third largest after Japan and\nWest Germany, also draw attention to Taiwan's huge trade\nsurplus and the government fears they are making the island a\ntarget for U.S. Trade protectionism.\n The surplus rose 34 pct to a record 7.32 billion U.S. Dlrs\nin the first five months of this year and about 90 pct of it\nwas with the United States.\n Money supply rose a seasonally adjusted 51.9 pct in the\nyear to end-April, raising fears of higher inflation.\n Local bankers and economists say when the controls are\nlifted, businessmen will be allowed to buy foreign currency and\ninvest it freely overseas. But they warn against expectations\nof a sudden outflow of capital.\n \"I don't think we're going to see a big bang,\" John Brinsden,\nthe Taiwan manager of Standard Chartered Bank told Reuters in a\nrecent interview.\n Bankers said that businessmen have been holding vast\nquantities of foreign exchange overseas for many years and also\nhave been freely buying and exporting currency through a\nflourishing black-market.\n \"Obviously there will be an outflow of funds ... But I don't\nthink it's going to be much,\" said Danny Chan, director of\nFidelity Securities Investment Consulting Corp.\n Economists say the success of plans to encourage capital\noutflow depend on whether the central bank can slow the rise of\nthe local currency.\n The Taiwan dollar has risen by about 23 pct against the\nU.S. Dollar since September 1983, prompting an inflow of\nspeculative money. It rose by one Taiwan cent today to close at\n31.08.\n The government spokesman said the new law does not empower\nauthorities to permanently lift capital controls, but any\nproposal to reimpose them would need the approval of\nparliament.\n Many economists believe that once the controls are lifted\nit will be almost impossible to reimpose them.\n REUTER\n\u0003","date":"16-JUN-1987 07:41:37.77","topics":["money-fx","reserves","trade"],"places":["taiwan"]},"18462":{"title":"MAJOR EUROPEAN ZINC SMELTER MERGER SEEN BY 1990","body":"There should be at least one merger\nbetween major European zinc smelters before the end of the\ndecade, Christian Bue, Executive Vice President (commercial) of\nSMM Penarroya in France, said.\n Speaking on the second day of the Metal Bulletin base\nmetals conference, Bue said he expected the current talks\nbetween five smelters including Penarroya to result in\nintegration between at least some of the companies before 1990.\n The five companies, SMM Penarroya, Outokumpu Oy, Preussag\nAg, Ste de la Vieille Montagne and Boliden Ore and Metals AB,\nhave 22 pct of the world market, Bue added.\n \"We have no alternative than to integrate out businesses\ninto large trading blocs if we are to survive the cut-throat\nprice competition and the trend to forward integration from the\nmining companies,\" Bue said.\n \"It is by no means certain that all the five companies\ninvolved in the talks will integrate together. It is quite\nlikely, and even preferable, that the European smelters form\ntwo or three large integrated blocs.\n \"In this way we will be better able to negotiate with our\nconcentrate suppliers on one side, and with the metal buyers on\nthe other,\" Bue added.\n In the past, production overcapacity and the intense\ncompetition between the European zinc smelters has meant they\nhave not only been in a very weak negotiating position when\nbuying concentrates, but in an even weaker one when selling the\nmetal, Bue noted.\n Although the apparently easy solution is to simply shut\ndown excess capacity, the burden of this on individual\ncompanies is far too heavy and no one can be expected to\nvolunteer, he added.\n Another possible but very risky solution is to invest\nheavily in more modern and lower cost facilities, he said.\n \"My answer to this suggestion is that individual companies\nwho do not invest will surely die, and those that do invest\nmight survive, but only might, \" Bue said.\n \"The only real option in my mind is integration,\nrationalization and stabilization. We have no alternative, \" he\nadded.\n Bue also said that the European smelters were completely\ndissatisfied with the tradition of pricing concentrates and\nmetals in US dollars, and suggested moving either to a basket\nof the world's major currencies or pricing in European currency\nunits (Ecus) to protect against exchange rate volatility.\n Bue's views on integration between European smelters were\nmet by general approval from the conference audience comprising\nrepresentatives from many of the world's major mining, smelting\nand trading companies, although some of the mining\nrepresentatives were somewhat sceptical in view of their own\nindustry's move towards integration with smelters.\n However, some concentrate traders did express worry about\ntheir own position if the metals industry does make the move to\nlarge trading blocs.\n The currency basket suggestion cropped up constantly, but\nfew said they thought matters would change in the near future.\n REUTER\n\u0003","date":"16-JUN-1987 07:54:39.94","topics":["zinc"],"places":["netherlands"]},"18463":{"title":"U.S. HOUSING STARTS FELL 2.7 PCT IN MAY","body":"U.S. housing starts fell 2.7 pct in\nMay to a seasonally adjusted annual rate of 1,620,000 units,\nthe Commerce Department said.\n In April, housing starts fell a revised 3.8 pct to\n1,665,000 units. The department previously said they fell 2.9\npct.\n The rate at which permits were issued for future\nconstruction fell in May by 7.6 pct to a seasonally adjusted\n1,477,000 units after falling 7.0 pct to 1,598,000 units in\nApril.\n The department said May housing starts were at the lowest\nannual rate since December 1984, when starts were at a\nseasonally adjusted 1,612,000 units. The permits total was the\nlowest for any month since March 1983, when 1,475,000 permits\nwere issued.\n Before seasonal adjustment, May housing starts fell to\n159,600 units from 161,600 units in April.\n Permits before adjustment fell to 134,800 units in May from\n157,000 in April.\n The department said single-family housing starts fell in\nMay by 7.6 pct to 1,129,000 units from 1,222,000 units in\nApril. The May decline followed a slight 0.9 pct rise in\nsingle-family starts in April.\n Starts for multi-family units rose 10.8 pct in May to\n491,000 units after declining in April by 14.6 pct to 443,000\nunits.\n Permits for single-family homes in May were down 5.0 pct to\na seasonally adjusted annual rate of 1,005,000 units from\n1,058,000 units in April. The decline followed a 8.0 pct drop\nin single-family permits in April.\n Permits for multi-family units fell in May by 12.6 pct to a\nseasonally adjusted annual rate of 472,000 units from 540,000\nunits in April. The May decline came after a 5.1 pct drop in\nthe seasonally adjusted annual rate of permits for multi-family\nunits in April.\n Reuter\n\u0003","date":"16-JUN-1987 08:38:34.95","topics":["housing"],"places":["usa"]},"18464":{"title":"EC COMMISSION MODIFIES OILS TAX PLAN","body":"The EC Commission has proposed a\nmodified plan for a tax on marine and vegetable oils and fats\nin its revised 1987/88 farm price proposals, an official\ndocument detailing the proposals shows.\n The document, made available to journalists, says the\ncommission proposes that the tax should start at levels\noriginally proposed for vegetable oils on October 1.\n However, the tax on marine oils and fats would be cut by 50\npct from originally envisaged levels, the document said.\n In addition, the Commission proposes that the level of the\ntax, expected to start at 330 Ecus per tonne, could be reviewed\nevery three months rather than annually.\n Diplomatic sources said the change to the proposals for\nfish oils appears to be an attempt to overcome objections to\nthe tax from Portugal and Spain, major fishing nations.\n Other countries opposing the tax include Britain, West\nGermany and Denmark.\n The new proposals retain most of the Commission's original\nplans in other sectors.\n However, they mark the Commission's recognition that it\ncannot get proposals to reduce the period of intervention for\ncereals, diplomats said.\n Instead the Commission proposes to cut the monthly\nincrements applied to cereals during the November to May period\nwhen intervention is open to 2.7 Ecus a tonne for durum wheat\nand two Ecus a tonne for other cereals.\n The document shows the Commission has also changed its\ngreen currency proposals in the light of heavy opposition,\nnotably from West Germany.\n West German and Dutch positive monetary compensatory\namounts (MCAs) would be immediately cut by 0.5 points, with a\nfurther one point cut at the beginning of the 1988/89 season.\n The Commission originally proposed a complete dismantling\nof positive MCAs.\n For other countries, the Commission makes the following\nproposals for dismantling negative MCAs\n Denmark and Benelux - reduction of around 1.5 points for\nanimal products and just over two points for crops.\n France and Ireland - proposals unchanged except for an\nextra 1.5 point cut for beef.\n Italy - dismantling of all MCAs except those created since\nJanuary 12.\n Britain - five point cut for most products, 6.5 points for\nbeef.\n Greece, Spain and Portugal - for most products, dismantling\nof seven, 14 and 5.5 points respectively.\n Reuter\n\u0003","date":"16-JUN-1987 08:57:50.28","topics":["veg-oil"],"organisations":["ec"]},"18465":{"title":"CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT","body":"Citibank Ltd said it would lower its\nAustralian prime rate to 16 pct from 16.5, effective tomorrow.\n The new rate, if unmatched by other banks, will be the\nlowest among Australian trading banks. Other primes range from\n16.25 to 17.5 pct.\n Australian prime rates have now retreated from a recent\npeak of 19 pct in October in line with declining money market\nlevels. Citibank said its reduction reflected the decline.\n REUTER\n\u0003","date":"18-JUN-1987 00:36:08.58","topics":["interest"],"places":["australia"]},"18466":{"title":"CHINA MOVES TO STABILISE WORLD TUNGSTEN PRICES","body":"China is moving to stabilise world prices\nof tungsten after fluctuating prices this year affected the\ncountry's export earnings, the China Daily said.\n The paper quoted industry officials as saying they would\nfix export prices on the basis of the world market, stop\nsmuggling and encourage producers to reduce exports.\n Current world prices range from 49 to 55 dlrs per tonne\nunit, but China suffered heavy losses when the price slumped to\n39 dlrs earlier this year, it said.\n Some 45 pct of world tungsten exports come from China, but\nthe country imports high-grade tungsten products.\n REUTER\n\u0003","date":"18-JUN-1987 00:36:33.80","topics":["strategic-metal"],"places":["china"]},"18467":{"title":"AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST","body":"Australia's <Ansett Airlines> will\nexercise an option to acquire 20 pct of America West Airlines\nInc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport\nIndustries Ltd> managing director Peter Abeles said.\n Exercise, involving the purchase of about three mln new\nAmerica West shares for 10.50 U.S. Dlrs each, was scheduled to\nbe finalised in July or August, he said in a statement.\n Abeles said Ansett would become the largest single\nshareholder in what he said was the fastest growing airline in\nthe United States. America West is based in Phoenix, Arizona.\n Under the terms of the option agreement, Ansett would have\nthe right to maintain its 20 pct position in the event of\nfuture stock sales, but could not go beyond 20 pct unless so\nrequested by America West, Abeles said.\n America West would retain the right of first refusal if\nAnsett offered any of the shares for sale.\n In addition, Ansett would gain one board seat, he said.\n Ansett Transport Industries wholly owns Ansett Airlines,\none of Australia's two major domestic airlines, and is in turn\nowned 50/50 by Abeles' international transport group TNT Ltd\n<TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.\n REUTER\n\u0003","date":"18-JUN-1987 00:54:39.86","topics":["acq"],"places":["australia"]},"18468":{"title":"AUSTRALIAN ELECTION CAMPAIGN FOCUSSES ON TAX CUTS","body":"Treasurer Paul Keating said the\nopposition's tax-cutting policy, a key issue in the run up to\nthe July 11 elections, was a miscalculation that would severely\ndamage the Australian economy.\n Opposition leader John Howard disputed Keating's\nallegations. \"Keating is engaged in a desperate, last ditch\npanic attempt to deny long-suffering Australian taxpayers the\ncuts to which they are entitled,\" he said.\n Keating said in a radio interview that errors in Howard's\nplan, including \"double counting,\" would increase the budget\ndeficit and could push interest rates above 20 pct.\n Keating said that Treasury officials who had studied\nHoward's plans concluded that his proposed tax and spending\ncuts would result in a nine billion dlr deficit and damage\ninternational market confidence in Australia.\n In his mini-budget on May 13 Keating said the budget\ndeficit for the year ending June 1988 would be between two and\nthree billion dlrs.\n Howard has said a conservative government under his\nleadership would reduce the 55 pct top personal and company tax\nlevel to 38 pct and fund the reduction by cutting government\nspending.\n Keating and Prime Minister Bob Hawke have promised not to\nincrease taxes or impose new ones, but rejected any tax cuts.\nInstead they called for wage and other economic restraints to\nhelp overcome balance of payments and foreign debt problems.\n Inflation declined to 9.4 pct for the year to March 31 from\nan annual 9.8 pct at the end of the December quarter.\n Hawke has said inflation would fall to six pct by the\nmiddle of next year.\n Australian bank lending rates to best customers have\ndropped to around 16.5 pct from a high of 19 pct nine months\nago.\n REUTER\n\u0003","date":"18-JUN-1987 01:09:05.82","places":["australia"]},"18469":{"title":"AIDES URGE S. KOREA'S CHUN TO OPEN TALKS - RADIO","body":"Aides to South Korea's President Chun Doo\nHwan are urging him to reopen talks on electoral reform to\ndefuse nationwide political turmoil, the state radio said.\n It said ruling party officials would tell Chun he should\nconsider reversing an April 13 decision to shelve the debate on\nreform until after the 1988 Seoul Olympics.\n Ruling Democratic Justice Party executives met today to\ndraw up a proposed package of measures. These included resuming\ntalks, releasing political detainees and lifting the house\narrest of top dissident Kim Dae-jung, the radio said.\n REUTER\n\u0003","date":"18-JUN-1987 01:11:24.75","places":["south-korea"]},"18470":{"title":"JAPAN FOREIGN SHIPBUILDING ORDERS FALL IN MAY","body":"New foreign shipbuilding orders received\nby Japanese yards in May fell to five vessels totalling 188,900\ngross tons (gt) from eight ships of 314,000 gt in April,\nagainst four ships of 104,500 gt a year earlier, the Japan Ship\nExporters Association said.\n The backlog of orders at end-May was 122 ships of 3.70 mln\ngt against 125 ships of 3.73 mln at end-April and 233 ships of\n5.99 mln a year ago, an association official said.\n The world shipping recession and the yen's appreciation\nagainst the dollar depressed May orders, he said.\n REUTER\n\u0003","date":"18-JUN-1987 01:22:27.51","topics":["ship"],"places":["japan"]},"18471":{"title":"FIRST CITY BANCORP HOLDS TALKS ON RAISING CAPITAL","body":"First City Bancorp of Texas Inc <FBT>\nsaid it was talking with several parties about its previously\nannounced efforts to bolster its capital position.\n The statement, issued yesterday, did not say how close the\nbank was to a merger or recapitalisation program.\n \"Several parties have expressed an interest in working with\nFirst City,\" it said. \"This exploration process has not been\ncompleted and therefore it would be premature to speculate on\nthe alternative that First City might pursue.\"\n First City had \"sufficient time\" to find a solution to its\nfinancing problems, the statement added.\n A spokesman said the statement was a response to several\nrecent inquiries about First City's progress in strengthening\nits weak capital position.\n Its problems were caused in part by slumps in Texas real\nestate and oil prices.\n First City, which lost a record 402 mln dlrs in 1986, had a\nfirst quarter loss of 44.5 mln dlrs. The bank earlier said it\npredicted a smaller loss for 1987.\n Banking analysts said First City is unlikely to attract a\nsuitor unless federal regulators offer buyout assistance. The\ncompany's stock yesterday closed at 2-3/4, down 1/4.\n REUTER\n\u0003","date":"18-JUN-1987 01:26:24.81","places":["usa"]},"18472":{"title":"SHULTZ PREDICTS RAPID NARROWING OF U.S. TRADE GAP","body":"Secretary of State George Shultz said\nthe U.S. Would erase its large foreign trade deficit faster\nthan many predicted, and the consequences for its trade\npartners might be traumatic.\n \"The U.S. Economy will inevitably make the adjustment\nnecessary to move from a deficit to a surplus trade balance in\norder to service our growing foreign debt,\" he told a conference\nattended by the six members of the Association of Southeast\nAsian Nations and their leading Western friends.\n \"In my view, this will happen more rapidly than many\nobservers now predict.\"\n \"The universal strategy of aggressive export-led growth is\nbecoming less effective,\" Shultz said.\n \"It is not arithmetically possible for every country in the\nworld to be a net exporter at the same time. The U.S. Deficit,\nwhich we all decry, has been in a sense the place into which\neveryone's export-led strategy for growth has gone.\"\n \"The huge surpluses of Japan and (West) Germany have fed on\nthis deficit, so something will have to give and it will be\npossibly a traumatic experience,\" he added.\n \"While you must keep up the pressure on us to eschew\nprotectionist policies, you must act too,\" Shultz said.\n \"I can do a better job of convincing the Congress to leave\nour door open to imports if more of our trading partners open\ntheir doors wider,\" he told the group, which included\nrepresentatives from Australia, Canada, Japan, New Zealand and\nthe European Community.\n REUTER\n\u0003","date":"18-JUN-1987 01:48:55.07","topics":["trade"],"organisations":["ec"],"places":["usa","singapore","japan","west-germany","australia","canada","new-zealand"]},"18473":{"title":"BARCLAYS SEES GROWTH IN TRAVELLERS CHEQUES","body":"Barclays Plc <BCS.L> expects the\nglobal travellers cheque industry to grow three to six pct a\nyear in the next five to 10 years despite growing competition\nfrom credit cards, divisional manager K.S. Nicklin said.\n He said the bank expected the size of the market to\nincrease to between 39 and 40 billion dlrs in 1987 from 37 to\n38 billion in 1986 because of worldwide economic recovery.\n He said China, the Gulf states, South America and Japan\nwould be areas for growth. Middle-income groups in the U.S. And\nCanada would continue to use travellers cheques for overseas\ntrips rather than credit cards.\n REUTER\n\u0003","date":"18-JUN-1987 02:54:01.32","places":["malaysia","japan","china","canada"]},"18474":{"title":"AEGON NV ISSUES 100 MLN DLR EUROBOND","body":"Aegon NV is issuing a 100 mln dlr\neurobond due July 23, 1990 paying 8-1/4 pct and priced at 101\npct, lead manager Goldman Sachs International Corp said.\n The non-callable bond is available in denominations of\n5,000 dlrs and is expected to be listed in Amsterdam. The\nselling concession is one pct while management and underwriting\ncombined pays 3/8 pct.\n The payment date is July 23.\n REUTER\n\u0003","date":"18-JUN-1987 02:56:00.76","places":["uk"]},"18475":{"title":"JAPANESE VEHICLE EXPORTS FALL IN MAY","body":"Japanese vehicle exports fell 9.3 pct in\nMay from a year earlier to 531,253, mainly because of lower\nexports to the U.S., Industry sources said.\n This compares with 633,869 in April.\n Official figures will be announced by the Japan Automobile\nManufacturers Association later this month.\n May exports included 374,482 passenger cars, down 9.9 pct\nfrom a year earlier, and 156,771 commercial vehicles, down 4.3\npct, the sources said. But vehicle kit exports rose 31.3 pct to\n154,711, compared with 146,610 in April.\n May exports of kit parts included 115,847 cars, up 35 pct\nfrom a year earlier, and 38,864 commercial vehicles, up 21.4\npct, the industry sources said.\n Japan's car production in May fell 11 pct from a year\nearlier to 574,921 and commercial vehicle output fell 4.8 pct\nto 335,460, while car kit output rose 29.7 pct from a year\nearlier to 106,396 and commercial vehicle kit production rose\n34.7 pct to 35,128, they said.\n REUTER\n\u0003","date":"18-JUN-1987 03:01:25.71","places":["japan","usa"]},"18476":{"title":"HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK\nSAVE FOR 146.6 MLN STG\n","date":"18-JUN-1987 03:04:23.55","topics":["acq"]},"18477":{"title":"UAE LEADERS REJECT OVERTHROW OF SHARJAH RULER","body":"The Supreme Council of the United Arab\nEmirates (UAE) has rejected the overthrow of the ruler of the\nemirate of Sharjah, the Emirates news agency, WAM, reported.\n The UAE was plunged into a constitutional crisis yesterday\nafter the ruling family of Sharjah said its ruler Sheikh Sultan\nbin Mohammed al-Qassimi had abdicated in favour of one of his\nbrothers because of financial mismanagement.\n The Council is the highest federal authority in the UAE,\ncomprising the rulers of the seven emirates which make up the\ngroup, but it has no power over the internal affairs of\nindividual states, diplomatic sources said.\n The Supreme Council met in emergency session, without a\nrepresentative from Sharjah, under the chairmanship of UAE\nPresident Sheikh Zaid bin Sultan al-Nahayan, WAM said.\n It decided to ignore all statements issued from Sharjah and\nwould continue meeting until the issue was resolved, the agency\nadded.\n The Qatar news agency said Sheikh Sultan was in Dubai after\nflying back from a private visit to London. The emirate of\nDubai has rejected the Sharjah explanation and said Sheikh\nSultan was ousted by force. It said this was unacceptable and\ncalled for his reinstatement. The UAE was formed in 1971.\n REUTER\n\u0003","date":"18-JUN-1987 03:07:53.69","places":["bahrain","uae"]},"18478":{"title":"MARUBENI CORP AWARDED SRI LANKAN TELECOM TENDER","body":"Marubeni Corp <MART.T> of Japan has been\npicked to undertake a telecommunications project worth 985 mln\nrupees, the Sri Lankan cabinet said in a statement.\n It said Marubeni was selected from five Japanese\ncompetitors for the project, which involves laying new\ntelecommunications cables in the outskirts of Colombo. Japan is\nfinancing the project.\n REUTER\n\u0003","date":"18-JUN-1987 03:11:57.56","places":["sri-lanka"]},"18479":{"title":"DAIRY FARM BIDS 146.6 MLN STG FOR 22 PCT KWIK SAVE","body":"<Dairy Farm International Holdings\nLtd> said in a statement it is making a tender offer for 22 pct\nof Kwik Save Discount Group Plc <KWIK.L> of Britain for a total\n146.6 mln stg.\n Dairy Farm said it will offer to buy up to 32.58 mln Kwik\nSave shares at 4.50 stg each.\n The offer will bring Dairy Farm's stake in Kwik Save to 25\npct from the present 3.5 pct, or 5.25 mln shares.\n The offer, which will begin on Monday and ends June 30,\nrequires that the shares tendered will bring its stake to at\nleast 15 pct.\n Dairy Farm said it will finance the acquisition by placing\n89 mln shares with affiliate Jardine Strategic Holdings Ltd\n<JARS.HK> at 5.10 H.K. Dlrs each for a total of 454 mln dlrs.\n The placement will raise Jardine Strategic's stake in Dairy\nFarm to 39.75 pct from the current 35.3 pct.\n It said the Kwik Save purchase will also be financed with a\nloan from the Hongkong and Shanghai Banking Corp <HKBH.HK>. It\ndid not give the size of the loan but it said it would raise\nits net bank borrowings to a maximum of 2.2 billion H.K. Dlrs.\n Dairy Farm said it would reduce its bank borrowings by the\nproceeds from the previously announced sale of its office\nbuilding in Sydney for 625 mln dlrs.\n It will consider raising additional capital, most probably\nthrough a placement of convertible preference shares in the\nEuromarket, it added.\n Company chairman Simon Keswick said the U.K. Market \"offers\nattractive opportunities for competitively priced food\nretailers\" and that \"a strategic investment in Kwik Save offers\nthe best vehicle to pursue those opportunities.\"\n REUTER\n\u0003","date":"18-JUN-1987 03:15:55.35","topics":["acq"],"places":["hong-kong"]},"18480":{"title":"SINGAPORE PETROLEUM CO RAISES OIL PRODUCT POSTINGS","body":"Singapore Petroleum Co Pte Ltd said it\nwill raise posted prices for its products from June 19, by one\ncent/gallon for lpg, naphtha and gasoline, two cents for gas\noil and by 60 cents/barrel for marine diesel oil.\n New prices are - lpg 36.0 cents/gallon, chemical naphtha\n47, unleaded reformate 65.8, 0.4 gm lead 97 octane 61.3, 95\noctane 59.3, 92 octane 55.5, 85 octane 49.5, 0.125 gm lead 97\noctane 64.3, 92 octane 58.5, 85 octane 52.5, jet kerosene 51.5,\nkerosene 50.5, premium kerosene 54.5, dual purpose kerosene\n52.5, 0.5 pct sulphur gas oil 52.0, one pct sulphur 51.0 and\nmarine diesel oil 21.20 dlrs/barrel.\n REUTER\n\u0003","date":"18-JUN-1987 03:30:29.14","topics":["gas","naphtha","fuel"]},"18481":{"title":"MAZDA MOTOR CORP <MAZT.T>","body":"Six months ended April 30\n Parent shr 1.66 yen vs 7.28\n Div 3.50 yen vs same\n Net 1.59 billion vs 6.88 billion\n Current 5.03 billion vs 16.03 billion\n Sales 804.02 billion vs 839.20 billion\n Oustanding shrs 955.00 mln vs 944.15 mln\n REUTER\n\u0003","date":"18-JUN-1987 03:31:29.16","topics":["earn"],"places":["japan"]},"18482":{"title":"JAPAN 1986/87 COMPOUND FEED OUTPUT UP 2.3 PCT","body":"Japanese compound feed output rose 2.3 pct\nto 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a\nyear earlier, the Agriculture Ministry said.\n The marginal rise reflected slight growth in demand for\npoultry raising and a moderate increase in demand for beef\ncattle raising, Ministry officials said.\n Compound feed sales totalled 26.01 mln tonnes in 1986/87\nagainst 25.40 mln a year ago, while end-March stocks were\n217,554 tonnes against 224,101.\n Corn use in feed output in 1986/87 rose to 11.71 mln tonnes\nfrom 11.02 mln a year earlier due to low import prices.\n The officials said corn imports rose because the world\nsurplus and the yen's strength against the dollar reduced\nChicago prices. The corn compounding ratio rose to 45.2 pct in\n1986/87 from 43.4 pct a year earlier.\n Sorghum use rose marginally to 4.80 mln tonnes in 1986/87\nfrom 4.79 mln, but the compounding ratio fell to 18.5 pct from\n18.9 pct because of greater corn use. Higher import prices due\nto poor harvests last year in major producing nations such as\nArgentina made feed makers reluctant to use sorghum.\n Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and\nthe compounding ratio declined to 10.0 pct from 10.3 pct.\n The drop in soybean meal consumption resulted from\nincreased use of cheaper rapeseed meal, the officials said.\n Rapeseed consumption in 1986/87 was 563,889 tonnes against\n528,152 a year earlier. The compounding ratio rose to 2.2 pct\nfrom 2.1 pct.\n REUTER\n\u0003","date":"18-JUN-1987 03:35:51.84","topics":["meal-feed","livestock","carcass","grain","corn","sorghum","oilseed","soy-meal","rapeseed"],"places":["japan"]},"18483":{"title":"BERISFORD LIFTS FIRST HALF PROFIT 2.5 MLN STG","body":"six months to March 31\n Shr 16.25p vs 15.61p\n Div 4.0p vs 3.5p\n Turnover 6.12 billion vs 4.89 billion\n Interest 25.2 mln vs 37.6 mln\n Pretax profit 42.7 mln vs 40.3 mln\n Tax 10.3 mln vs 9.9 mln\n Minorities 1.3 mln vs 439,000\n Extraordinary items 2.6 mln credit vs 1.2 mln debit\n Note - company name is S and W Berisford Plc <BRFD.L>\n REUTER\n\u0003","date":"18-JUN-1987 03:43:39.62","topics":["earn"],"places":["uk"]},"18484":{"title":"N.Z. GOVERNMENT FORECASTS BUDGET SURPLUS 379 MLN DLRS VS\n1.95 BILLION DEFICIT\n","date":"18-JUN-1987 03:45:07.73"},"18485":{"title":"NEW BANGLADESH LAW ALLOWS STATE FIRM SHARE SALES","body":"Parliament passed a law allowing\nstate-owned industrial companies to sell 49 pct of their shares\nto staff and private investors, the official BSS news agency\nsaid.\n Under the new law, passed yesterday, 51 pct of shares in\nthe affected companies will be held by the government, 34 pct\nby the public and 15 pct by staff. The law also allows workers\nto nominate a member to the board of directors if they buy at\nleast 12 pct of a company's shares.\n Bangladesh has returned more than 500 industrial companies\nto private ownership since March 1982.\n REUTER\n\u0003","date":"18-JUN-1987 03:46:16.80","places":["bangladesh"]},"18486":{"title":"NEW ZEALAND TO REPAY 600 MLN DLRS FOREIGN DEBT, MINISTER\nSAYS\n","date":"18-JUN-1987 03:46:21.62","places":["new-zealand"]},"18487":{"title":"SOUTH AFRICAN M-3 APRIL GROWTH REVISED UPWARD","body":"South African year-on-year broadly\ndefined M-3 money supply growth was revised upward to 10.37 pct\nfor April from a preliminary 10.08 pct, but was down from a\nrevised 10.69 pct in March, Reserve Bank figures show.\n M-3 rose to a revised 82.38 billion rand in April from a\npreliminary 82.17 billion and March's revised 81.39 billion. In\nApril last year M-3 stood at 74.64 billion rand.\n Preliminary figures for May show M-3 at 83.24 billion rand\nfor a year-on-year rise of 10.97 pct from 75.01 billion in May\n1986.\n April M-1A rose a year-on-year 15.12 pct to 14.22 billion\nrand after rising 14.72 pct to 13.97 billion in March while M1\nrose 24.49 pct to 27.92 billion after a 20.69 pct increase to\n26.97 billion, the figures showed.\n M-2 rose 8.28 pct to 58.71 billion in April after rising\n6.47 pct to 57.52 billion in March.\n REUTER\n\u0003","date":"18-JUN-1987 03:50:32.88","topics":["money-supply"],"places":["south-africa"]},"18488":{"title":"COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME","body":"The Commonwealth Bank of Australia said\nit will lower its reference rate for loans to 15.75 pct from\n16.25 pct and its overdraft reference rate to 16.25 pct from\n16.75, effective June 24.\n Bank officials have said the bank regards the overdraft\nreference rate, based on short-term rate trends, as its key\nprime lending rate to corporate customers. The loan reference\nrate is based on longer term trends.\n The bank is the latest to cut prime rates in recent days\nfollowing a continuing decline in market rates. Other prime\nrates now range from 16 pct to 17.5 pct.\n REUTER\n\u0003","date":"18-JUN-1987 03:52:04.77","topics":["interest"]},"18489":{"title":"AUSTRALIA TO PRODUCE SILVER AND PLATINUM COINS","body":"The Australian government has given\nsupport in principle to the production of platinum and silver\nbullion coins at the Perth Mint, Treasurer Paul Keating said.\n This followed the success of the Australian Nugget gold\nbullion coins launched this year, he said in a statement.\n He said that, as with the Australian nuggets, the coins\nwould be legal tender. The platinum coins would be made in four\nweights but the silver coin would be of one ounce weight.\n He said detailed arrangements for their issue would be\nfinalised after talks between the Federal authorities and the\nWestern Australian government, owner of the Perth Mint.\n REUTER\n\u0003","date":"18-JUN-1987 03:56:19.47","topics":["silver","platinum"],"places":["australia"]},"18490":{"title":"S.KOREA SEES GNP GROWTH MORE THAN 10 PCT THIS YEAR","body":"South Korea's gross national product (GNP)\nwill exceed 10 pct real growth this year and the won will rise\nfurther as long as the current account surplus continues to\nwiden, Deputy Prime Minister Chun In-Yong told reporters.\n Chung, who is also Minister of Economic Planning, said his\nGNP estimate was based on the assumption that the economy will\nremain stable.\n The official target for 1987 GNP growth is eight pct.\n GNP rose 15.6 pct between the first quarters of 1987 and\n1986, according to provisional Bank of Korea figures.\n GNP rose 12.5 pct in calendar 1986.\n In the first four months of this year, the current account\nswung to a surplus of 2.5 billion dlrs from a deficit of 294\nmln dlrs in the same 1986 period.\n \"What the Minister said does not imply any major economic\npolicy change,\" a Ministry spokesman told Reuters. \"But he tried\nto urge business circles to prepare for the forseeable economic\n(future) ... A high won era.\"\n South Korean manufacturers, who have insisted the won\nshould not rise more than seven pct this year, have said they\nplan to ask the government to slow down its appreciation\nagainst the dollar.\n The Bank of Korea today quoted the won unchanged at 812.05\nagainst the dollar, a 6.02 pct gain so far this year compared\nwith a 3.34 pct increase for the whole of 1986.\n The won strengthened by 6.60 won to the dollar in three\ndays earlier this month while an International Monetary Fund\nteam held talks here to discuss revaluation.\n REUTER\n\u0003","date":"18-JUN-1987 04:05:49.72","topics":["gnp"],"places":["south-korea"]},"18491":{"title":"NEW ZEALAND FORECASTS 379 MLN DLR BUDGET SURPLUS","body":"The New Zealand government is\nforecasting a budget surplus of 379 mln N.Z. Dlrs for the year\nending March 1988, Finance Minister Roger Douglas said in a\nstatement.\n This compares with a deficit of 1.95 billion dlrs in the\nyear ending March 1987 and a 1.87 billion dlr deficit a year\nearlier.\n Total expenditure is seen at 22.907 billion dlrs against\n20.94 billion in the year to end-March 1987. Total revenue is\nseen at 23.29 billion dlrs against 18.992 billion.\n The forecast rise in revenue comes partly from the 10 pct\nvalue added goods and services Tax (GST) introduced in October\n1986 which is seen bringing in 4.1 billion dlrs against 1.23\nbillion a year earlier.\n Other indirect taxation is seen rising to 3.1 billion dlrs\nfrom 2.2 billion. Company tax is forecast to bring in 2.39\nbillion dlrs against 1.22 billion a year earlier while the tax\ntake from individuals is seen little changed at 10.7 billion\ndlrs against 10.9 billion.\n Excluding revenue and expenditure of a capital nature, such\nas repayment of loans by state-owned enterprises or revenue\nfrom asset sales, the budget would indicate a deficit of 1.27\nbillion dlrs, Douglas said\n Using this \"financial deficit\" method the deficit in the year\nto end March 1987 was 1.89 billion dlrs, he said.\n Douglas said using this method, the financial deficit\nforecast for 1987/88 measures 2.2 pct of gross domestic product\nagainst 6.9 pct a year earlier.\n REUTER\n\u0003","date":"18-JUN-1987 04:12:53.24","places":["new-zealand"]},"18492":{"title":"British Telecom pretax profit rises 11.7 pct to 2.07\nbillion stg in yr to end-March\n","date":"18-JUN-1987 04:13:01.92"},"18493":{"title":"AUSTRALIAN CRUDE OUTPUT FALLS IN FIRST NINE MONTHS","body":"Australian crude oil and condensate\noutput fell 7.6 pct to 23,480 megalitres, or about 147 mln\nbarrels, in the first nine months of fiscal 1986/87 ending June\n30, the Department of Resources and Energy said.\n The decline in production in the nine months to end-March\nreflected mainly a sharp dip early in the fiscal year, when low\noil prices and high marginal excise rates led to a reduction of\noutput from Bass Strait, department figures in its Major Energy\nStatistics publication show.\n A megalitre is 6,290 barrels.\n REUTER\n\u0003","date":"18-JUN-1987 04:14:35.65","topics":["crude"],"places":["australia"]},"18494":{"title":"NEW ZEALAND TO REPAY UP TO 600 MLN DLRS OF DEBT","body":"New Zealand will repay a portion of\nits 42.48 billion N.Z. Dlr public debt for the first time since\n1952 as a result of a 379 mln N.Z. Dlr budget surplus for\nfiscal March 1988, Finance Minister Roger Douglas said.\n Douglas said in a budget statement the surplus is the first\nachieved in New Zealand in 35 years. It compared with a 1.95\nbillion dlr deficit in fiscal 1987.\n Douglas said this year's government bond tender program\nwould be adjusted in the light of the surplus, providing for\nthe repayment of up to 600 mln dlrs of New Zealand's 21.74\nbillion dlrs of overseas debt.\n Details of which loans will be repaid have still to be\ndecided.\n Douglas said the present scale of the public debt was\nmassive.\n \"It will take many years to reduce the debt to an acceptable\nlevel,\" he said.\n REUTER\n\u0003","date":"18-JUN-1987 04:17:26.69","places":["new-zealand"]},"18495":{"title":"BRITISH TELECOM RAISES 1986/87 PROFIT 11.7 PCT","body":"Year to end-March\n Shr 20.9p, a 22.3 pct rise\n Div 5.1p making 8.45p vs vs 7.5p\n Turnover 9.42 billion, a 12.4 pct increase\n Operating profit 2.35 billion, a 10.9 pct increase\n Pretax profit 2.07 billion, a 11.7 pct rise\n Fourth quarter 1987\n Turnover 2.42 billion, a 8.4 pct rise\n Operating profit 629.0 mln, a 12.1 pct increase\n Pretax profit 555.0 mln, a 11.7 pct rise.\n REUTER\n\u0003","date":"18-JUN-1987 04:21:05.97","topics":["earn"],"places":["uk"]},"18496":{"title":"AUSTRIAN CURRENT SURPLUS GROWS IN FOUR MONTHS","body":"Austria's current account surplus grew to\n11.0 billion schillings in the first four months this year from\n8.2 billion in the same period last year, the National Bank\nsaid.\n In April, the current account recorded a deficit of 300 mln\nschillings compared with an 800 mln surplus in March and an 800\nmln deficit in April, 1986, the bank said in a statement.\n The trade deficit in the first four months fell to 16.4\nbillion schillings from 17.5 billion in the same period last\nyear while in April the deficit was 4.1 billion compared with\n6.9 billion in March and 3.6 billion in April, 1986.\n REUTER\n\u0003","date":"18-JUN-1987 04:21:26.29","topics":["bop","trade"],"places":["austria"]},"18497":{"title":"JOHNSON MATTHEY RAISE PRETAX PROFITS BY 67.8 PCT","body":"Year to March 31\n Fin div 3.5p making 5.5p vs 2.5p\n Shr 25.2p vs 14.7p\n Pretax profit 50.5 mln stg vs 30.1 mln\n Net after tax 36.0 mln vs 21.6 mln\n Turnover 1.22 billion vs 1.16 billion\n Extraordinary dbt 10.3 mln vs 8.2 mln\n Note - Full company name is <Johnson-Matthey Plc>.\n REUTER\n\u0003","date":"18-JUN-1987 04:21:34.85","topics":["earn"],"places":["uk"]},"18498":{"title":"N.ZEALAND DEBT PROGRAM REVISED ON BUDGET SURPLUS","body":"A forecast 379 mln N.Z. Dlr surplus\nin the government's 1987/88 budget will allow a significant\nreduction in the government debt program, Finance Minister\nRoger Douglas said in a statement.\n \"There are however good reasons to maintain a higher\nborrowing program than the Budget numbers require,\" he said.\n The government will borrow a further 950 mln dlrs this\nfiscal year, down from the further 1.75 billion originally\nplanned.\n \"The amount of foreign currency debt generated by previous\neconomic mismanagement is too large,\" Douglas said. \"It would not\nbe sensible when presented with an opportunity to repay some\ndebt to do so only in respect of domestic debt.\"\n The government also has an interest in keeping enough of a\ndomestic borrowing program going to keep the secondary market\nefficient, he said. That will give the government better\nborrowing terms in future, he added.\n Douglas said the revised debt program also meant the\ngovernment would be able to retire over 650 mln dlrs of\ndomestic debt and 600 mln dlrs of foreign debt.\n REUTER\n\u0003","date":"18-JUN-1987 04:24:26.20","places":["new-zealand"]},"18499":{"title":"BERISFORD SIX PCT PROFIT RISE MAINTAINS MOMENTUM","body":"S and W Berisford Plc <BRFD.L> said a six\npct rise in pretax profits to 42.7 mln stg in the first half\nhad maintained last year's momentum despite poor commodities\ntrading conditions and continued rationalisation costs.\n Its British Sugar Corp Plc unit produced its best ever\nperformance due to greater efficiency and better selling prices\nand was on course for record full year profits.\n In the last year Berisford attempted to sell the unit and\nattracted several bids. A bid by Hillsdown Holdings Plc\n<HLDN.L> was abandoned, one from Tate and Lyle Plc <TATL.L>\nofficially blocked and a sale of BSC to <Gruppo Ferruzzi> also\nprevented.\n It had authorised a further 46 mln stg in capital\nexpenditure in BSC for next year, eight mln higher than the\nanticipated total this year.\n Berisford said it was particularly pleased with the\nprogress of its associate Hunter Saphir Plc, in which it\nacquired a substantial equity stake in January in return for\nthe sale of some of its food manufacturing companies.\n Since the deal was completed, the market value of the stake\nin Hunter had almost doubled and at the same time enabled the\ngroup to concentrate efforts in its food division on\ningredients -- mainly sugar, gelatine and flavours.\n The property division maintained good growth while\nfinancial services made a satisfactory contribution to profits.\nHowever, the results of the industrial division continued to be\ndisappointing although the rationalisation programme was\nprogressing well.\n Commodity operations returned to profit after a second half\nloss last year. The results reflected dull market conditions,\nwith coffee trading failing to repeat last year's exceptional\nfirst half performance due to extremely difficult conditions in\nworld markets.\n It said it was reducing its exposure to the volatility of\ncommodity earnings by concentrating on a smaller range of key\ncommodities.\n Berisford shares firmed one penny on the announcement to\n366p.\n REUTER\n\u0003","date":"18-JUN-1987 04:31:05.60","places":["uk"]},"18500":{"title":"CANADIAN MINES AGREE TO CUT COAL PRICE","body":"Members of the Bull Moose coking coal mine\nin British Columbia, Canada, agreed to cut the base price they\ncharge Japanese steelmakers to 91.77 Canadian dlrs a tonne FOB\nfor the year from April 1, down 14 dlrs from 1986/87, an\nofficial at a company involved in the deal said.\n The Nippon Kokan KK <NKKT.T> official said the cut was\nagreed after five months of talks between <Teck Corp>, <Rornex\nMining Corp Ltd> and <Nissho Iwai Coal Development (Canada)\nLtd>.\n He said the Japanese side would continue to ask the miners\nto improve the quality of Bull Moose coal's ash specification.\n Japanese steel mills and several Canadian exporters\nincluding the sellers of Bull Moose coal have had several\nrounds of negotiations on coking coal base prices this year,\nindustry sources said.\n The Japanese steel firms started a new round of base price\ntalks with <Quintette Coals Ltd> yesterday, while discussions\nwith <Gregg River Co Ltd> will be held later this month, they\nsaid.\n Nissho Iwai Coal is a unit of <Nissho Iwai Corp> of Japan.\n REUTER\n\u0003","date":"18-JUN-1987 04:35:02.73","places":["japan","canada"]},"18501":{"title":"BANK OF JAPAN TO SELL 200 BILLION YEN IN BILLS","body":"The Bank of Japan will sell tomorrow 200\nbillion yen in financing bills through 35-day repurchase\nagreements maturing July 24 to help mop up a projected money\nmarket surplus, money traders said.\n The yield on the bills for sale to banks and securities\nhouses from money houses will be 3.6005 against today's\none-month commercial bill discount rate of 3.5625 pct and\none-month certificate of deposit rate of 3.98/86 pct. Traders\nestimate a 300 billion yen surplus due to tax allocations to\nlocal governments and public entities. The operation will put\noutstanding bill supplies at about 2,000 billion yen.\n REUTER\n\u0003","date":"18-JUN-1987 04:36:10.83","places":["japan"]},"18502":{"title":"VOLVO TO BE LISTED ON SWISS BOURSES","body":"Sweden's Volvo AB <VOLV ST> said its\nB-Free shares are to be listed on the Zurich, Basle and Geneva\nbourses in the autumn.\n The company said in a statement that the new listing would\nfurther expand the number of international bourses on which\nVolvo shares are quoted. It is already quoted on stock\nexchanges in Sweden, Britain, West Germany, France, Belgium,\nNorway and Tokyo, and its shares are also traded\nover-the-counter in the United States.\n \"Switzerland attracts us as one of the most international\ncapital markets,\" Lennart Jeansson, of the Volvo board, said.\n A Swiss bank consortium led by Credit Suisse had carried\nout a secondary placement of 500,000 B-Free Volvo shares on the\nSwiss market in preparation for Volvo's autumn entry onto the\nbourses, Volvo said.\n REUTER\n\u0003","date":"18-JUN-1987 04:36:56.15","places":["sweden","west-germany","france","belgium","norway","japan","usa"]},"18503":{"title":"DAIRY FARM GETS 1.2 BILLION H.K. DLR LOAN","body":"<Dairy Farm International Holdings\nLtd> obtained a 1.2 billion H.K. Dlr loan from the Hongkong and\nShanghai Banking Corp to finance its tender offer for a 22 pct\nstake in Kwik Save Discount Group Plc <KWIK>, Dairy Farm\nchairman Simon Keswick told reporters.\n He did not disclose the terms of the loan but said they\nwere \"fairly fair.\"\n Dairy Farm said earlier in a statement it would offer to\nbuy up to 32.58 mln Kwik Save shares at 4.50 stg each, raising\nits stake in the retail firm to 25 pct from 3.5 pct now.\n Keswick said Dairy Farm wanted to obtain at least 15 pct of\nKwik Save, which would make it Kwik Save's biggest shareholder,\notherwise it would dispose of its entire stake.\n Kwik Save opened at 4.45 stg, up from yesterday's 3.90 stg\nclose.\n REUTER\n\u0003","date":"18-JUN-1987 04:38:54.46","places":["hong-kong"]},"18504":{"title":"GOVERNMENT TO SELL 25 PCT OF AIR NEW ZEALAND","body":"The New Zealand Government will sell\n25 pct of state-owned <Air New Zealand Ltd> to the public,\nCivil Aviation minister Richard Prebble said.\n Prebble said in a statement the government would appoint an\nadviser to help it decide how the shares should be sold, the\ntiming of any sales and the price.\n \"Clearly there will be a need to gauge the effect of other\nproposed share issues so as to enter the market at the best\nopportunity,\" Prebble said.\n \"We are in no particular rush to sell our shares in Air New\nZealand,\" he said.\n \"Our aim is to maximise the benefit to the taxpayer. If that\nmeans waiting for a while, then so be it,\" Prebble said.\n He said Air New Zealand expects to release its results soon\nfor the year to March 31 1987. He said he was confident it\nwould post an excellent profit.\n Prebble said Air New Zealand was successful but its ability\nto prosper in future was hampered by its\nwholly-government-owned status.\n Prebble said access to new sources of capital would\nincrease its ability to expand and develop.\n This sale announcement follows the public float in March of\naround 13 pct of the <Bank of New Zealand Ltd>.\n The government has said it will also float part of the\ncapital of other state-owned operations, including <DFC New\nZealand Ltd>, formerly Development Finance Corp of New Zealand\nLtd, and Petroleum Corp of New Zealand Ltd.\n REUTER\n\u0003","date":"18-JUN-1987 04:42:22.47","topics":["acq"],"places":["new-zealand"]},"18505":{"title":"ALCAN AUSTRALIA SEEKS 100 MLN DLR FACILITY","body":"Alcan Australia Ltd <AL.S> seeks a 100\nmln U.S. Dlr, eight year underwritten note issuance facility,\nSwiss Bank Corporation International Ltd said as arranger.\n The facility, which allows banks the option to withdraw\nafter five years with three months' notice, involves the\nissuance through a tender panel of notes with maturities up to\nsix months.\n The maximum yield will be 20 basis points over London\nInterbank Offered Rates (LIBOR) and there is a 3/16 pct\nunderwriting fee, regardless of utilisation. Alcan Australia is\nindirectly 70 pct owned by Alcan Aluminium Ltd of Canada.\n REUTER\n\u0003","date":"18-JUN-1987 04:45:32.13","places":["australia"]},"18506":{"title":"BET pretax profit 157.4 mln stg vs 124.6 in year to\nend-March\n","date":"18-JUN-1987 04:49:01.29"},"18507":{"title":"JAPAN FINISHING UP WORK ON SUPPLEMENTARY BUDGET","body":"The Finance Ministry is putting the\nfinishing touches on a roughly 2,000 billion yen supplementary\nbudget for 1987/88 and has started to turn its attention to\nnext year's main budget, ministry officials said.\n The supplementary budget is designed to help finance the\n6,000 billion yen emergency economic package the government\nunveiled last month to boost domestic demand.\n Ministry officials said the government would issue about\n1,300 billion yen in construction bonds to help pay for the\nincreased public investment set out in the emergency package.\n The rest of the supplementary budget will be financed by\n450 billion yen in proceeds from last year's sale of shares in\nNippon Telegraph and Telephone Corp (NTT) and by higher than\nexpected 1986/87 tax revenues, officials said.\n One official said the carry-over of tax revenues into the\n1987/88 fiscal year that began on April 1 might be more than\n1,000 billion yen. Soaring land and share prices have boosted\nreceipts, especially from securities and land taxes.\n With less than half of the carry-over likely to be used in\nthe current supplementary budget, the rest will be available\nfor a second supplementary budget expected later this year.\n The second supplementary budget will be used to finance the\ngovernment's wage bill, which will not be known until after\nwage talks later this year, one official said.\n The government must also finance the tax cut of more than\n1,000 billion yen which it promised in its emergency package\nbut which will not be contained in the first supplementary\nbudget, due to be presented to parliament next month.\n The Finance Ministry's budget bureau is hoping the tax\ncarry-over and higher than expected revenues again this year\nwill be enough to finance the second supplementary budget, he\nsaid.\n Officials said the Finance Ministry does not want to issue\ndeficit-financing bonds or use the extra proceeds from this\nyear's NTT share sale to fund the second supplementary budget.\n Besides the first supplementary budget, the government also\nintends to introduce a new tax reform bill to parliament during\nthe upcoming extraordinary session, officials said.\n The government was forced to abandon its first tax reform\nbill due to strong opposition to its plan to introduce a five\npct sales tax.\n The sales tax was designed to help finance cuts in\nindividual and corporate income taxes.\n The new bill will present the 1,000 billion yen-plus tax\ncut contained in the emergency package as the first step to an\noverhaul of the country's tax system, officials said.\n It will also contain a controversial plan to phase out tax\nbreaks on savings, although it may not take effect in October\nas originally planned, they said.\n Looking ahead to next year's main budget, the Finance\nMinistry is beginning to debate whether to abandon its\nso-called minus ceiling for public investment.\n That policy calls on government departments to cut public\ninvestment spending by five pct per year.\n Economic Planning Minister Tetsuo Kondo said recently the\npolicy would be suspended in 1988/89, pending a recommendation\nfrom the government's administrative reform council.\n The ruling Liberal Democratic Party said in April that\nbudget request guidelines for invesment expenditures would be\nreviewed.\n But some officials at the Finance Ministry's budget bureau\nsaid they were hopeful the policy would be retained.\n They fear that a suspension of the guidelines for public\ninvestment could lead to increased pressure on the government\nto loosen its grip on current expenditures as well.\n The account would also extend interest-free loans to\nprofitable public works projects developed in conjunction with\nthe private sector, the officials said.\n In this way, the Finance Ministry could meet growing\npressure on it to boost capital spending while maintaining a\ntight grip on outlays by other government departments.\n Surplus funds from this year's sale of NTT shares could\ntotal about 3,000 billion yen. Based on the current market\nprice, the planned sale of 1.95 mln shares would raise more\nthan 5,000 billion yen, compared to about 2,000 billion planned\nfor in the main 1987/88 budget.\n REUTER\n\u0003","date":"18-JUN-1987 05:00:09.15","places":["japan"]},"18508":{"date":"18-JUN-1987 05:10:18.65","places":["uk","usa"]},"18509":{"title":"S. AFRICAN PRODUCER PRICE INFLATION RISES IN APRIL","body":"South African year-on-year producer\nprice inflation rose to 16.1 pct in April against 15.8 pct in\nMarch, Central Statistics Office figures show.\n The all items index (base 1980) rose a monthly 1.2 pct to\n242.5 in April after increasing 1.1 pct to 239.6 in March and\nstanding at 208.9 a year earlier.\n REUTER\n\u0003","date":"18-JUN-1987 05:14:40.93","topics":["wpi"],"places":["south-africa"]},"18510":{"title":"BANK OF FINLAND PREDICTS 1987 INVESTMENT SURGE","body":"Finnish industrial investment will rise\n10 pct in 1987 from last year reaching its highest rate since\n1980, the Bank of Finland's two year survey predicted.\n Investment will centre on machinery and equipment, with a\nrise of almost 25 pct.\n There will almost be a rise of 20 pct in investment in\nmanufacturing, with notable growth in the paper industry,\nchemicals, building materials and consumer goods sectors.\n The rate of growth will fall back in 1988 with spending\nremaining at the same level as this year, the survey said.\n Research and development spending will show a rise of over\nthree billion markka, representing 18 pct of investment in\n1987.\n Finland's investment rate is high internationally as the\nshare of capital intensive industries is relatively large.\n \"But the quicker growth of Finnish industrial production is\nalso an indication investments are promoting a renovation and\nincrease in production capacity,\" the survey said.\n Manufacturing industry would have a capacity use rate of 86\npct at the end of 1987, one pct above the rate at the start of\nthe year. This was expected to grow further next year, it said.\n REUTER\n\u0003","date":"18-JUN-1987 05:17:20.63","places":["finland"]},"18511":{"title":"BET SAYS RESULTS SHOW STRATEGY IS WORKING","body":"BET Plc <BETL.L> said slightly higher\nthan expected results for the year to March showed that its\nstrategy was working. BET raised pretax profits in the year to\n157.4 mln stg from 124.6 mln previously.\n It had continued to build on a range of complementary\nservices through a combination of organic growth and carefully\ntargetted acquisitions.\n A company statement said it was confident that the figures\nwould provide an effective springboard for the broadening of\nits shareholder base, particularly through the issue of\nAmerican Depositary Receipts in the U.S. Later this year.\n BET also said it was appointing Sir Timothy Bevan, formerly\nchairman of Barclays Plc to replace Sir Hugh Dundas when he\nretires as Chairman in December.\n BET's net debt fell four pct in the year to 262 mln stg\nwith gearing down to 63 pct from 65 pct.\n Returns on assets, sales and capital employed showed\nfurther improvement in the period.\n BET shares at 0907 GMT were quoted at 291p, one penny\nfirmer on last night's close.\n REUTER\n\u0003","date":"18-JUN-1987 05:18:47.39","places":["uk"]},"18512":{"title":"EC FARM MINISTERS END MEETING WITHOUT PRICE ACCORD","body":"European Community farm ministers\nplunged the bloc into a crisis today by ending a marathon\nnegotiation on 1987/88 farm prices without agreement.\n Their chairman, Belgian Paul de Keersmaeker, told a press\nconference this morning ministers gave a majority vote in\nfavour of all aspects of an EC Commission compromise proposal\nintroduced on Tuesday.\n However, the minority against the crucial plan for a tax on\nvegetable and marine oils and fats was big enough to block its\nadoption, and British Agriculture Minister John MacGregor said\nother aspects of the proposals are likely to be vetoed.\n MacGregor said the meeting foundered in part because of an\nimplicit indication from the West Germans that they were\nprepared to veto two other aspects of the package, the future\nmonetary compensatory amounts system and proposals directly\nconnected with common prices.\n De Keersmaeker said he will now consider when ministers\nshould be called for further talks, but diplomats said the\noutcome of the meeting makes it almost certain the major\noutstanding issues will be referred to EC heads of government\nwho hold a summit meeting on June 29 and 30 in Brussels.\n A Commission official said the Commission will work out\nstopgap measures which it will bring in on July 1 if the\ndeadlock persists. These will concern products such as cereals,\ncolza, sugar, beef and milk, for which there would otherwise be\nno legal EC regulations from that date.\n Trade sources expect these will include a seven pct cut in\nguaranteed prices for most cereals.\n The official said the measures \"will take into account the\nsituation in the market, but also the EC's severe budgetary\nsituation.\"\n The Commission was expecting an EC budget deficit this year\nof almost six billion dlrs even before it presented its\ncompromise, which would have cost almost one billion more. It\nestimates the oils and fats tax would bring in 2.3 billion dlrs\nin a full year.\n Diplomats said Britain, West Germany and the Netherlands\nmaintained their opposition to the tax despite Commission\nattempts to persuade them it would not unfairly hit exports\nfrom countries outside the EC.\n They added Denmark did not formally state its final\nposition but was understood to remain against.\n REUTER\n\u0003","date":"18-JUN-1987 05:25:17.48","organisations":["ec"],"places":["luxembourg"]},"18513":{"title":"NEW ZEALAND TO CLOSE TAX LOOPHOLES","body":"Finance Minister Roger Douglas said\nNew Zealand would enact legislation to prevent local companies\nand individuals from using overseas tax havens.\n The government would also outlaw the practice of double\ndeduction of losses by dual resident companies, known as \"double\ndipping,\" Douglas said in a budget statement.\n The anti-tax-haven legislation would affect non-resident\nentities, such as companies and trusts, set up in low tax\ncountries and earning mainly passive investment income, Douglas\nsaid.\n A consultative document will be released in September\nexplaining the proposed legislation, and a consultative\ncommittee will then receive public submissions and advise the\ngovernment on implementation, Douglas said.\n The legislation would attack tax avoidance but not genuine\nbusiness activity, he added.\n He said some New Zealand residents were avoiding New\nZealand tax entirely by setting up non-resident entities in tax\nhavens, which intercepted and gathered income taxable in New\nZealand.\n In a move to counter \"double dipping,\" the government would\nno longer allow dual resident companies to group their losses,\nDouglas said.\n The proposed legislation would require them to carry tax\nlosses forward to be offset against future profits, effective\nfor income years starting after December 17, 1986.\n REUTER\n\u0003","date":"18-JUN-1987 05:27:08.75","places":["new-zealand"]},"18514":{"title":"LONDON INTERNATIONAL RAISE PROFITS BY 3.05 MLN","body":"Year to March 31\n Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p\n Share 14.11p vs 12.13p\n Pre-tax profit 27.11 mln stg vs 24.06 mln\n Net profit 18.12 mln vs 15.21 mln\n Turnover 252.11 mln vs 225.29 mln\n Note - London International Group Plc <LONL.L> said that\nsharply increased sales of condoms had led to a particularly\nstrong start to the year and it had considerable confidence for\nthe future. REUTER\n\u0003","date":"18-JUN-1987 05:29:09.53","topics":["earn"],"places":["uk"]},"18515":{"title":"INDIAN DEVELOPMENT BANK TO RAISE 10 BILLION YEN","body":"The state-owned Industrial Development\nBank of India (IDBI) has given <Morgan Guaranty Ltd, Hong Kong>\nthe mandate to arrange a 10 billion yen loan in Japan, a senior\nIDBI official told Reuters.\n The 15-year loan, to be signed next month, carries interest\npegged to the Japanese long-term prime rate, now at around five\npct per annum, said the official who declined to be named.\n The loan will be IDBI's first foreign currency borrowing\nfor the financial year beginning July 1, 1987, he said without\nspecifying IDBI's total targetted borrowings for the year.\n IDBI, which has raised 85 mln dlrs in Euroloans and 100 mln\nSwiss Francs in 1986/87, first entered the Japanese market in\n1984/85 by raising two loans of five billion yen each, followed\nby a 10 billion Euroyen loan last year.\n IDBI lends foreign currency funds to local industrial\nborrowers to help them import capital goods.\n Bankers said the Industrial Credit and Investment Corp of\nIndia, India's only private sector financial institution, is\nholding talks with foreign banks on arranging a loan of 10\nbillion yen. They said India's commercial borrowings in 1987/88\nmay remain at the 1986/87 level of 1.5 billion dlrs.\n REUTER\n\u0003","date":"18-JUN-1987 05:31:32.38","places":["india"]},"18516":{"title":"NEW ZEALAND TAX IMPUTATION SYSTEM BY 1988/89","body":"Finance Minister Roger Douglas said\nthe government would introduce a full tax imputation system on\ndividends effective from the 1988/89 income year.\n Confirming the government's timetable for the imputation\nsystem, which had been announced in earlier budgets, Douglas\nsaid in a statement that the system would substantially reduce\nthe influence of the tax system on companies' financial\npolicies and investment strategies.\n REUTER\n\u0003","date":"18-JUN-1987 05:33:42.40","places":["new-zealand"]},"18517":{"title":"TOYOTA AND NISSAN EXPORTS FALL IN MAY","body":"Toyota Motor Corp <TOYO.T> and Nissan\nMotor Co Ltd <NSAN.T> both said May vehicle exports fell from a\nyear earlier mainly due to the yen rise against the dollar.\n Toyota's exports fell 9.5 pct from a year earlier to\n161,266 vehicles in May while Nissan's fell 17.6 pct to\n100,221.\n Toyota's exports to the U.S. Fell 13.9 pct from a year\nearlier to 90,096 in May and those to Europe fell 2.8 pct from\na year earlier to 34,876.\n Nissan's exports to the U.S. Fell 25.4 pct to 53,604 but\nthose to Europe rose 0.7 pct to 29,721.\n REUTER\n\u0003","date":"18-JUN-1987 05:35:59.78","places":["japan"]},"18518":{"title":"Belgium cuts three month treasury certificate rate 0.10\npoints to 6.85 pct - official\n","date":"18-JUN-1987 05:36:27.98"},"18519":{"title":"TOSHIBA, SHARP RESTRAIN LAP-TOP PC EXPORTS TO EC","body":"Toshiba Corp <TSBA.T> and Sharp Corp\n<SHRP.T> decided to maintain exports of lap-top personal\ncomputers to the European Community (EC) at last year's levels,\ndespite the halt of shipments to the U.S., Company spokesmen\ntold Reuters.\n They said the voluntary restraints were aimed at averting\nEC sanctions urged by European computer makers. The Europeans\nfeared Japanese personal computers would flood EC markets after\nWashington imposed 100 pct tariffs last April.\n Toshiba and Sharp together control about 40 pct of the\npersonal computer market in the EC, the Sharp spokesman said.\n Toshiba said exports of T1100 and T3100 lap-top computers\nwould continue at 5,000 units a month for the time being.\n Sharp said exports to the EC of PC 7000 series lap-top\npersonal computers would continue at last year's level of\n12,000 to 16,000 units a year.\n Washington imposed the tariffs because of Japan's alleged\nfailure to uphold a 1986 agreement on semiconductor trade.\n REUTER\n\u0003","date":"18-JUN-1987 05:41:41.80","topics":["trade"],"organisations":["ec"],"places":["japan","usa"]},"18520":{"title":"BELGIUM CUTS TREASURY CERTIFICATE RATES","body":"The Belgian National Bank said it cut\none, two, and three month treasury certificate rates, all by\n0.10 points, effective immediately.\n The cuts take the one month rate to 6.75 pct, the two month\nrate to 6.80 pct and the key three month rate to 6.85 pct, the\ncentral bank said in a telex.\n A National Bank spokesman said the modest cut was made\nafter a decline in domestic money market rates yesterday, and\nwas not expected to be followed by a cut in the 7.60 pct\ndiscount rate.\n The short-term treasury certificate rates, and especially\nthe three-month rate, have been the National Bank's main\nmonetary policy instrument for the last two years.\n The discount rate has been the market's penalty rate rather\nthan a guiding rate since 1985, and its advances are currently\nlittle used as liquidity is ample, bank economists said.\n The bank last cut one- to three-month certificate rates on\nJune 5, also by 0.10 points.\n REUTER\n\u0003","date":"18-JUN-1987 05:49:04.79","topics":["interest"],"places":["belgium"]},"18521":{"title":"ARAB HEAVY TERM CRUDE SUPPLIES TO JAPAN UP IN JULY","body":"<Aramco Corp> has accepted Japanese\nnominations to lift a higher proportion of Arab Heavy crude oil\nunder term contracts in July, oil industry sources said.\n Japanese companies requested a ratio of 80 pct Arab Heavy\nto 20 pct Arab Light under a term contract agreement with\nAramco for 100,000 barrels per day, the sources said. The\ncontractual ratio is 30 pct heavy crude to 70 pct light.\n Japanese demand for heavy crude oil has increased\nsubstantially since the All Japan Seaman's Union ceased sailing\ninto the northern Mideast gulf last month, causing problems\nwith liftings of heavy Kuwait and Khafji crudes.\n REUTER\n\u0003","date":"18-JUN-1987 05:50:22.53","topics":["crude","ship"],"places":["japan"]},"18522":{"title":"TEHRAN WITHDRAWS MORE DIPLOMATS FROM BRITAIN","body":"Tehran Radio said all but one Iranian\ndiplomat in London would return home within two weeks.\n The report, monitored by the British Broadcasting Corp,\nfollowed an announcement by the Foreign Office in London that\nBritain had withdrawn four of its six remaining diplomats in\nTehran.\n They were the latest moves in a diplomatic row between the\ntwo countries that started with the arrest of an Iranian\nconsular official in England followed by the abduction of a\nBritish envoy in Tehran, who was later freed.\n REUTER\n\u0003","date":"18-JUN-1987 05:57:43.95","places":["uk","iran"]},"18523":{"title":"INDONESIA CUTS JULY CRUDE SUPPLIES TO JAPAN","body":"Indonesia's state oil company, Pertamina,\nhas informed its affiliated Japanese companies that crude oil\nsupplies will be 40 pct less than contractual volumes in July,\na spokesman for an affiliated company said.\n He said the allocations were in line with Indonesia's\nproduction ceiling under its current OPEC quota, so they might\nbe increased if OPEC ratifies a production rise next week.\n Allocations of Indonesia's main traded crude, Minas, had\nbeen cut by 50 pct and Duri by 38 pct, he said.\n Last month contractual volumes were cut by 30 pct.\n Contractual volumes assume no production ceiling.\n Oil traders said Indonesian grades were already trading\nabove their official selling prices (osp) on the spot market\ndue to strong demand from Japan and the U.S. And tight\nsupplies.\n A cargo of Duri loading in July was reportedly traded\nyesterday at 70 cents over its osp of 15.60 dlrs per barrel and\nMinas is trading about 20 cents higher, they said.\n REUTER\n\u0003","date":"18-JUN-1987 05:58:11.02","topics":["crude"],"places":["indonesia","japan"]},"18524":{"title":"FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS\n420.24 BILLION APRIL - OFFICIAL\n","date":"18-JUN-1987 05:59:34.48","topics":["reserves"]},"18525":{"title":"VIETNAM PARLIAMENT FIRES PRIME MINISTER, PRESIDENT","body":"Vietnam's parliament sacked Prime\nMinister Pham Van Dong and President Truong Chinh, but the\nchoice of their successors indicated the influence of the old\nguard may not be over, diplomatic sources said.\n Dong, prime minister for 32 years, left in fading health at\nthe age of 81. He is a popular hero of wars against France and\nthe United States and a staunch ally of the Soviet Union.\n Parliament replaced him with second-ranked politburo member\nPham Hung, 74, the Vietnam News Agency said. Hung headed the\nViet Cong guerrillas in the Vietnam War.\n Diplomats in Bangkok said Hung, not a noted supporter of\neconomic and political reforms, had been widely tipped for the\nless important presidency.\n That post went instead to Vo Chi Cong, a technocrat who\nranks third in the politburo. Diplomatic sources said Cong was\nmore in tune with the national economic and political changes\nbeing pushed by reformists who apparently had gained the upper\nhand in the all-important politburo in December.\n Chinh, a hardline Marxist and a veteran of the wars against\nFrance and the U.S., Was ousted at the age of 80. His political\nstance had recently softened, the sources said.\n REUTER\n\u0003","date":"18-JUN-1987 06:09:33.29","places":["thailand","vietnam"]},"18526":{"title":"MAZDA SEES 50.8 PCT DROP IN 1986/87 CURRENT PROFIT","body":"Mazda Motor Corp <MAZT.T> predicted a\nparent company current profit of 10 billion yen in the year\nending October 31, 1987, down 50.8 pct from a year earlier,\nassuming a yen/dollar value at 147 yen, vice president\nYoshihiro Wada told a press conference.\n Sales in 1986/87 were estimated at 1,640 billion yen, up\n0.9 pct from a year earlier.\n The company earlier posted a parent net profit of 1.59\nbillion in the first half ended April 30, down 76.9 pct from a\nyear earlier, on sales of 804.02 billion, down 4.2 pct.\n The fall was due to the yen rise against the dollar which\ncut 55 billion yen off sales, Wada said. The average value of\nthe dollar was 155 yen in the period from 190 a year earlier.\n Mazda estimated vehicle exports at 1.12 mln, including kit\nparts, in the year to October 31, up 6.8 pct from a year\nearlier, and domestic sales at 360,000, up 0.8 pct, he said.\n Kit exports should rise because kits sold to Kia Motor Corp\n<KIAM.SE> unit <Kia Industrial Corp>, which is eight pct owned\nby Mazda, and to a Mexico unit of Ford Motor Co <F> will rise\nto 150,000 from 9,000, pushing kit exports up 45.3 pct to\n260,000, he said.\n Mazda has yet to decide whether to pay an unchanged four\nyen dividend for the second half, but it will pay an unchanged\n3.50 yen for the first half, Wada said.\n REUTER\n\u0003","date":"18-JUN-1987 06:20:25.78","places":["japan"]},"18527":{"title":"FRENCH OFFICIAL RESERVES RISE IN MAY","body":"French official reserves rose 258 mln\nfrancs in May to 420.50 billion francs from 420.24 billion at\nthe end of April, the Finance Ministry said.\n The slight rise partly reflected the repayment last month\nof France's outstanding 11.95 billion francs of debt owed to\nthe European Monetary Cooperation Fund (FECOM).\n It also reflected a negative 314 mln franc position with\nFrance's Exchange Stabilisation Fund after intervention\npurchases of 10.6 billion francs during May.\n Foreign currency holdings fell 7.28 billion francs to\n124.58 billion while ECU holdings fell by 5.55 billion francs\nto 58.52 billion due to the repayment of part of France's debt\nowed to the FECOM and Stabilisation Fund operations, the\nministry said.\n Claims on the IMF rose 1.14 billion francs to 18.97\nbillion, including a 385 mln franc increase in France's reserve\nposition with the IMF and a 751 mln franc rise in holdings of\nSpecial Drawing Rights.\n Gold holdings were unchanged at 218.46 billion francs.\n REUTER\n\u0003","date":"18-JUN-1987 06:24:11.74","topics":["reserves"],"places":["france"]},"18528":{"title":"AIR NEW ZEALAND WELCOMES GOVERNMENT SHARE SALE","body":"The New Zealand government's sale of\na 25 pct stake in Air New Zealand would release the airline\nfrom the shackles of burdensome government processes, managing\ndirector Norman Geary told reporters.\n Civil Aviation minister Richard Prebble said today the\ngovernment would sell 25 pct of the airline to the public.\n Geary said the company had proposed the sale in 1984.\n \"With our company we believe there will be considerable New\nZealand interest (in the shares) and we would hope for a strong\nprivate interest,\" he said.\n Geary said he was keen to see a large staff shareholding.\n REUTER\n\u0003","date":"18-JUN-1987 06:26:14.44","places":["new-zealand"]},"18529":{"title":"YUGOSLAVIA SIGNS FOR 550 MLN ECU LOAN","body":"Yugoslavia has signed up for a 550 mln\nECU loan from the European Community (EC), the official Tanjug\nnews agency said.\n It said the agreement, which has yet to be ratified by the\n12 EC countries and the European Parliament, was signed last\nnight in Brussels.\n The 20 year, 7.5 pct interest loan will be used to complete\nthe trans-Yugoslavia motorway and modernise the country's\nrailway network, the agency said.\n Yugoslavia's request for a 100 mln ECU grant was refused by\nthe EC, but will be discussed again, Tanjug added.\n REUTER\n\u0003","date":"18-JUN-1987 06:26:42.75","organisations":["ec"],"places":["yugoslavia"]},"18530":{"title":"FRENCH STATE SELL-OFFS RAISE 52 BILLION FRANCS","body":"The French government's privatisation\nprogram, which began late last year, has earned the French\nState about 52 billion francs to date, the Finance Ministry\nsaid.\n Sources close to Finance Minister Edouard Balladur said the\nrevenues raised from the privatisation program would be used in\npriority to pay off public debt, which stood at 398.2 billion\nat the end of 1986.\n The Ministry said in a communique that the returns included\nbanking group Societe Generale <SGEN.PA>, which began its\ntwo-week public flotation last Monday.\n The government has carried out eight flotations, as well as\nthe private sale of telephone group <Cie Generale de\nConstructions Telephoniques> (CGCT) since its denationalisation\nscheme began last December with the sell-off of glass makers\nSaint-Gobain <SGEP.PA>, it added.\n The government has pledged to privatise 66 state-owned\nindustrial, banking and insurance companies by 1991.\n Other companies to be sold to the private sector in the\nnear future are television network TF-1 later this month and\nbanking group Cie Financiere de Suez <FSPP.PA> in the autumn.\n The ministry said TF-1's forthcoming sell-off meant that a\nthird of the government's programme would have been completed\nin less than nine months.\n Balladur on Sunday rejected press and opposition charges\nthat the share prices for privatised companies had been pitched\ntoo low.\n He said that the average premium of shares trading on the\nBourse was between 15 and 30 pct over their offer price. This\ncompared with premiums of between 60 and 80 pct on similar\nshare flotations in Britain.\n REUTER\n\u0003","date":"18-JUN-1987 06:28:07.19","topics":["acq"],"places":["france"]},"18531":{"title":"FIJI MAKES SUGAR PAYMENT TO GET HARVEST STARTED","body":"Fiji sugar farmers will receive an interim\npayment on the 1986 crop, four months ahead of schedule, in a\nmove aimed at getting harvesting of the drought-hit 1987 crop\nunder way, Governor-general Ratu Sir Penaia Ganilau said.\n Industry sources said latest forecasts for the 1987 crop\nindicated output of 360,000 tonnes, well down on the record\n501,800 tonne tel quel production in the 1986 (May-December)\ncrop year.\n The previous record was set in 1982 when Fiji produced\n486,790 tonnes.\n For the past month Fiji sugar farmers have delayed\nharvesting the 1987 crop pending a response from the\nGovernor-general to demands following the May 14 coup.\n Ganilau said in a statement the Fiji Sugar Corp would make\na payment of five dlrs per tonne against the final payment for\nthe 1986 crop on the understanding that preparations by growers\nfor commencement of harvesting would be completed at all mills\nby June 23.\n Crushing would commence at Labasa and Penang mills on June\n23 and at Lautoka and Rarawai mills on June 30, he said.\n The interim payment, to be made on or about June 30, is the\nfull amount of the grower's share of 1986 sugar proceeds\nreceived to-date. The balance will be paid in October.\n Growers had also called for the full 1987 forecast price of\n23.50 dlrs per tonne of cane to be paid in cash on delivery to\nthe mill, but this has been rejected by the state controlled\nFiji Sugar Corp, Ganilau said.\n However, in addition to the scheduled delivery payment of\n14.10 dlrs, an additional sum of 2.35 dlrs, or 10 pct of the\nforecast price, would be paid on December 15, on all cane\nharvested by November 30, he said.\n Ganilau said, \"This will be at least one month in advance of\nthe expected date of payment of the second payment of cane. The\nbalance of the second payment will be made six weeks after the\nend of crushing.\"\n Another demand of Fiji's 22,000 small farmers was that an\nestimated 14 mln dlr loan from the Fiji Development Bank (FDB)\nfor the 1983 cane crop rehabilitation programme be written off.\nThe FDB rejected this request.\n Ganilau said, however, \"The bank is prepared to carefully\nconsider requests for rescheduling loan repayments in cases of\nhardship on a case-by-case basis.\"\n In response to a further demand that all soldiers be\nremoved from the cane growing areas, Ganilau said the army\nwould restrict its presence in the cane areas.\n He said he had directed the authorities to issue permits to\nharvesting gangs, cane growers and sugar industry trade unions\nto hold the necessary meetings in preparation for the\ncommencement of harvest.\n Senior representatives of the sugar cane growers had\nindicated a desire to commence the crush as soon as possible,\nhe added.\n REUTER\n\u0003","date":"18-JUN-1987 06:29:42.66","topics":["sugar"],"places":["fiji"]},"18532":{"title":"JAPAN INSTITUTIONS EYEING T-BOND INVESTMENT WARILY","body":"Some major Japanese institutional\ninvestors are gradually returning to investing in U.S.\nTreasuries, although fear that the dollar has not yet bottomed\nout has kept others cautiously waiting on the sidelines.\n Trust banks and some investment trusts are starting to look\nat buying treasuries for short-term gains, while other\ninvestment trusts and most life insurers are still wary,\naccording to fund managers polled by Reuters.\n The five percentage point gap between U.S. And Japanese\nlong-term bonds is the major attraction of T-bonds.\n Most institutions remain sensitive to the prospects of\ndollar declines, after making huge foreign exchange losses on\ntheir foreign bond holdings last fiscal year ended March.\n The seven leading local life insurers alone saw losses on\ntheir foreign bond holdings of over 1,700 billion yen, or some\n11.5 billion dlrs, in 1986/87, industry sources said.\n However, most institutional investors want to buy U.S.\nT-bonds due to the absence of profitable domestic instruments.\n \"Despite all the negative factors, we have definite demand\nfor U.S. Securities,\" said Osamu Fukushima, deputy manager of\nMitsui Trust and Banking Co Ltd's securities department.\n Another trust bank fund manager said, \"What matters the most\nare the fundamentals of the U.S. Economy and the\ncompetitiveness of U.S. Industry. We are closely watching the\ngrowth of U.S. Exports, which is an important measure of the\nfundamental strength of the dollar.\" The U.S. Trade deficit's\ndecline in April was due to a 1.2 billion dlr decline in\nimports, while exports did not show a recovery, he said.\n One life insurance company fund manager said, \"We doubt the\nU.S. Government will fight the trade and fiscal deficits,\nespecially after the announcement of Federal Reserve Board\nchairman Paul Volcker's resignation.\"\n \"The receptive stance of the U.S. Congress on the call for\nfurther dollar falls to cut the country's trade deficit also\nmakes us wary about U.S. Bonds purchases,\" the life insurance\ncompany fund manager said.\n Yuji Miyaji, deputy manager of the Sumitomo Trust and\nBanking Co Ltd's securities investment department, said, \"We are\nslowly starting to buy U.S. Bonds because the gap of over 500\nbasis points between the U.S. And Japan is very attractive\nHowever, we are pessimistic on the dollar's further recovery.\nWe find that U.S. Economic fundamentals have not changed so\nfar.\"\n Keijirou Fukushima, manager at Yamaichi Investment Trust\nManagement Co Ltd's bond portfolio management department, said,\n\"We would like to invest in U.S. Bonds gradually, given an\nimproved inflation outlook and the limited chances of a further\nsteep fall in the dollar from now.\"\n \"We have already reduced forward dollar selling volume to 40\npct of our total foreign assets from 60 pct,\" he said.\n Another life insurance company fund manager said, \"We have\nstarted investing in U.S. Treasury securities, but only on a\ntrading basis.\"\n REUTER\n\u0003","date":"18-JUN-1987 06:30:06.55","places":["japan","usa"]},"18533":{"title":"UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95\nMLN OR 10.6 PCT - OFFICIAL\n","date":"18-JUN-1987 06:30:08.69","topics":["jobs"],"places":["uk"]},"18534":{"title":"UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,\nUNDERLYING RISE 7.75 PCT - OFFICIAL\n","date":"18-JUN-1987 06:30:10.80","topics":["income"],"places":["uk"]},"18535":{"title":"U.K. MANUFACTURING WAGE COSTS RISE 1.0 PCT IN YEAR TO\nAPRIL (MARCH 0.7 PCT RISE) - OFFICIAL\n","date":"18-JUN-1987 06:30:29.59","places":["uk"]},"18536":{"title":"U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING\nUP 0.55 PCT - OFFICIAL\n","date":"18-JUN-1987 06:31:21.77","topics":["ipi"],"places":["uk"]},"18537":{"title":"U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5\nPCT - BANK OF ENGLAND\n","date":"18-JUN-1987 06:31:42.45","topics":["money-supply"]},"18538":{"title":"MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG\nAFTER 1.5 BILLION IN APRIL - OFFICIAL\n","date":"18-JUN-1987 06:32:07.69","topics":["interest"]},"18539":{"title":"U.K. UNEMPLOYMENT FALLS BELOW THREE MLN IN MAY","body":"U.K. Unemployment fell a record\nprovisional, seasonally-adjusted 64,300 in May to a total 2.95\nmln or 10.6 pct of the workforce, the Employment Department\nsaid.\n In April, seasonally-adjusted unemployment fell by an\nupwardly revised 21,600 to 3.02 mln or 10.9 pct, it said.\n The unadjusted jobless total in May, including school\nleavers, alos fell a record 121,000 to 2.99 mln or 10.8 pct\nfrom April's 3.11 mln, 11.2 pct.\n May was the eleventh successive decline from a peak last\nsummer of 11.6 pct, the Employment Department said.\n \"Unemployment has fallen to under three mln for the first\ntime in over three years. The May fall of 64,000 was the\nlargest drop since records were first kept (in 1948),\"\nEmployment Minister Norman Fowler said.\n All regions have seen above average falls in long term\nunemployment during the past year, he added.\n The last time the adjusted total of unemployed was below\nthree mln was July 1984, while the unadjusted total was last\nbelow this level in June 1983.\n REUTER\n\u0003","date":"18-JUN-1987 06:33:36.32","topics":["jobs"],"places":["uk"]},"18540":{"title":"U.K. EARNINGS UP UNDERLYING 7.75 PCT IN APRIL","body":"U.K. Average earnings rose a seasonally\nadjusted 6.5 pct in the year to end-April, after increasing by\n6.7 pct annually in March, the Employment Department said.\n The April index, base 1980, was set at a provisional,\nseasonally-adjusted 197.3, up from 194.8 in March.\n But the underlying rise was 7.75 pct, up 0.25 pct from\nMarch and back to the same level seen late last year.\n The underlying rise is adjusted for factors such as\nback-pay and timing variations.\n Unit wage costs in U.K. Manufacturing industry rose one pct\nin the year to April, after an upward revised rise of 0.7 pct\nin the period to March, the Department of Employment added.\n In the three months to end-April, such costs were 0.9 pct\nhigher, year-on-year, compared with a rise of 1.2 pct in the\nthree months to March.\n Manufacturing productivity in April was 6.1 pct higher than\na year ago after a downward revised 6.8 pct increase in March.\nIn the last three months period manufacturing productivity was\nup 6.7 pct, having increased 6.5 pct in the first quarter.\n REUTER\n\u0003","date":"18-JUN-1987 06:35:39.08","topics":["income"],"places":["uk"]},"18541":{"title":"U.K. CLEARING BANK LENDING RISES SHARPLY IN MAY","body":"Clearing bank sterling lending to the\nprivate sector in May is estimated to have risen by an\nunderlying, seasonally adjusted 3.5 billion stg compared with\n1.3 billion stg in April and a recent monthly average of 1.4\nbillion, the Banking Information Service said.\n The unadjusted rise was 2.77 billion stg, up from 844 mln\nin April.\n The May surge in borrowing from the clearing banks was\nprompted by the fall in base rates, which reached nine pct on\nMay 11, the Banking Information Service said. Borrowing through\nbill finance and other sources shrank.\n The increase in lending in May was seen in most categories,\nthe Banking Information Service said.\n In the personal sector, on an unadjusted basis, mortgage\nlending rose 544 mln stg compared with 471 mln in April.\nGeneral consumption went up 399 mln against 355 mln, though\ncredit card debt rose only 55 mln compared with 161 mln.\n Financial sector borrowing was up 734 mln stg in May\ncompared with a net repayment of 60 mln the previous month.\n Unadjusted private sector deposits increased by 2.37\nbillion stg against 1.16 billion. Sterling attracted an extra\n955 mln stg in deposits from abroad after little change in\nApril.\n REUTER\n\u0003","date":"18-JUN-1987 06:37:59.34","places":["uk"]},"18542":{"title":"INVESTIGATORS SAY AIR LANKA LOSSES DEVASTATING","body":"A commission set up to unravel the\naffairs of debt-ridden Air Lanka says the airline amassed\nlosses of up to 265 mln U.S. Dlrs in \"the most devastating\nfinancial tragedy\" in Sri Lankan commercial history.\n The commission, which scrutinised financial dealings from\naircraft acquisitions to give-away cookbooks, blamed the\nairline's previous board for the losses. The panel, appointed\nin August by President Junius Jayewardene, submitted its report\nto him on April 20. A copy was obtained by Reuters. The report\nwill be made available to the public by next week.\n The three-man commission recommended its findings be passed\nto state law officers to decide whether penal action was\nnecessary against any members of the former board or Air\nLanka's management. The airline comes under the Defence\nMinistry, a portfolio held by Jayewardene himself.\n The commission said Air Lanka's reports to Jayewardene\n\"blurred\" its true financial health. It said the airline had\nirretrievably lost its share capital of 3.8 billion rupees.\n To finance deficits, it had also used up a treasury loan of\n800 mln rupees and part of foreign currency loans obtained for\naircraft purchases and infrastructure needs, it said.\n \"Air Lanka is thus indebted to overseas lenders to the value\nof one billion rupees without any productive assets or\ncollateral to provide for its repayment,\" the commission said.\n It said the airline's losses were assessed at 5.59 billion\nrupees at March 31, 1986. But cumulative losses would reach 7.7\nbillion, implying Air Lanka lost money at the rate of 1.3\nbillion rupees a year between 1979, when it started, and 1986.\n \"These results must rank as the most devastating financial\ntragedy ever suffered in Sri Lanka's commercial history,\" the\ncommission said.\n The report said the airline's dangerously critical\nfinancial condition was due to uncontrolled spending --\nparticularly the way in which the airline expanded its fleet --\npoor marketing, and extreme laxity in cost controls.\n \"It is clear to us that Air Lanka's misfortunes are largely\nof its own creation and that the reponsibility must rest\nprimarily with the board of directors,\" it said.\n Air Lanka had blamed its problems on the effects on tourism\nof Sri Lanka's Tamil separatist rebellion, the depreciating\nrupee and under-capitalisation. The commission dismissed these\nas invalid.\n The report said most of the major problems stemmed from\nconcentration of power by Captain S.R. Wikramanayake who held\nthe posts of both chairman and managing director.\n \"It is mainly he who has to be responsible for whatever the\nstatus of Air Lanka is in today,\" it said.\n Wikramanayake resigned with the other board members last\nNovember. He could not be contacted for comment.\n The commission recommended that its findings should be\npassed \"to the law officers of the state ... To ascertain if\npenal action is necessary against any or all members of the\nformer board of Air Lanka or its management staff.\"\n The panel recommended equity involvement of one or more\nforeign airlines in Air Lanka and the granting of maximum\nconcessions to make the carrier attractive to foreign and local\ninvestment. It also suggested selling assets, such as two\nBoeing 747s financed by U.S. Dollar loans, to reduce debt.\n It said Air Lanka and the government should renegotiate\nU.S. Dollar-denominated debts into other currencies which form\nthe core of earnings and obtain lower interest rates. It also\nproposed negotiations for the return of two Lockheed Tristar\nL1011-500s now leased to British Airways before the leases\nexpire next March.\n REUTER\n\u0003","date":"18-JUN-1987 06:41:49.95","places":["sri-lanka"]},"18543":{"title":"ZURICH FAVOURS TIGHT \"MONEY LAUNDERING\" LAW","body":"The cantonal government of Zurich wants a\nproposed federal law making \"money laundering\" an offence to\npunish negligence and not just gross negligence, the cantonal\ninformation service said.\n The Zurich authorities said they supported proposals\nunveiled by the federal government in February to make it a\ncrime for anyone to conceal the origin of money which they have\nreason to believe was obtained by criminal means.\n But they argued in a submission on the proposals that the\nduty of care imposed on financial institutions should make them\nliable for any negligence.\n The federal government's proposals, which are being\ncirculated for comment before a formal bill is put before\nparliament, would make only gross negligence an offence.\n The new legislation, which is aimed mainly at combatting\norganised crime, is likely to take effect in the early 1990s.\n REUTER\n\u0003","date":"18-JUN-1987 06:42:19.94","places":["switzerland"]},"18544":{"title":"TAIWAN TO REOPEN TENDER FOR U.S. SOYBEANS","body":"The joint committee of Taiwan's soybean\nimporters will reopen a tender tomorrow for two shipments of\n54,000 to 66,000 tonnes of U.S. Soybeans, a committee spokesman\ntold Reuters.\n The committee rejected a tender today for a cargo of\n27,000 to 33,000 tonnes on the grounds the prices offered by\nthe U.S. Suppliers were too high, he said.\n The committee will be seeking a further shipment of between\n27,000 and 33,000 tonnes when it reopens the tender tomorrow,\nhe added.\n REUTER\n\u0003","date":"18-JUN-1987 06:45:35.96","topics":["oilseed","soybean"],"places":["taiwan"]},"18545":{"title":"AMRO LINES UP FIRST GUILDER MULTI-OPTION FACILITY","body":"Amro Bank said it is arranging the\nfirst guilder multi-option facility for Greenland NV in a loan\npackage of up to 300 mln guilders.\n The package consists of a 150 mln guilder, five year\nmulti-option facility with a tender panel facility for short\nterm advances and a back stop by the syndicate at 0.5 pct above\nthe London Inter Bank Offered Rate (LIBOR)\n There is also a 150 mln guilder, seven year multi-currency\nterm facility at LIBOR plus 0.375 pct for the first three\nyears, at LIBOR plus 0.5 pct for the fourth and fifth year, and\nat LIBOR plus 0.625 pct for the remaining two years.\n Greenland has an option to fix the second facility.\n Both facilities have a commitment fee of 0.125 pct.\n Greenland NV, a producer of agricultural machines, is a\nsubsidiary of the Thyssen-Bornemisza Group. The firm will be\nfloated on the Amsterdam and Toronto stock exchanges in the\nsecond half of July.\n REUTER\n\u0003","date":"18-JUN-1987 06:52:00.41","places":["netherlands"]},"18546":{"title":"HONDA EXPORTS FALL IN MAY","body":"Honda Motor Co Ltd <HMC.T> said its\nvehicle exports in May fell 11.4 pct from a year earlier to\n54,982.\n Honda shipped 34,701 vehicles to the U.S. In May, up 4.4\npct from a year earlier, but total shipments to North America\nfell 8.3 pct to 39,009, due to increased assembly there, a\ncompany spokeswoman said.\n Exports to Europe fell 24.8 pct to 12,821, she added.\n REUTER\n\u0003","date":"18-JUN-1987 06:54:48.09","places":["japan"]},"18547":{"title":"ATT/PHILIPS VENTURE GETS SPANISH GOVT APPROVAL","body":"ATT/Philips (APT), the\njoint venture between American Telephone and Telegraph Co <T>\nof the U.S. And N.V. Philips Gloeilampenfabrieken <PGLO.AS>,\nsaid the Spanish government had approved its setting up of a\njoint venture in Spain. The government had also awarded it an\norder for the state-controlled Compania Telefonica Nacional de\nEspana <TELF.MA> (Telefonica), APT said.\n APT will take a majority stake in a new company to be\nformed with the Spanish firm <Amper> which will make\ntransmission equipment for Telefonica.\n The order is expected to be worth some 30 mln dlrs per\nyear.\n Further negotiations with Telefonica have yet to be\nconcluded, however, an APT spokesman said.\n For Philips, the order is an important first step into the\nSpanish market, a company spokesman said.\n REUTER\n\u0003","date":"18-JUN-1987 07:01:26.60","places":["netherlands","spain"]},"18548":{"title":"BANKAMERICA ASKS JAPAN BANKS TO BUY SECURITIES","body":"BankAmerica Corp <BAC> asked Japanese\ncommercial banks today to buy 350 mln dlrs in subordinated\ncapital notes and preferred stock that it plans to issue to\nboost its equity base, a company spokesman said.\n BankAmerica vice chairman Frank N. Newman held a meeting\nhere today to outline its fund-raising plan to some 20 Japanese\nbanks, he told Reuters.\n He also stressed the company's efforts to streamline\noperations, by withdrawing from unprofitable energy-related\nareas to concentrate more on its Californian home base.\n But Newman said the company had no intention of selling its\n Seafirst Corp Subsidiary in Washington.\n A document obtained by Reuters shows the fund-raising\neffort involves 250 mln dlrs in 12-year subordinated capital\nnotes and 100 mln in convertible preferred stock.\n It has made a shelf registration with the SEC so that it\ncan issue debt securities whenever market conditions are\nfavorable.\n The company already raised 100 mln dlrs in the U.S. Market\nlast month, he added.\n According to the document, the 250 mln dlrs in subordinated\ncapital notes will carry an interest rate of 100 basis points\nover the three-month London Interbank Offered Rate (LIBOR). The\nminimum rate will be six pct and the maxiumum 12 pct.\n The notes will be redeemable at par after four years and\nwill also have warrants attached to purchase the firm's common\nstock at 17.50 dlrs. There will be 7.5 mln warrants in all,\nwith a term of 10 years.\n The planned convertible preferred stock will carry a\ndividend rate equivalent to three months LIBOR plus an as yet\nundecided premium, the document said. There will be no sinking\nfund for the preferred stock, which will have 10-year warrants\nattached to buy BankAmerica common stock.\n The rest of the details of the preferred stock issue have\nyet to be worked out.\n On both the preferred stock and note issues, BankAmerica\nsaid that a fixed rate alternative was possible.\n The document said that BankAmerica was also open to raising\nfunds in yen, if that was desirable for the Japanese.\n Those present at the meeting today were working-level\nofficials from 13 city, three long-term credit and seven trust\nbanks, Japanese banking sources said.\n Newman expressed hope that certain banks would act as lead\nmanagers of the projected debt securities but did not name\nspecific banks, the sources said. No bank made any commitment\nto the company's fund-raising plan as most knew little about it\nin advance, they said.\n \"Today's meeting itself was held with very short-notice and\nwe just can't decide what to do with it,\" said a senior official\nat a leading city bank.\n Newman attempted to quell Japanese bankers' fears that the\nU.S. Federal Reserve may insist that they deduct the equivalent\namount to the securities purchased from their primary capital,\nunder a regulation now being studied by the U.S. And Britain.\n Newman told them that they should not worry because he\nunderstood the U.S. Federal Reserve would not go along with\nsuch a regulation, the official said.\n REUTER\n\u0003","date":"18-JUN-1987 07:03:04.15","places":["japan"]},"18549":{"title":"CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT","body":"Citibank Ltd said it would lower its\nAustralian prime rate to 16 pct from 16.5, effective tomorrow.\n The new rate, if unmatched by other banks, will be the\nlowest among Australian trading banks. Other primes range from\n16.25 to 17.5 pct.\n Australian prime rates have now retreated from a recent\npeak of 19 pct in October in line with declining money market\nlevels. Citibank said its reduction reflected the decline.\n REUTER\n\u0003","date":"18-JUN-1987 07:08:06.99","topics":["interest"],"places":["australia"]},"18550":{"title":"MAZDA EXPORTS FALL IN MAY","body":"Mazda Motor Corp <MAZT.T> said its vehicle\nexports fell 2.2 pct from a year earlier to 69,191 in May.\n In May, exports included 50,800 cars, down 4.8 pct from a\nyear earlier, and 18,391 commercial vehicles, up six pct, the\ncompany said.\n Mazda's exports to the U.S. Fell 7.8 pct to 35,401 and\nthose to Europe fell 2.6 pct to 20,809.\n Exports to South East Asia rose 142.4 pct to 6,564 due to\nhigher exports of complete kits to <Kia Industrial Corp>.\n REUTER\n\u0003","date":"18-JUN-1987 07:10:14.92","places":["japan"]},"18551":{"title":"J. HARDIE SAYS HIGHER NET REFLECTS RATIONALISATION","body":"James Hardie Industries Ltd <HAHA.S> said\nthe 28 pct increase in its 1986/87 net profit reflected the\nbenefits of continuing rationalisation and consolidation of\nAustralian activities and expansion in the U.S.\n The diversified building products group reported net\nearnings rose to 60.58 mln dlrs in the year ended March 31 from\n47.42 mln in 1985/86. It lifted annual dividend to 24 cents\nfrom 22 with a final of 13, against 11 previously.\n Hardie had concentrated resources on building up its core\nbusinesses of building products, paper merchanting and\ntechnology and services, it said in a statement.\n Hardie said it sold a number of businesses during the year\nwhich were unable to meet objectives for return on investment\nor market share and some non-core units.\n This resulted in a decline in sales to 1.50 billion dlrs\nfrom 1.56 billion, but also contributed to a fall of about 100\nmln dlrs in borrowings by year-end and a 36 pct drop in\ninterest expense to 29.16 mln dlrs, it said.\n Hardie said a 42 pct jump in second-half net earnings to\n29.66 mln dlrs from 20.92 mln a year earlier was particularly\npleasing in view of the difficult trading conditions faced by\nthe building products businesses in Australia.\n The problems in U.S. Irrigation operations which adversely\naffected 1985/86 earnings have been overcome, Hardie said.\n It said the process of rationalisation and consolidation\nhad continued into the current year as had expansion into the\nU.S.\n Hardie said it could now look forward to a period of\ndevelopment and further growth in Australia and overseas after\ncarrying through a long and expensive process of eliminating\nasbestos, the group's original prime raw material, from its\nfibre cement building products over the past eight years.\n REUTER\n\u0003","date":"18-JUN-1987 07:11:46.87","places":["australia"]},"18552":{"title":"1988 FRENCH MINISTERIAL BUDGETS FROZEN - SOURCES","body":"Average spending by French ministries will\nbe virtually frozen next year within the framework of a one pct\nreal increase in the overall state budget, sources close to\nFrench Finance Minister Edouard Balladur said.\n The sources said priority would be given to defence,\nresearch and the fight against unemployment, which reached 2.66\nmln people in April.\n Prime Minister Jacques Chirac yesterday chaired a\nministerial meeting on the budget and Balladur is due to make\nthe final decision at the end of the month.\n Budget Minister Alain Juppe said yesterday that the\ngovernment was on course to achieve its target of tax cuts\nworth 50 billion francs over two years.\n Juppe gave no details but pledged that the government also\nplanned to cut its budget deficit down to 115 billion francs by\n1988 from the 129 billion franc shortfall forecast for 1987.\n REUTER\n\u0003","date":"18-JUN-1987 07:13:42.55","places":["france"]},"18553":{"title":"BRITAIN PULLS OUT MORE DIPLOMATS FROM IRAN","body":"Britain withdrew four more diplomats from\nits diplomatic mission in Tehran, leaving only two officials in\ntheir posts.\n The Foreign Office said the four had left Tehran earlier\ntoday and would arrive in London tomorrow.\n Britain and Iran have been embroiled in a three-week-old\ndiplomatic row which began when a British diplomat was beaten\nand abducted for 24 hours in the Iranian capital.-\n Reuter\n\u0003","date":"18-JUN-1987 07:16:50.44","places":["uk","iran"]},"18554":{"title":"U.S. SENATORS PROPOSE BAN ON TOSHIBA IMPORTS","body":"Three U.S. Senators said they will\npropose a temporary ban on imports of all Toshiba products due\nto the company's illegal sales of sensitive high-technology\ngoods to the Soviet Union.\n Senator Jake Garn, John Heinz and Richard Selby said at a\nhearing of the senate banking committee on export control, they\nwill offer the proposal as part of a major trade bill when it\nis brought before the senate this summer.\n Garn, a Utah Republican, said \"I am talking about specific\nretribution on a company that endangers the security of their\nown country and ours.\"\n Reuter\n\u0003","date":"18-JUN-1987 07:18:27.45","topics":["trade"],"places":["usa","japan","ussr"]},"18555":{"title":"CHILE SIGNS DEBT RESCHEDULING AGREEMENT","body":"Representatives of the Republic of\nChile and its 400-plus international bank creditors started\nsigning agreements to reschedule 10.6 billion dlrs of the\ncountry's foreign debt, Manufacturers Hanover Trust Co said.\n Manufacturers Hanover, which chairs a 12-bank advisory\ncommittee that agreed the terms of the deal in late February,\nsaid all of Chile's creditor banks have approved the package.\n A key feature of the rescheduling agreement is that Chile\nwill avoid the need for fresh bank loans this year and next by\nmaking interest payments to the banks every twelve months\ninstead of every six months.\n Reuter\n\u0003","date":"18-JUN-1987 07:18:53.45","places":["usa","chile"]},"18556":{"title":"U.S TREASURY SELLING 24.25 BILLION DLRS OF NOTES","body":"The U.S. Treasury said it will\nauction 24.25 billion dlrs of two, four and seven year notes\nnext week to raise a total of 8.325 billion dlrs of new cash.\n The financing will begin with the monthly auction on\nTuesday, June 23 of 9.75 billion dlrs of two year notes.\n That will be followed on Wednesday and Thursday by\nrespective quarterly sales of 7.5 billion dlrs of four year\nnotes and 7.0 billion dlrs of seven year notes to refund 15.93\nbillion dlrs of two year and four year notes maturing June 30.\nThe two year notes mature June 30, 1989. The four years mature\nJune 30, 1991 with the seven years due July 15, 1994.\n Reuter\n\u0003","date":"18-JUN-1987 07:19:08.15","places":["usa"]},"18557":{"title":"FOUR SUGAR CARGOES SOLD TO CHINA YESTERDAY -TRADE","body":"Four cargoes of raw sugar were sold to\nChina yesterday via the London trade to supplement the\ncountry's current nearby buying programme, traders said.\n The sugar was reported sold at around 160 dlrs a tonne c\nand f for July/August shipment or arrival in September, they\nsaid.\n Some traders said recent Chinese purchases could total as\nmuch as 300,000 tonnes, but others, while agreeing a heavy\nvolume had been taken, said an amount less than that figure was\ninvolved.\n China was still believed to be in the market for more\nsugar, traders said.\n REUTER\n\u0003","date":"18-JUN-1987 07:19:37.22","topics":["sugar"],"places":["uk","china"]},"18558":{"title":"TNP ENTERPRISES <TNP> UNIT TO SELL BONDS","body":"Texas-New Mexico Power Co, a unit of\nTNP Enterprises Inc, said it filed with the Securities and\nExchange Commission a registration statement covering 65 mln\ndlr issue of first mortgage bonds.\n Proceeds will be used to repay short-term debt and for\nother general purposes, the company said.\n It said the bonds would probably be offered through\nShearson Lehman Brothers Inc and Salomon Brothers Inc.\n REUTER\n\u0003","date":"18-JUN-1987 07:24:30.35","places":["usa"]},"18559":{"title":"REPUBLIC NEW YORK <RNB> ADDS TO LOAN-LOSS","body":"Republic New York Corp said it would\nadd 100 mln dlrs to its allowances for loan losses specifically\nrelated to its loan exposure to Latin American customers.\n Republic New York estimated its second quarter net loss\nwould total about 80 mln dlrs as a result.\n REUTER\n\u0003","date":"18-JUN-1987 07:25:56.63","places":["usa"]},"18560":{"title":"REPUBLIC NEW YORK <RNB> AFFIRMED BY MOODY'S","body":"Moody's Investors Service Inc said it\naffirmed the ratings on 2.2 billion dlrs of debt of Republic\nNew York Corp.\n The agency said Republic's 100 mln dlr provision to its\nloan loss reserve adjusts the institution's financial statement\nto more accurately reflect economic reality.\n Affirmed were Republic's Aa-3 senior debt, A-1 subordinated\ndebt and preferred stock, Provisional Aa-3 senior debt shelf\nand Provisional A-1 subordinated debt shelf. Also affirmed were\nlead bank Republic National's Aa-1 long-term deposit\nobligations.\n REUTER\n\u0003","date":"18-JUN-1987 07:26:21.26","places":["usa"]},"18561":{"title":"USX <X> OFFERS CONVERTIBLE PREFERRED","body":"USX Corp announced a public offering\nof 250 mln dlrs of convertible exchangeable cumulative\npreference stock underwritten by Morgan Stanley and Co Inc and\nFIrst Boston Corp.\n USX said the proceeds will be used to redeem its currently\noutstanding 2.25 dlrs convertible exchangeable cumulative\npreference stock.\n USX said the new stock will be offered at 50 dlrs a share\nand will have a dividend of 3.50 dlrs a share per year.\n REUTER\n\u0003","date":"18-JUN-1987 07:26:51.36","places":["usa"]},"18562":{"title":"DAIRY FARM SUSPENDS SHARE TRADING IN HONG KONG","body":"Trading in shares of <Dairy Farm\nInternational Holdings Ltd> was suspended after the morning\nsession, the stock exchange said.\n It gave no explanation of the move but the company\nannounced it will hold a press conference on a major corporate\ndevelopment this afternoon.\n The stock last traded at 5.40 H.K. Dlrs, down 10 cents from\nyesterday's close.\n REUTER\n\u0003","date":"18-JUN-1987 07:27:14.56","places":["hong-kong"]},"18563":{"title":"JAMES HARDIE INDUSTRIES LTD <HAHA.S> YR TO MARCH","body":"Yr ended March 31\n Shr 37.8 cents vs 30.7\n Final div 13 cents vs 11, making yr 24 vs 22\n Net 60.58 mln dlrs vs 47.42 mln\n Turnover 1.50 billion vs 1.56 billion\n Other income 16.84 mln vs 3.73 mln\n Shrs 161.71 mln vs 154.19 mln.\n NOTE - Div pay Aug 6. Reg July 17. Div is unfranked and\nthus will not be tax-free under dividend imputation.\n Net is after tax 28.39 mln dlrs vs 29.93 mln, depreciation\n32.05 mln vs 34.59 mln, interest 29.16 mln vs 45.74 mln and\nminorities 1.35 mln vs 9.89 mln but before extraordinary profit\n2.28 mln vs loss 31.05 mln.\n REUTER\n\u0003","date":"18-JUN-1987 07:27:20.47","topics":["earn"],"places":["australia"]},"18564":{"title":"COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME","body":"The Commonwealth Bank of Australia said\nit will lower its reference rate for loans to 15.75 pct from\n16.25 pct and its overdraft reference rate to 16.25 pct from\n16.75, effective June 24.\n Bank officials have said the bank regards the overdraft\nreference rate, based on short-term rate trends, as its key\nprime lending rate to corporate customers. The loan reference\nrate is based on longer term trends.\n The bank is the latest to cut prime rates in recent days\nfollowing a continuing decline in market rates. Other prime\nrates now range from 16 pct to 17.5 pct.\n REUTER\n\u0003","date":"18-JUN-1987 07:27:44.12","topics":["interest"],"places":["australia"]},"18565":{"title":"DUTCH PARLIAMENT BACKS STAND AGAINST OILS TAX","body":"Dutch parliamentary parties have\nre-affirmed their support for the government's opposition to\nthe proposed European Community tax on oils and fats,\nparliamentarians said.\n A broad cross-section of members of parliament voiced their\nopposition to the tax during a debate in the lower house\nyesterday on the basis of possible retaliation from the U.S.\nAnd on the potentially damaging effect on Third World\ncountries.\n State Secretary for Foreign Affairs Rene Van Der Linden\nsaid the government was against the tax although it noted\ndeepening EC financial difficulties.\n \"It is difficult to be against the tax and against extra\nfinance. The EC members have to make a choice,\" Van Der Linden\nsaid.\n However, he denied the government had dropped its\nopposition to the proposed tax or altered its position.\n REUTER\n\u0003","date":"18-JUN-1987 07:28:42.73","topics":["veg-oil"],"organisations":["ec"],"places":["netherlands"]},"18566":{"title":"CSR DECLARES PIONEER SUGAR BID UNCONDITIONAL","body":"CSR Ltd <CSRA.S> said it had declared\nunconditional its takeover bid for <Pioneer Sugar Mills Ltd>\nfollowing Pioneer's recommendation that shareholders accept.\n This meant Pioneer shareholders would be paid for all\nshares tendered within 14 days, CSR said in a statement.\n CSR's statement follows Industrial Equity Ltd's <INEA.S>\ndisclosure yesterday that it had built up a 9.8 pct stake in\nPioneer at 2.54 dlrs a share, topping CSR's cash bid of 2.50.\n CSR is also offering one share, currently worth 4.04 dlrs,\nplus 1.20 cash, for every two Pioneer shares, which values\nPioneer at 2.62 per share. It holds about 33 pct of Pioneer.\n REUTER\n\u0003","date":"18-JUN-1987 07:31:09.04","topics":["acq"],"places":["australia"]},"18567":{"title":"SANDVIK, DIAMANT BOART FINALISE DRILLS MERGER","body":"Sweden's Sandvik AB <SVIK.ST> and\nDiamant Boart SA of Belgium, in which Societe Generale de\nBelgique <BELB.BR> holds an indirect 52 pct stake, have\nfinalised negotiations on merging oil and gas drilling tool\nactivities, officials of both companies said.\n Staffan Paues, President of the new Brussels-based joint\nventure company Diamant Boart Stratabit SA (DBS), told a news\nconference that the merged firm would be able to offer products\nfor all types of drilling operations.\n He said there were already signs that a slow recovery from\nrecession was under way in the oil and gas industries.\n \"Stability in oil prices should lead to renewed investment\"\nPaues said.\n DBS, which Paues said began operations today, brings\ntogether Sandvik's wholly-owned U.S. Subsidiary Strata Bit Corp\nof Houston and Diamant Boart's petroleum activities in Europe,\nNorth America, the Middle and Far East and Africa.\n Paues said the merger was a direct result of the sharp fall\nin oil prices 18 months ago which led oil firms to cut back\nexploration activities. Officials said the complementary\ncharacter of the two firms' operations was a further reason.\n REUTER\n\u0003","date":"18-JUN-1987 07:38:03.03","topics":["acq"],"places":["belgium","sweden"]},"18568":{"title":"CANADA SEES GLOBAL ACTION TO REDUCE FARM SUBSIDY","body":"Canada's Foreign Minister Joe Clark\nsaid there is greater international recognition on the need to\nreduce government-imposed subsidies on agricultural produce.\n \"There is now recognition that agricultural subsidies must\nbe reduced, and other reform measures pursued,\" Clark told a\nconference of ASEAN (Association of South East Asian Nations)\nforeign ministers and their counterparts from six\nindustrialised countries.\n A delegate said Clark's call for \"halting the subsidy war in\nthe agricultural products\" to ensure a stable world trading\nsystem received warm support from Japan and Australia.\n Clark said the Organisation of Economic Cooperation and\nDevelopment (OECD) has called for \"reduction of direct and\nindirect subsidies and avoidance of predatory or protectionist\ntrade practices.\"\n The OECD stand was endorsed by the Venice economic summit\nthis month. However, he said he did not expect any quick\nsolution to the subsidy problem.\n Clark said Canadian farmers, like those of ASEAN, \"are\ncaught in the cross-fire of an agricultural subsidy war that is\nnot of our making.\"\n Clark said his country will provide 10 mln Canadian dlrs as\naid over thu next five years to developing countries of the\nSouth Pacific region to finance fisheries and other marine\nprojects.\n \"The new program, which we estimate will cost about two mln\nCanadian dlrs a year, will be implemented by te International\nCentre for Ocean Development (ICOD) in close cooperation with\nthe major South Pacific regional organisations,\" he said.\n REUTER\n\u0003","date":"18-JUN-1987 07:42:14.13","organisations":["oecd"],"places":["canada"]},"18569":{"title":"THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL\nDIVISION - THOMSON\n","date":"18-JUN-1987 07:43:04.55","topics":["acq"]},"18570":{"title":"THOMSON TAKES OVER THORN EMI AUDIOVISUAL","body":"Thomson Grand Public, the subsidiary of\nThomson SA <THMP.PA>, has taken over the audiovisual consumer\ngoods division of British group Thorn EMI, Thomson Grand Public\nchairman Pierre Garcin said.\n The cost of the deal, signed late yesterday, is around 90\nmln stg and Thomson will finance 50 mln of this from its\nequity.\n Thorn EMI is a leader in the British audiovisual market\nwith a turnover last year of 300 mln stg.\n Garcin said the new acquisition would substantially\nincrease Thomson's turnover in the sector.\n REUTER\n\u0003","date":"18-JUN-1987 08:05:12.74","topics":["acq"],"places":["france"]},"18571":{"title":"VESSEL LOST IN PACIFIC WAS CARRYING LEAD","body":"The 37,635 deadweight tonnes bulk carrier\nCumberlande, which sank in the South Pacific last Friday, was\ncarrying a cargo which included lead as well as magnesium ore,\na Lloyds Shipping Intelligence spokesman said.\n He was unable to confirm the tonnages involved.\n Trade reports circulating the London Metal Exchange said\nthe vessel, en route to New Orleans from Newcastle, New South\nWales, had been carrying 10,000 tonnes of lead concentrates.\nTraders said this pushed lead prices higher in early morning\ntrading as the market is currently sensitive to any fundamental\nnews due to its finely balanced supply/demand position and low\nstocks.\n Trade sources said that 10,000 tonnes of lead concentrates\ncould convert to around 5,000 tonnes of metal, although this\ndepended on the quality of the concentrates.\n A loss of this size could cause a gap in the supply\npipeline, particularly in North America, they noted. Supplies\nthere have been very tight this year and there is a strike at\none major producer, Cominco, and labour talks currently being\nheld at another, Noranda subsidiary Brunswick Mining and\nSmelting Ltd.\n REUTER\n\u0003","date":"18-JUN-1987 08:06:28.44","topics":["ship","lead"],"places":["uk"]},"18572":{"title":"FRANCE'S CRH CANCELS TWO BILLION FRANC TAP ISSUE","body":"French mortgage refinancing agency Caisse\nde Refinancement Hypothecaire (CRH) has cancelled today's\nauction of between one and two billion francs worth of tap\nstock, the Bank of France said.\n In a statement the agency cited \"exceptional circumstances\"\non the bond market which resulted in a low level of\napplications.\n Today's issue would have been a new tranche of the agency's\nMarch 1987 8.50 pct 12 year issue. At its last auction in May\nthe CRH sold 2.02 billion francs worth of the stock at a top\naccepted price of 91.10 pct giving an average 9.79 pct yield.\n REUTER\n\u0003","date":"18-JUN-1987 08:08:41.90","places":["france"]},"18573":{"title":"DOME <DMP> SHAREHOLDER FILES CLASS ACTION SUIT","body":"Dome Petroleum Ltd said one of\nits common shareholders filed a class action suit in a New York\ncourt alleging the company, its chairman and president breached\ntheir fiduciary duties concerning Amoco Corp's proposed\ntakeover of Dome.\n Dome said the suit, filed by counsel representing Allen B.\nDeYoung, who holds 100 Dome common shares, names Dome, chairman\nJ. Howard Macdonald, president John Beddome as defendents, as\nwell as Amoco and Amoco's Canadian unit Amoco Canada Petroleum\nCo Ltd.\n Dome said the class action suit, filed in United States\ndistrict court in New York, seeks a court order declaring the\nDome-Amoco takeover null and void or compensation in excess of\n100 mln dlrs in actual damages, plus compensation for any\nconsequential damages.\n The suit also seeks to block a provision in the merger\nagreement for Dome to sell to Amoco its Primrose, Alberta,\nheavy oil properties for 79 mln dlrs if the takeover is not\ncompleted.\n Reuter\n\u0003","date":"18-JUN-1987 08:09:47.25","places":["canada"]},"18574":{"title":"TNP ENTERPRISES <TNP> UNIT TO SELL BONDS","body":"Texas-New Mexico Power Co, a unit of\nTNP Enterprises Inc, said it filed with the Securities and\nExchange Commission a registration statement covering 65 mln\ndlr issue of first mortgage bonds.\n Proceeds will be used to repay short-term debt and for\nother general purposes, the company said.\n It said the bonds would probably be offered through\nShearson Lehman Brothers Inc and Salomon Brothers Inc.\n Reuter\n\u0003","date":"18-JUN-1987 08:10:02.21","places":["usa"]},"18575":{"title":"JWT GROUP <JWT> SUES WPP GROUP PLC","body":"JWT Group Inc said it filed a suit\nagainst <WPP Group Plc> to enjoin the company from continuing\nits tender offer.\n The company said it charged that former JWT Group unit\nexecutive John Peters has breached his fiduciary duty by\ndisclosing confidential information about the company and its\nclients.\n The company said the suit, filed in New York State Supreme\nCourt, seeks to halt the \"ongoing misuse and misappropriation\nof highly confidential and proprietary information concerning\nJWT and its clients.\n The defendants in the suit are WPP Group and its units and\nPeters, who until January 29 was a director of J. Walter\nThompson Co, JWT Group's main subsidiary and its president and\nchief operating officer.\n JWT said it asked the court to enjoin the defendants from\nacquiring any further JWT stock, make them return all\nconfidential and proprietary information and to disgorge all\nprofits or other gains.\n The company said it also asked the court to award JWT\nunspecified damages.\n Reuter\n\u0003","date":"18-JUN-1987 08:10:38.75","topics":["acq"],"places":["usa"]},"18576":{"title":"JWT GROUP <JWT> GRANTS GOLDEN PARACHUTES","body":"JWT Group Inc disclosed in a filing\nwith the Securities and Exchange Commission that it awarded\nso-called \"golden parachutes\" to 26 top officers.\n The company said it granted the special bonuses, which take\neffect only if an executive is fired within two years of a\nsuccessful takeover, on June 8.\n It granted 25 of the officials a severance payment of just\nunder three times their annual compensation if they are fired\nafter a takeover. For chairman Don Johnston, the payment was\nlimited to twice his annual compensation.\n JWT approved additional lump-sum payments of one year's\ncompensation to an unspecified number of other highly paid\ncompany officials.\n The company also altered its employee retirement and stock\nincentive plans, to assure continued protection and benefits\nfor employees in the event of a hostile takeover.\n The company did not disclose the cost of the changes made\nin the severance, retirement or stock plans.\n Reuter\n\u0003","date":"18-JUN-1987 08:11:30.61","topics":["acq"],"places":["usa"]},"18577":{"title":"UNILEVER DECLINES COMMENT ON GILLETTE BID RUMOURS","body":"A spokesman for Unilever Plc <UN.AS>\ndeclined to comment on market rumours that it may be\nconsidering a bid for the U.S. Health care group The Gillette\nCo <GS.N>.\n Gillette shares are traded on the over-the-counter market\nin London and this morning stood one dollar higher at 38 dlrs\nin response to the bid speculation. Unilever dipped 33p to\n3,275 in a generally depressed U.K. Market.\n Most analysts dismissed the rumours saying it was an old\nstory, and one commented that it was \"utter rubbish,\" adding he\nthought Unilever would not be interested in Gillette.\n Gillette shares rose sharply at the beginning of the month\non Wall Street rumours that Sir James Goldsmith was building a\nstake in the company.\n Gillette has been the subject of repeated rumours since\nRonald Perelman, chairman of the Revlon Group Inc <REV>, made\nan unsuccessful bid for the company last year.\n REUTER\n\u0003","date":"18-JUN-1987 08:12:00.49","topics":["acq"],"places":["uk"]},"18578":{"title":"PEFCO SELLS NOTES VIA J.P. MORGAN SECURITIES","body":"Private Export Funding Corp, PEFCO, is\noffering 150 mln dlrs of secured notes due 1994 with an 8.60\npct coupon and par pricing, said J.P. Morgan Securities Inc,\nacting as lead manager of its first corporate debt deal.\n \"To our knowledge, this is the first time that an affiliate\nof a bank holding company has been a manager of a corporate\nbond offering in the U.S.,\" a spokesman for J.P. Morgan and Co\nInc said.\n J.P. Morgan Securities is an affiliate of J.P. Morgan and\nCo, the fifth largest bank in the U.S.\n The J.P. Morgan spokesman explained that because the PEFCO\nnotes are guaranteed by the U.S. government, the securities\naffiliate was not prohibited by the Glass-Steagall Act from\nunderwriting the issue.\n Indeed, Bankers Trust Co and Citicorp Investment Bank,\nwhich are affiliates of Bankers Trust New York Corp and\nCiticorp respectively, were co-managers of the PEFCO offering.\n Passed by Congress in 1933, Glass-Steagall bars commercial\nbanks from owning brokerage firms and engaging in such\ninvestment banking activities as underwriting corporate\nsecurities or municipal revenue bonds.\n Last year, several major U.S. banks formed investment\nbanking affiliates and applied to the Federal Reserve Board for\nauthorization to offer commercial paper and underwrite and\ntrade municipal revenue bonds and some forms of mortgage-backed\nsecurities.\n J.P. Morgan Securities received permission from the Fed\nseveral weeks ago for these activities, the spokesman said.\n But the Securities Industry Association, a trade group of\ninvestment banking firms, appealed the decision. J.P. Morgan\nalso appealed because it believed the Fed placed too many\nrestrictions on the bank's affiliate, the spokesman said.\n \"The Securities and Exchange Commission got a stay, so we\nare not engaging in those activities,\" the J.P. Morgan\nspokesman said.\n \"We are perfectly eligable to underwrite this offering. We\nare endeavoring to prove that there is nothing mysterious about\nthis business,\" the spokesman said.\n He added, \"Ruling off certain markets does not serve the\npublic policy.\n J.P. Morgan Securities was formed in April 1986 with\ncapitalization of 250 mln dlrs, the spokesman said. At year-end\n1986, the firm had 261.5 mln dlrs of capital.\n Dillon, Read and Co Inc, Merrill Lynch Capital Markets and\nSalomon Brothers Inc also served as co-managers of the PEFCO\ndeal.\n The issue's yield was 50 basis points over comparable\nTreasury securities. The notes are non-callable for life. A\ntop-flight AAA rating by Moody's and Standard and Poor's is\nanticipated.\n The gross spread is 5.75 dlrs, the selling concession is\n3.50 dlrs and the reallowance is two dlrs.\n The spokesman said J.P. Morgan Securities was a member of\nan underwriting syndicate for a Sallie Mae issue last year.\n Reuter\n\u0003","date":"18-JUN-1987 08:17:21.83","places":["usa"]},"18579":{"title":"BRITISH TELECOM LOOKS FORWARD TO MORE PROGRESS","body":"British Telecommunications Plc <BTY.L>\nsaid it looked to further progress this year after reporting a\n11.7 pct rise in 1986/87 pretax profits to 2.07 billion stg.\n The result was at the top end of market expectations but\nthe shares nonetheless declined from last night's closing\nlevels to stand 12p lower at 303p at 1130 GMT.\n Telephone call income rose 9.5 pct to 4.97 billion while\nrental income increased 10.6 pct to 3.06 billion.\n The company said it had not paid anything through its\nprofit-sharing scheme, after 18 mln stg last year, considering\nsuch payments inappropriate after a series of strikes.\n\n It said total operating costs rose 806 mln stg to 7.08\nbillion while its basket of across-the-range tariffs had been\nreduced overall by 0.3 pct last November under arrangements set\nup before privatisation.\n Despite the rise in profits, taxation rose only 11 mln stg\nto 754 mln, reflecting the cut in U.K. Corporation tax to 35\npct from 40 pct during the year. Gearing fell to 33 pct from 39\npct. Price regulation formulae were introduced for both the\npreviously state-owned utilities that have been floated off.\nYesterday, British Gas Plc <BRGS.L> said it was cutting tariffs\nfor domestic customers by about 4.5 pct.\n BT chairman Sir George Jefferson said work on new digital\nexchanges and optical fibre links will continue and the fight\nagainst vandalism of public call boxes would go on.\n \"We have been spending 160 mln stg over three years\nmodernising and expanding our payphone service to make our call\nboxes more reliable and harder to vandalise.\"\n Expenditure on digital exchanges was about 500 mln stg and\nprogress had been made in installing optical fibre.\n\n REUTER\n\u0003","date":"18-JUN-1987 08:19:46.08","places":["uk"]},"18580":{"title":"EXIDE SELLS 10-YEAR SENIOR SUBORDINATED NOTES","body":"Exide Corp is raising 135 mln dlrs via\nan offering of senior subordinated notes due 1997 yielding\n13.01 pct, said sole manager Drexel Burnham Lambert Inc.\n The notes have a 12-7/8 pct coupon and were priced at\n99.25, Drexel said. The issue is non-callable for three years\nand non-refundable for five years.\n Moody's rates the notes B-2 and Standard and Poor's rates\nthem B-minus. The gross spread is 33.75 dlrs, the selling\nconcession is 21 dlrs and the reallowance is 2.50 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 08:20:00.07","places":["usa"]},"18581":{"title":"OLIN <OLN> SUBORDINATED NOTES YIELD 9.558 PCT","body":"Olin Corp is raising 125 mln dlrs via\nan offering of 10-year subordinated notes yielding 9.558 pct,\nsaid lead manager Morgan Stanley and Co Inc.\n The notes have a 9-1/2 pct coupon and were priced at 99.625\nto yield 134 basis points more than comparable Treasury\nsecurities.\n Non-callable for life, the issue is rated Baa-2 by Moody's\nand BBB-minus by Standard and Poor's. The gross spread is seven\ndlrs, the selling concession is four dlrs and the reallowance\nis 2.50 dlrs. Salomon Brothers co-managed the deal.\n Reuter\n\u0003","date":"18-JUN-1987 08:20:09.41","places":["usa"]},"18582":{"title":"FLETCHER CHALLENGE UNIT SELLS 10-YEAR NOTES","body":"Fletcher Challenge Finance USA Inc, a\nunit of Fletcher Challenge Ltd, is raising 190 mln dlrs via an\noffering of notes due 1997 yielding 9.28 pct, said sole manager\nFirst Boston Corp.\n The notes have a 9-1/4 pct coupon and were priced at 99.80\nto yield 105 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the issue is rated a top-flight\nAaa by Moody's and Standard and Poor's. The gross spread is\n6.50 dlrs, the selling concession is four dlrs and the\nreallowance is 2.50 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 08:20:18.25","places":["usa"]},"18583":{"title":"MCDONNELL DOUGLAS <MD> GETS BIG THAI AIR ORDER","body":"McDonnell Douglas Corp said it has\nreceived an order from Thai Airways International for one\nMcDonnell Douglas DC-10 Series 30ER aircraft and four MD-11\nlong-range trijets, plus options for four more MD-11's.\n The company said the nine aircraft, together with two other\nDC-10ER's ordered earlier this year by Thai Air, are worth\nabout one billion dlrs.\n It said the DC-10 is scheduled for April 1988 delivery and\nthe first two newly ordered MD-11's in September and November\n1990, with the others two in October and November 1991.\n McDonnell Douglas said the DC-10 will be powered by General\nElectric Co <GE> CF6-50C2 engines and the MD-11's by GE\nCF6-80C2 engines.\n Reuter\n\u0003","date":"18-JUN-1987 08:20:45.92","places":["usa","thailand"]},"18584":{"title":"COMMONWEALTH EDISON <CWE> SELLS SEVEN-YEAR BONDS","body":"Commonwealth Edison Co is raising 140\nmln dlrs through an offering of first mortgage bonds due 1994\nyielding 8.92 pct, said lead manager Salomon Brothers Inc.\n The bonds bear an 8-7/8 pct coupon and were priced at\n99.765 to yield 85 basis points more than comparable Treasury\nsecurities.\n Non-callable for five years, the issue is rated A-3 by\nMoody's and A by Standard and Poor's. The gross spread is 6.50\ndlrs, the selling concession is four dlrs and the reallowance\nis 2.50 dlrs. Morgan Stanley co-managed the deal.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:04.11","places":["usa"]},"18585":{"title":"SERVICE RESOURCES <SRC> ENDS SORG <SRG> BID","body":"Service Resources Corp said it has\nwithdrawn and terminated its 23 dlr per share takeover offer to\nSorg Inc because Sorg failed to respond to the bid.\n It said, as Sorg's largest single shareholder, it will\nevaluate all its options, including making a further offer to\nSorg or disposing of some or all of its Sorg shares.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:12.59","topics":["acq"],"places":["usa"]},"18586":{"title":"EXIDE SENIOR SUBORDINATED NOTES YIELD 13.01 PCT","body":"Exide Corp is raising 135 mln dlrs via\nan offering of senior subordinated notes due 1997 yielding\n13.01 pct, said sole manager Drexel Burnham Lambert Inc.\n The notes have a 12-7/8 pct coupon and were priced at\n99.25, Drexel said.\n The issue is non-callable for three years and\nnon-refundable for five years. Moody's rates the notes B-2 and\nStandard and Poor's rates them B-minus. The gross spread is\n33.75 dlrs, the selling concession is 21 dlrs and the\nreallowance is 2.50 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:19.67","places":["usa"]},"18587":{"title":"JOY TECHNOLOGIES SELLS 12-YEAR DEBENTURES","body":"Joy Technologies Inc is raising 185 mln\ndlrs through an offering of senior subordinated debentures due\n1999 yielding 13.85 pct, said lead manager Kidder, Peabody and\nCo Inc.\n The notes have a 13-3/4 pct coupon and were priced at\n99.396, Kidder said. The issue is non-callable for five years.\n Moody's rates the debt B-1, compared to a B-minus grade by\nStandard and Poor's. Donaldson, Lufkin and Jenrette co-managed\nthe deal.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:26.13","places":["usa"]},"18588":{"title":"SALOMON <SB> SEES LOWER 2ND QTR","body":"Robert Salomon, managing director of\nSalomon Inc, said the company's second quarter is \"likely to be\ncomfotrably in the black, but down from the comparable year-ago\nquarter,\" when Salomon earned 117 mln dlrs or 78 cts a share on\na primary basis.\n \"Its been a difficult quarter,\" Salomon told Reuters,\nadding that financial analysts today lowered their second\nquarter earnings estimate for the company to 30 cts to 50 cts\nper share from a range of 75 cts to 80 cts a share.\n Salomon's stock closed at 34-3/4, off one, on heavy\ntrading.\n \n Salomon said he was deluged with calls from analysts after\nyesterday's announcement by First Boston Inc <FBC> that it will\nreport a loss for the second quarter due to steep losses in the\nbond market during April.\n Salomon acknowledged that the quarter was \"difficult\" but\nsaid the company will report a profit for the period.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:33.77","places":["usa"]},"18589":{"title":"THRIFTY RENT-A-CAR IN INITIAL OFFERING","body":"Thrifty Rent-A-Car System Inc, the\nfifth largest car rental company in North America, said it\nfiled with the Securities and Exchange Commission for an\ninitial public offering of two mln shares of comon stock.\n Thrifty said the offering represents about one-third of the\ncompany's outstanding and current stockholders will retain a\nmajority two-thirds ownership of the company.\n Alex. Brown and Sons Inc will be managing underwriter.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:46.25","places":["usa"]},"18590":{"title":"HALCYON HAS STAKE IN RESEARCH-COTTRELL <RC>","body":"Halcyon Investments, a New York firm,\nreported a 6.9 pct stake in Research-Cottrell Inc.\n Alan Slifka, a partner in Halcyon, told Reuters the shares\nwere purchased for investment purposes but declined further\ncomment.\n On June 8, Research-Cottrell said it had entered into a\ndefinitive agreement to be acquired by R-C Acquisitions Inc for\n43 dlrs per share. Research-Cottrell closed at 44-1/4 today,\nunchanged from the previous close.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:52.32","topics":["acq"],"places":["usa"]},"18591":{"title":"CULLINET SOFTWARE INC <CUL> 4TH QTR EARNINGS","body":"April 30 end\n Shr loss 13 cts vs shr profit 12 cts\n Net loss 4,116,000 vs net profit 3,672,000\n Revs 61.1 mln vs 55.5 mln\n Avg shrs 32,263,000 vs 31,640,000\n 12 months\n Shr loss 86 cts vs shr profit 42 cts\n Net loss 27.6 mln vs net profit 13 mln\n Revs 174.9 mln vs 189.3 mln\n Avg shrs 32,184,000 vs 30,938,000\n NOTE: Both 1987 and 1986 figures restated to reflect April\n21, 1987 acquisition of Distribution Management Systems Inc,\naccounted for as a pooling of interests.\n 1987 results include a first quarter non-recurring charge\nof 7 mln dlrs with an after-tax impact of 11 cts per share\nattributable to the write-off of the remaining assets acquried\nfrom Computer Pictures Corp in November 1982.\n Reuter\n\u0003","date":"18-JUN-1987 08:21:58.12","topics":["earn"],"places":["usa"]},"18592":{"title":"ALLEGIS <AEG> MEETS WITH UNITED EMPLOYEES GROUP","body":"A spokesman for a group of United\nAirlines employees, who oppose the attempted takeover of United\nby the Airline Pilots Association, said he met with the new\nchairman of Allegis, Frank Olson.\n William Palmer, the group's spokesman, which claims to\nspeak for thousands of United employees, said the meeting with\nOlson was \"positive and friendly,\" but no future meeting dates\nwere set.\n In April the pilots union offered to buy out United, an\nAllegis subsidiary, through an employee stock ownership plan.\n Reuter\n\u0003","date":"18-JUN-1987 08:22:11.23","topics":["acq"],"places":["usa"]},"18593":{"title":"USX <X> OFFERS CONVERTIBLE PREFERRED","body":"USX Corp announced a public offering\nof 250 mln dlrs of convertible exchangeable cumulative\npreference stock underwritten by Morgan Stanley and Co Inc and\nFIrst Boston Corp.\n USX said the proceeds will be used to redeem its currently\noutstanding 2.25 dlrs convertible exchangeable cumulative\npreference stock.\n USX said the new stock will be offered at 50 dlrs a share\nand will have a dividend of 3.50 dlrs a share per year.\n Reuter\n\u0003","date":"18-JUN-1987 08:22:31.68","places":["usa"]},"18594":{"title":"MARINE MIDLAND <MM> DEBT AFFIRMED BY MOODY'S","body":"Moody's Investors Service Inc said it\naffirmed the ratings on 1.4 billion dlrs of debt of Marine\nMidland Banks Inc and unit, Marine Midland Bank NA.\n Affirmed were the parent's A-2 senior debt and preferred\nstock and A-3 subordinated debt, and the unit's Prime-1\ncommercial paper, A-1 long-term deposits, A-2 subordinated debt\nand Prime-1 short-term deposits.\n Moody's cited a 400 mln dlr addition to the firm's loan\nloss reserves as a reflection of exposure to economically\ntroubled borrowers. Moody's said the addition merely more\naccurately reflects economic reality.\n Reuter\n\u0003","date":"18-JUN-1987 08:22:50.15","places":["usa"]},"18595":{"title":"NAT WEST CUTS MORTGAGE RATE FOR NEW BORROWERS","body":"National Westminster Bank Plc <NWBL.L>\nannounced a 0.75 pct reduction in the mortgage interest rate\napplicable to new mortgages taken out from June 19, 1987.\n The new rate is 10.5 pct (APR - Annual Percentage Rate -\n11.2 pct including fees for normal repayment mortgages, and\n11.1 pct including fees for endowment and pension mortgages).\n A spokesman for Nat West said the position for existing\nmortgages is being kept under active review in the light of\nmarket conditions, and an announcement will be made as soon as\npossible.\n REUTER\n\u0003","date":"18-JUN-1987 08:27:47.74","topics":["interest"],"places":["uk"]},"18596":{"title":"TPI ENTERPRISES <TELE.O> CHAIRMAN IN STOCK BUY","body":"TPI Enterprises Inc said chairman and\nchief executive officer Stephen R. Cohen may be one of the\npartners in a partnership formed by AMC Entertainment Inc <AEN>\nand Phillip E. Cohen to own 6,275,144 TPI shares.\n Yesterday AMC announced that it and Cohen had agreed to buy\nthe shares from Rank America Inc for six dlrs each. Cohen was\nformerly a TPI director.\n TPI said under the terms of its sale of the shares to Rank,\nit has a 30-day option to purchase the shares Rank proposes to\nsell to AMC and Cohen for the same price. It said its board\nwill consider whether or not to exercise the option.\n Reuter\n\u0003","date":"18-JUN-1987 08:30:17.44","places":["usa"]},"18597":{"title":"U.S. BUDGET COMPROMISE REACHED IN CONGRESS","body":"Congressional Democratic leaders\nannounced a compromise has been reached on a 1988 budget,\npaving the way for final approval of a trillion dollar spending\nplan.\n House Speaker Jim Wright and Senate Majority Leader Robert\nByrd told a news conference that final congressional approval\nof the plan to reduce an estimated 171 billion dlr deficit next\nyear to 134 billion dlr was expected next week.\n The plan was worked out by Democrats who control both House\nand Senate but who have been stalemated for a month over\ndifferent House and Senate budgets that passed earlier.\n The budget proposes 19.5 billion dlrs in new taxes next\nyear, 65 billion dlrs over a three year span.\n It would cut President Reagan's request to spend 298\nbillion dlrs for defense in 1988 by about nine billion dlrs,\nbut only if he accepts the proposed tax increase to pay for it.\n If Reagan rejects the tax rise, which he has said he would,\ndefense spending under the plan would drop automatically by\nabout five billion dlrs, the leaders said.\n Reagan's own budget was rejected by wide margins in both\nHouse and Senate by a combination of Democrats and his own\nRepublican party who said it was unrealistic.\n Reuter\n\u0003","date":"18-JUN-1987 08:35:14.43","places":["usa"]},"18598":{"title":"SENATOR SAYS REAGAN FARM REFORM PLANS DOOMED","body":"Senator Kent Conrad, D-ND, said\nPresident Reagan's goal of phasing-out world farm subsidies by\nthe year 2000 is doomed to failure because the European\nCommunity, EC, will not accept it.\n \"It (Reagan plan) is a nonstarter. Its absolutely crystal\nclear they (EC) have no intention of eliminating subsidies,\"\nsaid Conrad on his return from a four-day visit to Europe.\n Instead of proposing an end to farm subsidies, he said the\nU.S. should adopt some of the EC Common Agricultural Policy,\nCAP, principles by seeking a \"compromise\" agreement with\nBrussels to jointly reduce production, and apply a two-price\nsystem of high domestic and low export prices. Under the plan,\nexport subsidies would bridge domestic and world price gaps,\nsaid Conrad, a new member of the Senate Agriculture Committee.\n Reuter\n\u0003","date":"18-JUN-1987 08:42:16.03","organisations":["ec"],"places":["usa"]},"18599":{"title":"RPT - OPPOSITION TO EC OILS TAX INTACT - MINISTER","body":"A minority group of European\nCommunity countries strong enough to block the adoption of a\ntax on vegetable and marine oils and fats is still intact after\nthe EC Commission proposed changes to its proposals earlier\ntoday, British agriculture minister John MacGregor told\njournalists.\n He said Britain, West Germany, the Netherlands and Denmark\ncontinue to oppose the tax after the Commission proposed making\nit temporary and promising compensation to any third countries\nwhose exports suffered.\n Reuter\n\u0003","date":"18-JUN-1987 08:44:00.21","topics":["veg-oil"],"organisations":["ec"],"places":["luxembourg","uk","netherlands","west-germany","denmark"]},"18600":{"title":"HARCOURT BRACE <HBJ> CALLS SPECIAL MEETING","body":"Harcourt Brace Jovanovich Inc said\nit has called a special meeting for July 23 for a vote on an\nincrease in authorized common shares to 100 mln from 50 mln, an\nincrease in preferred shares to 150 mln from 2,500,000 and a\nprovision allowing the payment of preferred dividends in stock\nor property as well as cash.\n The company said June 29 will be the record date for the\nmeeting. Harcourt which is fighting off a takeover bid from\n<British Printing and Communication Corp PLC>, has declared a\nspecial dividend on common stock of 40 dlrs in cash and 12 pct\npreferred stock with a market value of 10 dlrs per share.\n The special dividend is to be paid July 27.\n Reuter\n\u0003","date":"18-JUN-1987 08:46:22.37","topics":["acq"],"places":["usa"]},"18601":{"title":"WASHINGTON BANCORP <WWBC.O> ADDS TO RESERVES","body":"Washington Bancorp said it has added\n12 mln dlrs to its reserves for losses on international loans,\ncausing a second quarter loss of about nine mln dlrs.\n The company said it expects a profit for the calendar year\nthat will be more than sufficient to cover dividend payments,\nand the current dividend policy will be maintained. The\ncompany now pays seven cts per share quarterly.\n Washington Bancorp earned 2,358,000 dlrs for last year's\nsecond quarter and 8,179,000 dlrs for all of 1986. It said\ndespite the increased provision, book value at year-end should\nbe at least as much as the end-1986 17 dlrs per share.\n Reuter\n\u0003","date":"18-JUN-1987 08:46:38.14","places":["usa"]},"18602":{"title":"PENWEST INC <PENW.O> 3RD QTR MAY 31 NET","body":"Shr 1.08 dlrs vs 37 cts\n Net 3,025,000 vs 1,188,000\n Sales 35.2 mln vs 35.4 mln\n Avg shrs 2,794,298 vs 3,187,051\n Nine mths\n Shr 2.43 dlrs vs 83 cts\n Net 6,781,000 vs 2,576,000\n Sales 101.0 mln vs 99.7 mln\n Avg shrs 2,794,298 vs 3,115,499\n Reuter\n\u0003","date":"18-JUN-1987 08:46:48.04","topics":["earn"],"places":["usa"]},"18603":{"title":"EIB MAKES 300 MLN FRANC LOAN TO PEUGEOT","body":"The European Investment Bank said it is\nmaking a 300 mln franc loan to Peugeot SA <PEUP.PA> to\nrestructure the paint works at its Sochaux car factory in\nFrance.\n It said the ten-year loan carries interest at 9.15 pct and\nfollows a 300 mln franc 8.60 pct ten-year loan the bank made to\nPeugeot last July.\n Work on the paint shop at Sochaux is part of a 1.3 billion\nfranc operation to modernise the group's factories, it added.\n REUTER\n\u0003","date":"18-JUN-1987 08:47:56.89","organisations":["eib"],"places":["france"]},"18604":{"title":"RPT - EUROPEAN TRADE MAY PROPOSE NEW ICO FORMULA","body":"European coffee traders and roasters\nmay propose a new formula for calculating International Coffee\nOrganization (ICO) coffee quotas at the end of their meeting\nhere this week, traders and officials told Reuters.\n Although traders were unwilling to reveal details of the\npossible new formula, they said it would give Brazil, the\nworld's biggest coffee producer, unchanged ICO quotas for the\nnext two years and could be a basis for renegotiation.\n \"The main sticking point on quotas has been Brazil's\nattitude, and this compromise could be a solution, \" one said.\n However, the European coffee trade federation meeting,\nwhich began here today and is to continue to the end of the\nweek, has revealed gaps in the European position on\nre-introducing quotas.\n Traders said that, as a whole, the trade side was against\nre-introduction of ICO quotas, while roasters were generally in\nfavour with the single proviso that there had to be some\nformula basis for re-allocating quota shares among producing\ncountries.\n The roasters said the positions were generally fairly\nclose, and problems with some Government officials.\n Germany and Italy were cited as the extremes of polarized\nGovernment attitudes, with most other countries on the fence.\n Sources said Germany was the most extreme against quota\nre-introduction, while the Italians were most in favour.\n \"Nevertheless, we expect to find enough common ground by the\nend of the week to at least present a common European Community\n(EC) view at the next meeting of consumer members of the\nInternational Coffee Agreement (ICA) in July,\" one trader said.\n \"We hope we can present the compromise proposal and that not\nonly the consumer side, but the producer side will accept it,\"\none official said.\n \"We have learned that we can live without the quotas that\nwere suspended in February last year, but would prefer the\nstability they can bring to the market as long as we do not\nsimply return to the old and outdated status quo as far as\nquota allocation is concerned,\" he added.\n Overall, however, trader and roaster opinion on the\nlikelihood of a successful re-negotiation was mildly\npessimistic, varying between a 50-50 chance and 60-40 against.\n \"Our main difficulty will be to persuade the U.S. On the\nconsumer side and Brazil on the producer side to agree to quota\nre-introduction, \" he said.\n \"The U.S. Position has, if anything, hardened, while the new\nBrazilian Coffee Institute president has adopted the least\nnegotiable position of any of his predecessors,\" one trader\nsaid.\n \"However, with many producers starting to swing in favour of\nthe consumer position that quotas have to be re-allocated under\na new formula, Brazil is becoming increasingly isolated, which\ngives at least some hope of a compromise at the ICO quota\nmeeting in September,\" the official said.\n Reuter\n\u0003","date":"18-JUN-1987 08:48:36.39","topics":["coffee"],"organisations":["ico-coffee"],"places":["netherlands","brazil","west-germany","italy"]},"18605":{"title":"FIRST DATA MANAGEMENT <FDMC.O> COMPLETES MERGER","body":"First Data Management co Inc said\nit has completed a merger into Firsst Data MAnagement Holding\nco following sharehoplder approval.\n It said each 100 shares will be exchanged for 1,000 dlrs\nprincipal amount of 14.375 pct senior subordinated debentures\ndue June 15, 2002.\n Reuter\n\u0003","date":"18-JUN-1987 08:48:41.37","topics":["acq"],"places":["usa"]},"18606":{"title":"FROST AND SULLIVAN INC <FRSL.O> 3RD QTR","body":"Qtr ends April 30\n Shr loss 10 cts vs profit nine cts\n Net loss 163,465 vs profit 131,815\n Revs 3,672,731 vs 3,763,829\n Nine mths\n Shr profit four cts vs profit one ct\n Net profit 57,911 vs profit 11,380\n Revs 11,753,950 vs 10,794,822\n Reuter\n\u0003","date":"18-JUN-1987 08:48:46.84","topics":["earn"],"places":["usa"]},"18607":{"title":"FROST/SULLIVAN <FRSL.O> OFFICERS TO SELL SHARES","body":"Frost and Sullivan Inc President Daniel\nSullivan said he and other executive officers of the company\nhave agreed to sell an aggregate of 542,684 shares of common\nstock including shares issuable on exercise of options.\n In addition, Sullivan said he and other officers would also\ncause to be sold an additional 44,000 shares to Theodore Cross,\nan investor, for 10 dlrs per share.\n Frost and Sullivan publishes market research reports and\nsponsors management seminars and conferences.\n \n Such shares, together with the shares presently held by\nCross, will give Cross a majority of the outstanding shares of\nthe company's common stock, Sullivan said.\n Sullivan will continue as president and chief executive\nofficer, the company said.\n After consummation of the sale, Cross and his designees\nwill be elected to the board and constitute a majority, the\ncompany said.\n \n The company also said stockholders would get 10 dlrs per\nshare. The board of directors is expected at its next meeting\ntorecommend that the stockholders accept.\n Reuter\n\u0003","date":"18-JUN-1987 08:49:25.39","places":["usa"]},"18608":{"title":"POUGHKEEPSIE SAVINGS <PKPS.O> SETS FIRST PAYOUT","body":"Poughkeepsie Savings Bank\nsaid its board declared an initial quarterly dividend of 10 cts\nper share, payable July 31 to holders of record July 17.\n Reuter\n\u0003","date":"18-JUN-1987 08:52:36.51","places":["usa"]},"18609":{"title":"INDONESIA REJECTS WORLD BANK FARM REFORM PROPOSALS","body":"Indonesia rejected World Bank\nrecommendations for sweeping reforms to its farm economy, as\nthe country's foreign aid donors met to consider giving it 2.5\nbillion dlrs in grants and soft loans.\n Agriculture Minister Achmad Affandi, in written remarks\ndistributed today as Indonesia's 14 foreign donor nations met\nat The Hague, said, \"The general argument presented by the Bank\nfor this free trade, open economy view is weak.\"\n The Bank called for overhauls in how Indonesia manages the\nlargest farm area in South-east Asia, and said agricultural\ngrowth was stagnating under subsisides for rice farming.\n The Bank report said Indonesia's rice production had peaked\nand the subsidies are a waste of money.\n Affandi replied that rice is the main staple and provides\nan income for 17 pct of the workforce. The subsidies were\nneeded to support the fertilizer industry, including importers,\nexporters, producers and distributors, he said, as well as\nassisting in small part the majority of Indonesian farmers.\n Affandi agreed with a bank recommendation that farmers\nshould be free to choose their own crops, but he said the\ngovernment would continue to maintain production targets for\n\"strategic commodities\" such as rice and sugar.\n The Bank report was especially critical of Indonesia's\ndrive to plant sugar, saying domestic sugar prices are double\nthe world average because of inefficiencies, and the country\nwould save money by importing the commodity.\n However, Affandi said volatile world sugar prices, the need\nto save foreign exchange and an already up-and-running sugar\nindustry were good arguments for continuing the sugar drive.\n He also said import barriers and trade monopolies in the\nagricultural sector were needed to help domestic industry\ndevelop and because of \"over-production and price intervention\nin the developed nations.\"\n REUTER\n\u0003","date":"18-JUN-1987 08:52:57.94","topics":["grain","rice","sugar"],"places":["indonesia"]},"18610":{"title":"CULP INC <CULP.O> 4TH QTR MAY TWO NET","body":"Shr 29 cts vs 23 cts\n Net 1,262,000 vs 1,002,000\n Sales 49.9 mln vs 40.3 mln\n Year\n Shr 1.18 dlrs vs one dlr\n Net 5,205,000 vs 4,339,000\n Sales 180.1 mln vs 150.7 mln\n NOTE: Prior year net both periods includes gain 900,000\ndlrs from adjustments to LIFO reserves, compensation related\naccruals and a revised effective tax rate.\n Reuter\n\u0003","date":"18-JUN-1987 08:57:22.38","topics":["earn"],"places":["usa"]},"18611":{"title":"CHOCK FULL O' NUTS <CHF> SETS STOCK DIVIDEND","body":"Chock Full O' Nuts Corp said its board\ndeclared a three pct stock dividend, payable July 31 to holders\nof record July Eight.\n The company also said Page M. Black has resigned from its\nboard to devote her attention to charitable affairs.\n Reuter\n\u0003","date":"18-JUN-1987 08:57:35.36","places":["usa"]},"18612":{"title":"WOODSTREAM CORP <WOD> SETS QUARTERLY","body":"Qtly div seven cts vs seven cts prior\n Pay Aug 17\n Record July 31\n Reuter\n\u0003","date":"18-JUN-1987 08:58:48.20","places":["usa"]},"18613":{"title":"BUELL INDUSTRIES INC <BUE> SETS QUARTERLY","body":"Qtly div eight cts vs eight cts prior\n Pay Aug 28\n Record Aug Three\n Reuter\n\u0003","date":"18-JUN-1987 08:58:51.10","places":["usa"]},"18614":{"title":"BUDGET PACT CUTS U.S. FARM FUNDS 1.25 BILLION DLRS","body":"U.S. House and Senate budget\nnegotiators agreed as part of an overall budget accord reached\nyesterday, to cut 1.25 billion dlrs from fiscal 1988 spending\non agricultural programs, Congressional sources told Reuters.\n The agreed cut in farm programs is a compromise between 1.4\nbillion sought by the Senate and one billion by the House.\n The negotiators also agreed to cut 1.6 billion from the\nfarm budget in fiscal 1989 and 2.45 billion in 1990, for a\ntotal of 5.3 billion in saving over three years, sources said.\n The agreement presents the House and Senate Agriculture\ncommittees with difficult choices on how to make changes in\nagriculture programs that achieve the budget savings targets\nwithout jeopardizing popular support payments, senior\nCongressional aides told Reuters.\n Some farm state lawmakers already are manuevering to find\nthe budget savings.\n Rep. Dan Glickman, D-Kan., Chairman of the House grains\nsubcommittee, has introduced a bill which would freeze wheat\nand corn loan rates for the 1988 crop at the current 2.28 dlrs\nand 1.92 dlrs respectively, saying it would save 500 mln dlrs.\n House Agriculture Committee chairman Kika De la Garza has\nsaid the committee will consider the Glickman proposal.\n But Congressional sources said the proposal is unlikely to\nbe approved because of opposition from Republican lawmakers and\na strong stance by Agriculture Secretary Richard Lyng, who said\nfreezing loan rates would send the wrong signal to other major\ngrain export competitors and would not achieve the budget\nsavings Glickman claims.\n Another area where Glickman and other have said budget\nsavings might be made is to increase acreage reduction program,\nARP, levels for wheat and corn.\n However, on this issue also Lyng has taken a strong stand\nwithin the Reagan administration, arguing that the 1988 crop\nwheat acreage reduction should be left at 27.5 pct and not 30\npct as sought by the Office of Management and Budget, OMB. Most\ncommodity lobbyists expect Lyng to prevail.\n Congressional sources said the only way to achieve\nsignificant budget cuts through ARP increases would be to boost\nthe 1988 corn ARP. But one informed Congressional source said\nsingling-out corn for an ARP increase would would be seen as\nunfair to one commodity.\n Congressional sources said the areas where Congress is most\nlikely to eventually look for budget savings are some\ntightening of the payment limitation rules, and possible \nadoption of a 0/92 program for the 1988 crops of major grains.\n Those changes would achieve a portion of the 1.25 billion\nbut not enough, they said.\n Ultimately, Congressional sources said the agriculture\ncommittees may be forced to apply an across-the-board cut on\nall Commodity Credit Corp. payments to farmers, including price\nsupport loans and deficiency payments, similar to the\nGramm-Rudman-Hollings budget cut applied in fiscal 1986.\n This idea has been suggested by the American Farm Bureau\nFederation, AFBF, as the fairest approach for all commodities.\n Reuter\n\u0003","date":"18-JUN-1987 08:59:19.40","topics":["grain","corn"],"places":["usa"]},"18615":{"title":"WOODSTREAM <WOD> REVIEWING STRATEGIC PLAN","body":"Woodstream Corp said its board will\nhold a special meeting on July 28 to review a \"strategic plan\"\ndeveloped by management.\n It gave no details.\n Reuter\n\u0003","date":"18-JUN-1987 08:59:23.04","places":["usa"]},"18616":{"title":"U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK","body":"New applications for unemployment\ninsurance benefits rose to a seasonally adjusted 340,000 in the\nweek ended June 6 from 310,000 in the prior week, the Labor\nDepartment said.\n The number of people actually receiving benefits under\nregular state programs totaled 2,359,000 in the week ended May\n30, the latest period for which that figure was available.\n That was up from 2,255,000 the previous week.\n \n Reuter\n\u0003","date":"18-JUN-1987 09:01:08.77","topics":["jobs"],"places":["usa"]},"18617":{"title":"AMERICAN INFORMATION TECHNOLOGIES <AIT> PAYOUT","body":"Qtly div 1.25 dlrs vs 1.25 dlrs prior\n Pay Aug One\n Record June 30\n NOTE: American Information Technologies Corp.\n Reuter\n\u0003","date":"18-JUN-1987 09:01:25.63","places":["usa"]},"18618":{"title":"INTELLIGENT SYSTEMS MASTER LP <INP> IN PAYOUT","body":"Qtly div 25 cts vs 25 cts prior\n Pay July 10\n Record June 30 \n \n Reuter\n\u0003","date":"18-JUN-1987 09:03:47.74","places":["usa"]},"18619":{"title":"BELL ATLANTIC CORP <BEL> SETS QTLY DIVIDEND","body":"Qtly div 96 cts vs 96 cts prior\n Pay August one\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 09:03:56.54","places":["usa"]},"18620":{"title":"ARAB MONETARY FUND LENDS IRAQ 71.7 MLN DLRS","body":"The Arab Monetary Fund is to lend Iraq\n71.7 mln dlrs to help to finance its trade with other Arab\ncountries, the United Arab Emirates news agency WAM said.\n The first repayment on the loan will fall due in 30 months\nwith full repayment spread over four years. The loan carries\n4.95 pct interest in the first year, rising to 5.85 pct in the\nfourth year.\n Today's agreement brings total loans by the fund to Iraq\nsince 1983 to 390.6 mln dlrs.\n REUTER\n\u0003","date":"18-JUN-1987 09:05:15.00","places":["iraq","uae"]},"18621":{"title":"OPEC DIFFERENTIALS NOT SEEN POSING MAJOR PROBLEMS","body":"Some OPEC states are unhappy about the\nprices assigned to their crude oil but this should not pose\ngreat problems when the group reviews its six-month-old price\nand output pact in Vienna next week, oil analysts say.\n They said Nigeria, which holds the OPEC conference\npresidency, and Qatar probably have the biggest grievances\nabout price differentials making some of their crudes\nuncompetitive.\n There has also been speculation by Japanese traders that\nOPEC might want to mark up prices of high-sulphur heavy crudes,\nto correspond with greater demand and higher fuel oil prices.\n But most experts agree that a major overhaul of price\ndifferentials is unlikely, so as to avoid giving the market\nsignals of a dent in OPEC's new unity.\n \"All OPEC members can make a good case for changing\ndifferentials,\" said one analyst with a major oil company. \"But\nat the end of the day, the attitude is going to be \"leave well\nalone' and little or nothing is likely to be altered.\"\n Iran, Libya and Saudi Arabia are among those who also saw\nsales problems earlier this year, traders say. But diminished\ncustomer resistance to fixed prices and, in some cases,\nmarketing incentives have helped their sales.\n Some producers can sell uncompetitively priced crudes by\nmeans of discounts, processing deals or selling them alongside\nbetter priced grades in a \"package.\"\n Many OPEC crudes are seen to be reasonably priced, at least\nfor some part of the year. But many experts say OPEC should\nchange prices quarterly or monthly to match seasonal demand for\nfuel oil-rich heavy crudes and gasoline-rich lighter grades. At\nits last meeting in December, OPEC agreed to reintroduce fixed\nprices from February 1 around an 18 dlr per barrel reference\npoint. Official prices had been effectively dropped in 1985\nwhen members offered discounts to attract customers.\n OPEC also decided to limit first-half 1987 output to 15.8\nmln bpd and proposed ceilings of 16.6 mln for the third quarter\nand 18.3 mln for the fourth. Analysts expect it will now extend\nor raise slightly the current ceiling for the coming months.\n Spot market and netback values for some crudes do not\nmirror official prices, but OPEC will probably keep the 18 dlr\ntarget and at most make minimal changes to differentials,\nanalysts say.\n The 18 dlr figure is based on a basket of six OPEC and one\nnon-OPEC crudes. OPEC assigned prices to its other key export\ncrudes, with a 2.65 dlr gap between the heaviest and lightest.\nExtra heavy crudes were among those left out.\n Industry estimates vary on the proportion of OPEC oil\nexports actually sold at official prices. Several experts say\nonly one-quarter to one-third of the total in fact sells at\nofficial prices, with some of the rest included in processing\nor barter deals or sold in the form of refined products.\n Problems with the new structure appeared earlier this year,\nwhen some producers' output fell due to customer reluctance to\npay the new prices.\n Nigeria especially found its gasoline-rich Bonny Light crude\n-- now OPEC's highest priced grade at 18.92 dlrs a barrel --\nwas uncompetitive on the spot market against Britain's Brent.\n In February and March, Nigeria's production shrank below\nits 1.238 mln bpd OPEC quota. Spot prices have since revived,\ndue partly to seasonal demand for gasoline, and its output has\nrisen.\n Some experts feel Bonny Light is still overvalued and say\nits price should be cut by between 50 cts to one dlr a barrel.\n But Mehdi Varzi, chief oil analyst with London's Kleinwort\nGrieveson Securities, doubts Nigeria will actively push the\ndifferentials question in Vienna.\n \"It would not look good for OPEC unity if Nigeria, which\nholds the presidency, raised the issue,\" he said.\n REUTER\n\u0003","date":"18-JUN-1987 09:05:26.27","topics":["crude"],"organisations":["opec"],"places":["uk","qatar","nigeria","iran","libya","saudi-arabia"]},"18622":{"title":"RYLAND GROUP INC <RYL> IN PAYOUT","body":"Qtly div 10 cts vs 10 cts prior\n Pay July 30\n Record July 15\n \n Reuter\n\u0003","date":"18-JUN-1987 09:07:37.56","places":["usa"]},"18623":{"title":"IPCO CORP <IHS> IN PAYOUT","body":"Qtly div nine cts vs nine cts prior\n Pay July 31\n Record July Nine\n \n Reuter\n\u0003","date":"18-JUN-1987 09:07:42.69","places":["usa"]},"18624":{"title":"SAXON OIL <SAXO.O> SETS REDUCTION IN STOCK","body":"Saxon Oil Co said stockholders at its\nrecent annual meeting approved, among other things, a 1-for 15\nreduction in the number of outstanding shares of common stock.\n The company said stockholders also approved the reelection\nof the four directors of the company and the authorization of a\nchange in the state of incorporation of the company from Texas\nto Delaware.\n Saxon said it will defer completion of the reincorporation\nand the reduction in shares pending satisfactory resolution of\ncertain federal income tax consequences of such actions.\n \n Also approved at the meeting was a proposal for\nindemnification agreements to be entered into with the\ndirectors and executive officers.\n Reuter\n\u0003","date":"18-JUN-1987 09:09:17.91","places":["usa"]},"18625":{"title":"NEW ZEALAND BUDGET FORECAST SEEN AS POSITIVE","body":"Analysts said they were surprised at\nthe government's announcement of a forecast budget surplus for\nfiscal 1988 but said it was consistent with previous policy\nstatements and positive for the economy.\n Finance Minister Roger Douglas predicted a budget surplus\nfor the year ending March 1988 of 379 mln New Zealand dlrs\nagainst a 1.95 billion deficit last year.\n Analysts polled by Reuters said the forecast budget surplus\nwas even more positive than the most bullish analysts'\nforecasts and that this was good news for financial markets.\n Market expectations among analysts questioned by Reuters\nbefore the budget varied widely between a balanced budget and a\n2.3 billion dlr deficit. But none predicted a surplus.\n The forecast initially looks positive for both the bond and\nthe foreign exchange markets, one analyst said. Paradoxically,\nthe New Zealand dollar could rise in the medium term, despite\nlower interest rates, as overseas investors became more\nconfident about investing in New Zealand, he said.\n However, some foreign exchange dealers disagreed, saying\nthe local dollar is primarily interest rate driven and will\nmove lower.\n The local dollar dropped to 0.5940/50 U.S. Dlrs in after\nhours trading, against 0.5970/77 just before the budget\nrelease.\n Analysts said the budget was also positive for the share\nmarket, despite an increase in the contribution of company\ntaxation to revenue figures.\n One equities analyst predicted that the budget surplus\nannouncement could push the share market up by 50 points\ntomorrow.\n The Budget statement was broadly as expected, with a\ncontinuation of existing policies, and the absence of\ntraditional pre-election incentives would be viewed positively\nby overseas investors, another said.\n But one merchant bank economist said that certain anti-tax\navoidance measures could damage some sectors of the share\nmarket, particularly multi-national companies.\n The government is also lowering its borrowing requirements,\nthrough bond tenders, as a result of the surplus. The\nrequirement for the rest of the year is now down to 950 mln\nN.Z. Dlrs from a predicted 1.75 billion.\n Predicted revenue in the Budget looked sustainable and\nthere appeared to be no holding back on expenditure, another\neconomist said. He added that the document seemed entirely\ncredible.\n \"Altogether it looks good for Labour's election prospects,\"\nhe said.\n An election is due before the end of September.\n REUTER\n\u0003","date":"18-JUN-1987 09:10:10.23","topics":["money-fx","nzdlr"],"places":["new-zealand"]},"18626":{"title":"<BURKE-PARSONS-BOWLBY CORP> SETS QUARTERLY","body":"Qtly div three cts vs three cts prior\n Pay Aug 14\n Record July 24\n Reuter\n\u0003","date":"18-JUN-1987 09:14:47.29","places":["usa"]},"18627":{"title":"GENERAL INSTRUMENT CORP <GRL> 1ST QTR MAY 31","body":"Shr 37 cts vs eight cts\n Net 12.0 mln vs 5.1 mln\n Revs 280.1 mln vs 155.9 mln\n Backlog 625.7 mln vs 451.6 mln\n Reuter\n\u0003","date":"18-JUN-1987 09:16:39.15","topics":["earn"],"places":["usa"]},"18628":{"title":"ACA JOE <ACAJ.O> ACCOUNTANT TO QUALIFY REPORT","body":"Aca Joe Inc said Touche Ross and\nCo, intends to qualify its report on Aca Joe's year ended\nJanuary 31 because of uncertainty about the company's ability\nas a going concern.\n The company, which had previously projected \"substantial\nlosses\" for fiscal 1987, said it now expects to report a loss\nfrom operations of about five mln dlrs, or 35 cts a share, on\nsales of about 23 mln dlrs. For fiscal 1986, Aca Joe reported a\nprofit of 860,998 dlrs.\n The company also said it is reviewing its alternatives with\nits lenders and financial advisers.\n Aca Joe said it and Touche Ross have not yet resolved the\nproper accounting treatment of certain assets on the company's\nbalance sheet.\n As a result of these unresolved issues, the company said,\nit has been unable to finalize its audited financial statements\nfor fiscal 1987 and file its annual report on form 10-K with\nthe Securities and Exchange Commission. Aca Joe said it also\nhas been unable to comply with the SEC's timely filing\nrequirements of its 10-Q report for the quarter ended May 2.\n \n Involved in the dispute, Aca Joe said, is the\nrecoverability of intangible assets totalling about five mln\ndlrs arising from the acquisition of Aca Joe Intercon Ltd and\nAca Joe Eastern Ltd, and the recoverability of about one mln\ndlrs of ACA JOE trademark rights which were purchased by the\ncompany.\n Reuter\n\u0003","date":"18-JUN-1987 09:16:54.59","places":["usa"]},"18629":{"title":"CYTOGEN <CYTO.O> HOLDERS APPROVE PREFERRED STOCK","body":"Cytogen Corp said shareholders\nat the annual meeting approved the authorization of 5,400,000\npreferred shares and increased by 800,000 shares the number of\ncommon shares that can be sold under its stock option plan.\n Reuter\n\u0003","date":"18-JUN-1987 09:17:01.69","places":["usa"]},"18630":{"title":"MULTI-LOCAL MEDIA <MLMC.O> INITIAL OFFER STARTS","body":"Lead underwriters Kidder, Peabody and\nCo Inc and Shearson Lehman Brothers Holdings Inc <SHE> said an\ninitial public offering of two mln common shares of Multi-Local\nMedia Corp is underway at 10.50 dlrs a share.\n Underwriters have been granted an overallotment option to\npurchase up to 300,000 more shares, it said.\n Reuter\n\u0003","date":"18-JUN-1987 09:17:29.10","places":["usa"]},"18631":{"title":"COMINCO <CLT> PLANS CANADIAN STOCK ISSUE","body":"Cominco Ltd said it\nplans to issue units in Canada containing common share purchase\nwarrants indexed to zinc and copper prices.\n Each unit will consist of one deferred retractable\nredeemable share and one warrant, which will be indexed to\naverage market prices of zinc and copper on the exercise date.\n Issue size, timing and terms have not yet been determined.\n Cominco said it would use proceeds to reduce bank loans and\nother short-term debt. Underwriters are Nesbitt Thomson Deacon\nInc, Dominion Securities Inc and Pemberton Houston Willoughby\nBell Gouinlock Inc.\n\n Reuter\n\u0003","date":"18-JUN-1987 09:17:45.03","places":["canada"]},"18632":{"title":"INTER-REGIONAL <IFG> UNIT TO REDEEM NOTES","body":"Inter-Regional Financial Group Inc\nsaid IFG Leasing Co, a discontinued subsidiary, will redeem,\neffective August One, the 4.0 mln dlr outstanding balance of\nits 11-1/2 pct subordinated notes due Aug 1, 1988.\n It said it also will redeem, effective September One, the\n3.5 mln dlr outstanding balance of its 13 pct junior\nsubordinated notes due Sept 1, 1990.\n The company said it expects to redeem the final 4.2 mln\ndlrs of its subordinated debt by the end of September.\n Separately, Inter-Regional Financial said it completed an\nagreement with a group of banks for a new two-year 30 mln dlr\nrevolving credit facility.\n It said the agreement replaces its current 18 mln dlr\nrevolving credit agreement.\n Reuter\n\u0003","date":"18-JUN-1987 09:17:54.22","places":["usa"]},"18633":{"title":"ENVIRONMENTAL POWER <POWR.O> TO OFFER SHARES","body":"Environmental Power Corp said it has\nfiled for an offering of two mln common shares through\nunderwriters led by Drexel Burnham Lambert Inc.\n The company said it will use 400,000 dlrs of the proceeds\nto pay part of the purchase price for Milesburg Energy Inc and\nthe rest to repay up to one mln dlrs in short-term debt and for\ngeneral corporate purposes.\n Reuter\n\u0003","date":"18-JUN-1987 09:18:20.30","places":["usa"]},"18634":{"title":"BSD MEDICAL <BSDM.O> SELLS SECURITIES PRIVATELY","body":"BSD Medical Corp said it has\nreceived 1,400,000 dlrs of equity capital from the private sale\nof securities to two investment partnerships and director Alan\nL. Himber.\n Reuter\n\u0003","date":"18-JUN-1987 09:18:47.55","places":["usa"]},"18635":{"title":"AMERICAN BIOMATERIALS <ABCI.O> IN RIGHTS OFFER","body":"American Biomaterials Corp said\nit will issue one transferable right to each shareholder of\nrecord yesterday for each three shares held.\n It said each of the 2,920,280 rights allows the holder to\nbuy one common share for three dlrs until July 15 expiration.\n The company said Hallwood Group Inc <HWG> has agreed to buy\nall shares not purchased in the rights offering, except those\nconnected with rights issued to current and former directors\nowning a 30.2 pct interest. Persons exercising rights will be\nable to oversubscribe, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 09:20:01.43","places":["usa"]},"18636":{"title":"LINCOLN TELECOMMUNICATIONS RAISES DIVIDEND, VOTES\nTWO-FOR-ONE SPLIT\n","date":"18-JUN-1987 09:24:42.01"},"18637":{"title":"DUTCH BUTTER CONSUMPTION UP, MARGARINE LOWER","body":"Dutch butter consumption rose at the\nexpense of margarine last year partly because of the European\nCommunity's (EC) cheap butter schemes, the Commodity Board for\nMargarine, Fats and Oils (MVO), said.\n Butter consumption rose to 4.1 kilos per head in 1986 from\nfour kilos in 1985, while margarine consumption including low\nfat margarine, fell to 14 kilos per head from 14.3 kilos.\n The low fat margarine figure remained static at 2.6 kilos\nper head, while ordinary margarine fell from 11.7 kilos per\nhead to 11.4 kilos.\n However, cheap butter schemes may not be the only\ncontributory factor in the changes. The MVO figures show a\nfairly steady rise in total butter consumption and fall in\nmargarine consumption since 1973.\n A graph produced in the MVO annual report shows total Dutch\nmargarine consumption in 1973 at just under 210,000 tonnes\nagainst around 165,000 in 1986.\n The same graph shows total butter consumption in 1973 at\njust over 30,000 tonnes compared with just short of 60,000\ntonnes last year.\n However, during the same period total Dutch edible fat and\noil consumption on a fat content basis has risen from around\n345,000 tonnes to 360,000 tonnes, or an average of 24.8 kilos\nper head in 1986.\n The graph shows that most of the increase has come from\nbutter and household cooking oil usage.\n Reuter\n\u0003","date":"18-JUN-1987 09:27:27.24","places":["netherlands"]},"18638":{"title":"MR. ROOTER <ROOT.O> RESCINDS UNITED WESTERN PACT","body":"Mr. Rooter Corp said it rescinded\na recent agreement calling for <United Western Energy Corp> to\nto buy a majority of Mr. Rooter's stock for four dlrs a share.\n The company said it has also demanded repayment of a\n150,000 dlr loan made to United Western.\n Since announcing the agreements, Mr. Rooter said, it\ndiscovered additional information relating to United Western\nand the unaffiliated privately held corporation which had\nguaranteed all of United Western's obligations under the\nagreements.\n Mr. Rooter said the agreements were rescinded d\"in light of\nthis additional information,\" without providing details.\n It said talks are in progress with United Western with\nregard to the repayment terms of the loan.\n Reuter\n\u0003","date":"18-JUN-1987 09:27:39.91","topics":["acq"],"places":["usa"]},"18639":{"title":"COMPUTER DEPOT SAID IT WILL CEASE OPERATIONS\n","date":"18-JUN-1987 09:28:51.49"},"18640":{"title":"LINCOLN TELECOM <LTEC.O> VOTES INCREASE, SPLIT","body":"Lincoln Telecommunications Co said\nits directors voted to increase the quarterly dividend to 58\ncts a share from 55 cts payable July 10, record June 30.\n The company also said its board voted a two-for-one stock\nsplit to holders of record July 31.\n Lincoln Telecommunications said during the second quarter\nholders of 8.9 mln dlrs of its subordinated convertible notes\nhad, in response to notice of prpeayment issued by the company,\nconverted their holdings to 273,844 shares of common stock.\n Reuter\n\u0003","date":"18-JUN-1987 09:31:59.53","places":["usa"]},"18641":{"title":"C.R.I. INSURED MORTGAGE INVESTMENTS <CRM> PAYOUT","body":"Mthly div 16-1/2 cts vs 16-1/2 cts prior\n Pay Aug 15\n Record June 30\n NOTE: C.R.I. Insured Mortgage Investments LP.\n Reuter\n\u0003","date":"18-JUN-1987 09:32:13.69","places":["usa"]},"18642":{"title":"INDONESIA REJECTS WORLD BANK FARM REFORM IDEAS","body":"Indonesia rejected World Bank\nrecommendations for sweeping reforms to its farm economy, as\nthe country's foreign aid donors met to consider giving it 2.5\nbillion dlrs in grants and soft loans.\n Agriculture Minister Achmad Affandi, in written remarks\ndistributed today as Indonesia's 14 foreign donor nations met\nat The Hague, said, \"The general argument presented by the Bank\nfor this free trade, open economy view is weak.\"\n The Bank called for overhauls in how Indonesia manages the\nlargest farm area in South-east Asia, and said agricultural\ngrowth was stagnating under subsidies for rice farming.\n The Bank report said Indonesia's rice production had peaked\nand the subsidies are a waste of money.\n Affandi replied that rice is the main staple and provides\nan income for 17 pct of the workforce. The subsidies were\nneeded to support the fertilizer industry, including importers,\nexporters, producers and distributors, he said, as well as\nassisting in small part the majority of Indonesian farmers.\n Affandi agreed with a bank recommendation that farmers\nshould be free to choose their own crops, but he said the\ngovernment would continue to maintain production targets for\n\"strategic commodities\" such as rice and sugar.\n The Bank report was especially critical of Indonesia's\ndrive to plant sugar, saying domestic sugar prices are double\nthe world average because of inefficiencies, and the country\nwould save money by importing the commodity.\n However, Affandi said volatile world sugar prices, the need\nto save foreign exchange and an already up-and-running sugar\nindustry were good arguments for continuing the sugar drive.\n He also said import barriers and trade monopolies in the\nagricultural sector were needed to help domestic industry\ndevelop and because of \"over-production and price intervention\nin the developed nations.\"\n Reuter\n\u0003","date":"18-JUN-1987 09:33:16.05","topics":["grain","rice","sugar"],"places":["indonesia"]},"18643":{"title":"GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50\nDLRS PER SHARE OFFER\n","date":"18-JUN-1987 09:34:01.09","topics":["acq"]},"18644":{"title":"LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY\nEQUIMARK FOR 48 DLRS PER SHARE\n","date":"18-JUN-1987 09:35:53.14","topics":["acq"]},"18645":{"title":"PRICE CO 3RD QTR SHR 30 CTS VS 24 CTS\n","date":"18-JUN-1987 09:35:58.12"},"18646":{"title":"PRICE CO <PCLB.O> 3RD QTR JUNE SEVEN NET","body":"Shr 30 cts vs 24 cts\n Net 14.7 mln vs 11.3 mln\n Sales 738.9 mln vs 605.1 mln\n Avg shrs 49.0 mln vs 47.9 mln\n Nine mths\n Shr 1.11 dlrs vs 93 ctsd\n Net 54.2 mln vs 42.9 mln\n Sales 2.45 billion vs 1.95 billion\n Avg shrs 48.9 mln vs 46.4 mln\n NOTE: Twelve- and 40-week periods.\n Reuter\n\u0003","date":"18-JUN-1987 09:38:25.52","topics":["earn"],"places":["usa"]},"18647":{"title":"FIRSTCORP INC <FCR> SETS QUARTERLY","body":"Qtly div nine cts vs nine cts prior\n Pay July 31\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 09:38:57.64","places":["usa"]},"18648":{"title":"MEDCHEM PRODUCTS INC <MDCH.O> 3RD QTR NET","body":"Qtr ends May 31\n Shr 20 cts vs eight cts\n Net 509,043 dlrs vs 202,473 dlrs\n Revs 2,106,462 dlrs vs 1,158,621 dlrs\n Nine mths\n Shr 58 cts vs 50 cts\n Net 1,465,271 dlrs vs 1,240,773 dlrs\n Revs 5,854,819 dlrs vs 4,640,687 dlrs\n Reuter\n\u0003","date":"18-JUN-1987 09:39:20.37","topics":["earn"],"places":["usa"]},"18649":{"title":"CEDAR FAIR LP <FUN> SETS INITIAL DIVIDEND","body":"Cedar Fair LP said its board\ndeclared an initial prorated quarterly dividend of 17 cts per\nshare, payable August 14 to holders of record June 30.\n The partnership said it expects distributions for the third\nand fourth quarters to meet the rate of 26-1/4 cts it had\npredicted previously.\n Reuter\n\u0003","date":"18-JUN-1987 09:39:51.25","places":["usa"]},"18650":{"title":"COMPUTER DEPOT <CDPT.O> TO CEASE OPERATIONS","body":"Computer Depot Inc said it\nwill cease operations and liquidate its assets.\n The decision results from the termination of the company's\nline of credit by its asset-based lender and demand by the\nlender for immediate payment of all amounts due, it said.\n Computer Depot said it will stop trading in its shares.\nUpon liquidation of the company, no accounts are expected to be\navailable for distribution to shareholders after payments to\ncreditors, it said.\n In December 1985, Computer Depot, which sold personal\ncomputer systems and software, filed for reorganization under\nChapter 11 of the U.S. Bankruptcy Code. Its plan of\nreorganization was approved in December 1986.\n The company said that yesterday, after demand by its\nlender, it agreed to voluntarily surrender its inventory,\naccounts receivable and other collateral.\n Operations are dependent upon financing and efforts to\nobtain financing, including potential buyers and merger\ncandidates, have been unsuccessful, it said. Computer Depot\nsaid the company will eventually be liquidated.\n Computer Depot reported a loss of 591,000 dlrs for its\nsecond fiscal quarter ended May 2, 1987, after showing a profit\nof 237,000 dlrs for its first quarter, which included the\nChristmas selling season.\n The company previously reported that sales and margins\nafter January had been below expectations, due to uncertainty\nin the in the retail market following recent product\nannouncements by International Business Machines <IBM>.\n Computer Depot auditors, Arthur Andersen and Co, qualified\nits recent financial statements citing several risks in the \ncompany's ability to continue as a going concern.\n Reuter\n\u0003","date":"18-JUN-1987 09:40:14.63","places":["usa"]},"18651":{"title":"WESTCOAST <WTC> TO ACQUIRE AGIP PROPERTIES","body":"Westcoast\nTransmission Co Ltd said it agreed to acquire the Western\nCanada oil and gas reserves and properties of AGIP Canada Ltd,\na subsidiary of AGIP SpA, part of Italy's ENI group, for 54 mln\nCanadian dlrs.\n At the end of 1986, AGIP Canada reported proven and\nprobable reserves of 4.2 mln barrels of crude oil and natural\ngas liquids and 22.7 billion cubic feet of natural gas. AGIP\nCanada also holds 176,000 net exploratory acres in Western\nCanada. Its properties produce about 1,100 barrels of oil a\nday.\n The deal is subject to approval by both companies'\ndirectors.\n Westcoast said the acquisition would enable it to apply\nmore than 150 mln dlrs of accumulated tax pools of AGIP Canada\nLtd to enhance after-tax cash flow from the acquired\nproperties.\n AGIP Canada said it would retain offshore exploration\nblocks in Labrador, a gold mine in Yukon Territory and uranium\ninterests in Saskatchewan.\n Reuter\n\u0003","date":"18-JUN-1987 09:41:04.22","topics":["crude","nat-gas"],"places":["canada"]},"18652":{"title":"GREAT WESTERN <GWF> OFFERS 2.5 MLN COMMON SHARES","body":"Great Western Financial Corp said\nit is offering 2,513,200 common shares at a price of 20.625\ndlrs per share.\n The company said the shares are being offered in connection\nwith the conversion of SunPoint Savings Bank FSB of Lake Worth\nFla to stock from mutual form and its simultaneous merger into\nGreat Western Bank, a federal savings bank owned by Great\nWestern Financial.\n Great Western Bank said it has received Federal Home Loan\nBank Board approval to acquire SunPoint Savings, which has\nassets of about 730 mln dlrs.\n \n Great Western noted the conversion merger recently won the\napproval of 94 pct of SunPoint's members -- a group comprising\nthe depositors and borrowers of that company. The merger is\nexpected to be completed by June 25.\n Great Western said depositors and employees of SunPoint\nwill purchase 56,500 shares of Great Western's common at the\nsame price in a subscription offering. Proceeds of both the\npublic and subscription offerings will be contributed to Great\nWestern Bank and used in its lending operations.\n The offering will be underwritten by Shearson Lehman\nBrothers Inc and Goldman Sachs and Co.\n Reuter\n\u0003","date":"18-JUN-1987 09:41:12.90","places":["usa"]},"18653":{"title":"HOG AND CATTLE SLAUGHTER GUESSTIMATES","body":"Chicago Mercantile Exchange floor\ntraders and commission house representatives are guesstimating\ntoday's hog slaughter at about 262,000 to 275,000 head versus\n278,000 week ago and 277,000 a year ago.\n Cattle slaughter is guesstimated at about 126,000 to\n130,000 head versus 131,000 week ago and 132,000 a year ago.\n Reuter\n\u0003","date":"18-JUN-1987 09:42:26.51"},"18654":{"title":"LOMAS AND NETTLETON <LNF> TO MAKE ACQUISITION","body":"Lomas and Nettleton Financial Corp said\nit has agreed in principle to acquire Houston discount\nbrokerage firm Texas First Brokerage Services Inc for\nundisclosed terms, subject to regulatory approvals.\n It said completion is expected by July 31.\n Reuter\n\u0003","date":"18-JUN-1987 09:43:36.98","topics":["acq"],"places":["usa"]},"18655":{"title":"SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL\n","date":"18-JUN-1987 09:45:12.75","topics":["crude"]},"18656":{"title":"NO FRENCH EXPORT REQUESTS FOR EC CEREAL TENDER","body":"French operators did not request any\nexport licences at today's European Community weekly cereal\ntender, trade sources said.\n Reuter\n\u0003","date":"18-JUN-1987 09:45:19.75","organisations":["ec"],"places":["france"]},"18657":{"title":"BP CANADA <BPC.TO> PROCEEDING WITH PROJECT","body":"BP Canada Inc, 64 pct-owned by\nBritish Petroleum Co PLC, said it and state-owned Petro-Canada\nwere proceeding with Wolf Lake 2, the second phase of a\nbitumen-recovery project in Wolf Lake, Alberta.\n The expansion, with an estimated pre-start up cost of 200\nmln dlrs, will add 15,000 barrels a day to current capacity of\n8,000 barrels a day.\n Construction will start in early 1988, with 248 wells\ndrilled initially and 975 more wells to be added over the\nproject's 25-year life, BP Canada said.\n Reuter\n\u0003","date":"18-JUN-1987 09:46:04.73","places":["canada"]},"18658":{"title":"LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK","body":"Liberty Financial Group Inc, the\nparent of Liberty Savings Bank said it has signed a definitive\nagreement to be acquired by Equimark Corp <EQK>, the parent of\nEquibank, for 48 dlrs a share of Liberty.\n The transaction is structured as a merger of Liberty with a\nduly-formed unit of Equimark, the company said.\n Liberty shareholders will receive about 48 dlrs per share\nuopn the merger, the company said.\n According to the companies, the acquisition is contingent\nupon the approval of Liberty's shareholders and the appropriate\nregulatory authorities.\n \n Liberty said the acquisition of its unit, Liberty Savings\nBank, by Equimark Corp, will result in the bank operating as a\nseparate wholly owned unit of Equimark.\n Charles Cheleden, chairman and president of Liberty\nFinancial and Liberty Savings, will continue as president and\nchief executive officer of Liberty Savings, headquartered in\nHorsham, Pa., the company said.\n Liberty said it feels that the price of 48 dlrs in cash per\nshare is attractive and that it has advised by Shearson Lehman\nBrothers that the price is fair.\n Reuter\n\u0003","date":"18-JUN-1987 09:46:18.01","topics":["acq"],"places":["usa"]},"18659":{"title":"GE <GE> GETS 250 MLN DLR ENGINE ORDER","body":"General Electric Co said it has\nreceived contracts worth 250 mln dlrs, including options, to\nsupply its CF6-80C2 engines for the 747-400 and MD-11 airliners\nordered from Boeing Co <BA> and McDonnell Douglas Corp <MD>\nrespectively by Thai Airways International.\n The company said it also received a 16 mln dlr order from\nThai Air for CF6-50 engines on a McDonnell Douglas DC-10 Series\n30.\n Reuter\n\u0003","date":"18-JUN-1987 09:46:48.29","places":["usa"]},"18660":{"title":"GILLETTE <GS> GETS OFFER FROM REVLON <REV>","body":"Gillette Co said Revlon Group made an\nunsolicited request, asking the Gillette board to allow Revlon\nto make a cash offer for all Gillette shares of at least 40.50\ndlrs per share.\n Gillette said consent for the bid is required under a\nstandstill agreement between Revlon and Gillette before Revlon\ncan make any move on Gillette's stock.\n In November 1986, Revlon made an unsolicited offer for\nGillette shares, Gillette said.\n Subsequently, Revlon withdrew its offer, sold back to\nGillette the shares it owned at that time and entered into the\nstandstill agreement.\n The Gillette board of directors has a regularly scheduled\nmeeting this afternoon, and Gillette said it anticipates making\na statement after that meeting.\n Reuter\n\u0003","date":"18-JUN-1987 09:48:34.16","topics":["acq"],"places":["usa"]},"18661":{"title":"BRAZILIAN UNION PROPOSES GENERAL STRIKE","body":"The national executive of Brazil's\nmost militant trade union group has proposed a general strike\nfor July 15 in protest at the government's austerity program.\n A spokeswoman for the Workers' Confederation (CUT) told\nReuters the proposal would be discussed within the trade union\nmovement. On Friday the government of President Jose Sarney\nintroduced austerity measures to try to combat the country's\nhigh inflation rate, currently running at more than 1,000 pct a\nyear.\n It scrapped a trigger mechanism which had guaranteed\nregular pay rises in line with high inflation.\n Trade unions say real wages are dropping by about a third.\n Reuter\n\u0003","date":"18-JUN-1987 09:53:56.54","places":["brazil"]},"18662":{"title":"BRAZIL UNION PROPOSES GENERAL STRIKE FOR JULY 15","body":"The national executive of Brazil's\nmost militant trade union group has proposed a general strike\nfor July 15 in protest at the government's austerity program.\n A spokeswoman for the Workers' Confederation, CUT, told\nReuters today that the proposal would be discussed within the\ntrade union movement.\n On Friday the government of President Jose Sarney\nintroduced austerity measures to try to combat the country's\nhigh inflation rate, currently running at more than 1,000 pct a\nyear.\n The new plan scrapped a \"trigger\" mechanism which had\nguaranteed regular pay rises in line with high inflation.\n Trade unions say real wages are dropping by about a third.\n Reuter\n\u0003","date":"18-JUN-1987 09:56:11.47","places":["brazil"]},"18663":{"title":"BECOR WESTERN <BCW> TALKS TO FOURTH BIDDER","body":"Becor Western Inc said it\nis talking with a possible fourth bidder for the company.\n The company also said Lynch Corp <LGL> has renewed its\noffer for Becor which was withdrawn last week.\n Talks with the possible bidder are expected to be concluded\nshortly, Becor said, adding its board will evaluate all then\nexisting offers at that time.\n In the meantime, the company said, it plans today to\nadjourn further its meeting of stockholders to June 30. That\nmeeting was called to act on a merger agreement calling for a\nbuyout by BCW Acquisitions Inc.\n The third identified Becor suitor is <Davis Mining and\nManufacturing Inc>.\n In Fairfield, N.J., Lynch said its latest proposal calls\nLynch to own 75 pct of Becor's stock and Becor holders to\nretain the other 25 pct.\n Peviously, Lynch would have held about 25 pct, with Becor\nholders receiving 25 pct and Becor management about half.\n Lynch said the proposal was changed because it believes\nBecor's management \"needs more guidance in terms of financial\nstructuring.\n Reuter\n\u0003","date":"18-JUN-1987 09:56:31.48","topics":["acq"],"places":["usa"]},"18664":{"title":"U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY, SPENDING UP 0.1\nPCT\n","date":"18-JUN-1987 10:00:07.10","topics":["income"],"places":["usa"]},"18665":{"title":"U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY","body":"U.S. personal income rose 0.2 pct, or\n7.9 billion dlrs, in May to a seasonally adjusted annual rate\nof 3,630.0 billion dlrs, the Commerce Department said.\n The increase followed a revised 0.4 pct rise in April. The\ndepartment previously estimated April income rose 0.3 pct.\n The department also revised up the March personal income\nrise to 0.3 pct from a previously reported 0.2 pct.\n Personal consumption expenditures rose 0.1 pct, or 1.5\nbillion dlrs, to 2,893.3 billion dlrs in May after rising 0.6\npct or 18.6 billion dlrs in April, the department said.\n The department said both the April and May increases in\npersonal income were restrained by lower subsidy payments to\nfarmers and by initial payments to a newly established\nretirement fund for federal government employees in April.\n Wages and salaries increased 8.8 billion dlrs in May after\na 7.0 billion dlr rise in April, while manufacturing payrolls\nwere up 1.6 billion dlrs in May after falling 1.3 billion dlrs\nin April.\n Farmers' incomes fell 11 billion dlrs in May after\ndecreasing 6.7 billion dlrs in April due to lower farm subsidy\npayments, the department said.\n Reuter\n\u0003","date":"18-JUN-1987 10:01:35.87","topics":["income"],"places":["usa"]},"18666":{"title":"BELL AND HOWELL SAYS IT SEES EARNINGS PER SHARE GROWTH OF\n12-15 PCT THROUGH 1990\n","date":"18-JUN-1987 10:02:33.23"},"18667":{"title":"S. AND W. BERISFORD WANTS TO STAY INDEPENDENT","body":"S.And W. Berisford Plc <BRFD.L>, which\nhas attracted takeover bids, is making every possible effort to\nremain independent, deputy chairman Henry Lewis said after the\ncompany announced interim results.\n \"We've taken specific steps to strengthen ourselves for this\npurpose,\" he added, referring to management changes and a\ncorporate strategy of concentrating on four business sectors.\n Berisford aims to produced balanced earnings growth from a\ncombination of commodities, property, financial services and\nfood. Its industrial division, with assets of about 90 mln stg\nincluding debt, is being reviewed and parts may be sold.\n Reuter\n\u0003","date":"18-JUN-1987 10:03:56.03","topics":["acq"],"places":["uk"]},"18668":{"title":"FED'S SEGER SAYS FOREIGN EXCHANGE MARKETS SHOWING SIGNS\nOF STABILITY\n","date":"18-JUN-1987 10:07:33.87","topics":["money-fx"]},"18669":{"title":"FED'S SEGER SAYS U.S. ECONOMIC RECOVERY SHOWS WEAKNESS\n\n","date":"18-JUN-1987 10:08:22.54"},"18670":{"title":"FED'S SEGER SAYS U.S. THRIFT INDUSTRY NEEDS STABLE\nINTEREST RATES\n","date":"18-JUN-1987 10:12:15.90","topics":["interest"]},"18671":{"title":"CANADA PANEL REJECTS HYDRO QUEBEC BID FOR 3 BILLION DLR\nNEW ENGLAND POWER SALE\n","date":"18-JUN-1987 10:12:20.14"},"18672":{"title":"U.K. DATA DEPRESS RATE CUT OUTLOOK - ANALYSTS","body":"Today's U.K. Economic data have pushed\nthe chances of another base lending rate cut from the current\nnine pct further into the distance, analysts said.\n A record fall in unemployment and good manufacturing\nproduction data showed that the economy is still strong and\ndoes not need a fillip from lower rates.\n News that underlying earnings are rising 7.75 pct annually,\ntaken together with higher than expected bank lending and money\nsupply growth, revived inflation worries and monetarist\narguments against easier credit, they said.\n \"The timetable on lower interest rates is being pushed back\nall the while. The strength of the economy and broad money\ngrowth are making it more difficult to see one in the near\nterm,\" said Chase Manhattan Securities economist Robin Marshall.\n Analysts have reached this conclusion despite yesterday's\nmortgage rate cuts for new borrowers, which building societies\nsaid were a sign of the expected near term trend for U.K.\nRates.\n It also counters the optimistic forecasts of last week that\na post-general election cut was imminent, supported by such\noptimistic economic news as May's record reserves rise which\nmirrored the Bank of England efforts to cap sterling's\nstrength.\n The gilt market lost nearly half a point as enthusiasm\nabout May's 64,300 fall in the seasonally adjusted unemployment\nrate, to 2.95 mln or 10.6 pct of the workforce, was rapidly\nreplaced by dismay at the continued high level of underlying\naverage earnings in April, dealers said.\n The upset was compounded by news that sterling bank lending\nrose 2.7 billion stg in May, above forecast, and that the Bank\nof England looks likely to have to sell more gilts to offset\nthe impact on domestic money supply of its current\nintervention.\n \"The gilt market reaction was correct,\" said Bill Martin,\nchief U.K. Economist at brokers Phillips and Drew.\n \"That's very important ... It shows the economy in a very\ngood state indeed,\" Skeoch said.\n \"There's no reason to get worries about inflationary\npressures because they're very subdued.\" Unit wage cost rises\nwere better than expected, just one pct higher in the year to\nApril, and it was these costs rather than average earnings\nwhich were potentially inflationary, he added.\n \"I don't think these average earnings numbers are a major\nproblem,\" agreed Chase Manhattan's Marshall.\n But he said the gilts market was likely to remain worried\nabout the funding implications of recent intervention.\n He said the inflow of foreign money into sterling assets\nearlier this year, attracted by growth prospects and hopes that\nthe ruling Conservatives would win last week's election, now\nlooks likely to prevent a base rate cut as the authorities try\nto prevent these funds swelling the domestic money system.\n However, David Owen, U.K. Economist at Kleinwort Grieveson\nSecurities, said any fresh sterling strength would still\ntrigger a base rate cut and that today's figures did not signal\nhigher inflation this year.\n \"Wage increases are being offset by productivity growth. As\nlong as that continues we're okay,\" he added.\n REUTER\n\u0003","date":"18-JUN-1987 10:13:26.02","topics":["interest","reserves","jobs","income"],"places":["uk"]},"18673":{"title":"CANADA PANEL REJECTS HYDRO QUEBEC BID FOR 3 BILLION DLR\nNEW ENGLAND POWER SALE\n","date":"18-JUN-1987 10:14:02.26"},"18674":{"title":"FED GOVERNOR SEGER SEES CURRENCY STABILITY","body":"Federal Reserve Board Governor Martha\nSeger said there were signs of helpful stability in foreign\nexchange markets in recent weeks.\n \"I think we are beginning to see more calm in those markets,\"\nSeger told reporters after a speech to the U.S. League of\nSavings Institutions.\n \"I think it is very healthy when you can get into a period\nof stability,\" she said.\n She said market forces have a major influence on exchange\nrates and said she did not know the right value for the dollar\nagainst the Yen or the Mark.\n Seger told the Savings and Loan executives that she was\nconcerned about financial markets' absorption with exchange\nrate influences.\n \"I am concerned that we have gotten so nervous,\" about\nexchange rates, Seger said.\n She said the Fed takes into account additional factors in\ndetermining monetary policy than the value of the dollar\nagainst other currencies.\n On the economy, Seger called the latest figures in gross\nnational product a modest upward revision.\n Reuter\n\u0003","date":"18-JUN-1987 10:15:17.31","topics":["money-fx"],"places":["usa"]},"18675":{"title":"GM LAYING OFF 850 HOURLY WORKERS TO CUT OUTPUT AT\nJANESVILLE AND LORDSTOWN PLANTS\n","date":"18-JUN-1987 10:16:54.05"},"18676":{"title":"INDONESIA/TURKEY ELIGIBLE FOR CATTLE UNDER EEP","body":"U.S. exporters will be able to sell\n8,000 head of dairy cattle to Indonesia and 5,000 head to\nTurkey under the Export Enhancement Program, the U.S.\nAgriculture Department said.\n The export sales will be subsidized with commodities from\nthe inventory of the Commodity Credit Corporation (CCC), the\ndepartment said.\n Indonesia and Turkey already have purchased 7,500 and 5,000\nhead of dairy cattle, respectively, under the program.\n Details of the program and an invitation for offers from\nexporters will be issued in the near future, it said.\n Reuter\n\u0003","date":"18-JUN-1987 10:18:19.28","topics":["livestock"],"places":["usa","indonesia","turkey"]},"18677":{"title":"COUPON FIXED AS INDICATED ON WACOAL WARRANT BOND","body":"The coupon on the 80 mln ECU, five year\nequity warrant eurobond for Japan's Wacoal Corp has been fixed\nat the indicated 1-1/2 pct, bookrunner Banque Paribas Capital\nMarkets said.\n The exercise price was set at 1,323 yen per share,\nrepresenting a premium of 2.56 pct over today's closing price\nof 1,290 yen. The foreign exchange rate was set at 167.11 yen\nto the ECU.\n REUTER\n\u0003","date":"18-JUN-1987 10:19:25.07","places":["uk"]},"18678":{"title":"IMPERIAL OIL RAISES CRUDE OIL POSTINGS 32 CANADIAN\nCTS/BBL, LIGHT SWEET NOW 25.60\n\n","date":"18-JUN-1987 10:20:21.53","topics":["crude"]},"18679":{"title":"BELL AND HOWELL <BHW> SEES EARNINGS GROWTH","body":"Bell and Howell Co, in remarks prepared\nfor delivery to the New York Society of Security Analysts, said\nit expects per-share earnings to grow in the 12-to-15 pct range\nin the next three to four years.\n President Gerald Schultz said the growth is without stock\nbuybacks and tax law changes. He said the gain is expected off\n1986 per-share earnings of 1.89 dlrs, calculated to exclude\nDeVry Inc <DVRY.O> operations and non-recurring gains totaling\n45 cts a share.\n The company said its decision to sell the DeVry business to\nKeller Graduate School of Management Inc will provide Bell and\nHowell with a non-recurring gain of more than 4.00 dlrs a share\nin the third quarter and about 80 mln dlrs in additional cash.\n \"We will use proceeds of the transaction to repurchase\nstock (probably at least 10 pct) and for other purposes, such\nas reducing debt\" Chairman Donald Frey told analysts.\n Bell and Howell said it will invest 16 mln dlrs this year\nin electronic product development and introduction.\n It said a stepped-up investment in its IDB2000 electronic\nstorage system, which uses optical disks, will result in a 5.0\nmln dlr loss for the product line, similar to last year. But it\nsaid \"the swing to profitability in 1988 for this product will\nbe significant.\"\n Currently, Bell and Howell is marketing the IDB2000 only to\nGeneral Motors Corp <GM> dealers.\n Reuter\n\u0003","date":"18-JUN-1987 10:24:50.84","places":["usa"]},"18680":{"title":"PHILLIPS RAISES CRUDE OIL POSTED PRICES 50 CTS/BBL\nEFFECTIVE YESTERDAY, WTI NOW 19 DLRS.\n","date":"18-JUN-1987 10:27:06.33","topics":["crude"]},"18681":{"title":"DONORS PLEDGE 3.15 BILLION DLRS INDONESIAN AID","body":"Aid donors to Indonesia pledged a\ntotal of 3.15 billion dlrs in fresh funds to Jakarta, a\nstatement issued after a two day meeting of the Inter\nGovernmental Group on Indonesia (IGGI) said.\n This compares with 2.6 billion dlrs allocated at last\nyear's meeting, the statement said. It is also well above the\nWorld Bank's recommendation of 2.5 billion guilders in aid for\nthe coming year.\n \"The Group commended Indonesia for having taken effective\nsteps to adjust to the changed economic environment,\" the\nstatement said.\n The statement said Indonesia must take further steps to set\nthe stage for resumed economic growth that could create\nemployment for the country's rapidly growing labour force.\n \"These measures include additional significant trade and\nindustrial deregulation,\" the statement said.\n It also called for policies supporting efficient and\ndiversified growth of agriculture, and said Jakarta should give\nmore room to the private sector. It called on Indonesia to\nmobilise more domestic resources to finance development\nprograms.\n REUTER\n\u0003","date":"18-JUN-1987 10:28:45.50","places":["netherlands","indonesia"]},"18682":{"title":"USAIR <U> SAYS DOT PUBLIC COUNSEL BACKS MERGER","body":"USAir Group Inc said the U.S.\nDepartment of Transportation's Office of Public Counsel has\nurged that expedited non-hearing procedures be used in its\nproposed acquisition of Piedmont Aviation Inc <PIE>.\n The company said that America West Airlines Inc <AWAL.O>\nwas the only party voicing opposition to the acquisition. The\nDepartment of Transportation had asked parties to submit\nstatements by June 17 either supporting or opposing the\nacquisition.\n USAir said it and Piedmont again requested expedited\napproval for the acquisition.\n The company said the Office of Public Counsel could find no\nevidence that the acquisition would substantially lessen\ncompetition in any market.\n Reuter\n\u0003","date":"18-JUN-1987 10:30:27.38","topics":["acq"],"places":["usa"]},"18683":{"title":"N.Y. FED PRESIDENT URGES BANK REFORM","body":"New York Federal Reserve President E.\nGerald Corrigan said he favors bank reform but wants to\nmaintain the separation of banking and commerce.\n \"As I see it, the case for fundamental reform in our banking\nand financial system is compelling,\" Corrigan told the Senate\nBanking Committee.\n Corrigan said he believed bank reform should allow banks to\noffer a broad range of banking and financial services.\n He said common ownership of banks, thrifts, securities\nfirms and insurance companies should be allowed but commercial\nfirms should not own or control insured depositories.\n Committee Chairman William Proxmire (D-Wisc) said he would\npress for bank reform legislation this year and supported\ngiving banks new power for commercial paper, mortgage-backed\nsecurities, municipal bond underwriting and mutual funds.\n Former Citicorp Chairman Walter Wriston said bank reform\nshould reflect the reality that other companies were offering\nbanking services such as checking accounts credit cards and\nmortgages.\n \n \"The reality is that there is one-stop financial shopping at\nbanks in some states, but not in others,\" Wriston said.\n \"There is also one-stop financial shopping in all 50 states\nat a Sears store or American Express office.\"\n \"We must find ways for banks to deliver new products to new\ncustomers in order to maintain a spread of risk in a business\nthat is rapidly losing traditional products and customers,\" he\nsaid.\n But John Weinberg of Goldman, Sachs and Co said allowing\nbanks to enter the securities business would make banks too\npowerful.\n Reuter\n\u0003","date":"18-JUN-1987 10:30:38.61","places":["usa"]},"18684":{"title":"SYSTEMS/COMPUTER <SCTC.O> IN SETTLEMENT","body":"Systems and Computer Technology\nCorp said it has received 4,879,000 dlrs from its former\ndirectors' and officers' liability insurance carrier in\nsettlement of its claims for reimbursement of costs it incurred\nin connection with a class action and other suits filed against\nit from late 1984 through 1986.\n The company said the amount will be recorded as a gain in\nits third quarter ending June 30, less a one mln dlr reserve\nbeing established for continuing legal fees and other expenses\nconnected with ongoing litigation against its former president.\n The company said it is continuing to pursue the claims\nagainst its former president in connection with events that\nrequired the restatement of results for fiscal 1983 and the\nfirst three quarters of fiscal 1984.\n It also said its largest client, Temple University, has\nsigned a new contract extending its use of Systems and Computer\nas an information provider until June 30, 1992.\n The company said its backlog is now about 77 mln dlrs and\nis composed mostly of multiyear facilities management contracts.\n Reuter\n\u0003","date":"18-JUN-1987 10:34:33.47","places":["usa"]},"18685":{"title":"FEDERATED DEPARTMENT <FDS> UNIT CUTTING STAFF","body":"Federated Department Stores Inc's Foley's\nunit said it will consolidate Dallas Distribution Center\noperations, reducing the number of buildings to one from three\nand cutting staff to 125 from 300.\n The company said most of the hourly employees affected by\nthe staff reduction will be offered comparable jobs at its\nHouston distribution center, and those who cannot relocate will\nbe considered for available position at Foley's Dallas/Fort\nWorth area stores.\n The company said \"The overhead costs and inefficiencies\nassociated with operating two complete distribution networks in\nboth cities make it economically unfeasible.\" The\nconsolidation follows the merger of Foley's and Sanger Harris\nin January.\n Reuter\n\u0003","date":"18-JUN-1987 10:34:44.38","places":["usa"]},"18686":{"title":"FREEDOM FEDERAL <FRFE.O> SEEKS BUYER","body":"Freedom Federal Savings Bank\nsaid it hired Salomon Brothers Inc to solicit offers for the\npurchase of the bank as part of an ongoing review of methods to\nenhance shareholder value.\n Freedom Federal operates 15 retail branch banks and had\n1986 year end assets of about 733 mln dlrs.\n \"There is no assurance the bank will receive acceptable\noffers or be sold, but we feel this is a prudent step to take\nat this time,\" the bank said.\n Reuter\n\u0003","date":"18-JUN-1987 10:35:12.69","topics":["acq"],"places":["usa"]},"18687":{"title":"CONSECO <CNSC.O> EMERGES FROM BANKRUPTCY","body":"Conseco Industries Ltd said\nan order of confirmation of its reorganization plan has been\nsigned in its Chapter 11 bankruptcy proceedings, terminating\nits status as a debtor in possession.\n Conseco said under the plan, general creditors and\ndebenture holders will receive 27 pct of their claims over a\ntwo-year period and president Charles J. Trainor will pay\n250,000 dlrs for 2,500,000 new shares.\n The company said debenture holders will have 30 days to\nconvert their debentures into common shares.\n It said it has arranged for two mln dlrs of new bank\nfinancing.\n Reuter\n\u0003","date":"18-JUN-1987 10:35:49.28","places":["usa"]},"18688":{"title":"ARCO <ARC> SPIN-OFF SEEN AT 500 MLN DLRS","body":"Atlantic Richfield Co, considering a\nspin-off of a 20 pct interest in its chemical operations, could\ngain about 500 mln dlrs from the deal, industry analysts\nestimated.\n Yesterday ARCO's stock jumped as much as five points on\nrumors it was spinning off the chemical operations. Based on\nabout 183 mln outstanding shares, the market in its frenzy was\nvaluing the spin-off at about 900 mln dlrs, analysts said.\n Atlantic Richfield, aware of the rumors, issued a statement\naround mid-day that it was considering a sale of only 20 pct of\nthe unit, leading investors to take profits.\n After the announcement, the company's stock retreated,\nclosing at 93-7/8, up 1-3/8. Today it was off 1/4.\n \"It was a smaller deal than expected and somewhat\ndisappointing,\" said analyst George Baker at Smith Barney. He\nsaid rumors of the spin-off had been around \"for a couple of\ndays.\"\n Baker said the unit was very profitable but it wasn't\ngetting the type of exposure Atlantic Richfield sought, and its\nvalue was not reflected in the company's stock price.\n Industry analyst Richard Pzena of Sanford C. Bernstein said\nthe unit had operating earnings of 132 mln dlrs last year and\nhe expected it to earn about 175 mln dlrs this year.\n Based on a multiple of 17 times earnings--which Pzena says\nchemical companies now sell for--the entire unit is worth about\nthree billion dlrs, putting the 20 pct interest at around 500\nto 600 mln dlrs.\n Pzena said he thought the company was selling the stake\nbecause chemical margins had peaked, and he speculated the\ncompany would use the proceeds to pay down debt.\n But he added the possibility remained the deal would fall\nthrough. Yesterday, ARCO said the proposal had not yet been\npresented to its board.\n The chemical unit last year had revenues of 1.9 billion\ndlrs.\n \n Reuter\n\u0003","date":"18-JUN-1987 10:37:08.70","topics":["acq"],"places":["usa"]},"18689":{"title":"SHELL CANADA <SHC> RAISES CRUDE 32 CTS CANADIAN","body":"Shell Canada <SHC>, whose majority\ninterest is owned by the Royal Dutch/Shell Group of companies,\nraised the postings of light sweet and sour crude oil from\nEdmonton/Swann Hills 32 Canadian cts a barrel, effective today.\n The new price for light sweet crude oil is 25.60 Canadian\ndlrs a barrel while the new price for light sweet sour crude is\n24.08 Canadian dlrs a barrel.\n The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and\npublic shareholders, primarily Canadian, own the remaining 28\npct of the company, a Shell Canada spokesman said.\n Reuter\n\u0003","date":"18-JUN-1987 10:38:43.71","topics":["crude"],"places":["usa","canada"]},"18690":{"title":"ICCO BUFFER STOCK MANAGER BUYS 2,000 TONNES - OFFICIAL\n","date":"18-JUN-1987 10:42:08.63","organisations":["icco"]},"18691":{"title":"ENERGY CONVERSION <ENER.O> IN SUPERCONDUCTIVITY","body":"Energy Conversion Devices Inc said\nits scientists have achieved superconductivity at a\ntemperature of 90 degrees Fahrenheit.\n The company said the general composition of the fluorinated\nmulti-phase superconducting material involved is yttrium,\nbarium, copper, fluorine and oxygen.\n \n Reuter\n\u0003","date":"18-JUN-1987 10:42:18.40","places":["usa"]},"18692":{"title":"UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS\nA BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.\n","date":"18-JUN-1987 10:45:42.02","topics":["crude"]},"18693":{"title":"UNITED JERSEY BANKS INC <UJB> SETS QUARTERLY","body":"Qtly div 21-1/2 cts vs 21-1/2 cts prior\n Pay Aug Three\n Reord July Seven\n Reuter\n\u0003","date":"18-JUN-1987 10:48:29.18","places":["usa"]},"18694":{"title":"WESTERN FEDERAL SAVINGS BANK <WFPR> SETS PAYOUT","body":"Qtly div 15 cts vs 15 cts prior\n Pay July 15\n Reord June 30 \n Reuter\n\u0003","date":"18-JUN-1987 10:48:32.87","places":["usa"]},"18695":{"title":"CFTC'S DAVIS URGES CAUTION ON OFF-EXCHANGE ISSUE","body":"Regulations governing hedging and risk\nmanagement should be revised and development of new futures\ninstruments cautiously monitored in dealing with the growth of\noff-exchange futures instruments, Robert Davis, a commissioner\non the Commodity Futures Trading Commission, CFTC, said.\n Davis told the Chicago chapter of the Futures Industry\nAssociation Commodity Research Division last night \"there is no\ncause for undue alarm\" in the growth of off-exchange\ninstruments.\n However, he said, the CFTC \"must clarify jurisdictional and\nregulatory issues\" by maintaining the safeguards intended by\ncommodity regulations while encouraging \"the further\ndevelopment of competitive markets.\"\n \"There is not a single off-exchange issue, there cannot be\none policy approach, and to the extent that problems exist,\nthere cannot be one solution,\" Davis said.\n The development of off-exchange instruments with futures\ncontract characteristics has become of increasing concern to\nfederal regulators who are trying to define what issues are\ncovered under existing regulations and where new regulations\nare needed to protect private investment.\n Davis said the CFTC should step up enforcement where\noff-exchange instruments are intended to compete with\nexchange-traded issues, correct \"regulatory inflexibility\"\nwhich may force new instruments off exchange, and \"delineate\nand separate those harmful off-exchange developments from the\nmany that are not.\"\n \"We cannot ignore that some of the growth of off-exchange\ntrading represents a desirable further development of financial\nforward contracts that complement, rather than compete with,\nthe relatively new financial futures contracts,\" Davis said.\n He said a CFTC task force is continuing its investigation\nof the off-exchange issue.\n Reuter\n\u0003","date":"18-JUN-1987 10:49:51.23","places":["usa"]},"18696":{"title":"OLSTEN CORP <OLS> MAKES EXCHANGE OFFER FOR STOCK","body":"Olsten Corp <OLS> said it has\nbegun an offer to exchange on a share-for-share basis shares of\nnewly authorized Class B common shares for existing common\nstock.\n The company said the new Class B will contain limited\ndividend rights and have 10 votes rather than one vote per\nshare for the common stock.\n It also said the new stock will not have a trading market,\nwill be subject to significant restrictions on its transfer,\nwill be entitled through 1989 to no more than 80 pct of the\ncash dividends on the common stock and will be convertible into\ncommon stock at any time.\n The company said it does not recommend that shareholdrs\nother than chairman and chief executive William Olsten and his\nfamily tender their common for exchange.\n The offer will expire July 16.\n Reuter\n\u0003","date":"18-JUN-1987 10:50:08.87","places":["usa"]},"18697":{"title":"GM <GM> LAYING OFF 850 WORKERS AT TWO PLANTS","body":"General Motors Corp said it will\npermanently lay off 850 hourly workers in August at its car\nassembly plants in Janesville, Wisc, and Lordstown, Ohio, due\nto production cutbacks in the slow-selling cars built at both\nfacilities.\n GM, the largest U.S. automaker but suffering from lower\nsales for months, said 350 of the 3,800 workers at the\nJanesville plant would be put on indefinite layoff effective\nAugust 11 as the production rate for 1988-model Cadillac\nCimarrons and Chevrolet Cavalier compact cars is reduced by\nfive units per hour.\n Another 500 workers of the 5,100 employed at GM's\nLordstown, Ohio, plant will be laid off effective August 24,\nthe company said.\n GM said it will begin that date its production of\n1988-model Chevrolet Cavalier and Pontiac Sunbirds on two\nshifts with a cut of six units an hour from the current rate.\n GM also said it will change its method for reporting\nindefinite layoffs to monthly releases from the previous weekly\nsystem \"to achieve more complete, accurate and less-confusing\nreporting of production-schedule adjustments.\"\n Reuter\n\u0003","date":"18-JUN-1987 10:52:36.17","places":["usa"]},"18698":{"title":"IMPERIAL OIL <IMO.A> RAISES CRUDE 32 CANADIAN CTS","body":"Canadian Imperial Oil, 70 pct Exxon\nowned, said it raised its posting for light sweet crude oil at\nEdmonton by 32 canadian cts a barrel, effective today.\n The company said its new posting for light sweet crude oil\nat Edmonton is 25.60 canadian dlrs a barrel.\n Reuter\n\u0003","date":"18-JUN-1987 10:52:41.43","topics":["crude"],"places":["usa","canada"]},"18699":{"title":"TULTEX CORP <TTX> 2ND QTR MAY 30 NET","body":"Shr 17 cts vs 20 cts\n Net 3,121,000 vs 3,624,000\n Revs 60.2 mln vs 59.0 mln\n Avg shrs 18.3 mln vs 18.2 mln\n Six mths\n Shr 40 cts vs 48 cts\n Net 7,429,000 vs 8,743,000\n Revs 124.7 mln vs 126.1 mln\n Avg shrs 18.3 mln vs 18.1 mln\n Reuter\n\u0003","date":"18-JUN-1987 10:53:01.27","topics":["earn"],"places":["usa"]},"18700":{"title":"DUTCH CONSUMERS/INDUSTRY SEE VEG OILS TAX THREAT","body":"Dutch consumers and food processors\nwould be hit hard by the proposed EC tax on oils and fats, Dick\nde Bruyn, chairman of the commodity board for margarine, fats\nand oils, MVO, said at the annual meeting.\n The Dutch are the second largest consumers of margarine and\nfourth largest consumers of vegetable oils in the EC.\n The fiercely contested tax would be a levy on consumers and\nsteeply increase the costs of industries such as potato\nprocessing and cake and biscuit manufacturing, de Bruyn said.\n \"A move by these industries to countries outside the EC\ncannot be ruled out,\" he added.\n De Bruyn said the tax on vegetable and marine oils and fats\nwould be wide open to fraud, difficult to police, and hugely\nexpensive administratively.\n He also said the proposed tax contravened not only article\nthree of the General Agreement on Tariffs and Trade (GATT), the\nLome Convention, and the United Nations Food and Agriculture\nOrganization (FAO) guidelines, but also the EC's own Treaty.\n The proposed tax would not only be inflationary but also\nhave consequences for employment and investment, he added.\n Reuter\n\u0003","date":"18-JUN-1987 10:54:33.96","topics":["veg-oil"],"organisations":["ec","gatt","fao"],"places":["netherlands"]},"18701":{"title":"DIAMOND SHAMROCK RAISES CRUDE OIL POSTED PRICES 50 CTS\nA BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.\n","date":"18-JUN-1987 10:56:24.69","topics":["crude"]},"18702":{"title":"NABISCO BRANDS LTD <NAB.TO> NAMES NEW CEO","body":"Nabisco Brands Ltd, 80 pct-owned by RJR\nNabisco Inc <RJR>, said it named president R. Edward Glover as\nchief executive, replacing J.R. MacDonald, who remains as\nvice-chairman and chairman of the executive committee,\neffective immediately.\n Glover has been president and chief operating officer since\nApril, 1986, Nabisco said.\n Reuter\n\u0003","date":"18-JUN-1987 10:58:22.77","places":["canada"]},"18703":{"title":"POCO PETROLEUMS LTD <POC.TO> 2ND QTR NET","body":"Period ended April 30\n Shr not given\n Net 2,600,000 vs 1,600,000\n Revs 18.1 mln vs 15.1 mln\n SIX MTHS\n Shr 21 cts vs 42 cts\n Net 3,800,000 vs 5,500,000\n Revs 32.9 mln vs 35.8 mln\n Reuter\n\u0003","date":"18-JUN-1987 10:58:39.58","topics":["earn"],"places":["canada"]},"18704":{"title":"COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY,\nWTI TO 19 DLRS\n","date":"18-JUN-1987 10:59:31.25","topics":["crude"]},"18705":{"title":"SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI\nNOW 19 DLRS/BBL\n","date":"18-JUN-1987 10:59:36.89","topics":["crude"]},"18706":{"title":"MURPHY RAISES CRUDE OIL POSTINGS 50 CTS A BBL YESTERDAY,\nWTI TO 19 DLRS\n","date":"18-JUN-1987 10:59:57.64","topics":["crude"]},"18707":{"title":"PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS\n A BBL, WTI TO 19 DLRS\n","date":"18-JUN-1987 11:00:03.69","topics":["crude"]},"18708":{"title":"ROBERT BRUCE INDUSTRIES <BRUCA.O> 1ST QTR LOSS","body":"Qtr ends march 28\n Shr loss 1.46 dlrs vs loss 49 cts\n Net loss 2,919,000 dlrs vs loss 892,000 dlrs\n Revs 10.3 mln vs 11.5 mln\n Avg shrs 2,000,000 vs 1,836,000\n NOTE: full name of company is robert bruce industries Inc.\n Reuter\n\u0003","date":"18-JUN-1987 11:00:12.78","topics":["earn"],"places":["usa"]},"18709":{"title":"HACHETTE SEES SHARP PROFIT INCREASE IN 1987","body":"French media and publishing group Hachette\n<HACP.PA> expects a record 15 pct rise in its profits this\nyear, Hachette chairman Jean-Luc Lagardere said.\n Lagardere told a news conference that Hachette's profits\nlast year were 565.4 mln francs against 431.7 mln in 1985.\n\n He said that Hachette was carrying out feasibility studies\nfor the launching around October next year of a nationwide\ndaily newspaper. Earlier this year it made an unsuccessful\nthree billion franc bid for state-owned television network\nTF-1.\n In a letter sent to shareholders, Lagardere said that 1987\nwas likely to be another record year for the company.\n Hachette owns the Europe-1 radio station, about 60 weekly\nnewspapers and magazines, and is also involved in printing.\n It posted a 14.7 billion franc consolidated turnover last\nyear against 11.6 billion in 1985.\n\n REUTER\n\u0003","date":"18-JUN-1987 11:00:26.92","places":["france"]},"18710":{"title":"VMS HOTEL <VHT> INCREASES LOAN TO HOTEL","body":"VMS Hotel Investment Trust said it\ncommitted to fund a 1,029,600 dlr short-term loan increase for\ncapital improvements in the Omni Park Central Hotel in New\nYork.\n The secured loan will increase a previously announced\ncommitment to 5,154,600 dlrs from 4,125,000 dlrs. The total\nloan will have a term of one year with an option to extend for\nanother one-year term.\n Current interest and loan fees are expected to produce an\nannualized yield of 14.43 pct, VMS said.\n Reuter\n\u0003","date":"18-JUN-1987 11:00:43.36","places":["usa"]},"18711":{"title":"WORLD BANK ISSUES 100 MLN ECU EUROBOND","body":"The World Bank is issuing a 100 mln ECU\neurobond due July 21, 1994 paying 7-1/2 pct and priced at\n101-1/2 pct, lead manager Morgan Guaranty Ltd said.\n The non-callable bond is available in denominations of\n1,000 and 50,000 ECUs and will be listed in Luxembourg. The\nselling concession is 1-1/4 pct while, management and\nunderwriting combined pays 1/2 pct.\n The payment date is July 21.\n REUTER\n\u0003","date":"18-JUN-1987 11:02:17.01","places":["uk"]},"18712":{"title":"FRANCE VIDEOTEX SERVICE IN PACT WITH U.S. UNIT","body":"The French agency for international\nmarketing of videotex, <Intelmatique>, said it plans to bring\nthe Minitel network to the U.S. in cooperation with Infonet, an\ninternational network service of Computer Sciences Corp <CSC>.\n Minitel, which now offers Gannett Co Inc's <GCI> USA Today\nand the <British Broadcasting Corp's> news service, will be\naimed at French-speaking businesses in the U.S., Intelmatique\nsaid.\n \n Initially, only about 300 applications in the Eastern\ncorridor between the New York area and Washington will be\nincluded in the pilot project, the company said.\n Users will pre-pay communciation costs and connetion fees\nof about 25 dlrs per hour, the company said. Also, participants\nin the pilot program will be able to rent Minitel terminals for\n25 dlrs per month, Intelmatique said.\n Reuter\n\u0003","date":"18-JUN-1987 11:02:29.39","places":["usa","france"]},"18713":{"title":"EVERGOOD PRODUCTS CORP <EVGD.O> 1986 YEAR LOSS","body":"Oper shr loss 19 cts vs loss 38 cts\n Oper net loss 239,000 dlrs vs loss 476,000 dlrs\n Revs 16.0 mln vs 14.6 mln\n Reuter\n\u0003","date":"18-JUN-1987 11:03:03.26","topics":["earn"],"places":["usa"]},"18714":{"title":"GLOBAL YIELD FUND <PGY> REVIEWS DIVIDEND POLICY","body":"Global Yield Fund, in a review of its\ndividend policy, told shareholders that under the Internal\nRevenue Code of 1986, the fund must distribute substantially\nall of its net income by the end of each year.\n Under the new tax law, the company said annual net income\nincludes net investment income from interest less expenses, plu\nor minus any ordinary currency gains or losses realized in\nconnection with the sale of debt securities.\n \n The company said its present dividend policy is to make\ndistributions of net investment income to stockholders\nquarterly and to accumulate any realized ordinary currency\ngains for distribution as net income at the end of the year.\n At present time, the company said such currency gains\namount to about 40 cts per share.\n However, any currency net loss realized during the\nremaining six and a half month period between now and the end\nof the year could not only reduce or eliminate distributions\nfrom this source but could reduce distributions from net\ninvestment income, the company said.\n \n According to Global, the board would determine on an annual\nbasis whether to distribute or retain net long-term realized\ncapital gains.\n In other matters, the company said its shareholders at its\nfirst annual meeting elected nine directors, approved the\ninvestment management agreement with <Prudential Insurance Co\nof America>, and the service agreement between Prudential and\nthe <Prudential Investment Corp>.\n \n Shareholders also approved the administration agreement\nwith <Prudential-Bache Securities Inc> and amended the fund's\ninvestment restrictions to permit the purchase of portfolio\nsecurities while borrowings are outstanding, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 11:03:30.08","places":["usa"]},"18715":{"title":"WELLS-GARDNER <WGA> AWARDED CONTRACT","body":"Wells-Gardner Electronics Corp said it\nwas awarded a five-year contract to supply touch panel monitors\nto Matrox Electronics Systems Ltd, Dorval, Quebec, Canada.\n The company said the contract is expected to generate total\nrevenues of about five mln dlrs.\n It said the monitors will be part of a videodisc system for\nthe U.S. Army's Electronic Information Delivery System.\n Reuter\n\u0003","date":"18-JUN-1987 11:05:19.21","places":["usa"]},"18716":{"title":"(INSTANT MEDICAL) OPENS HEALTH TEST BOOTHS","body":"(Instant Medical Test Inc) said it opened\nfive health testing booths inside the stores of Osco Drug Co, a\nunit of American Stores Inc <ASC>.\n The company said the booths include a full range of medical\ntesting equipment, and certified medical technicians who take\nblood samples to test for 55 major health risks.\n Reuter\n\u0003","date":"18-JUN-1987 11:05:52.25","places":["usa"]},"18717":{"title":"U.S. SAYS IT WON'T YIELD IN JOURNALIST'S KIDNAPPING","body":"The United States, responding to the\nkidnapping of American journalist Charles Glass, today insisted\nit would not yield to terrorist blackmail.\n \"While much remains unclear, we assume this is another\nterrorist attempt to manipulate the United States through our\nconcern for our citizens,\" the State Department said in a\nstatement.\n \"While we are deeply concerned for the well-being of Mr.\nGlass, Mr. (Ali) Usayran and all hostages, American and\nforeign, and extend our sympathy to their families and friends,\nwe repeat that we will not yield to terrorist blackmail,\" it\nsaid.\n The State Department said its embassy in Beirut had learned\nthat Glass, a journalist on leave from his job with ABC\ntelevision, and Usayran, the son of the Lebanese defense\nminister, were kidnapped on the Awaz'i Road in the southern\nsuburbs of Beirut north of Beirut International Airport on June\n17.\n \"We know of no claims of responsibility,\" the department\nsaid.\n \"We hold the kidnappers responsible for the safety of their\nvictims and call for the immediate and unconditional release of\nall those held hostages,\" it added.\n Reuter\n\u0003","date":"18-JUN-1987 11:06:02.30","places":["usa"]},"18718":{"title":"CALSTAR INC <CSAR.O> YEAR APRIL 30 NET","body":"Shr primary 66 cts vs 1.17 dlrs\n Shr diluted 66 cts vs 81 cts\n Net 1,220,691 vs 1,302,999\n Revs 13.7 mln vs 13.1 mln\n Avg shrs primary 1,859,421 vs 1,112,400\n Avg shrs diluted 1,859,421 vs 1,826,303\n NOTE: Latest net includes tax credits of 565,000 dlrs vs\n620,000 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 11:06:56.56","topics":["earn"],"places":["usa"]},"18719":{"title":"MICRODYNE CORP <MCDY.O> 2ND QTR MAY THREE NET","body":"Oper shr nil vs profit one ct\n Oper net profit 14,000 vs profit 51,000\n Revs 5,547,000 vs 6,021,000\n Six mths\n Oper shr loss nine cts vs profit seven cts\n Oper net loss 383,000 vs profit 314,000 dlrs\n Revs 9,31,000 dlrs vs 12.5 mln\n NOTE: 1986 qtr and six mths excludes loss 171,000 dlrs and\n358,000 dlrs, respectively, for loss from discontinued\noperations.\n Reuter\n\u0003","date":"18-JUN-1987 11:07:02.69","topics":["earn"],"places":["usa"]},"18720":{"title":"COMMONWEALTH <COMW.O> PRESIDENT RESIGNS","body":"Commonwealth Savings and\nLoan Association said Michael McCarthy, its president and chief\noperating officer, resigned.\n The company said Barry Chapnick, chairman and chief\nexecutive offcer, will resume the responsibilities of the\npresident's post.\n Reuter\n\u0003","date":"18-JUN-1987 11:07:10.86","places":["usa"]},"18721":{"title":"MAJOR VIDEO CORP <MAJV.O> YEAR APRIL 30 NET","body":"Shr 23 cts vs 14 cts\n Net 611,000 vs 511,000\n Revs 10.1 mln vs 4,380,000\n NOTE: Latest year includes three cent per share loss from\ndiscontinued operations while prev year includes seven cent per\nshare tax credit.\n Reuter\n\u0003","date":"18-JUN-1987 11:07:55.27","topics":["earn"],"places":["usa"]},"18722":{"title":"QUIXOTE <QUIX.O> UNIT, BATTELLE FORM AGREEMENT","body":"Quixote Corp said its Ocean Scientific\nInc subsidiary and the Columbus, Ohio, division of Battelle\nMemorial Institute signed a joint marketing agreement under\nwhich the organizations may provide joint services for specific\nresearch and development programs for healthcare and\ninstrumentation.\n The agreement will allow Ocean Scientific to offer its\nclients greater capability for designing new instrumentation\nsystems, Quixote said.\n Reuter\n\u0003","date":"18-JUN-1987 11:08:18.72","places":["usa"]},"18723":{"title":"GETTY PETROLEUM CORP <GTY> SETS QTLY DIV","body":"Qtly div four cts vs four cts prior\n Pay July 21\n Record July 7\n Reuter\n\u0003","date":"18-JUN-1987 11:09:36.02","places":["usa"]},"18724":{"title":"FED EXPECTED TO ADD RESERVES","body":"The Federal Reserve will enter the\ngovernment securities market to supply reserves via either a\nlarge round of customer repurchase agreements or by overnight\nor possibly four-day system repurchases, economists said.\n They said the Fed has a fairly large add need and is likely\nto face the most reserve dislocations early in the new\nstatement period started today as corporate tax payments swell\nTreasury balances at the Fed.\n Fed funds hovered at 6-3/4 pct after averaging 6.80 pct\nyesterday.\n Reuter\n\u0003","date":"18-JUN-1987 11:12:26.78","topics":["money-fx","interest"],"places":["usa"]},"18725":{"title":"MET-COIL SYSTEMS CORP <METS.O> SETS REG DIV","body":"Qtly div three cts vs three cts prior\n Pay July 31\n Record July 15\n Reuter\n\u0003","date":"18-JUN-1987 11:16:05.77","places":["usa"]},"18726":{"title":"SYKES DATATRONICS <SYKE.O> SELLS DEBENTURES","body":"Sykes Datatronics Inc said it\nhas agreed in principle for Marshall Associates and H and M\nresources Inc to each purchase up to one mln dlrs of its\nconvertible debentures, allowing Sykes to pay in full its debt\nto Chase Manhattan Corp <CMB> and Chemical New York Corp <CHL>.\n The company said at closing, each investor will buy 750,000\ndlrs of convertible debentures bearing interest at three points\nover the prime rate. It said interest only is payable until\nJune 1, 1990, when repayment of principal in 20 quarterly\ninstallments.\n Sykes said the remaining 250,000 dlrs of each commitment\nmay be drawn down at Sykes' option after December 1, 1987 if\nthe company has met certain performance levels.\n It said the debentures are convertible into common stock at\n15 cts per share. It said if it has now drawn all of the\nremaining 500,000 dlrs of debentures, the investor can buy\nwhatever amount of debentures remain unsold and immediately\nconvert them to Sykes stock.\n Sykes said if both investors were to convert all of the\ndebentures, they would own 13.3 mln Sykes shares. Sykes now\nhas 13.0 mln shares outstanding.\n Sykes said, however, that the agreement with the investors\nprovides that the number of shares resulting from the\nconversion of the debentures may not be in an amount that would\nlimit Sykes' ability to use its net operating loss carryforward\nunder the Tax Reform Act of 1986. The provisioin would\nprevcent the investor from owning more than 50 pct of Sykes'\nshares immediately after conversion, it said.\n The company said closing of the trasaction is expected\nbefore July 1, subject to the receipt of a fairness opinion\nfrom an investment banker, Moseley Holdings Corp <MOSE.O>.\n Sykes said it will use 1,100,000 dlrs of the initial\n1,500,000 dlrs in proceeds, together with a 200,000 dlr note,\nto pay in full all its debt to Chase and Chemical. The banks\nwill then release their security interests in sykes assets,\nwhich will be pledged to the two new investors instead, it\nsaid.\n Sykes said on payment to the banks, it will no longer have\nto pay to the banks lease payments and proceeds from the sale\nof excess inventory and assets.\n Reuter\n\u0003","date":"18-JUN-1987 11:16:23.67","places":["usa"]},"18727":{"title":"TEKTRONIX <TEK> PAPER DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it cut to\nA-2 from A-1 the commercial paper of Tektronix Inc.\n S and P cited the management's plan to repurchase up to 380\nmln dlrs of common equity. The plan will greatly reduce\nliquidity and raise debt to total capital by increasing\nTektronix's sensitivity to industry volatility. Because weak\nprimary markets have led to slow growth in recent years, a\nstrong balance sheet has been a major support for credit\nquality, the agency noted.\n It added that the firm may improve long-term growth, but\nincreased competition may inhibit a return to previous levels.\n\n Reuter\n\u0003","date":"18-JUN-1987 11:16:36.56","places":["usa"]},"18728":{"title":"SOUTHLAND <SLC> UNIT RAISES CRUDE 50 CTS/BBL","body":"Southland Corp's subsidiary Citgo\nPetroleum said it raised its posted prices for crude oil across\nthe board by 50 cts a barrel, effective June 17.\n Citgo said its new posting for West Texas Intermediate and\nWest Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is\nnow posted at 19.35, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 11:20:18.20","topics":["crude"],"places":["usa"]},"18729":{"title":"MICROELECTRONICS TO RESTRUCTURE PROGRAM","body":"<Microelectronics and Computer\nTechnology Corp> said its board approved a restructuring of its\nadvanced computer architecture program.\n The private sector cooperative research venture, which is\nowned by 20 U.S. companies, said the restructuring is based on\na study by its technical advisory board. The study occurred due\nto changing requirements, the company said.\n Formerly comprised of four separate projects, the program\nwill now have a central resaerch core and three laboratories\ncalled satellites. The work in the core program will focus on\nlong-range research, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 11:20:49.59","places":["usa"]},"18730":{"title":"HOLLINGER <HLG.TO> COMPLETES UNIMEDIA TAKEOVER","body":"Hollinger Inc said it completed the\npreviously reported acquisition of privately held Unimedia Inc,\nthe owner of three French language daily newspapers and four\nprinting plants in Ontario and Quebec.\n The company, which owns 58 pct of (Daily Telegraph Plc)\nsaid it named former Carling O'Keefe Ltd chief executive Pierre\nDes Marais as chief executive of La Societe Media Quebec, the\nunit acquiring Unimedia.\n It said his appointment is effective July 2.\n Reuter\n\u0003","date":"18-JUN-1987 11:21:51.92","topics":["acq"],"places":["canada"]},"18731":{"title":"BONN SHOULD SPEED UP TAX REFORM, INSTITUTE SAYS","body":"West Germany's proposed tax reform should\nbe brought forward to stimulate economic growth and head off\nU.S.-led pressure on Bonn to take further fiscal steps to help\nboost the world economy, the Ifo economic institute said.\n An Ifo report said, \"The total growth effect of the reform\ncould be considerably enhanced, and international pressure on\nthe government therefore reduced, if a larger portion of the\ntax cuts planned by 1990 were brought forward to 1988.\"\n Swift action is required to remove growing doubts about how\nthe 44 billion mark tax reform will be financed, Ifo said.\n The report says the tax reform will be insufficient and too\nlate to stimulate economic growth, as demanded by West\nGermany's industrial partners.\n Since the lion's share of cuts worth a gross 44 billion\nmarks \"will not go into effect before 1990, their impact on\ngrowth will be too little, too late,\" said Ifo.\n The West German government has consistently said that by\ncutting taxes and encouraging consumer spending it is boosting\ndomestic demand and making a significant contribution to world\neconomic growth.\n Bonn has agreed to increase the scope of tax reductions\nplanned for 1988. In March, the government said 1988 tax cuts\nwould be expanded by 5.2 billion marks to 13.7 billion.\n A month later, economics minister Martin Bangemann\ncountered a joint call from all five German economic institutes\nto speed up tax cuts by saying such a step would endanger\nefforts to consolidate the budget and keep new public borrowing\ndown.\n Financing the tax reform has become an \"acute problem,\" Ifo\nsaid.\n \"Currently, every proposal over financing (the reform) comes\nup against political opposition. There will be a lot more\ncriticism before the outstanding 19.4 billion marks needed to\nfinance the reform has been accounted for,\" the report said.\n The government has pledged to agree by the Autumn how to\nraise around 19 billion marks still needed to finance tax cuts.\nSubsidies paid to ailing industries are the major target.\n But even leading coalition members like Matthias Wissmann,\neconomics spokesman for the ruling Christian Democratic party,\nhave conceded that subsidy cuts exceeding five billion marks\nare unrealistic, leaving a remaining 14 billion marks to be\nfound.\n An increase in public borrowing will be inevitable to help\nfinance the tax cuts, but Bonn should be able to cope with\nthis, the report said.\n Despite vigorous opposition from the Free Democrats, the\njunior partners in the centre-right coalition government, Bonn\nwill eventually be forced to increase value added tax (VAT) due\nto tax harmonisation measures within the European Community. A\nVAT increase will also provide funds for income tax reform, the\nreport said.\n Viewed in the context of efforts by Bonn, Washington and\nTokyo to reform taxes, \"despite its various shortcomings, West\nGermany's planned tax reform is better than its reputation,\" Ifo\nsaid.\n The effective cut in the income tax burden carried by West\nGermans will be greater than in the U.S., Although the rate\nreductions are smaller and income tax levels will remain higher\noverall, the report said.\n REUTER\n\u0003","date":"18-JUN-1987 11:22:33.59","places":["west-germany"]},"18732":{"title":"A.G. EDWARDS INC <AGE> 1ST QTR MAY 31 NET","body":"Shr 52 cts vs 62 cts\n Net 10,884,000 vs 12,891,000\n Revs 133.3 mln vs 128.8 mln\n Avg shrs 21,017,000 vs 20,845,000\n Reuter\n\u0003","date":"18-JUN-1987 11:24:29.40","topics":["earn"],"places":["usa"]},"18733":{"title":"BOARD REJECTS HYDRO-QUEBEC SALES TO NEW ENGLAND","body":"Canada's National Energy Board has\ndenied an application by Quebec-owned Hydro-Quebec to export\nabout three billion Canadian dlrs worth of electricity to the\nNew England states, a board spokeswoman told Reuters.\n The decision is to be made public later today, chief\ninformation officer Ann Sicotte said.\n Sicotte said the board rejected tha application after four\nmonths of hearings because Hydro-Quebec did not offer the\nelectricity first to Canadian provinces and could not prove it\nwas surplus to Canadian needs.\n Sicotte said Hydro-Quebec can apply for a review of the\ndecision if there are new facts or changed circumstances, and\ncould also launch an appeal with the federal court or file a\nnew application.\n Hydro-Quebec spokesman Maurice Hebert said the utility had\nnot yet been officially notified and will have to study the\ndecision before deciding what action to take.\n The contract was a 10-year agreement with power exports\nbeginning in 1990. \"They weren't able to demonstrate that the\nelectricity was surplus and one way to demonstrate that is by\noffering it to neighboring provinces,\" Sicotte said.\n Hebert said the utility argued that it can generate enough\nelectricity to supply its U.S. and Canadian customers.\n \"Our position is that electricity is a manufactured\nproduct--so everyboday can manufacture it and anybody can buy\nsome--if they (the provinces) want to buy some from us, we're\nwilling to discuss it,\" he said.\n The application is the first the National Energy Board has\nrejected outright, Sicotte said.\n New Brunswick, Prince Edward Island, and Newfoundland had\nopposed the contract at Energy Board hearings this spring.\n Reuter\n\u0003","date":"18-JUN-1987 11:24:59.93","places":["canada"]},"18734":{"title":"DONORS PLEDGE 3.15 BILLION DLRS INDONESIAN AID","body":"Aid donors to Indonesia pledged a\ntotal of 3.15 billion dlrs in fresh funds to Jakarta, a\nstatement issued after a two day meeting of the Inter\nGovernmental Group on Indonesia (IGGI) said.\n The funds compare with 2.6 billion dlrs allocated at last\nyear's meeting and exceed the World Bank's recommendation for\nthe coming year, the statement said.\n \"The Group commended Indonesia for having taken effective\nsteps to adjust to the changed economic environment,\" it said.\n The statement said Indonesia must take further steps toward\neconomic growth to create employment and called for policies\nsupporting growth of agriculture.\n Reuter\n\u0003","date":"18-JUN-1987 11:25:39.98","places":["netherlands","indonesia"]},"18735":{"title":"CFTC'S DAVIS URGES CAUTION ON OFF-EXCHANGE ISSUE","body":"Regulations governing hedging and risk\nmanagement should be revised and development of new futures\ninstruments cautiously monitored in dealing with the growth of\noff-exchange futures instruments, Robert Davis, a commissioner\non the Commodity Futures Trading Commission, CFTC, said.\n Davis told the Chicago chapter of the Futures Industry\nAssociation Commodity Research Division last night \"there is no\ncause for undue alarm\" in the growth of off-exchange\ninstruments.\n However, he said, the CFTC \"must clarify jurisdictional and\nregulatory issues\" by maintaining the safeguards intended by\ncommodity regulations while encouraging \"the further\ndevelopment of competitive markets.\"\n Reuter\n\u0003","date":"18-JUN-1987 11:25:49.44","places":["usa"]},"18736":{"title":"MURPHY OIL <MUR> RAISES CRUDE POSTINGS","body":"Murphy Oil said it increased its crude\noil posted prices by 50 cts a barrel, effective June 17.\nThe company said its new posting for West Texas Intermediate\nand West Texas Sour is 19 dlrs a barrel.\n Light Louisiana Sweet crude is now 19.35 dollars a barrel,\nthe company said. Increases follow a general trend in the\nindustry started yesterday by Sun Co.\n Reuter\n\u0003","date":"18-JUN-1987 11:26:22.08","topics":["crude"],"places":["usa"]},"18737":{"title":"GM'S CHEVROLET AND OLDSMOBILE UNITS EXTENDING MARKETING\nINCENTIVES THROUGH SUMMER\n","date":"18-JUN-1987 11:27:04.47"},"18738":{"title":"PHILLIPS PETROLEUM <P> RAISES CRUDE POSTINGS","body":"Phillips Petroleum Co said it raised\nits crude oil posted prices for West Texas Intermediate and\nWest Texas Sour by 50 cts a barrel, effective June 17.\n The company said the new posted price for WTI and WTS is 19\ndlrs a barrel. The increase is in reaction to Sun Co raising\npostings similarly yesterday.\n Reuter\n\u0003","date":"18-JUN-1987 11:29:52.02","topics":["crude"],"places":["usa"]},"18739":{"title":"MOBIL <MOB> HAS NORTH SEA NATURAL GAS FIND","body":"Mobil Corp said the 49/28-14 wildcat\nwell in Block 49/28 of the British North Sea flowed 50.6 mln\ncubic feet of natural gas per day from depths of 7,742 to 7,777\nfeet.\n The company said it has a 23.33 pct interest and other\ninterest holders include Atlantic Richfield Co <ARC>, Sun Co\n<SUN> and Deminex AG 10 pct.\n Reuter\n\u0003","date":"18-JUN-1987 11:30:13.02","topics":["nat-gas"],"places":["usa"]},"18740":{"title":"MET-COIL SYSTEMS CORP <METS.O> SETS PAYOUT","body":"Qtly div three cts vs three cts prior\n Pay July 31\n Record July 15\n Reuter\n\u0003","date":"18-JUN-1987 11:31:47.88","places":["usa"]},"18741":{"title":"SEC TAKES STEPS TO ALLOW MULTIPLE TRADING ON\nEXCHANGE-LISTED OPTIONS\n","date":"18-JUN-1987 11:33:51.87"},"18742":{"title":"IMF LOANS UGANDA 92.1 MLN DLRS","body":"The International Monetary Fund said\nit has loaned Uganda 92.1 mln dlrs to aid in economic recovery.\n The fund said 60 mln dlrs of the loan is available through\nthe so-called structural adjustment facility (SAF) over the\nnext three years.\n The fund said 57.5 mln dlrs will be available immediately\nunder the SAF and a separate financing arrangement.\n After expanding in the early 1980's, Uganda's economy has\nsuffered setbacks since 1984 of falling industrial and\nagricultural output and accelerating inflation, the fund said.\n The current economic downturn has been worsened by the\nsharp decline in the world price of coffee, Uganda's major\nexport, the fund said.\n Reuter\n\u0003","date":"18-JUN-1987 11:34:28.63","organisations":["imf"],"places":["usa","uganda"]},"18743":{"title":"PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL.\nSWEET CRUDE AT 25.60 DLRS CANADIAN/BBL.\n","date":"18-JUN-1987 11:34:52.84","topics":["crude"]},"18744":{"title":"EC COMMISSION DEFENDS OILS AND FATS TAX","body":"A spokesman for the European\nCommunity Commission defended the controversial plan for a levy\non oils and fats, saying that consumers would have to help\nalleviate the surplus problem by paying the proposed tax.\n Norbert Tanghe, head of division of the Commission's\nDirectorate General for Agriculture, told the 8th Antwerp Oils\nand Fats Contact Days \"the Commission firmly believes that the\nsacrifices which would be undergone by Community producers in\nthe oils and fats sector ... Would justify asking consumers to\nmake an appropriate contribution to solving the serious problem\nwithin that sector by paying a levy.\"\n The proposed tax is necessary because the level of\nbudgetary costs resulting from olive oil and oilseeds\nproduction has become unacceptable, Tanghe said.\n Recent estimates put these costs at 4.0 billion European\nCurrency Units and by 1990 they would rise by another 2.0\nbillion Ecus, he said. In 1990 the Community's \"standstill\"\nagreements with Spain and Portugal end and the EC would then\nfeel the full impact of its enlargement.\n The Commission has proposed several cost and production\ncutting measures which include the introduction of a maximum\nguaranteed quantity system, he added.\n Under the Commission's system for stabilising consumer\nprices in the oils and fats sector, a reference price of 700\nEcus per tonne for refined soy oil would be introduced, Tanghe\nsaid.\n Consumer prices could be raised or lowered by a regulatory\namount when market prices are below or above this level.\n He said the revenue generated by charging a regulatory\namount would be used to finance the Common Agricultural\nPolicy's oils and fats regime.\n \"The Commission believes that hostile reactions (to the\nproposed tax) have for the most part been based on incomplete\nor an insufficiently thorough analysis of the proposal,\" he said.\n Tanghe said the proposed system conforms with General\nAgreement on Tariffs and Trade, GATT, rules.\n It would not be discriminatory because it would be applied\nto domestic and imported products, and past experience showed\nit would not cause any decline in consumption of oils and fats.\n EC-produced oilseeds would not benefit more than they do\nunder present aid arrangements, he said.\n The competitiveness between different oils, whether EC\nproduced or imported, would remain unchanged and quantities\nimported from third countries would not be affected by the tax,\nTanghe said.\n The proposed system would not alter the EC nations'\nrequirements as far as imports are concerned since the overall\neffect would stabilise Community production levels without\naffecting demand, he said.\n It is one of the proposal's objectives to maintain current\nimport levels, he said.\n Imports of soybeans would be unaffected because they are\nimported primarily to satisfy the EC's cakes and meals\nrequirements, which are not covered by the stabilising system.\nFurthermore, more than half the oil produced from imported\nbeans is re-exported to third countries, Tanghe added.\n Reuter\n\u0003","date":"18-JUN-1987 11:35:48.30","topics":["veg-oil"],"organisations":["ec"],"places":["belgium","spain","portugal"]},"18745":{"title":"FECSA TO MEET DEBT NEGOTIATING COMMITTEE TUESDAY","body":"Officials of Fuerzas Electricas de\nCataluna S.A. (FECSA), the Spanish electricity company, will\nhold the first meeting with members of a new debt negotiating\ncommittee representing its creditors in Barcelona on Tuesday,\nsenior bankers said.\n The talks will cover a possible rescheduling of the\ncompany's 610.57 billion peseta debt, which includes both\nforeign and domestic loans and other debt instruments.\n The committee was formed earlier this month after FECSA\nagreed to rescind self-imposed terms for its debt repayments,\nwhich were unacceptable to the banks.\n The negotiating committee is a subcommittee of a broader\ncreditor steering committee made up of some 22 creditor banks\nand leasing companies, which is co-chaired by Bank of America\nInternational Ltd and The Sanwa Bank Ltd.\n Bank of America and Sanwa also will co-chair the\nnegotiating committee. The other members are Bankers Trust Co,\nCaixa de Barcelona, Confederacion Espanola de Cajas de Ahorros,\nChase Manhattan Bank, Deutsche Bank, Long Term Credit Bank of\nJapan, Orient Leasing Ltd, Crown Leasing Ltd and Japan Overseas\nLeasing Co. These banks also are on the broader steering\ncommittee.\n Bankers said that in addition to the negotiating committee,\nthere also will be a seven-member sub-committee for\ndocumentation and finance of which Citicorp will be chairman.\nGulf Bank KSC will chair a separate committee within the\ncommittee for the documentation.\n The final list of the creditors participating in the\nvarious committees was formulated this morning, and the\nsteering committee is now notifying FECSA's approximately some\n320 creditors of the results.\n REUTER\n\u0003","date":"18-JUN-1987 11:36:25.75","places":["uk","spain"]},"18746":{"title":"UNION PACIFIC <UNP> RAISES CRUDE OIL PRICES","body":"Union Pacific Resources, formerly\nChamplin Petroleum, said it raised posted prices for crude oil\nby 50 cts a barrel, effective yesterday.\n The price increase brings West Texas Intermediate, the U.S.\nbenchmark grade, to 19.00 dlrs a barrel.\n The posted price increase follows a similar move by several\nother oil companies.\n Sun Co was the first to raise crude oil postings yesterday\nafternoon and today many other companies are following.\n The last price increase made by oil companies was around\nMay 22.\n \n Reuter\n\u0003","date":"18-JUN-1987 11:38:23.83","topics":["crude"],"places":["usa"]},"18747":{"title":"MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW\n19.00 DLRS.\n","date":"18-JUN-1987 11:39:59.53","topics":["crude"],"places":["usa"]},"18748":{"title":"VaALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY","body":"Italy's overall balance of payments showed\na deficit of 3,211 billion lire in May compared with a surplus\nof 2,040 billion in April, provisional Bank of Italy figures\nshow.\n The May deficit compares with a surplus of 1,555 billion\nlire in the corresponding month of 1986.\n For the first five months of 1987, the overall balance of\npayments showed a surplus of 299 billion lire against a deficit\nof 2,854 billion in the corresponding 1986 period.\n REUTER\n\u0003","date":"18-JUN-1987 11:40:39.50","topics":["bop","trade"],"places":["italy"]},"18749":{"title":"ITALIAN NET OFFICIAL RESERVES FALL IN MAY","body":"Italy's net official reserves fell to\n67,110 billion lire in May from a previously reported 68,455\nbillion in April, the Bank of Italy said.\n Gold holdings totalled 35,243 billion lire at end May,\nunchanged from end April.\n Convertible currencies totalled 18,277 billion lire in May,\ndown from 20,028 billion in April, while European Currency Unit\nholdings were 10,610 billion against 10,528 billion.\n REUTER\n\u0003","date":"18-JUN-1987 11:41:08.88","topics":["reserves"],"places":["italy"]},"18750":{"title":"FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE\nAGREEMENTS\n","date":"18-JUN-1987 11:41:34.51","topics":["money-fx","interest"]},"18751":{"title":"BECOR WESTERN <BCW>AGAIN ADJOURNS HOLDER MEETING","body":"Becor Western Inc said its\nreconvened shareholders meeting has been adjourned to 1000 CDT\nJune 30.\n The company had previously announced plans to again adjourn\nthe meeting following receipt of a renewed offer from Lynch\nCorp <LGL> yesterday.\n The meeting was originally convened on June four when\nshareholders approved the sale of Becor's Western Gear Corp\nsubsidiary before adjourning. The remaining matter to be\npresented is the proposed acquisition of Becor by BCW\nAcquisition Inc, now one of four offers for the company./\n Reuter\n\u0003","date":"18-JUN-1987 11:43:22.21","topics":["acq"],"places":["usa"]},"18752":{"title":"STEEL FIRMS STUDY USX <X> UNIT PRICE HIKE","body":"Two major steel companies said they\nwere studying a price increase announced yesterday by USX\nCorp's USS steelmaking division.\n Spokesman for Armco Inc <AS> and Bethlehem Steel Corp <BS>\nsaid the proposed price hike was under study.\n Yesterday, USS said it plans to raise base prices on plate\nproducts by 20 dlrs a ton, or about five pct, effective with\nshipments October 4.\n A spokesman for LTV Steel Co, a unit of LTV Corp <QLTV>,\ndeclined comment, adding that the company does not make heavy\nplate and makes few other plate products.\n A spokesman for <National Steel Corp>, a joint venture of\nNational Intergroup Inc <NII> and Nippon Kokan K.K., said the\ncompany is not in the product lines affected.\n Reached later, an Inland Steel Industries Inc <IAD>\nspokesman said the company was studying the pricing move.\n USX said the increase will be on all plate products,\nincluding carbon, high-strength low-alloy, strip mill and alloy\nplates. It also said it planned 20-dlr-a-ton increases on some\nspecial plate widths and thicknesses.\n Analysts have said firm prices for steel should contribute\nto better results at the nation's major steelmakers.\n Reuter\n\u0003","date":"18-JUN-1987 11:44:20.69","topics":["iron-steel"],"places":["usa"]},"18753":{"title":"ITALIAN BALANCE OF PAYMENTS IN DEFICIT IN MAY","body":"Italy's overall balance of payments showed\na deficit of 3,211 billion lire in May compared with a surplus\nof 2,040 billion in April, provisional Bank of Italy figures\nshow.\n The May deficit compares with a surplus of 1,555 billion\nlire in the corresponding month of 1986.\n For the first five months of 1987, the overall balance of\npayments showed a surplus of 299 billion lire against a deficit\nof 2,854 billion in the corresponding 1986 period.\n REUTER\n\u0003","date":"18-JUN-1987 11:44:27.20","topics":["bop","trade"],"places":["italy"]},"18754":{"title":"COASTAL <CGP> CRUDE POSTING UP 50 CTS/BBL","body":"Coastal Corp <CGP> said it raised the\npostings of crude oil 50 cts a barrel across the board,\neffective yesterday, June 17.\n The new price for West Texas Intermediate is 19.00 dlrs a\nbarrel. For West Texas Sour the new price is 18.10 dlrs a\nbarrel.\n Reuter\n\u0003","date":"18-JUN-1987 11:44:58.77","topics":["crude"],"places":["usa"]},"18755":{"title":"NRM ENERGY CO LP <NRM> SETS PAYOUT","body":"Qtly div five cts vs five cts prior\n Pay Aug 15\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 11:45:19.40","places":["usa"]},"18756":{"title":"INSILCO CORP <INR> SETS PAYOUT","body":"Qtly div 25 cts vs 25 cts prior\n Pay Aug One\n Record July 10\n Reuter\n\u0003","date":"18-JUN-1987 11:45:25.94","places":["usa"]},"18757":{"title":"NUCOR CORP <NUE> SETS PAYOUT","body":"Qtly div nine cts vs nine cts prior\n Pay Aug 11\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 11:45:41.02","places":["usa"]},"18758":{"title":"PHELPS DODGE <PD> MAY BE UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nmay upgrade the ratings on Phelps Dodge Corp's 545 mln dlrs of\ndebt securities.\n The agency cited Phelps Dodge's progress in restoring\nprofitability in a difficult environment for the copper\nindustry. Moody's said it will study the company's prospects\nfor continued improvements in debt protection measurements. It\nnoted that copper prices recently increased.\n Under review for possible upgrade are Phelps Dodge's Ba-1\nsinking fund debentures and industrial revenue bonds and Ba-2\nconvertible exchangeable preference shares.\n Reuter\n\u0003","date":"18-JUN-1987 11:46:05.57","places":["usa"]},"18759":{"title":"RJR NABISCO <RJR> PERSONNEL CHANGES AT UNITS","body":"RJR Nabisco Inc said it\ncarried out several personnel and organizational changes in its\nfoods and tobacco businesses.\n H. John Greeniaus, executive vice president of Nabisco\nBrands Inc and president of International Nabisco Brands, has\nbeen named president and chief executive officer of Nabisco\nBrands Inc, the company said.\n Replacing Greeniaus as president of International Nabisco\nBrands is Peter Rogers, previously president of Nabisco Brands\nUSA, the company said.\n \n The company also said Gerald Long, senior executive officer\nof RJ Reynolds Tobacco USA, has been given the additional title\nof chairman of RJ Reynolds Tobacco USA.\n Charles Chapman, former president and chief operating\nofficer of Nabisco Brands, was named president of Nabisco\nBrands North America, the company said.\n The company said it assigned its Planters Plus Life Savers\noperation to RJ Reynolds Tobacco Co from its current reporting\nstructure in Nabisco Brands USA. In addition, the Del Monte\nCorp will now report to James Welch Jr, vice chairman of RJR\nNabisco and chairman of Nabisco Brands Inc.\n Reuter\n\u0003","date":"18-JUN-1987 11:46:29.95","places":["usa"]},"18760":{"title":"GULF CANADA <GOC.TO> HOLDERS APPROVE PLAN","body":"Gulf Canada Corp shareholders at the\nannual meeting approved a previously reported reorganization\nplan giving shareholders stock in three publicly traded\ncompanies.\n Shareholders will receive 66 shares in Gulf Canada\nResources Ltd, 29 shares of Abitibi-Price Inc <AIB.TO> and 20\ncommon shares of GW Utilities Ltd for every 100 shares in Gulf\nCanada Corp. GW Utilities, a new company, will hold Gulf's 83\npct stake in Consumers Gas Co Ltd, 49 pct of Hiram\nWalker-Gooderham and Worts Ltd and 41 pct of Interprovincial\nPipe Line Ltd <IPL.TO>.\n\n Debenture holders who objected to the plan withdrew a\nproposed amendment when Gulf Canada chairman Marshall Cohen\nsaid they would receive compensation for six months of interest\nthey would otherwise have lost under the plan.\n The debenture holders had sought to postpone the\nreorganization's effective date to July 16 from July 1 in order\nto earn interest for the latest six-month period.\n Reuter\n\u0003","date":"18-JUN-1987 11:46:45.04","places":["canada"]},"18761":{"title":"EUROPEAN PARLIAMENT THREATENS TO BLOCK EC BUDGET","body":"The European Parliament threatened to\nblock European Community spending plans for next year and\nimplied it could also hold up attempts to solve an\never-deepening budget crisis this year.\n The Parliament voted unanimously in favour of a resolution\ncondemning the annual haggling and compromising between the\nCommunity's 12 member states on spending levels.\n \"It is no longer possible to resort to short-term measures\nor to provisional budgetary solutions. It is no longer possible\nto accept a budget in which real expenditure is not covered by\nrevenue,\" the resolution said.\n Parliamentary blocking could jeopardise efforts to solve a\nfinancing crisis over a five billion European Currency Unit\n(ECU) shortfall for this year, diplomats said. EC ministers are\ndeadlocked on the issue.\n It also would plunge the EC into an ever-deepening crisis\nnext year. Without parliamentary approval of the 1988 budget,\nthe Community would be forced into emergency measures, with\nspending set according to the previous year's levels.\n British conservative parliamentarian Peter Price told\nreporters that parliament could delay an emergency package\nuntil EC ministers prove they are ready to find a long-term\nsolution.\n Reuter\n\u0003","date":"18-JUN-1987 11:47:46.01","organisations":["ec"],"places":["france"]},"18762":{"title":"CRANE <CR> DEBT UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nupgraded Crane Co's 75 mln dlrs of debt.\n Raised were the company's subordinated debt to Baa-3 from\nBa-2 and in-substance defeased senior debentures to A-2 from\nA-3.\n Moody's cited Crane's progress in reducing its exposure to\nsuch cyclical industries as steel and in strengthening its core\nbusinesses through acquisitions and cost reduction.\n The agency expects Crane to have further improvement in\noperating margins. The diversity of Crane's businesses will\nstrengthen cash flow and improve debt protection, it said.\n Reuter\n\u0003","date":"18-JUN-1987 11:47:54.23","places":["usa"]},"18763":{"title":"FED ADDS RESERVES VIA CUSTOMER REPURCHASES","body":"The Federal Reserve entered the\ngovernment securities market to supply temporary reserves\nindirectly via two billion dlrs of customer repurchase\nagreements, a spokesman for the New York Fed said.\n Fed funds were trading at 6-3/4 pct when the Fed began\nits action.\n Reuter\n\u0003","date":"18-JUN-1987 11:47:58.73","topics":["money-fx","interest"],"places":["usa"]},"18764":{"title":"OMI <OMIC.O> PLANS TO REDUCE DEBT TO 30 MLN DLRS","body":"Omi Corp said it expects to reduce the\ndebt guaranteed by former parent Ogden Corp <OG> to 30 mln dlrs\nfrom about 50 mln dlrs by the end of 1987 from financing\nmeasures including an employee stock ownership plan.\n The bulk shipping company said it expects to have the ESOP\nin place before year end, subject to stockholder approval.\n The company also said it anticipates later this year to\nrefinance its high cost debt related to a U.S. flag chemical\ntanker through a lease swap arrangement.\n Omi said this move would further enhance cash flow.\n \n In another matter, the company said through a joint venture\nwith <Anders Wilhelmsen and Co>, three large crude carriers\nhave been chartered-in for minimum periods of six months with\nvarious extension options, and, in one case, a purchase option.\n The company said it anticipates that the purchase option\nwill be exercised by the joint venture this summer.\n Reuter\n\u0003","date":"18-JUN-1987 11:48:30.08","places":["usa"]},"18765":{"title":"NATIONAL INTERGROUP <NII> UNIT RAISES CRUDE PRICES","body":"Permian Corp, a subsidiary of National\nIntergroup, said it raised its crude oil postings by 50 cts a\nbarrel, effective June 17.\n the company said its new posted price for West Texas\nIntermediate and West Texas Sour is 19 dlrs a barrel, while\nLight Louisiana Sweet is now 19.35. The price hike follows\nother increases industrywide.\n Reuter\n\u0003","date":"18-JUN-1987 11:50:59.27","topics":["crude"],"places":["usa"]},"18766":{"title":"PRIMERICA <PA> LISTS ON LONDON EXCHANGE","body":"Primerica Corp said its common\nstock has been listed on the London Stock Exchange.\n Reuter\n\u0003","date":"18-JUN-1987 11:51:06.11","places":["usa"]},"18767":{"title":"OGDEN CORP <OG> SETS SALE OF DEBENTURES","body":"Ogden Corp said it has concluded the\nsale outside the United States through <Salomon Bros\nInternational Inc> and <Allen and Co Inc> of 85 mln dlrs of its\nsix pct convertible subordinated debentures maturing in 2002.\n The company said the debentures are convertible into Ogden\ncommon stock at 79.75 dlrs per share without giving effect to\nthe 2-for-1 stock split distributable on July three.\n A portion of the proceeds will be used to redeem the 50 mln\ndlrs of outstanding senior subordinated debt which currently\nbears interest at a rate of about eight pct, the company said.\n \n The balance of the proceeds is expected to be used in the\nfinancing of projects and general corporate purposes, the\ncompany said.\n Ogden also said the potential conversion of the debentures\nwill not adversely affect its current earnings and cash flow\nexpectations.\n The debentures have not been, and will not be, registered\nunder the U.S. Securities Act of 1933 and may not be offered or\nsold in the U.S. or to a citizen of resident of the U.S., the\ncompany said.\n Reuter\n\u0003","date":"18-JUN-1987 11:51:52.60","places":["usa"]},"18768":{"title":"U.S. STEEL FIRMS STUDY USX UNIT PRICE HIKE","body":"Two major steel companies said they\nwere studying a price increase announced yesterday by USX\nCorp's USS steelmaking division.\n Spokesman for Armco Inc and Bethlehem Steel Corp said the\nproposed price hike was under study.\n Yesterday, USS said it plans to raise base prices on plate\nproducts by 20 dlrs a short ton, or about five pct, effective\nwith shipments October 4.\n A spokesman for LTV Steel Co, a unit of LTV Corp, declined\ncomment, adding that the company does not make heavy plate and\nmakes few other plate products.\n Reuter\n\u0003","date":"18-JUN-1987 11:52:29.60","topics":["iron-steel"],"places":["usa"]},"18769":{"title":"STANDARD COMMERCIAL <STOB.O> 4TH QTR NET","body":"qtr ended March 31\n Shr 74 cts vs 79 cts\n Net 4,069,000 vs 3,458,000\n Revs 173.2 mln vs 120.8 mln\n Year\n Shr 2.65 dlrs vs 2.73 dlrs\n Net 13.3 mln vs 11.9 mln\n Revs 618.4 mln vs 520.7 mln\n NOTE: Full name is Standard Commercial Tobacco Co.\n \n Latest qtr and year includes tax loss carryforwards of\n771,000 dlrs and 1,042,000 dlrs, respectively, and a loss of\n613,000 dlrs for discontinued operation. Prev qtr and year\nincludes tax loss carryforwards of 469,000 dlrs and 1,902,000\ndlrs, respectively.\n Reuter\n\u0003","date":"18-JUN-1987 11:53:24.79","topics":["earn"],"places":["usa"]},"18770":{"title":"U.K. CAPITAL EXPENDITURE RISES IN 1ST QTR 1987","body":"Capital expenditure in the U.K.\nManufacturing, construction, distribution and financial sectors\nrose slightly in the first quarter to 4.75 billion stg from\n4.74 billion in the fourth 1986 quarter, but remained below the\n4.86 billion stg spent in first quarter 1986, the Department of\nTrade and Industry said.\n Manufacturing saw its share of spending rise to 1.64\nbillion stg in the first quarter from 1.57 billion in the final\n1986 quarter, but that was under the 1.78 billion stg\nregistered in first quarter 1986. Expenditure levels are\nseasonally adjusted and measured at 1980 prices, the Department\nsaid.\n REUTER\n\u0003","date":"18-JUN-1987 11:56:30.76","places":["uk"]},"18771":{"title":"SECURITY PACIFIC SAYS SEC DECLARES EFFECTIVE ITS 1.2\nBILLION DLR SHELF\n","date":"18-JUN-1987 11:57:09.95"},"18772":{"title":"STORAGE TECHNOLOGY CORP SAYS COURT APPROVES EMERGENCE FROM\nCHAPTER 11\n","date":"18-JUN-1987 11:58:11.12"},"18773":{"title":"PETRO-CANADA CRUDE UP 32 CTS CANADIAN/BBL","body":"Petro-Canada, a state-owned oil\ncompany, raised the posting prices of sweet and sour crude oils\n32 cts Canadian per barrel, effective today, the company said.\n The change brings the price of light sweet crude to 26.50\ndlrs Canadian per barrel and the price of light sour crude to\n23.77 dlrs Canadian a barrel. The crude oils are from\nEdmonton/Swann Hills.\n Reuter\n\u0003","date":"18-JUN-1987 11:59:16.36","topics":["crude"],"places":["usa"]},"18774":{"title":"U.K. COURT RULES AGAINST RTZ ON OIL FIELD COSTS","body":"The U.K. High Court dismissed an appeal\nby Rio Tinto-Zinc Corp Plc's <RTZL.L> RTZ Oil and Gas Ltd unit\nand ruled that the financial provisions a company makes for the\nfuture cost of abandoning an oil field are not tax deductible,\nthe Press Association reported.\n The company was appealing against a decision of the Tax\nCommissioners that any such provision was a capital\nexpenditure, not a revenue expenditure, and was not deductible.\nThe court was told that since 1976 the company had made an\nannual provision of around 750,000 stg for the eventual cost of\nabandoning a rig.\n An RTZ spokesman said the ruling was not worrying as the\nsubsidiary had assumed that the provisions were not deductible\nfrom corporation tax payable.\n It would have been a bonus if the company had won but all\nbudgeting had been on the assumption that it would not, he\nsaid.\n Oil analysts said that RTZ's assumption of liability was\nshared by the industry as a whole.\n The ruling appeared to mean that tax relief on the\nexpensive process of abandoning rigs would apply when the\nexpense occurred, not when provisions for future expenses were\nbuilt into the accounts, one analyst added.\n Reuter\n\u0003","date":"18-JUN-1987 12:02:05.63","topics":["crude"],"places":["uk"]},"18775":{"title":"SEC ACTS ON EXCHANGE-LISTED OPTIONS TRADING","body":"The Securities and Exchange\nCommission began proceedings in which it will consider allowing\noptions trading on exchange-listed securities on more than one\noptions market.\n In a three-nil decision, the SEC voted to seek public\ncomment on a proposed rule removing restrictions that prevent\nthe options from being traded on more than one market.\n Exclusive trading rights in options on exchange-listed\nstocks are now determined by a lottery system among options\nexchanges.\n The SEC also voted to ask the New York, American, Chicago\nBoard Options, Pacific and Philadelphia Exchanges to\nvoluntarily postpone an options allocation lottery scheduled\nfor June 22 while the matter is under consideration.\n Richard Ketchum, head of the SEC's division of market\nregulation, said the exchanges are not required to adhere to\nthe request.\n Reuter\n\u0003","date":"18-JUN-1987 12:02:54.58","places":["usa"]},"18776":{"title":"INDONESIAN DEBT SERVICE RATIO PEAKS, MINISTER SAYS","body":"Indonesia expects the recent years'\nrise in its debt service ratio to peak at the current level of\n41 pct, Development Supervision Minister Ali Wardhana told\njournalists.\n He was speaking at a news conference following a two day\nannual meeting of aid donors grouped in the Inter-Governmental\nGroup on Indonesia (IGGI) in which 3.15 billion dlrs in fresh\nfunds were pledged for the coming year.\n \"The current debt service ratio of 41 pct will be the top,\"\nWardhana said, noting the debt service ratio rose to that level\nfrom 37 pct last year. Indonesia's debt totals 37 billion dlrs.\n \"The current debt burden will be manageable if concessionary\nloans can be attracted,\" he said.\n He said international organisations such as the World Bank\npledged an unchanged 1.68 billion dlrs in fresh funds to\nIndonesia and this year's overall total, up from last year's\n2.6 billion, reflected higher pledges from donor countries.\n He said Japan raised its pledge to 88 billion yen from 80\nbillion last year. Britain almost trebled its contribution to\n130 mln stg from 45 mln. The United States raised its\ncontribution to 190 mln dlrs from 86 mln and the Netherlands\nraised its figure to 232 mln guilders from 180 mln.\n Commenting on the increase in funds pledged to Indonesia,\nwhich has been hard hit in export revenue due to the oil price\ncollapse, Wardhana said, \"I am happily surprised, but in view of\nthe seriousness of the balance of payments situation the amount\nis what we needed to cope.\"\n He noted donors pledged to increase local cost financing as\npart of the aid package. Some 900 mln dlrs of the package will\nbe for programme aid or local cost financing, Indonesian\nCentral Bank Governor Arifin Siregar said.\n Trade Minister Rachmat Saleh said Indonesia will continue\nto reform the economy and bring about further liberalisations.\n \"Indonesia has undertaken reforms to meet external problems,\"\nSaleh said. \"It's a good thing and we will continue with\nderegulation in trade, industry and licensing of new\nbusinesses.\"\n Asked whether the question of private capital exports from\nIndonesia was discussed, central bank governor Arifin Siregar\nexpressed confidence that any drain of capital abroad would\nonly be temporary.\n He noted there had been a turnaround in a recent fall in\nforeign exchange reserves three days ago.\n REUTER\n\u0003","date":"18-JUN-1987 12:03:51.00","places":["netherlands","indonesia"]},"18777":{"title":"SECURITY PACIFIC <SPC> UNIT'S SHELF EFFECTIVE","body":"Security Pacific National Bank, a unit\nof Security Pacific Corp, said the Securities and Exchange\nCommission declared effective its shelf registration statement\ncovering 1.2 billion dlrs of mortgage related securities.\n The bank said it filed the registration statement in April.\nThis is the bank's second shelf registration filed in\nconnection with Security Pacific Merchant Bank's efforts to\nsecuritize mortgages originated by Security Pacific National,\nit said.\n Reuter\n\u0003","date":"18-JUN-1987 12:04:12.78","places":["usa"]},"18778":{"title":"SOUTHMARK <SM> ACQUIRES BERG VENTURES","body":"Southmark Corp said it acquired Berg\nVentures Inc, which manages 84 apartment complexes with over\n18,000 units and 12 shopping centers stretching from New Jersey\nto Florida that are controlled or affiliated with Berg Harmon\nAssociates. Terms were not disclosed.\n Southmark said the acquisition makes it the nation's\nlargest apartment management firm with over 100,000 units under\nits wing. Southmark also said it has become the managing\npartner of Berg Harmon Associates. Over 3,000 Berg Harmon\nLimited partners have made capital investments of over 300 mln\ndlrs in the properties now managed by Southmark.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:05:07.83","topics":["acq"],"places":["usa"]},"18779":{"date":"18-JUN-1987 12:05:13.44","topics":["earn"],"places":["usa"]},"18780":{"title":"GM <GM> UNITS EXTEND INCENTIVES","body":"General Motors Corp's Chevrolet and\nOldsmobile divisions said they are extending cash rebates and\ndiscount financing on several car and truck lines through the\nsummer.\n Chevrolet said that through August 3 its customers could\nchoose cash rebates of 300 dlrs to 1,000 dlrs depending on\nmodels or loan rates beginning at 3.9 pct through 9.9 pct,\ndepending on length of contract. The program covers six car\nlines and S-10 Blazer and pickup trucks.\n Oldsmobile said separately its cash rebates and discount\nfinancing packages with rates beginning at 3.9 pct for 24-month\nloans were continued retroactively to June 16 on its Delta 88\nand 98 Regency models.\n It gave no expiration for its incentive program.\n Chevrolet said its program continues to cover its newly\nintroduced Corsica and Beretta compact cars.\n Through June 10, Chevrolet's car sales are 14.1 pct below\nlast year's levels while Oldsmobile's retail deliveries of cars\nare off by 31.9 pct.\n Reuter\n\u0003","date":"18-JUN-1987 12:05:29.09","places":["usa"]},"18781":{"title":"GROWTH OF PALM OIL USE SET TO SLOW, OUTPUT TO RISE","body":"The rate of increase in world palm oil\nuse is likely to slow next season despite an expected 800,000\ntonne production rise to 8.13 mln tonnes, Siegfried Mielke,\neditor of the Hamburg-based newsletter Oil World said.\n He told the 8th Antwerp Oils and Fats Contact Days that in\nthe next Oct/Sept 1987/88 season, palm oil use will rise to\n8.25 mln tonnes from 7.71 mln, below the five-year average\nincrease of 550,000 tonnes.\n Opening stocks at the start of next October are expected\nto be about 1.4 mln tonnes, 300,000 tonnes below year-earlier\nlevels, bringing total supplies to 9.5 mln tonnes, he said.\n The anticipated total supplies will be about 500,000 tonnes\nabove this season's available amount, Mielke said.\n The increase in mature palm tree areas in Malaysia will\nslow down from this year on, but that will be offset by area\nexpansion in Indonesia, he said.\n He estimated the combined rise in Malaysian and Indonesian\nmature area at 8.7 pct next year, after 9.5 pct this year, and\nat 6.7 pct in 1989 and 5.0 pct in 1990.\n Malaysia also is shifting plantings to Sabah and Sarawak,\nwhere the rate of expansion is higher than in the Peninsula,\nbut where yields are lower, he said.\n The stocks/usage ratio of seven major oils is also\nexpected to decline, Mielke said. The oils are soybean,\ncottonseed, sunflowerseed, coconut, rapeseed, palmkernel and\npalm.\n At the start of October 1986 stocks of these oils were\nunusually high and represented 6.8 weeks of the current\nseason's prospective demand, compared with six weeks a year ago\nand with 5.4 weeks in 1984, he said.\n Mielke expects the ratio to fall to 5.9 weeks by the start\nof next October and to the unusually low level of 5.4 weeks by\nthe end of next season.\n The stocks/usage ratio for palm oil was 11.4 weeks last\nOctober and is likely to be 8.7 weeks next October and 7.7 at\nthe end of next season, Mielke said.\n World oilseed stocks also are expected to fall in the\ncourse of the next season, with the biggest reduction seen in\nsoybean stocks, which Mielke expects to decline by 5.0 mln\ntonnes or by one fifth.\n Almost all of the decline is expected to occur in the U.S.,\nfor which he estimated ending stocks next season at 10.7 mln\ntonnes, or 393 mln bushels, against anticipated ending stocks\nof 15 mln tonnes, or 551 mln bushels, at the end of this\nseason.\n Reuter\n\u0003","date":"18-JUN-1987 12:05:52.68","topics":["veg-oil","palm-oil","soy-oil","rape-oil","cotton-oil","coconut-oil","sun-oil"],"places":["belgium","malaysia","indonesia"]},"18782":{"title":"PAN-ALBERTA/UNITED GAS SETTLEMENT APPROVED","body":"Pan-Alberta Gas Ltd said its\n1986 proposed settlement with United Gas Pipe Line Co, of\nHouston, received unconditional approval by the U.S. Federal\nEnergy Regulator Commission.\n Pan-Alberta said the approved deal authorized terms of a\ntwo-year interim contract amendment, cash payments and\ntransportation credits for Pan-Alberta's customers, minimum\nyearly natural gas takes by United and a two-year commodity\nprice. United will pay Pan-Alberta producers about 50 mln dlrs\nover the interim period and take at least an average 40 mln\ncubic feet a day of gas, Pan-Alberta said.\n Reuter\n\u0003","date":"18-JUN-1987 12:08:05.85","topics":["nat-gas"],"places":["usa","canada"]},"18783":{"title":"MAY <MA> WON'T BUY ALLIED'S DEY BROTHERS STORES","body":"May Department Stores Co said it\nterminated an agreement with Allied Stores Corp to buy from\nAllied the four Dey Brothers Stores in Syracuse, N.Y.\n May and Allied said conditions necessary for the closing\nwere not met.\n May had planned to make the acquisition an expansion of its\nSibley's Department Store Co, which operates in Syracuse,\nRochester and Buffalo, N.Y.\n Reuter\n\u0003","date":"18-JUN-1987 12:08:12.19","topics":["acq"],"places":["usa"]},"18784":{"title":"VALERO NATURAL GAS <VLP> SETS INITIAL PAYOUT","body":"Valero Natural Gas Partners\nLP said its board has declared an initial quarterly dividend of\n67.3611 cents per unit, payable August 14, record July 1.\n The partnership said the distribution covers its first full\nquarter of operations ending June 30 plus the period from the\ninception of its operations on March 25.\n Future dividends will be 62.5 cts quarterly, it said.\n Reuter\n\u0003","date":"18-JUN-1987 12:08:38.89","places":["usa"]},"18785":{"title":"DUFF/PHELPS LOWERS TRANSCO ENERGY <E> AND UNIT","body":"Duff and Phelps said it lowered its\nratings on outstanding notes and debentures of Transco Energy\nCompany and its subsidiary Transcontinental Gas Pipe Line\nCompany, affecting 887 mln dlrs in debt securities.\n Transco Energy cumulative convertible preferred stock was\nlowered to DP-12 (middle BB) from DP-10 (low BBB) and\nTranscontinental Gas Pipe Line notes and debentures were\nlowered to DP-10 from DP-8 (high BBB) and preferred stock to\nDP-11 (high BB) from DP-9 (middle BBB).\n Duff and Phelps said the downgrade reflects an increase in\nTransco's estimate of payments it will require to settle\ntake-or-pay liabilities from 550 mln dlrs to 900 mln dlrs.\nTransco has already made more than 400 mln dlrs in cash\npayments.\n In addition, natural gas remains in excess supply and the\nability of Transcontinental to keep its pipeline full is\nsubject to increaseing competition.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:10:38.28","places":["usa"]},"18786":{"title":"STORAGE <STK> SAYS COURT CLEARS REORGANIZATION","body":"Storage Technology Corp said\nthe U.S. Bankruptcy Court has approved its plan of\nreorganization and its emergence from Chapter 11 bankruptcy.\n Under the terms of the plan, the company said all approved\ncreditors claims will be paid in full in cash, equity and\nnotes. It said it will settle about 800 mln dlrs in liabilities\nthrough the payment of about 132.5 mln dlrs in cash, 285 mln\ndlrs of 10-year 13.5 pct notes and 192 mln additional common\nshares.\n The company said existing common shareholders will hold\nabout 15 pct of the company's shares after the distribution.\n The company said the distribution of the cash, equity and\nnotes to creditors will start in July.\n Reuter\n\u0003","date":"18-JUN-1987 12:13:06.24","places":["usa"]},"18787":{"title":"MARINE MIDLAND <MM> AFFIRMED BY S/P","body":"Standard and Poor's Corp said it\naffirmed Marine Midland Banks Inc's 500 mln dlrs of debt.\n S and P cited a 400 mln dlr provision to reserves for\ndeveloping country credits. The provision brings Marine's\nreserve to about 29 pct and will enhance its flexibility in\nactively managing this portfolio. S and P also said Marine's\nearnings and asset quality are showing steady improvement.\n Affirmed were the bank's A-plus senior debt, A-rated\nsubordinated debt, A-minus preferred stock and A-1-plus\ncommercial paper. Also affirmed were lead bank Marine Midland\nBank NA's A-plus/A-1-plus certificates of deposit.\n Reuter\n\u0003","date":"18-JUN-1987 12:13:14.41","places":["usa"]},"18788":{"title":"QUAKER OATS <OAT> CANNOT ACCOUNT FOR DECLINE","body":"Quaker Oats Co said in response to a\nquery that it knew of no corporate development to account for\nthe decline in its stock, trading at 54-3/8, off 2-1/8.\n Reuter\n\u0003","date":"18-JUN-1987 12:16:26.03","places":["usa"]},"18789":{"title":"UNOCAL RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19\nDLRS/BBL\n","date":"18-JUN-1987 12:18:29.55","topics":["crude"]},"18790":{"title":"<VIRTUSONICS CORP> CUTS WARRANT EXERCISE PRICE","body":"Virtusonics Corp said it has cut the\nexercise price of its warrants to 1.5 cts per share from 2.5\ncts from June 22 until July 22.\n Reuter\n\u0003","date":"18-JUN-1987 12:18:38.25","places":["usa"]},"18791":{"title":"FRENCH FARMERS WORRIED BY FAILURE OF EC TALKS","body":"France's leading farmer's union, the\nFNSEA, said it is worried that negotiations on the 1987/88 farm\nprice package will now be tackled by European Community leaders\nwho do not know the agricultural situation.\n The leaders have no specialised knowledge of the farm\ndossier and have the tendency to sign compromises which are \"too\nbroad,\" union leader Raymond Lacombe said. But he added French\nFarm Minister Francois Guillaume had reason to reject a\ncompromise which would have been negative for the farm sector.\n EC ministers ended talks this morning having failed to get\nany agreement on agricultural prices for the 1987/88 farm year,\nwhich started on April 1 for certain products.\n Lacombe said the French government should guarantee\nfarmers' incomes until an agreement is reached.\n Reuter\n\u0003","date":"18-JUN-1987 12:19:30.32","organisations":["ec"],"places":["france"]},"18792":{"title":"ZENITH <ZEN>, SQUIBB <SQB> IN SUPPLY TALKS","body":"Zenith Laboratories Inc said it is\ndiscusssing with Squibb Corp's SquibbMark division a three-year\nagreement to supply some products to Squibb to sell under a\nSquibbMark label.\n Zenith said the deal includes products it already markets\nand some that are pending marketing approval from the U.S. Food\nand Drug Administration.\n Zenith also said the proposed agreement is still in\nnegotiation and subject to approval by senior managements of\nSquibb and Zenith.\n Reuter\n\u0003","date":"18-JUN-1987 12:20:20.82","places":["usa"]},"18793":{"title":"BAXTER <BAX> SETS BRIEFING FOR NEW PRODUCT","body":"Baxter Travenol Laboratories Inc\nsaid it will hold a press conference June 29 to introduce a new\ninformation systems product that will \"dramatically improve\nhospital efficiency.\"\n No other details were disclosed.\n Baxter currently offers computerized information systems\nthat link hospital medical and business departments and\ndoctors' offices.\n Reuter\n\u0003","date":"18-JUN-1987 12:21:15.11","places":["usa"]},"18794":{"title":"HOLDER <HOLD.O> REORGANIZATION PLAN APPROVED","body":"Holder Communications Corp said\nstockholders approved its reorganization plan with the <General\nMasonry Group> in Nashville, Tenn.\n The company said also approved was its name change to GMX\nCommunications Inc and an increase of authorized shares to 100\nmln from 20 mln.\n Included in the reorganization, which is scheduled for\nclosing June 30, was the installation of a new sla e of five\ndirectors.\n Holder said it owns eight radio stations and General\nMasonry is engaged in masonry construction.\n Reuter\n\u0003","date":"18-JUN-1987 12:22:37.32","places":["usa"]},"18795":{"title":"UNOCAL <UCL> RAISED CRUDE OIL POSTINGS BY 50 CTS/BBL","body":"Unocal said it raised its postings for\ncrude oil by 50 cts a barrel, effective June 17. The company\nsaid it is now posting West Texas Intermediate and West Texas\nSour at 19 dlrs a barrel.\n Unocal said its new Light Louisiana Sweet posted price is\n19.35 dlrs a barrel. the price move follows a wave of increases\ninitiated by Sun Co yesterday.\n Reuter\n\u0003","date":"18-JUN-1987 12:23:41.55","topics":["crude"],"places":["usa"]},"18796":{"title":"WOOLWORTH <Z> ANNOUNCES SALES STRATEGY","body":"FW Woolworth Co's chairman and chief\nexecutive officer, Harold Sells, said the company remains\ncommmitted to its general merchandise division, despite the\ngrowing importance of its specialty stores.\n The company said its sales in the first quarter ended May 2\nwere 1.53 billion dlrs, up from 1.41 billion dlrs in the same\nperiod last year.\n \n Sells said the company's specialty stores contributed 65\npct to total operating profit last year, but profits in the\ngeneral merchandise sector have been improving. He said the\ncompany has no plans to turn its back on the Woolworth stores.\n \"We've spent alot of money on refurbishing and remodeling\nour general merchandise stores, and we will continue to do so,\"\nhe said.\n Sells said the number of general merchandise stores is not\nincreasing. But one of the companies stratagies is to increase\nits core departments in the general merchandise stores into\nspecialty stores, he said.\n He said these include its framescene and cosmetics unit.\n He said the company continues to look at mergers and\nacquisitions. But he stressed any acquisitions should make\nsense from a strategy standpoint.\n \"We're primarily looking for small, emerging growth stores\nwith a concept that's right to expand on national scale,\" he\nsaid.\n \n Sells said the company has been looking at a number of\ninitial experiments on home video sales. He said Woolworth will\nbecome involved this summer with J.C. Penny Co Inc's <JCP>\nTele-Action program, along with a number of other retailers.\n Sells said the Tele-Action program, which is due to go on\nair in the Chicago area this summer, will feature products from\nWoolworth's Foot Locker unit.\n Reuter\n\u0003","date":"18-JUN-1987 12:25:28.98","places":["usa"]},"18797":{"title":"WORLD BANK LOANS MEXICO 400 MLN DLRS","body":"The World Bank said it has loaned\nMexico 400 mln dlrs to help support an agricultural credit\nproject.\n The project hopes to increase agricultural productivity,\nexports, and real farm income by providing credit to private\nfarmers, ranchers and agro-industries, the bank said.\n The loan will be used for lending mainly by commercial\nbanks and the National Rural Credit Bank, Mexico's largest\nagricultural credit lender, the bank said.\n It also said the project hopes to aid in reducing the\ngovernment's interest rate and credit subsidies.\n The project will also support improvement of the\nagricultural credit system through reduction of subsidies for\ncredit and crop insurance, and increased domestic resource\nmobilization, the bank said.\n The loan, guaranteed by the government, is for 15 years,\nincluding three years of grace, at a variable interest rate -\ncurrently 7.92 pct, the bank said.\n Reuter\n\u0003","date":"18-JUN-1987 12:28:23.59","places":["usa","mexico"]},"18798":{"title":"ECUADOR HAS TRADE SURPLUS IN FIRST FOUR MONTHS","body":"Ecuador posted a trade surplus of 10.6 mln\ndlrs in the first four months of 1987 compared with a surplus\nof 271.7 mln in the same period in 1986, the central bank of\nEcuador said in its latest monthly report.\n Ecuador suspended sales of crude oil, its principal export\nproduct, in March after an earthquake destroyed part of its\noil-producing infrastructure.\n Exports in the first four months of 1987 were around 639\nmln dlrs and imports 628.3 mln, compared with 771 mln and 500\nmln respectively in the same period last year.\n Exports of crude and products in the first four months were\naround 256.1 mln dlrs, compared with 403.3 mln in the same\nperiod in 1986. The central bank said that between January and\nMay Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels\nof products, compared with 32 mln and 2.7 mln respectively in\nthe same period last year.\n Ecuador's international reserves at the end of May were\naround 120.9 mln dlrs, compared with 118.6 mln at the end of\nApril and 141.3 mln at the end of May 1986, the central bank\nsaid. gold reserves were 165.7 mln dlrs at the end of May\ncompared with 124.3 mln at the end of April.\n Reuter\n\u0003","date":"18-JUN-1987 12:29:57.04","topics":["trade","reserves"],"places":["ecuador"]},"18799":{"title":"1988 U.S. BUDGET PLAN CLEARED BY KEY CONGRESSIONAL\nCOMMITTEE\n","date":"18-JUN-1987 12:30:17.28"},"18800":{"title":"REPUBLIC BANK <RNB> DEBT AFFIRMED BY S/P","body":"Standard and Poor's Corp said it\naffirmed about 600 mln dlrs of debt of Republic Bank NY Corp.\n Affirmed were Republic's AA senior debt, AA-minus\nsubordinated debt, A-plus preferred stock, A-1-plus commercial\npaper and A/A-1-plus certificates of deposit.\n S and P cited the bank's decision to join the growing\nnumber of U.S. banks that have set aside reserves for\ndeveloping country credits.\n Republic strengthed its reserves by 100 mln dlrs.\n Despite an expected second quarter loss, the firm remains\none of the best capitalized banks in the U.S., S and P said.\n Reuter\n\u0003","date":"18-JUN-1987 12:31:03.93","places":["usa"]},"18801":{"title":"ENSOURCE <EEE> SELLS CONVERTIBLE PREFERRED","body":"Ensource Inc said it has agreed to sell\none mln shares of convertible preferred stock to closely-held\nUnited Meridian Corp for 25 dlrs a share and to grant United\nwarrants to buy 550,000 common shares.\n Ensource said United chairman Ralph E. Bailey, who recenty\nretired as chairman of Du Pont Co's <DD> Conoco Inc and vice\nchairman of Du Pont, and United president Joseph D., Mahaffey\nhave been named to the board. It said United will later\ndesignate two more members to the 10-member board.\n The company said it and United have also arranged for\nmodifications to Ensource's senior bank credit agreement.\n It said United will hold a 41 pct voting interest in\nEnsource on receipt of the preferred, which carries an annual\ndividend of 2.125 dlrs per share. Each share is convertible\ninto 2.315 common shares.\n The company said part of the dividends on the preferred\nwill be paid in more convertible preferred shares.\n It said the transaction is subject to United's approval of\nthe bank debt restructuring documents and Federal Trade\nCommission approval.\n Reuter\n\u0003","date":"18-JUN-1987 12:33:18.38","places":["usa"]},"18802":{"title":"PAN AM <PN> RECEIVES AIRBUS AIRCRAFT","body":"Pan American World Airways said it\ntook delivery of the first of 12 A310-300 aircraft on June 17,\nbecoming the first U.S. airline to receive the engines\ndeveloped by the European consortium Airbus Industrie.\n The airline is also the first to take United Technologies\nCorp's <UTX> Pratt and Whitney PW4000 engines.\n Pan American said it will intiially use the aircraft on\ndomestic routes and later for international service. Each\naircraf seats 12 first class passengers, 30 business class, and\n162 coach.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:34:23.89","places":["usa"]},"18803":{"title":"PAR <PAR> TO COMPETE WITH LILLY'S <ELI> KEFLEX","body":"Par Pharmaceutical Inc said\nit will begin marketing a generic form of Eli Lilly and Co's \nKeflex, a widely used antibiotic whose patent expired April 21,\nin about six weeks.\n Generic drugs are cheaper copies of brand name drugs that\nhave lost their patents.\n Par said its generic form of Keflex, called Cephalexin,\nwill be made by an overseas supplier so that Par will not have\nto make a substantial investment in a separate facility\nrequired to make the product.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:34:36.78","places":["usa"]},"18804":{"title":"1988 U.S. BUDGET CLEARED BY COMMITTEE","body":"A joint House-Senate committee\nformally approved a 1988 budget plan certain to touch off a\nbattle with President Reagan over taxes and defense.\n The budget, a compromise of earlier House and Senate\nbudgets, was negotiated yesterday by House and Senate\nDemocratic leaders.\n The plan, slated for House action next Tuesday, would\nreduce next year's estimated 171-billion-dlr deficit to about\n134 billion dlrs.\n It proposes 19 billion dlrs in new taxes next year and cuts\nReagan's defense mark.\n Reuter\n\u0003","date":"18-JUN-1987 12:35:27.52","places":["usa"]},"18805":{"title":"ACTON <ATN> SETS ONE FOR FIVE REVERSE SPLIT","body":"Acton Corp said shareholders at the\nannaul meeting approved a one-for-five reverse split that takes\neffect June 25.\n It said holders also approved a limitation of directors'\nliability and indemnity agreements between the company and its\nofficers and directors.\n Reuter\n\u0003","date":"18-JUN-1987 12:37:06.22","places":["usa"]},"18806":{"title":"FIRST WISCONSIN ADDS LOAN LOSSES, SEE 2ND QTR LOSS OF\n2.80 DLRS A\u001b[B SHARE\n","date":"18-JUN-1987 12:39:35.50"},"18807":{"title":"REICHHOLD <RCI> RAISES WAFERBOARD RESIN PRICES","body":"Reichhold Chemicals Inc said\nits Reichhold Ltd subsidiary has raised prices seven U.S. cent\nper pound on powdered phenolic waferboard resins, effective\nJuly 1, due to sharp increases in the cost of phenol.\n Reuter\n\u0003","date":"18-JUN-1987 12:44:36.25","topics":["pet-chem"],"places":["usa"]},"18808":{"title":"ENZON <ENZN.O>, KODAK <EK> TO BEGIN DRUG TEST","body":"Enzon Inc and Eastman\nKodak Co's Eastman Pharmaceuticals division said the Food and\nDrug Administration approved their application to allow\nclinical testing of the PEG-uricase drug to proceed.\n Kodak owns 18.7 pct of Enzon and owns the marketing rights\nfor PEG-uricase and two other drugs Enzon is developing.\n The companies said PEG-uricase is intended to reduce uric\nacid levels in patients undergoing chemotherapy and suffering\nfrom gout. A build up of uric acid in the bloodstream, a common\nside effect of chemotherapy, often leads to kidney failure.\n Enzon said that under the FDA's new rules to allow patients\nwith life-threatening diseases to get investigational drugs,\nuric acid levels in an extremely ill patient decreased to\nnormal levels within 48 hours after the drug was injected.\n Separately, it said the FDA granted it permission to\ninclude an unlimited number of patients in trials with PEG-ADA,\na drug used to treat a rare and usually fatal disease in\nchildren called severe combined immuodeficiency.\n It said five children are being treated with the drug and\nit hopes to file a new drug application PEG-ADA by late 1987.\nWhen the NDA is approved, the drug can be marketed.\n Reuter\n\u0003","date":"18-JUN-1987 12:47:33.15","places":["usa"]},"18809":{"title":"BANK NF NEW ENGLAND <BKNE.O> SETS LOSS PROVISION","body":"Bank of New England Corp said it will\nmake a special second quarter loan loss provision of 107 mln\ndlrs.\n Reuter\n\u0003","date":"18-JUN-1987 12:48:27.50","places":["usa"]},"18810":{"title":"DIAMOND SHAMROCK <DRM> RAISES CRUDE POSTINGS","body":"Diamond Shamrock R and M said it raised\nits crude oil contract prices by 50 cts a barrel, effective\nJune 17.\n The company said its new posting for West Texas\nIntermediate crude is 19 dlrs a barrel. The price increase\nfollows similar moves by several other companies.\n Reuter\n\u0003","date":"18-JUN-1987 12:48:44.24","topics":["crude"],"places":["usa"]},"18811":{"title":"XEROX <XRX> AFFILIATE TO SELL S.AFRICAN UNIT","body":"Xerox Corp's affiliate Rank Xerox Ltd\nsaid it signed a definitive agreement to sell its Rank Xerox\nSouth Africa Pty Ltd affiliate to Altron Group <ALRN.O>, for\nundisclosed terms.\n Xerox said the preliminary agreement to sell the affiliate\nto Fintech, an Altron unit, had been reached in March. Xerox\nsaid completion of the sale awaits approval of Fintech\nshareholders and a review by the Johannesburg Stock Exchange.\n Rank Xerox South Africa was founded in 1964 as a wholly\nowned unit of Rank Xerox, the Xerox affiliate that manufactures\nand markets Xerox products in the Eastern Hemisphere.\n Rank Xerox said that of the 800-man workforce of Rank Xerox\nSouth Africa, 40 pct are black, colored or Asian. The company\nwill become a wholly owned unit of Altron.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:49:04.85","topics":["acq"],"places":["usa","south-africa"]},"18812":{"title":"STATE STREET BOSTON CORP <STBK.O> LIFTS DIV","body":"Qtly div 11 cts vs 10 cts prior\n Pay July 15\n Record July 1\n Reuter\n\u0003","date":"18-JUN-1987 12:49:48.06","places":["usa"]},"18813":{"title":"<EVEREX SYSTEMS INC> FILES FOR INITIAL OFFERING","body":"Everex Systems Inc said it has\nfiled for an initial public offering of 5,950,000 common\nshares, including 4,950,000 to be sold in the U.S. and one mln\noverseas. Lead underwriters are Goldman, Sachs and Co and\nShearson Lehman Brothers Holdings Inc <SHE>.\n The company said it will sell four mln of the shares and\nshareholders the rest and the initial offering price is\nexpected to be 10 to 12 dlrs per share. Company proceeds will\nbe used for financing accounts receivable and inventory and\nrepaying bank debt.\n Everex makes personal computer peripheral equipment.\n Reuter\n\u0003","date":"18-JUN-1987 12:50:20.35","places":["usa"]},"18814":{"title":"DOSKOCIL <DOSK.O> REPURCHASES SHARES","body":"Doskocil Cos Inc said it has\nrepurchased 310,000 of its common shares, or about five pct,\nfor undisclosed terms and its board has authorized the further\nrepurchase of another 200,000 shares.\n Reuter\n\u0003","date":"18-JUN-1987 12:50:28.69","places":["usa"]},"18815":{"title":"SCUDDER NEW ASIA FUND INITIAL OFFERING STARTS","body":"Lead underwriters Salomon Inc <SB>,\nPaineWebber Group Inc <PWJ> and Shearson Lehman Brothers\nHoldings Inc <SHE> said an initial public offering of seven mln\ncommon shares of Scudder New Asia Fund Inc is underway at 12\ndlrs each.\n Underwriters have been granted an option to buy up to\nanother 1,050,000 shares to cover overallotments.\n Reuter\n\u0003","date":"18-JUN-1987 12:51:02.59","places":["usa"]},"18816":{"title":"MONOLITHIC MEMORIES INC <MMIC.O> 3RD QTR NET","body":"Qtr ended June 7\n Shr six cts vs 17 cts\n Net 1,332,000 vs 3,658,000\n Sales 58.3 mln vs 51.6 mln\n Nine mths\n Shr 40 cts vs 25 cts\n net 8,875,000 vs 5,034,000\n Sales 158.4 mln vs 133.6 mln\n Reuter\n\u0003","date":"18-JUN-1987 12:51:21.13","topics":["earn"],"places":["usa"]},"18817":{"title":"DOSKOCIL <DOSKD.O> BUYS BACK FIVE PCT OF STOCK","body":"Doskocil Companies Inc said it\nbought back 310,000 shares or about five pct of its common\nstock and its board authorized the repurchase of an additional\n200,000 common shares.\n If completed, the total purchases would represent 8.5 pct\nof Doskocil's outstanding common stock.\n Reuter\n\u0003","date":"18-JUN-1987 12:51:46.45","places":["usa"]},"18818":{"title":"PEOPLES SAVINGS BANK <PEBW.O> RAISES PAYOUT","body":"Qtly div 15 cts vs 12 cts prior\n Pay July 24\n Record July One\n Reuter\n\u0003","date":"18-JUN-1987 12:52:02.03","places":["usa"]},"18819":{"title":"BANKAMERICA'S <BAC> COOPER JOINS ISFA","body":"ISFA Corp said Thomas A. Cooper, who\nrecently resigned as president of BankAmerica Corp, has been\nnamed chairman and chief executive officer of ISFA.\n ISFA operates Invest, a full-service brokerage program for\nbanks, and Insure, a retail insurance program.\n Reuter\n\u0003","date":"18-JUN-1987 12:52:06.96","places":["usa"]},"18820":{"title":"ASK <AMSKQ.O> RECEIVES SETTLEMENT","body":"Ask Corp said it received\napproximately 1.3 mln dlrs from the settlement of claims from\njoint litigation with Allied Signal Corp <ALD> from a private\nplacement with a Houston based venture capital firm.\n Ask said it received approximately 800,000 dlrs from the\nlitigation, which will be reflected in the company's fourth\nquarter ended July 31, 1987.\n The company also said it raised 500,000 dlrs through a\nprivate placment of convertible debt with <Cerrito Partners>.\nAsk said Certito was granted warrants to acquire another\n500,000 dlrs of restricted stock two to three years.\n Reuter\n\u0003","date":"18-JUN-1987 12:52:14.65","places":["usa"]},"18821":{"title":"MONSANTO <MTC> SAYS NUTRASWEET POSES NO ILLS","body":"Monsanto Co's G.D. Searle and Co\npharmaceutical division said researchers have concluded that\narticifical sweeteners, including aspartame which is found in\nSearle's NutraSweet, do not pose any significant health\nproblems for diabetic patients.\n The researchers conducted a survey of 100 diabetic patients\nusing sweeteners from six months to 20 years. Only five pct\nusing aspartame had health problems or discomfort, saccharine\ndrew no complaints, and sorbitol, another sweetener, caused\nminor problems such as diarrhea and upset stomach in less than\n25 pct of the patients, Searle said.\n Reuter\n\u0003","date":"18-JUN-1987 12:52:22.53","places":["usa"]},"18822":{"title":"AIR PRODUCTS AND CHEMICALS INC <APD> UPS PAYOUT","body":"Qtly div 25 cts vs 20 cts prior\n Pay Aug 10\n Record July Three\n Reuter\n\u0003","date":"18-JUN-1987 12:52:32.84","places":["usa"]},"18823":{"title":"SALOMON INC <SB> SAW REDUCTION IN REVENUES","body":"Salomon Inc had a reduction in trading\nrevenue in April and May, managing director Robert Salomon said\nin response to questions.\n Analysts have said they believe the lower second quarter\nprofit predicted by Salomon Inc was partially the result of\ntrading losses and lower revenues from low trading volume. They\nsaid they believe the firm, like others on Wall Street,\nsuffered most from the turbulent weeks for the bond market in\nApril.\n Robert Salomon would not comment on whether the firm had\nactual trading losses, but he said he would not \"quarrel\" with\na New York Times article that said the firm's losses could have\namounted to 100 mln dlrs.\n \"We haven't acknowledged any trading losses other than to\nsay that April was a difficult month, and you can presume\nanything you want from that. we don't have a quarrel with the\nnew york times article,\" Salomon said.\n \"There cleary was a reduction in the amount of revenues\ngenerated in April and May was a little bit better,\" he said.\n The New York times attributed the figure to analysts and\nunnamed Wall Street officials it said were familiar with the\nfirm's activities.\n Salomon Chairman John Gutfreund today in a statement\nreiterated that the firm expects a profit in the second quarter\nbut sees lower earnings than last year's second quarter.\nAnalysts lowered their estimates yesterday to about half of\nlast year's 75 cts per share.\n \"We believe this showing is satisfactory within the\nframework of existing market conditions,\" said Gutfreund in a\nstatement.\n Reuter\n\u0003","date":"18-JUN-1987 12:53:30.98","places":["usa"]},"18824":{"title":"DUPONT UNIT RAISES CRUDE OIL POSTINGS 50 CTS/BBL,\nEFFECTIVE YESTERDAY\n","date":"18-JUN-1987 12:53:43.91","topics":["crude"]},"18825":{"title":"GENERAL AUTOMATION <GENA.O> SETS PACT WITH IRS","body":"General Automation Inc said it\nhas signed a definitive agreement to pay 4.5 mln dlrs to the\nInternal Revenue Service in taxes, interest and penalties for\nthe years 1972 through 1981.\n It will make an initial payment on June 30 of 500,000 dlrs,\nwith ongoing quarterly payments over about two years.\n General Automation said in conjunction with the IRS\nagreement, it has placed about one mln dlrs in five-year, eight\npct unsecured notes with a group of private investors.\n The notes are accompanied by five-year warrants to buy\nabout 110,000 shares of common stock at 6.38 dlrs per share.\n Reuter\n\u0003","date":"18-JUN-1987 12:54:46.45","places":["usa"]},"18826":{"title":"HYDRO OPTICS <HOPC.O> CHAIRMAN RESIGNS","body":"Hydro Optics Inc said\nKenneth S. Roth has resigned as president and chairman. No\nreason was given.\n It said director Melvin L. Gold has been named chairman and\nchief executive officer and vice president-sales Barry Kay has\nbeen named president and chief operating officer.\n Reuter\n\u0003","date":"18-JUN-1987 12:55:09.08","places":["usa"]},"18827":{"title":"MCDONNELL DOUGLAS <MD> GETS AIR FORCE CONTRACT","body":"McDonnell Douglas Corp said it received\nauthorization to build larger solid rocket boosters than the\nU.S. Air Force originally planned.\n McDonnell Douglas, which said it subcontracts the orders,\nalso said the new solid rocket boosters will be 42 feet long,\nincreased from the original 36-foot long type. The company said\nthe additional size will cost the Air Force 10.3 mln dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 12:56:29.73","places":["usa"]},"18828":{"title":"APPLIED SOLAR ENERGY CORP <SOLR.O> 2ND QTR NET","body":"Qtr ended May 2\n Oper shr profit three cts vs loss five cts\n Oper net profit 115,000 dlrs vs loss 152,000\n Revs 7,652,000 vs 4,279,000\n Six mths\n Oper shr profit ten cts vs loss 34 cts\n Oper net profit 342,000 vs loss 1,149,000\n Revs 14.0 mln vs 7,398,000\n Note: oper data does not include extraordinary gain of\n28,000 dlrs, or one ct per shr, in 2nd qtr 1987 or or 118,000\ndlrs, or four cts per shr, in six mths.\n \n Reuter\n\u0003","date":"18-JUN-1987 12:56:48.11","topics":["earn"],"places":["usa"]},"18829":{"title":"SANFORD CORP <SANF.O> 2ND QTR MAY 31 NET","body":"Shr 44 cts vs 23 cts\n Net 3,050,000 vs 1,555,000\n Sales 21.0 mln vs 19.2 mln\n 1st half\n Shr 72 cts vs 36 cts\n Net 4,948,000 vs 2,447,000\n Sales 37.8 mln vs 34.5 mln\n Reuter\n\u0003","date":"18-JUN-1987 12:57:06.18","places":["usa"]},"18830":{"title":"CONVERGENT SOLUTIONS INC <CSOL.O> 2ND QTR NET","body":"March 31 end\n Shr profit 14 cts vs loss two cts\n Net profit 345,544 vs loss 48,097\n Sales 1,032,224 vs 514,656\n Avg shrs 2,420,925 vs 2,289,925\n 1st half\n Shr profit 21 cts vs profit nil\n Net profit 496,714 vs profit 5,602\n Sales 1,649,860 vs 1,099,379\n Avg shrs 2,407,334 vs 2,222,591\n NOTE: Prior half net includes 1,849 dlr tax credit.\n Reuter\n\u0003","date":"18-JUN-1987 12:57:20.30","topics":["earn"],"places":["usa"]},"18831":{"title":"BELL SOUTH <BLS> UNIT GETS DIGITAL CUSTOMERS","body":"Bell South Corp's Southern Bell said\nAmerican Telephone and Telegraph Co's <T> network systems and\n<Hayes Microcomputer Products> will use its integrated services\ndigital network services when the product is launched in March\n1988.\n Reuter\n\u0003","date":"18-JUN-1987 12:57:24.52","places":["usa"]},"18832":{"title":"<BARRICINI FOODS INC> 1ST QTR LOSS","body":"Shr loss three cts vs loss three cts\n Net loss 78,456 vs loss 95,812\n Sales 513,607 vs 283,043\n Avg shrs 3,106,000 vs 2,933,333\n Reuter\n\u0003","date":"18-JUN-1987 12:58:39.60","topics":["earn"],"places":["usa"]},"18833":{"title":"J.P. STEVENS AND CO INC <STN> SETS QUARTERLY","body":"Qtly div 30 cts vs 30 cts prior\n Pay July 31\n Record July Six\n Reuter\n\u0003","date":"18-JUN-1987 12:58:50.92","places":["usa"]},"18834":{"title":"FIRST WISCONSIN <FWB> ADDS LOAN LOSSES","body":"First Wisconsin Corp said\ndirectors of its First Wisconsin National Bank of Milwaukee\napproved a 96 mln dlr increase in the bank's loan loss reserves\nin response to uncertainty over the impact of third world debt\nrepayment problems.\n It said the reserve increase will result in a second\nquarter loss to the corporation of an estimated 55 mln dlrs, or\n2.80 dlrs a share.\n However, the company said it expects to report a profit for\nthe year.\n It said its consolidated 1987 earnings are projected to be\nbetween 35 mln dlrs and 45 mln dlrs compared to 55 mln dlrs in\n1986.\n It said dividends will not be affected by the increased\nloan losses.\n In April, the company placed 59.7 mln dlrs in loans to\nBrazil and Ecuador in non-accrual. First Wisconsin also cited\n\"a growing realization that repayment programs for less\ndeveloped countries will continue to be renegotiated into the\nforeseeable future.\" It said its total loan loss reserves now\nstand at 160 mln dlrs, or 3.5 pct of all outstanding loans.\n Reuter\n\u0003","date":"18-JUN-1987 12:59:56.84","places":["usa"]},"18835":{"title":"EUROPEAN COMMUNITY CRITICISES U.S TRADE MEASURES","body":"The European Community (EC) accused the\nUnited States of violating a political commitment to free trade\nthrough practices including a tax on imported gasoline and a\ncustoms user fee.\n EC ambassador Tran Van-Thinh made the formal charge to the\nsurveillance body of the General Agreement on Tariffs and Trade\n(GATT), GATT spokesman David Woods told reporters.\n Woods also said the EC was joined by the United States in\ncriticising Brazil for extending its list of products for which\nimport licenses have been temporarily suspended, so as to\nimprove its balance of payments.\n The United States charged Japan with violating GATT rules\nby restricting imports of agricultural products through an\nimport licensing system. The United States asked for\nconsultations with Tokyo on the issue.\n Tran charged that the trade measures contravened a\npolitical commitment to halt and reverse trade barriers,\npledged by ministers in Punta del Este last September.\n When ministers established the four year Uruguay round to\nnegotiate freer trade in 13 areas, they set up the GATT\nsurveillance body to monitor this commitment, known in GATT\njargon as \"standstill and rollback.\"\n Tran criticised Washington for the \"superfund\" tax on oil\nimports, a customs user fee, and the removal of a special\nmachine tool (known as category FSC34) from its government\nprocurement list for reasons of national security.\n Warren Lavorel, a U.S. Trade official, defended the\npolicies, saying they did not violate GATT trade rules.\n The surveillance body will send a record of today's talks\nto the Trade Negotiating Committee, which oversees the round,\nto decide any further action on the charges.\n The oil tax and customs user fee have already been the\nsubject of formal GATT dispute panels set up outside the\nUruguay Round to rule on the legality of the practices.\n The ruling GATT Council yesterday adopted a dispute panel's\nreport and ruled that the U.S. Superfund tax on oil imports\nbreached trade rules. It called on Washington to modify its\nlegislation.\n Mexico and Canada, along with the European Community,\nbrought the dispute to the GATT last year.\n Reuter\n\u0003","date":"18-JUN-1987 13:04:56.72","topics":["trade"],"organisations":["ec","gatt"],"places":["mexico","japan","canada","switzerland","usa"]},"18836":{"title":"COMMITMENTS TO NEW ARGENTINE LOAN REACH 91 PCT, CLOSE TO\n\"CRITICAL MASS,\" CITIBANK SAYS\n","date":"18-JUN-1987 13:05:39.72"},"18837":{"title":"MERCHANTSBANK <MCBKA> GETS DIVIDEND DISTRIBUTION","body":"MerchantsBank of Boston said it has\nreceived an 8,400,000 dlr dividend from the Co-Operative\nCentral Bank Share Insurance Fund, and the amount will be\nincluded in revenues for the second quarter.\n The fund is liquidating since all cooperative banks in\nMassachusetts have obtained federal insurance.\n Reuter\n\u0003","date":"18-JUN-1987 13:08:42.75","places":["usa"]},"18838":{"title":"FERRO <FOE> SEES STRONG 2ND QTR, SIX MONTHS","body":"Ferro Corp said it expects to report\nsecond quarter earnings of about seven mln dlrs, or about 1.02\ndlrs a share, on sales of about 220.0 mln dlrs\n In the year ago quarter, the maker of industrial specialty\nmaterials earned 5.1 mln dlrs or 75 cts a share on sales of\n185.1 mln dlrs.\n Based on its current second quarter estimates, Ferro said\nit will have earned 11.7 mln dlrs or two dlrs a share on sales\nof 425 mln dlrs for the six months ending June 30. In the\nyear-ago six-month period, Ferro earned 9.7 mln dlrs or 1.43\ndlrs a share on sales of 359.7 mln dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 13:09:09.18","places":["usa"]},"18839":{"title":"CALIFORNIA ENERGY <CECI.O> IN GEOTHERMAL FIND","body":"California Energy Co Inc said\nits 10th geothermal production well at the COSO Project in\nChina Lake, Calif., tested one mln pounds of geothermal steam\nper hour at 420 degrees Fahrenheit from a depth of 3,000 feet.\n The company said it now has geothermal resrves at COSO\nsufficient to produce 30 megawatts of power for 30 years. It\nsaid it plans to drill another 20 wells at China Lake in 1987.\n Reuter\n\u0003","date":"18-JUN-1987 13:10:31.82","places":["usa"]},"18840":{"title":"DUPONT UNIT RAISES CRUDE OIL POSTINGS","body":"Conoco Inc, a subsidiary of duPont\ndeNemours <DD>, said it raised the contract price it will pay\nfor all grades of crude oil 50 cts a barrel, effective\nyesterday.\n The increase brings Conoco's posted price for West Texas\nIntermediate to 19.00 dlrs a barrel. The West Texas Sour grade,\nat 34 API, now stands at 18.10 dlrs a barrel. Light Louisiana\nwas also raised 50 cts to 19.35 dlrs barrel.\n Conoco last changed its crude postings on May 21.\n Reuter\n\u0003","date":"18-JUN-1987 13:14:40.32","topics":["crude"],"places":["usa"]},"18841":{"title":"LM ERICSSON <ERICY> UNIT INTRODUCING PRODUCT","body":"<LM Ericsson Telephone Co> of\nSweden said its Ericsson unit in the U.S. introduced a cellular\nsystem for small cellular telephone markets.\n The company said its CMS 8800/S system incorporates\nEricsson hardware and software.\n It said extra base stations and voice channels can be added\nto the system in modular blocks.\n Reuter\n\u0003","date":"18-JUN-1987 13:15:30.46","places":["usa","sweden"]},"18842":{"title":"ALLEGHENY INTERNATIONAL <AG> SELLS THREE UNITS","body":"Allegheny International Inc said it\nhas sold its Chemetron Railway Products Inc, True Temper\nRailway Appliances Inc and Allegheny Axle Co units to\nnewly-formed Chemetron Railway Products Inc for undisclosed\nterms.\n It said the new company was formed by senior management of\nthe three railway product units and Kleinwort Benson Group of\nLondon.\n Reuter\n\u0003","date":"18-JUN-1987 13:16:42.81","topics":["acq"],"places":["usa"]},"18843":{"title":"COMMITMENTS TO NEW ARGENTINE LOAN REACH 91 PCT","body":"Commitments to Argentina's external\nfinancing program for 1987 and 1988 have reached about 91 pct\nof the 1.95 billion dlrs in new loans that banks have been\nasked to provide, Citibank and Argentina said in a joint\nstatement.\n This percentage is close to the \"critical mass\" of\ncommitments that the International Monetary Fund has requested\nas a condition for releasing new loans to the country.\n Senior Citibank executive William Rhodes said he was\nencouraged by the banks' response and that telexed commitments\ncontinue to arrive.\n The response of Argentina's 350 foreign bank creditors had\nbeen eagerly awaited because the package is the first to be\nmarketed since U.S. banks, led by Citibank, decided to take\nlarge second-quarter losses in order to boost their reserves\nagainst existing loans to developing countries.\n Some bankers had feared that banks would refuse to lend new\nmoney so soon after taking a \"hit\" on the old loans, but\ntoday's news delivers a decisive rebuff to those skeptics.\n The strong response to the package was partly the result of\nthe inducement of a 3/8 pct early-participation fee for those\nbanks that agreed to sign up by June 17, bankers said.\n Reuter\n\u0003","date":"18-JUN-1987 13:20:28.01","organisations":["imf"],"places":["usa","argentina"]},"18844":{"title":"PACIFIC FIRST <PFFS.O> CHAIRMAN RESIGNS","body":"Pacific First Financial Corp said\npresident Jerry Pohlman was appointed chairman and chief\nexecutive officer, replacing James Anderson who resigned.\n Reuter\n\u0003","date":"18-JUN-1987 13:20:58.01","places":["usa"]},"18845":{"title":"BRAINTREE SAVINGS BANK <BTSB.O> SETS PAYOUT","body":"Qtly div five cts vs five cts prior\n Pay July 15\n Record June 26\n Reuter\n\u0003","date":"18-JUN-1987 13:21:04.59","places":["usa"]},"18846":{"title":"COMMERCE CLEARING HOUSE INC <CCLR.O> DIVIDEND","body":"Qtly div 32 cts vs 32 cts prior qtr\n Pay 29 July\n Record 2 July\n Reuter\n\u0003","date":"18-JUN-1987 13:21:14.09","places":["usa"]},"18847":{"title":"AMVESTORS <AVFC.O>OVERALLOTMENT OPTION EXERCISED","body":"AmVestors Financial Corp said\nunderwriters Smith Barney, Harris Upham and Co Inc and Morgan\nKeegan Inc <MOR> have exercised their overallotment option for\nan additional 10,000 common shares at 9.50 dlrs each in\nconnection with a recent offering of 100,000 AmVestors shares.\n It said it realized net proceeds of 886,000 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 13:22:46.44","places":["usa"]},"18848":{"title":"SCOTT AND STRINGFELLOW FINANCIAL <SCOT.O> PAYOUT","body":"Qtly div three cts vs three cts prior\n Pay July 15\n Record July One\n NOTE: Scott and Stringfellow Financial Inc\n Reuter\n\u0003","date":"18-JUN-1987 13:23:28.03","places":["usa"]},"18849":{"title":"ZAMBIAN COPPER INDUSTRY HOPES FOR STEADY OUTPUT","body":"Zambia's copper mining industry is hoping\nto achieve and maintain production at over 500,000 tonnes a\nyear in the next few years despite low world prices,\ndeteriorating ores and shortages of mine inputs, industry\nofficials said.\n But Zambia's decision to abandon last May 1 a tough\nInternational Monetary Fund (IMF) economic recovery program has\nintroduced an element of uncertainty into plans to restructure\nthe ailing industry and boost profitability, they said.\n Copper production by the government-controlled Zambia\nConsolidated Copper Mines (ZCCM) for the 1987 financial year\nended March 31 improved slightly to about 471,000 tonnes from a\nrecord 1986 low of 463,354 tonnes.\n \"We are convinced that by the end of the 1988 financial\nyear, copper production could well be over 500,000 tonnes due\nto greater availability of spares and equipment,\" a ZCCM\nofficial said.\n ZCCM officials said the production of cobalt, another\nstrategic income earner, will also be tailored to meet demand.\n Finished production in 1986 was 4,565 tonnes, 911 tonnes\nhigher than the previous year and the best production achieved\nto date.\n Protracted low world metal prices have badly hit the copper\nindustry in Zambia, the world's fifth biggest producer. Mining\nis monopolised by ZCCM and accounts for about 90 pct of the\ncountry's foreign exchange earnings.\n Production has also been seriously affected in recent years\nby equipment breakdowns, deteriorating ore and shortages of\nspare parts, fuel and lubricants. The 463,354 tonnes output\nlast year compared with a peak 1975 output of 700,000 tonnes.\n A five-year production and investment plan launched in 1984\nby ZCCM is being funded by the European Community, the African\nDevelopment Bank and the World Bank.\n The plan foresees the shutdown of some seven mining and\nmetallurgical units on the grounds they are unprofitable.\n ZCCM, the second largest employer after the government, has\nsaid it intends to lay off 20,000 of its 60,000 workforce as\npart of the plan.\n More than 250 mln dlrs have so far been channelled into the\nindustry in a bid to improve efficiency and profitability under\nthe five-year restructuring plan.\n Company officials said although reserves were being\ndepleted, Zambia could continue to produce copper beyond the\nend of the century, though at lower levels of production.\n Industry sources said ZCCM's projected pre-tax profit for\nthe financial year ended March 31 would be around 500 mln\nkwacha. But with the current mineral export tax level being\nlevied, a net loss is likely to be registered.\n ZCCM recorded a net loss of 718 mln kwacha in 1986 compared\nwith a net profit of 19 mln kwacha the year before.\n Under the foreign exchange auction system introduced in\n1985, ZCCM's profits from its foreign exchange earnings rose as\nthe value of the kwacha fell to 21 to the dollar from just over\ntwo to the dollar.\n But on May 1, President Kenneth Kaunda abolished the\nauctioning system, inspired by the International Monetary Fund,\nand announced Zambia would pursue a go-it-alone economic\nstrategy based on national resources.\n ZCCM officials are still cautious over what effects the\nbreak with the IMF will have on the industry's plans.\n \"We are still consulting to see how the new measures will\naffect us but it is too early to say just how we shall fare\nunder the new situation,\" Peter Hansen, director of operations\nand third in the ZCCM hierarchy, told Reuters.\n Some analysts believe the new officially-fixed exchange\nrate of eight kwacha to the dollar will hit ZCCM's export\nprofits.\n \"Most specialists I have talked to tell me the break-even\npoint for ZCCM is a rate of 10 kwacha per dollar,\" Frederick\nChiluba, leader of the Zambian Congress of Trade Unions said.\n High production costs continue to bedevil the Zambian\nindustry.\n Zambia mines copper at a relatively expensive rate of 69\ncents per pound, compared with 55 cents in the United States\nand under 40 cents in Chile.\n The industry also faces transport problems due to Zambia\nbeing landlocked. The government confirmed this year it had\nstopped sBending copper south through South Africa.\n Over 80 pct of shipments, some 35,000 tonnes a month, are\nsent by rail to the Tanzanian port of Dar-es-Salaam, while\n5,000 tonnes go via Zimbabwe to the Mozambique port of Beira.\nTransport has often been hit by shortages of wagons, spares and\nfuel.\n Reuter\n\u0003","date":"18-JUN-1987 13:23:46.87","topics":["copper"],"organisations":["imf"],"places":["zambia"]},"18850":{"title":"EXCEL INDUSTRIES INC <EXC> DIVIDEND SET","body":"Qtly div nine cts vs nine cts prior\n Pay July 20\n Record July 6\n Reuter\n\u0003","date":"18-JUN-1987 13:23:50.02","places":["usa"]},"18851":{"title":"RIO DE JANEIRO DOCKERS STRIKE OVER WAGES","body":"Rio de Janeiro's 3,500\ndockworkers went on strike for an indefinite period today to\ndemand wage increases, a spokesman for the dockers said.\n The Rio dockers did not get support from their colleagues\nin Santos, Brazil's main port, but the spokesman said they\nwould not return to work unless their demands were met.\n Earlier this week, some 65,000 dockworkers cancelled a\nscheduled national strike to pressure port officials to give\nthem a wage increase and other benefits.\n A Rio port spokesman said the halt would cause daily losses\nof about 100,000 U.S. dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 13:24:06.94","topics":["ship"],"places":["brazil"]},"18852":{"title":"FLUOR <FLR> WINS GENERAL ELECTRIC <GE> CONTRACT","body":"Fluor Corp said it won a contract\nwith General Electric to design, construct and deliver modules\nfor a methyl chloride process addition.\n The value of the contract was not disclosed.\n Fluor said its Applied Engineering Co unit will construct\n28 modular sections and deliver them to GE's Waterford, N.Y.\nSilicone Products division plant.\n Methyl chloride is an integral part of silicone production.\n Reuter\n\u0003","date":"18-JUN-1987 13:24:27.22","topics":["pet-chem"],"places":["usa"]},"18853":{"title":"SHAWMUT <SHAS.O> REPURCHASES 400,000 SHARES","body":"Shawmut Corp said it has repurchased\n400,000 common shares and placed them in its treasury.\n The company has about 16.1 mln shares outstanding.\n Reuter\n\u0003","date":"18-JUN-1987 13:27:05.54","places":["usa"]},"18854":{"title":" LITTLE PRINCE <LTLP.O> SETTLES SUIT","body":"Little Prince Productions Ltd said it\nsettled litigation with Nederlander Group, receiving one mln\ndlrs and paying Nederlander 38,000 dlrs.\n \n Reuter\n\u0003","date":"18-JUN-1987 13:27:16.26","places":["usa"]},"18855":{"title":"CONT'L ILLINOIS <CIL> CANNOT EXPLAIN STOCK MOVE","body":"Continental Illinois Corp said it knows\nof know reason why its stock was trading higher in heavy\nvolume.\n The stock was up 1/2 to 5-3/8 on turnover of 1,386,000\nshares, making it one of the most actively traded NYSE issues.\n Traders earlier said Goldman Sachs and Co was trading on\nthe stock. However, Goldman Sachs banking analyst Robert\nAlbertson had not placed the stock on his recommended list, his\noffice told Reuters.\n Reuter\n\u0003","date":"18-JUN-1987 13:28:59.84","places":["usa"]},"18856":{"title":"GENCORP SAID AGREEMENT TO SELL RKO PICTURES TERMINATED\n","date":"18-JUN-1987 13:30:02.87","topics":["acq"]},"18857":{"title":"KELLEY OIL <KLY> BUYING OIL PROPERTIES","body":"Kelley Oil and Gas Partners Ltd said it\nhas agreed to purchase all of CF Industries Inc's oil and\nnatural gas properties for about 5,500,000 dlrs, effective July\n1.\n It said the Louisiana properties had proven reserves at\nyear-end of 11 billion cubic feet of natural gas and 85,000\nbarrels of oil, condensate and natural gas liquids.\n Kelley said it currently owns working interests in some of\nthe properties.\n Reuter\n\u0003","date":"18-JUN-1987 13:30:20.87","topics":["acq","crude","nat-gas"]},"18858":{"title":"TANZANIA RAISES FUEL PRICES,TAXES IN 1987/8 BUDGET","body":"The Tanzanian government, in its\nsecond annual budget since embarking on an economic recovery\nprogram inspired by the International Monetary Fund, announced\nincreases in fuel prices and sales tax and higher levies on\ngovernment services.\n Finance Minister Cleopa Msuya said the government expected\nto spend 77.33 billion shillings in the financial year 1987/8,\n39 pct more than this year's estimate. Revenue would provide\n48.84 billion shillings, leaving a deficit of 28.49 billion to\nbe financed through domestic and foreign loans.\n This year's budget initially projected a deficit of only\n3.35 billion shillings but in mid-year the government had to\nimpose new taxes to keep the deficit roughly on target. No\nfigure for the final deficit was avaialble.\n The budget gave civil servants a 20 pct pay rise with\neffect from July 1, to compensate for inflation of more than 30\npct.\n Msuya said regular petrol would go up 52 pct, with similar\nincreases in the cost of premium and kerosene. Diesel would\nrise by 75 pct.\n The higher levies affect official transactions such as road\ntolls, vehicle transfers and various licence fees, he added.\n REUTER\n\u0003","date":"18-JUN-1987 13:30:37.84","topics":["fuel"],"organisations":["imf"],"places":["tanzania"]},"18859":{"title":"LEASEWAY TRANSPORTATION <LTC>COMPLETES UNIT SALE","body":"Leaseway Transportation Corp said it\nhas completed the previously-announced sale of its Leaseway of\nPuerto Rico Inc subsidiary to Caguas Central Federal Savings\nBank for undisclosed terms.\n The company said the sale satisfied a condition for its\nproposed acquisition by an investor group led by Citicorp <CCI>.\n Reuter\n\u0003","date":"18-JUN-1987 13:31:17.08","topics":["acq"],"places":["usa"]},"18860":{"title":"IBC DETAILS PLANS TO PAY CREDITORS","body":"The Brazilian Coffee Institute,\nIBC, gave details of its plans to pay the 18 companies that\nbought 630,000 bags of robusta coffee in the London market on\nits behalf last September.\n An IBC spokesman told Reuters that a 15 mln dlr loan from\nthe Banco do Brasil would be used to pay five mln dlrs a month\nin June, July and August to creditors.\n He said an auction of coffee would raise additional money\nand added that a Reuter report on June 16 gave the wrong\nimpression that the auction was necessary to raise part of the\n15 mln dlrs. No date has yet been set for the auction.\n Reuter\n\u0003","date":"18-JUN-1987 13:31:53.26","topics":["coffee"],"places":["brazil"]},"18861":{"title":"MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS","body":"<Magellan Corp> said its shareholders\napproved the merger of Magellan with <Balzec Investments Inc>,\n a privately held company based in Dallas.\n Magellan, a company without operations that was formed to\nacquire an operating entity, said it plans to engage in the\ndevelopment and marketing of a battery charger product owned by\nBalzac.\n Magellan did not disclose the terms of the agreement.\n Following the merger, Balzac shareholders will hold 80 pct\nof the outstanding stock of Magellan, the company said.\n \n Magellan said it will be the surviving corporation\nfollowing the merger.\n The companies said they expect the merger will occur after\nthe declaration of effectiveness of an amendment to Magellan's\nregistration statement relating to its common stock purchase\nwarrants and the underlying shares.\n Reuter\n\u0003","date":"18-JUN-1987 13:32:12.24","topics":["acq"],"places":["usa"]},"18862":{"title":"WORLD BANK MISSION HOLDS LOAN TALKS WITH BRAZIL","body":"A World Bank mission today held talks\nwith a senior Finance Ministry official to discuss Brazil's\nrequests for loans, ministry officials said.\n They said Brazil, the bank's biggest customer, was asking\nfor two billion dlrs for the financial year starting in July,\nincluding 500 mln dlrs for the energy sector.\n The mission, headed by Gabin Ran Kankani, head of the\nBank's Brazil division, met Finance Ministry secretary Nailson\nNobrega.\n Officials said they had provided the World Bank with\ninformation on the economic plan now being drawn up by Finance\nMinister Luiz Carlos Bresser Pereira.\n The government has invited the IMF to come to study the\nplan next Monday.\n Bresser Pereira will use the plan as the basis for\nnegotiations with creditors next month in an attempt to\nreschedule the country's 111 billion dollar debt.\n Reuter\n\u0003","date":"18-JUN-1987 13:32:42.27","organisations":["imf"],"places":["brazil"]},"18863":{"title":"GENCORP <GY> SAYS RKO UNIT SALE TERMINATED","body":"GenCorp said its agreement to sell\nits RKO Pictures subsidiary to a management group has been\nterminated because the group could not raise the necessary\nfinancing.\n The company said it will again seek buyers for the unit and\nits library of over 750 films.\n Reuter\n\u0003","date":"18-JUN-1987 13:33:28.58","topics":["acq"],"places":["usa"]},"18864":{"title":"ELBIT COMPUTERS <ELBTF.O> GETS CONTRACTS","body":"Elbit Computers Ltd of Israel said it has\nreceived a 6,300,000 dlr contract from a buyer it did not name\nfor its DASHJ helmet-mounted sight system, which allows pilots\nto aim weapons by looking at targets.\n The company said deliveries are expected to start in 18\nmonths and be completed 12 months later.\n Reuter\n\u0003","date":"18-JUN-1987 13:34:16.52","places":["usa","israel"]},"18865":{"title":"RIO DE JANEIRO DOCKERS STRIKE","body":"Rio de Janeiro's 3,500\ndockworkers went on strike for an indefinite period today to\ndemand wage increases, a spokesman for the dockers said.\n The Rio dockers did not get support from their colleagues\nin Santos, Brazil's main port, but the spokesman said they\nwould not return to work unless their demands were met.\n Earlier this week, some 65,000 dockworkers cancelled a\nscheduled national strike to pressure port officials to give\nthem a wage increase and other benefits.\n A Rio port spokesman said the halt would cause daily losses\nof about 100,000 U.S. Dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 13:36:00.62","topics":["ship"],"places":["brazil"]},"18866":{"title":"FTC CHARGES KRAFT <KRA> WITH FALSE ADVERTISING","body":"The Federal Trade Commission charged\nKraft Inc with false and misleading advertising by overstating\nthe calcuim content of its Kraft Singles cheese product.\n In an administrative complaint, the FTC charged the\nGlenview, Ill., food and consumer products company with\nclaiming that a slice of Kraft Singles American Pasteurized\nProcess Cheese Food (Kraft Singles) contains the same amount of\ncalcium as five ounces of milk, when it does not.\n The company also falsely advertised that Kraft Singles\ncontained more calcium than do most imitation cheese slices,\nthe FTC charged.\n The FTC complaint also charged that Kraft said it could\nsubstantiate these claims when, in fact, it could not.\n \"Nutritional information is important to consumers, but it\ncan be difficult for them to verify.\" FTC Bureau of Consumer\nProtection Director William MacLeod said in a statement. \"That\nis why we seek to maintain the accuracy of nutritional claims.\"\n The FTC, which voted 4-1 in favor of issuing the complaint,\ngenerally takes such action when it has reason to believe that\nthe law has been or is being violated and where it apears to\nthe commission that a proceeding is in the public interest.\n The filing of an administrative complaint marks the\nbeginning of a proceeding that often takes up to a year in\nwhich the allegations will be ruled upon after a formal\nhearing.\n If the commission's allegations are upheld, Kraft could be\nprohibited from misrepresenting the calcium or other nutrient\ncontent of its cheese-type products, including those made in\ncomparative ads.\n The company could also be prohibited from making such\nclaims without having competent and reliable scientific\nevidence.\n Reuter\n\u0003","date":"18-JUN-1987 13:36:35.04","places":["usa"]},"18867":{"title":"U.S. SAID UNFAIRLY PROTECTING DEFENSE INDUSTRY","body":"Britain's Defence Minister George Younger\nsaid the U.S. Was unfairly protecting its defence industry, and\nthis could lead to British firms demanding counter-measures.\n Younger told a U.S. Chamber of Commerce meeting that U.S.\nLegislators were failing to realise \"the true nature of the\ntwo-way street in terms of ideas, technology and equipment.\n A British parliamentary report said that up to March\nBritish firms had been awarded just 34 mln dlrs worth of\ncontracts for the Strategic Defence Initiative, compared with\nthe 1.5 billion dlrs Britain had hoped to secure.\n The committee said U.S. Technology export restrictions and\n\"selectiveness\" towards foreign contractors had denied British\ncompetitors more lucrative orders and largely excluded them\nfrom technological research for SDI.\n Younger said London had given U.S. Companies contracts\nunder conditions of fair and open competition. \"All we ask is\nfor our companies to be given similar opportunities,\" he added.\n If new American legislation aimed at curbing unfair\nsubsidies was used to exclude foreign suppliers it would not be\nsurprising if British firms pressed for retaliatory measures,\nYounger said.\n REUTER\n\u0003","date":"18-JUN-1987 13:37:13.88","topics":["trade"],"places":["uk","usa"]},"18868":{"title":"CANADA POST PRESENTS NEW CONTRACT OFFER","body":"Canada Post said it presented its\nstriking letter carriers with a new contract offer but both\nsides said there was little indication the offer would end the\nstrike.\n The crown agency said it is being held back by government\nrestraint policies and has little move to manoeuvre while while\nthe union said it expected the post office to demand the same\ncontract concessions it has already rejected.\n The rotating walkouts spread today to the four Atlantic\nprovinces and other parts of Quebec while employees in Montreal\nand Calgary returned to work.\n Reuter\n\u0003","date":"18-JUN-1987 13:38:06.75","places":["canada"]},"18869":{"title":"UNITED BUILDING FILES FOR INITIAL OFFERING","body":"United Building Services Corp said\nit filed a registration statement with the Securities and\nExchange Commission covering a proposed initial public offering\nof 820,000 common shares.\n Proceeds from the offering will be used to repay debt, to\ndevelop and market additional specialty construction services\nand for general corporate purposes.\n United Building said it provides specialty construction\nservices in commercial, residential and governmental\nconstruction projects principally in Arizona, Colorado and\nCalifornia.\n Reuter\n\u0003","date":"18-JUN-1987 13:39:26.70","places":["usa"]},"18870":{"title":"GODFREY CO <GDFY.O> 1ST QTR MAY 30 NET","body":"Shr 36 cts vs 28 cts\n Net 2,002,000 vs 1,518,000\n Sales 166.0 mln vs 159.5 mln\n Reuter\n\u0003","date":"18-JUN-1987 13:39:58.77","topics":["earn"],"places":["usa"]},"18871":{"title":"GENERAL SIGNAL CORP <GSX> SETS QTLY DIVIDEND","body":"Qtly div 45 cts vs 45 cts prior\n Pay October one\n Record September four\n Reuter\n\u0003","date":"18-JUN-1987 13:40:11.54","places":["usa"]},"18872":{"title":"PINNACLE WEST CAPITAL <PNW> BUYS MINERAL RIGHTS","body":"Pinnacle West Capital Corp said\nits Malapai Resources Co units bought the mineral rights for\nuranium mining on about 21,000 acres in northern Wyoming from\nWestinghouns Electric Corp <WX>.\n The property is adjacent to a 34,000-acre site the company\nalready owns. Both facilities are at expected to be in full\noperation in the early 1990s, with annual production of one to\ntwo mln lbs of uranium concentrates, the company said.\n The new site is expected to produce about 250,000 lbs of\nuranium in its first full year of production in 1988. The\nadjacent property is expected to begin in 1989.\n Reuter\n\u0003","date":"18-JUN-1987 13:40:58.90","topics":["strategic-metal"],"places":["usa"]},"18873":{"title":"WEST TEXAS COTTON CROP UNSCATHED BY STORM","body":"The West Texas cotton crop was largely\nunscathed by an isolated thunderstorm in that region last night\nthat packed hurricane-force winds, crop and weather experts\nsaid.\n \"There might have been some isolated storms, but certainly\nnothing damaging,\" said Charles Stichler, an extension\nagronomist with the Agricultural Extension Service in far West\nTexas.\n Rumors of a damaging storm in West Texas helped the New\nYork cotton futures market rally sharply this morning.\n Cotton for December delivery was 1.35 cents higher at 70.95\ncents a lb at midsession after peaking this morning at 71.25\ncents.\n \"What happened is that the storm hit Lubbock airport, and\nwhen that happens, everybody sees it,\" said Dale Mohler, a\nsenior meteorologist with Accu-Weather Inc.\n Lubbock is the heart of the West Texas cotton region, which\nproduces about 80 pct of that state's crop.\n The storm produced winds of about 75 mph. \"That's hurricane\nforce. But they were isolated to just a small portion of the\nWest Texas area, probably less than five pct,\" Mohler said.\n \"No doubt there was some damage. But if it had hit in July\nor August (when fruiting would be underway) it would have been\nworse,\" Mohler said.\n About 60 pct of the West Texas cotton crop has been\nplanted, and the remainder could be done by the weekend if\nweather remains hot and dry, Stichler said.\n The temperature in West Texas since mid-week has been about\n95 degrees. But a hot spell was sorely needed after far heavier\nthan normal rainfall for several weeks, he said.\n Reuter\n\u0003","date":"18-JUN-1987 13:45:42.96","topics":["cotton"],"places":["usa"]},"18874":{"title":"MESA OFFSHORE TRUST <MOS> PAYOUT FALLS SHARPLY","body":"Mthly div 1.2827 cts vs 3.3974 cts prior\n Pay July 31\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 13:45:59.75","places":["usa"]},"18875":{"title":"ROCHESTER COMMUNITY SAVINGS BANK <RCSB.O> 2ND","body":"Second quarter ended May 31.\n Shr 27 cts vs NA\n Net 3,560 mln vs 2,389,000\n Six mths\n Shr 57 cts vs NA\n Net 7,881,000 vs 5,415,000\n NOTE: Year-ago per shr figures not available as bank\nconverted to stock ownership April 29, 1986.\n \n 1987 2nd quarter and six mth net excludes 2,288,000 dlrs or\n17 cts a share and 4,648,000 dlrs or 33 cts a share,\nrespectively, for tax carryforwards.\n 1986 2nd qtr and six mth net excludes 667,000 dlrs and\n3,043,000 dlrs, respectively, for tax carryforwards.\n Reuter\n\u0003","date":"18-JUN-1987 13:49:32.41","topics":["earn"],"places":["usa"]},"18876":{"title":"LEXITECH <LEXTC.O> IN AGREEMENT WITH AFFILIATE","body":"Lexitech International\nDocumentation Network Inc said it has signed an agreement for\nFar East affiliate Yamamoto Industries to handle all of\nLexitech's Asian language translation and documentation\nrequirements.\n Reuter\n\u0003","date":"18-JUN-1987 13:49:56.64","places":["usa"]},"18877":{"title":"BANKAMERICA <BAC> UNIT SELLS CREDIT CARD DEBT","body":"California Credit Card Trust 1987-B, a\nunit of BankAmerica Corp's Bank of America subsidiary, is\noffering 300 mln dlrs of certificates backed by credit card\nreceivables, said lead manager Salomon Brothers Inc.\n The certificates were given an 8.20 pct coupon and were\npriced at 99.89 to yield 8.21 pct, or 85 basis points over\ncomparable Treasuries. The debt has an average life of 1.8\nyears, matures in 1992, and is rated Aaa by Moody's.\n Bank of America Capital Markets co-managed the deal, which\nis the second this year of California Credit Card. In February\nit sold 400 mln dlrs of credit card debt via First Boston.\n Reuter\n\u0003","date":"18-JUN-1987 13:50:18.35","places":["usa"]},"18878":{"title":"WHITE HOUSE RAPS DEMOCRATS' BUDGET","body":"The White House called a compromise\nbudget hammered out by congressional Democratic leaders a\n\"pickpocket\" spending plan, but barred negotiations on changing\nit until budget reforms are in place.\n Noting that the trillion dollar budget would raise taxes by\n65 billion dlrs over the next three years while scaling back\nPresident Reagan's military spending proposals, spokesman\nMarlin Fitzwater said, \"The president isn't buying it and\nneither will the American people.\n \"The Democrats refer to tax increases as deficit reduction\n-- a pickpocket way to lift your wallet to pay for your dinner,\"\nFitzwater said.\n The White House official, in an apparent retreat from an\nearlier administration stance, also said negotiations on a\nbudget acceptable to Reagan and the Democratic-led Congress\ncould not begin until budget reforms are adopted.\n The White House has previously said it would not negotiate\non a budget until the congressional Democrats were able to\nagree among themselves. Democratic leaders have called for a\n\"summit\" conference with the White House on the budget.\n \"If we had a budget reform package that ensured a sound,\nenforceable negotiating process, we would be interested in\npursuing it, Fitzwater said.\n Reuter\n\u0003","date":"18-JUN-1987 13:55:27.97","places":["usa"]},"18879":{"title":"<LIFE GROUP INC> EXPANDING BROKERAGE UNIT","body":"Life Group Inc said it is\nexpanding the activities of its broker/dealer unit Life\nPlanning Inc to include investment banking, involving both\nunderwriting and corporate finance.\n The company said Lawrence Zaslow and Joseph Broder have\nagreed to join the unit to head those operations and have\npurchased Life Group stock and options from Life Group\npresident David Altschuler.\n Reuter\n\u0003","date":"18-JUN-1987 13:55:40.04","places":["usa"]},"18880":{"title":"HOLLINGER <HLG.TO> BUYS CANADIAN MAGAZINE","body":"Hollinger Inc said it purchased Saturday\nNight, a Canadian general-interest magazine.\n Financial terms were not disclosed, but Hollinger said it\nhas no immediate plans for changes in senior editorial\npersonnel.\n Saturday Night, which publishes features and analyses of\ncurrent events, is celebrating its 100th anniversary and has a\ncirculation of about 120,000, according to a magazine\nspokesman.\n Hollinger, which owns 58 pct of <Daily Telegraph PLC>, also\ntoday completed the acquisition of Unimedia Inc, a Quebec-based\npublisher.\n Reuter\n\u0003","date":"18-JUN-1987 13:56:09.01","places":["canada"]},"18881":{"title":"TRITON GROUP <TRRO.O> PRESIDENT RESIGNS","body":"Triton Group Ltd said John\nStiska has resigned as its president. He will be replaced by\nTriton Chairman Charles Scott.\n Stiska will return to private law practice and will\ncontinue to serve as special counsel to Triton and to Intermark\nInc <IMI>.\n Intermark, which owns 41 pct of Triton's common stock, took\na controlling interest in the company in March, 1986.\n Reuter\n\u0003","date":"18-JUN-1987 13:56:28.97","places":["usa"]},"18882":{"title":"PENNWALT <PSM> TO MAKE ACQUISITION","body":"Pennwalt corp said it has agreed in\nprinciple to acquire a line of fungicides, insecticides and\nherbicidesand related manufacturing facilities from Le\nRaffineries de Soufre Reunies of Marseilles for undisclosed\nterms, subject to approval by bothe boards and government\nauthorities.\n The company said the acquired products are sold mostly in\nFRance for use on grapevines, wheat and sugar beets and sales\nare about 40 mln dlrs annually.\n Reuter\n\u0003","date":"18-JUN-1987 13:57:29.18","topics":["acq"],"places":["usa"]},"18883":{"title":"BELGIUM PLANS MAJOR TELECOMMUNICATIONS ORDER","body":"Belgium is to start negotiations with\nthree consortia on sharing out a major order for modernising\nthe country's telecommunications network, a government\nspokesman said.\n The three consortia are Bell Telephone Manufacturing Co NV,\na subsidiary of ITT Corp <ITT>, together with Acec SA\n<ACEC.BR>; Siemens AG <SIEG.F> and ATEA SA, a subsidiary of GTE\nCorp <GTE>; and NV Philips Gloeilampenfabrieken <PGLO.AS> with\nAmerican Telephone and Telegraph Co <T>.\n\n The deal is estimated to be worth around 50 billion francs,\nalthough a government spokeswoman declined to confirm this. The\norder covers new telephone exchanges, cables and terminals.\n The go-ahead for the talks followed an outline agreement\nwithin the centre-right government coalition today. The accord\ncame after months of discussions that have been complicated by\ndemands for the order to be shared out fairly between the\nFrench and Dutch speaking parts of Belgium.\n Government officials declined to give details of the\noutline agreement or how the order will be divided between the\nthree consortia.\n\n Reuter\n\u0003","date":"18-JUN-1987 13:59:49.84","places":["belgium"]},"18884":{"title":"TOTAL UNIT RELOCATING TO HOUSTON FROM DENVER","body":"Total Energy Resources Inc, a wholly\nowned bysdisiary of French national energy company TOTAL\nCompagne Francaise des Petroles, said it will relocate its\noffices to Houston from Denver as part of TOTAL's plan to\nexpand U.S. operations.\n Reuter\n\u0003","date":"18-JUN-1987 14:00:07.60","places":["usa"]},"18885":{"title":"WORLD BANK LOANS PAKISTAN 220 MLN DLRS","body":"The World Bank said it has extended\nPakistan 220 mln dlrs in three loans to support projects in\neducation, energy conservation and modernization, and\nsmall-scale industry development.\n The education project will be supported by a 145 mln dlr\nloan through the International Development Association, the\nbank's concessionary lending affiliate, the bank said.\n The bank noted Pakistan's low educational attainment,\nparticularly among women, is an obstacle to the country's\ndevelopment.\n It said the education project aims to increase literacy and\nschool enrollment rates through curriculum reform, teacher\ntraining, parental participation and school construction.\n A small-scale industry development project will be\nsupported by a 54 mln dlr loan, the bank said.\n The project hopes to aid small-scale industry by\nencouraging bank lending, developing export markets, and\nsupporting technology transfer, the bank said.\n The third project, to improve refinery efficiency, reduce\nenergy consumption and increase crude oil processing capacity,\nwill be supported by a 21 mln dlr loan.\n \n Reuter\n\u0003","date":"18-JUN-1987 14:00:34.57","places":["usa","pakistan"]},"18886":{"title":"FORD <F> UNIT SELLS THREE-YEAR NOTES","body":"Ford Motor Credit Co, a unit of Ford\nMotor Co, is raising 150 mln dlrs through an offering of notes\ndue 1990 yielding 8.275 pct, said sole manager Bear, Stearns\nand Co.\n The notes have an 8-1/4 pct coupon and were priced at\n99.931 to yield 62.5 basis points more than comparable Treasury\nsecurities.\n Non-callable to maturity, the issue is rated Aa-2 by\nMoody's and AA-minus by Standard and Poor's. The gross spread\nis 3.50 dlrs, the selling concession is two dlrs and the\nreallowance is 1.25 dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 14:01:41.96","places":["usa"]},"18887":{"title":"JORDAN GETS 96.4 MLN DLRS IN WORLD BANK LOANS","body":"Jordan will receive two loans\ntotalling 96.4 mln dlrs to support projects aimed at increasing\nthat country's electrical production and improving housing in\nslum and squatter areas, the World Bank said.\n The bank said it is making a 70 mln dlr loan to help fund a\n257.8 mln dlr project designed to meet its future power needs.\n It said the other loan is 26.4 mln dlrs in support of\nproject to provide affordable housing, urban infrastructure and\nsocial services to low-income families in slum and squatter\nareas.\n Reuter\n\u0003","date":"18-JUN-1987 14:02:29.56","places":["usa","jordan"]},"18888":{"title":"S. AFRICAN UNION OBJECTS TO PLANNED MATTHEY MOVE","body":"A South African trade union is in\ndispute with a subsidiary of Britain's Johnson Matthey Plc over\nthe company's proposal to move a platinum refinery near\nJohannesburg to a black tribal homeland.\n The 30,000-member mainly black Chemical Workers Industrial\nUnion said it fears the planned move to the Bophuthatswana\nhomeland, where South African unions are not recognised, could\nlead to job losses and affect wages.\n A mass dismissal last year at the Impala Platinum Holdings\nLtd <IPLA.J> mines in the tribal homeland sent world platinum\nprices rocketing.\n\n The union said talks with management over the proposed move\nhad broken down. It said an earlier ballot of refinery workers\nshowed that most favoured striking over the move but added that\nno final decision had been taken on strike action.\n The refinery processes all platinum metals of Rustenburg\nPlatinum Holdings Ltd, the world's largest platinum producer.\n It is owned by Matthey Rustenburg Ltd, a joint-subsidiary\nof Johnson Matthey and Rustenburg which, in turn, is owned by\nmining group Johannesburg Consolidated Investment Co Ltd.\n Reuter\n\u0003","date":"18-JUN-1987 14:04:01.18","topics":["platinum"],"places":["south-africa","uk"]},"18889":{"title":"CANADA 91-DAY T-BILLS AVERAGE 8.34 PCT, MAKING BANK RATE\n8.59 PCT\n","date":"18-JUN-1987 14:04:21.07"},"18890":{"title":"REYNOLDS METALS TO RESTART LAST IDLE\nU.S. ALUMINUM POTLINE\n","date":"18-JUN-1987 14:07:31.46"},"18891":{"title":"GULF CANADA <GOC> IN DEAL WITH BONDHOLDERS","body":"A compromise reached between Gulf Canada\nCorp and debenture holders at the annual meeting today will\ncost the company or its major shareholder \"a couple of million\"\ndollars, chairman Marshall Cohen said.\n After about a half-hour discussion with debenture holders\nduring the meeting, Cohen and Gulf lawyers agreed to compensate\nthem for about six months of interest that they would have lost\nunder a corporate reorganization plan taking effect July one.\nThe holders then withdrew a proposed amendment that sought to\ndelay the plan's closing to July 16 so they could collect\ninterest due to be paid July 15.\n \"We have not sorted out the mechanics of how we're going to\ndo this,\" Cohen told reporters later.\n \"It may well be that in the end the principal shareholder\nmay absorb that interest,\" he said, referring to the Reichmann\nfamily's Olympia and York Developments Ltd, which owns about 79\npct of Gulf Canada. Cohen\nsaid he wanted to ensure that Gulf Canada need not revise\nreorganization proposals already on file with Revenue Canada\nand the U.S. Securities and Exchange Commission.\n \"If Gulf can't pay it (the interest) without upsetting the\napplecart, Olympia and York will pay,\" he said.\n The reorganization will see Gulf Canada Corp renamed Gulf\nCanada Resources Ltd. Shareholders will be offered shares of\nthree separate publicly traded companies, Gulf Canada\nResources, Abitibi-Price Inc <A.TO> and GW Utilities Ltd.\n Newly formed GW Utilities will hold Gulf Canada's interests\nin Consumers' Gas Co Ltd <CGT.TO>, Hiram Walker-Gooderham and\nWorts Ltd and Interprovincial Pipe Line Ltd <IPL.TO>.\n Cohen said Olympia and York's interest in Gulf Canada\nResources will slip to about 68 or 69 pct as a result of a\npreviously announced plan to sell 450 mln dlrs of new stock.\n \n In answer to a reporter's question, Cohen said there was a\npossibility that the size of the offering could be increased.\n \"There seems to be pretty strong interest,\" he said, but he\nadded that much depended upon market conditions at the time of\npricing. The issue will be priced later this month, according\nto a company official.\n \n Reuter\n\u0003","date":"18-JUN-1987 14:09:38.23","places":["canada"]},"18892":{"title":"CALTON INC <CN> TO BUILD THREE COMMUNITIES","body":"Calton Inc said it will begin\nbuilding a 242-home community in the Newtown area of Bucks\nCounty in Northampton Township, Pa, sometime between late July\nand early August.\n Calton said the community will be named \"The Homes of\nTapestry at Northampton\" and will be located near Newtown, Pa.\nCalton said it will build two- and three-bedroom townhomes,\ngarden-style condominiums and duplex condominiums.\n The company also said it is negotiating the rights to build\ntwo other communities in the state, near the New Jersey border.\n \n Reuter\n\u0003","date":"18-JUN-1987 14:10:43.62","places":["usa"]},"18893":{"title":"<AGF MANAGEMENT LTD> RAISES DIVIDEND","body":"Qtly dividend nine cts vs eight cts\n Pay July six\n Record June 29\n Reuter\n\u0003","date":"18-JUN-1987 14:11:34.66","places":["canada"]},"18894":{"title":"NATIONAL COMMERCE <NCBC.O> IN KROGER <KR> DEAL","body":"National Commerce Bancorp said it\nhas agreed to operate or sublicense branch bank facilities in\nsupermarkets in Florida and Virginia Kroger Co supermarkets.\n It said initially 20 locations will be available in Florida\nand 10 in Virginia.\n Reuter\n\u0003","date":"18-JUN-1987 14:11:59.88","places":["usa"]},"18895":{"title":"LEADER DEVELOPMENT <LDCO.O> MERGER APPROVED","body":"Leader Development Corp said\nshareholders at the annual meeting approved the acquisition of\nprivately-held Clinton American Corp and two related\npartnerships for 3,450,000 common shares, with the transaction\nto be accounted for as a pooling of interests.\n The company said Clinton president F. Daniel Ryan will\nbecome president of Leader.\n Reuter\n\u0003","date":"18-JUN-1987 14:12:11.99","topics":["acq"],"places":["usa"]},"18896":{"title":"CHEYENNE <CHYN.O> BUYS INTERESTS IN PROPERTIES","body":"Cheyenne Resources Inc said it\npurchased interests in four producing oil and gas properties\nfor 2,240,000 shares of the company's restricted stock.\n The largest interest was 25 pct of an oil and gas well in\nWeld County, Colo, the company said. Cheyenne said it had five\npct or less interest in the three other properties.\n Cheyenne said it should realized 10,000 dlrs net income\nmonthly at the properties' current production levels.\n Reuter\n\u0003","date":"18-JUN-1987 14:12:34.84","topics":["crude","nat-gas"],"places":["usa"]},"18897":{"title":"GENERAL SIGNAL CORP <GSX> SETS DIVIDEND","body":"Qtly div 45 cts vs 45 cts prior\n Pay Oct 1\n Record Sept 4\n Reuter\n\u0003","date":"18-JUN-1987 14:13:03.04","places":["usa"]},"18898":{"title":"CRANE <CR> ACQUIRES ASSETS OF MARLEY UNIT","body":"Crane Co said it acquired certain\nassets of Chicago Heater Co Inc, a wholly owned subsidiary of\nthe <Marley Co>.\n The terms of the transaction were not disclosed.\n Chicago Heater will be intergrated with Crane's Cochrane\nEnvironment Systems division, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 14:13:37.54","topics":["acq"],"places":["usa"]},"18899":{"title":"EC INCREASES SPECIAL FEED WHEAT TENDERS - TRADE","body":"The European Community (EC) has increased\nthe size of two special export tenders for British and West\nGerman feed wheat held in intervention stores and included\nSouth Korea as an acceptable destination, traders said.\n The tender was originally for 120,000 tonnes of British and\n120,000 tonnes of West German feed wheat for shipment only to\nPoland.\n But now both tranches have been increased by 50,000 tonnes\nto 170,000 tonnes with South Korea added as a possible\ndestination. Both tenders are open from June 24.\n Reuter\n\u0003","date":"18-JUN-1987 14:14:34.47","topics":["grain","wheat"],"organisations":["ec"],"places":["uk","south-korea","west-germany","poland"]},"18900":{"title":"CYPRUS REVOKES OFFSHORE COMPANY LICENCE","body":"The Supreme Court of Cyprus has rejected\na plea by an offshore securities trading company against a\nCentral Bank decision to revoke its licence.\n Central Bank officer Eleftherios Ioannou told Reuters that\nthe court had dismissed the appeal by York International\n(Cyprus) Ltd, registered as an offshore company last October.\n The Bank in February withdrew York's licence and froze its\nbank account while it investigated sales of some eight mln dlrs\nworth of securites by telephone to 3,000 small investors\nabroad.\n Reuter\n\u0003","date":"18-JUN-1987 14:15:26.11","places":["cyprus"]},"18901":{"title":"COLGATE-PALMOLIVE <CL> PLANS TO FILE DEBT","body":"Colgate-Palmolive Co said it plans to\nfile with the Securities and Exchange Commission a shelf\nregistration covering up to 300 mln dlrs of unsecured debt\nsecurities.\n Reuben Mark, chairman and president of the company, told\nthis to a meeting of the New York Society of Security Analysts,\nColgate-Palmolive said in a release.\n Proceeds will be used for general corporate purposes.\n Reuter\n\u0003","date":"18-JUN-1987 14:15:39.05","places":["usa"]},"18902":{"title":"TANZANIA RAISES FUEL PRICES, TAXES IN BUDGET","body":"The Tanzanian government, in its\nsecond annual budget since embarking on an economic recovery\nprogram inspired by the International Monetary Fund, announced\nincreases in fuel prices and sales tax and higher levies on\ngovernment services.\n Finance Minister Cleopa Msuya said regular petrol would go\nup 52 pct, with similar increases in the cost of premium and\nkerosene. Diesel would rise by 75 pct.\n Msuya said the government expected to spend 77.33 billion\nshillings in the financial year 1987/8, 39 pct more than this\nyear's estimate. Revenue would provide 48.84 billion shillings,\nleaving a deficit of 28.49 billion to be financed through\ndomestic and foreign loans.\n Reuter\n\u0003","date":"18-JUN-1987 14:15:56.30","topics":["fuel"],"organisations":["imf"],"places":["tanzania"]},"18903":{"title":"GE <GE> SIGNS CONTRACT ON SMALL POWER PLANT","body":"General Electric said it\nsigned a 21 mln contract to build a 12.5 megawatt power plant,\nfueled by agricultural waste, for El Nido Biomass Power Plant\nAssociates.\n GE said Pacific Gas and Electric Co will purchase the net\nelectric output of the El Nido, Calif. plant, which is\nscheduled for completion in mid-1989.\n GE said the fuel system will be capable of firing up to six\ndifferent types of agricultural waste, and will primarily burn\nalmond prunings, cotton stalks and rice straw, as well as other\nwell as otehr alternate agricultural waste.\n \n Reuter\n\u0003","date":"18-JUN-1987 14:18:36.87","places":["usa"]},"18904":{"title":"CANADA BANK RATE RISES TO 8.59 PCT","body":"Canada's bank rate rose marginally to\n8.59 pct from 8.58 pct last week, Bank of Canada said.\n The bank rate is set one-quarter percentage point above the\naverage yield on the weekly issue of 91-day treasury bills.\nThis week's yield was 8.34 pct, compared with the previous\nweek's 8.33 pct.\n Tenders were accepted for 2.20 billion dlrs of 91-day bills\nat an average price of 97.963 dlrs against 97.965 dlrs last\nweek.\n The 1.20 billion dlrs of 182-day bills were priced at an\naverage 95.852 dlrs against 95.779 dlrs last week, to yield an\naverage 8.68 pct against 8.84 pct last week.\n The 500 mln dlrs of 364-day bills were priced at an average\n91.712 dlrs against 91.529 dlrs last week, to yield an average\n9.06 pct against 9.28 pct last week.\n Tenders will be received next week for 2.20 billion dlrs of\n91-day bills, 1.20 billion dlrs of 182-day bills and 500 mln\ndlrs of 364-day bills.\n Reuter\n\u0003","date":"18-JUN-1987 14:19:11.50","topics":["interest"],"places":["canada"]},"18905":{"title":"NORTH AMERICAN <NBIO.O> GETS FINANCING","body":"North American Biologicals Inc said it has\nreceived a 10 mln dlr credit facility from Manufacturers and\nTraders Trust Co of Buffalo, N.Y.\n It said the new credit would replace an existing 4.4 mln\ndlr line with Barclays PLC <BCS.L>, and due to more favorable\ninterest rates, borrowing costs should be significantly\nreduced.\n The company said half of the credit is designated for use\nin acquisitions. It said it expects to conclude an\nacquisition, possibly outside its plasma and serum field, by\nyear-end.\n Reuter\n\u0003","date":"18-JUN-1987 14:19:32.65","places":["usa"]},"18906":{"title":"PENGO <PGO> TO SELL SOME WIRELINE OPERATIONS","body":"Pengo Industries Inc said it\nhas agreed to sell its Wireline Products Manufacturing Division\nin Fort Worth, Texas, Wireline Services Division operations in\nseveral locations and Pengo International Inc subsidiary to\nJohn Wood Group PLC for undisclosed terms.\n The company said the Wireline Services operations being\nsold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and\nLongview, Texas, and Moore, Okla.\n Pengo said its Kuykenball Slickline operation in Moore and\nsurplus wireline equipment operations in fort Worth and\nCleburne, Texas, will be sold separately.\n Reuter\n\u0003","date":"18-JUN-1987 14:19:43.68","topics":["acq"],"places":["usa"]},"18907":{"title":"MOODY'S UPGRADES OHIO EDISON'S 2.7 BILLION DLRS OF DEBT\n","date":"18-JUN-1987 14:21:00.05"},"18908":{"title":"EC REJECTS LICENCES FOR SPANISH BARLEY","body":"The EC Commission cereals management\ncommittee rejected all bids for licences to export free market\nSpanish barley to non-EC countries, trade sources said.\n The licence requests were for 35,000 tonnes at between 143\nand 145 European Currency Units (ECUs), they said.\n This tender was part of a special tender for 500,000 tonnes\nof Spanish barley.\n The sources said there had been no bids for licences for\nfree market soft wheat and non-Spanish barley exports to non-EC\ncountries.\n Reuter\n\u0003","date":"18-JUN-1987 14:21:47.26","topics":["grain","barley","wheat"],"organisations":["ec"],"places":["france","spain"]},"18909":{"title":"PROXMIRE SAYS NO DATE SET FOR GREENSPAN HEARING","body":"Senate Banking committee chairman\nWilliam Proxmire, D-Wis, said no date had been set for Alan\nGreenspan's confirmation hearing as Federal Reserve chairman\nbecause the White House had not formally sent his nomination to\nthe Senate.\n Proxmire said in an interview that as soon as the White\nHouse completed its clearence procedures and sent Greenspan's\nname to the Senate, he would schedule a hearing on the\nreplacement for Paul Volcker. The committee and the full Senate\nmust confirm Greenspan.\n Volcker's term expires in August.\n Reuter\n\u0003","date":"18-JUN-1987 14:25:14.49","places":["usa"]},"18910":{"title":"MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS","body":"Magic Years Child Care and\nLearning Centers Inc said it signed a letter of intent to\nacquire three profitable day care centers in south central\nPennsylvania for a total price of 350,000 dlrs.\n The three privately owned centers had aggregate revenues of\n474,000 dlrs in 1986, with profits of six thousand dlrs, the\ncompany said.\n The transaction is scheduled to close in early July, the\ncompany said.\n Reuter\n\u0003","date":"18-JUN-1987 14:26:14.82","topics":["acq"],"places":["usa"]},"18911":{"title":"BANK OF AMERICA SEES SLOW U.S. CONSUMER SPENDING","body":"A trade-led boom in the U.S. is\nunlikely this year or next because growth in net exports will\nmerely offset a dramatic slowdown in consumer spending and\nother sectors of the economy, Bank of America said in its\nlatest economic report.\n Although net exports will add 0.7 pct to GNP this year,\nafter reducing it by 1.2 pct in 1986, consumer spending will\ncontribute 1.4 pct less to GNP than it did last year.\n As a result, GNP this year is likely to expand a modest 2.5\npct, the same rate as last year, according to Daniel Van Dyke,\nthe Bank of America economist who wrote the report.\n \"Growth in consumer spending in the United States will drop\ndramatically this year because the jump in inflation will cause\na falloff in the growth of disposable income,\" Van Dyke said.\n Growth in U.S. consumer spending is likely to slow to 1.8\npct this year from 4.1 pct in 1986, he predicted.\n The report was released before the Commerce Department\nreported today that personal income rose just 0.2 pct in May,\nafter increasing 0.4 pct in April, and that personal\nconsumption expenditures had risen just 0.1 pct, compared with\na 0.6 pct increase the month before.\n The rising cost of energy and imports is likely to boost\nconsumer prices by an average of 3.7 pct this year, up from 1.9\npct in 1986, Bank of America forecast.\n This rise in inflation will reduce real disposable income \ngrowth to only 1.3 pct in 1987 from 2.9 pct in 1986.\n As a result, Van Dyke calculated that the purchasing power\nof an average family of four will increase by a modest 540 dlrs\nthis year compared to a surge of 1,210 dlrs during 1986.\n The slowdown in income growth is likely to cause housing\nstarts to drop by 4.2 pct this year and a further six pct in\n1988 to an annual rate of 1.63 mln units.\n \"For the first time in several years, a recession in 1988\nor 1989 is more than a remote possibility,\" Van Dyke said.\n Currently, U.S. growth is fragile and depends heavily on an\nimprovement in trade. \"However, with protectionist attitudes on\nthe rise in this country, this source of growth is at risk,\" he\nadded.\n Reuter\n\u0003","date":"18-JUN-1987 14:27:09.25","topics":["gnp","income","housing"],"places":["usa"]},"18912":{"title":"HADRON <HDRN.O> GETS MARTIN MARIETTA <ML> PACT","body":"Hadron Inc said it has received a\ntwo mln dlr two-year contract from Martin Marietta Corp for\ninformation and logistical support services to be provided for\nthe U.S. Navy's electronic warfare programs.\n Reuter\n\u0003","date":"18-JUN-1987 14:27:37.78","places":["usa"]},"18913":{"title":"EVEREX SYSTEMS FILES INITIAL PUBLIC OFFER","body":"Everex Systems Inc said it has\nfiled with the Securities and Exchange Commission to make an\ninitial public offering of 5,950,000 shares of its common\nstock.\n Of the shares to be sold, 4,950,000 wil be offered in the\nU.S., of which three mln will be issued and sold by the company\nand the balance will be sold by certain shareholders.\n In addition, one mln shares will be sold outside the U.S.\n An underwriting group co-managed by Goldman Sachs and Co\nand Shearson Lehman Brothers Inc will offer the shares.\n Reuter\n\u0003","date":"18-JUN-1987 14:28:52.31","places":["usa"]},"18914":{"title":"WORLD BANK LOANS PORTUGAL 50 MLN DLRS","body":"World Bank said it has loaned\nPortugal 50 mln dlrs to help improve its highway system.\n The bank loan is part of a 400.4 mln dlr, three-year\ngovernment financed project to rehabilitate or improve about\n3410 miles of highway, the bank said.\n It also said the project hopes to increase road safety by\nimproving signs, aiding enforcement of axle-load legislation,\nand adding patrol cars and communications equipment.\n The loan is for 15 years, including three years of grace,\nat the standard variable interest rate, currently 7.92 pct, the\nbank said.\n Reuter\n\u0003","date":"18-JUN-1987 14:29:56.85","places":["usa","portugal"]},"18915":{"title":"SOVIET AGRICULTURE MINISTER IN WINNIPEG VISIT","body":"Vsevolod Murakhovsky, head of the\nSoviet Agriculture Ministry, observed trading this morning at\nthe Winnipeg Commodity Exchange, an exchange spokesman said.\n Murakhovsky led a delegation of 17 Soviet visitors to the\nexchange as part of a current cross-Canada tour. The party\nincluded Phylipp Popov, a member of the Supreme Soviet.\n Murakhovsky is first deputy chairman of the Council of\nMinisters of the USSR and chairman of the Gosagroprom or\nMinistry of Agriculture.\n The delegation was accompanied by Harold Bjarnason,\nassistant deputy minister, Agriculture Canada.\n Reuter\n\u0003","date":"18-JUN-1987 14:30:29.06","places":["ussr","canada"]},"18916":{"title":"OPTO MECHANIK <OPTO.O> GETS 7.2 MLN IN CONTRACTS","body":"Opto Mechanik Inc, a designer\nand manufacturer of military optical and electro-optical\nsystems, said it received 7.2 mln in contracts from domestic\nand foreign customers.\n Opto Mechanik said the series of contracts included a 3.8\nmln dlr contract from the U.S. Army Missle Command to produce\nthe sight used to guide the TOW anti-tank missle.\n Reuter\n\u0003","date":"18-JUN-1987 14:30:37.89","places":["usa"]},"18917":{"title":"BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE","body":"Brooklyn Union Gas Co, a New York gas\nutility, will see its gas costs up sharply as a result of\nTransco Energy Co's <E> decision to close its pipelines to\ntransport spot gas sales, energy industry analysts said.\n Brooklyn Union, the fourth largest gas utility in the\nUnited States, purchased 36 pct of its supplies on the spot, or\nnon-contract, market in 1986, and the proportion of spot\nsupplies was estimated much higher in the five months of 1987,\nanalysts said.\n Texas Eastern pipelines <TET>, the other competing\npipeline, to deliver spot gas from producing areas in the South\nclosed its gate station for summer, and Brooklyn Union has\nrelied entirely on Transco for spot supplies.\n In the month of May, Brooklyn Union paid about two dlrs\nper mln British Thermal Unit for spot gas, while contract gas\ncosts four to five dlrs per mln BTU, industry sources said.\n Transco announced yesterday it would no longer provide open\naccess to transport spot natural gas to its customers for fear\nof accumulating more take-or-pay liabilities.\n Take-or-pay contracts oblige pipelines to pay producers for\ngas even if delivery is not taken by its customers.\n Brooklyn Union will continue receiving a small amount of\nsupplies from minor fields under a grandfather clause, a\nBrooklyn Union official said.\n Foster Corwith, gas analyst with Dean Witter Reynolds, said\nmost of the rising cost to Booklyn Union will be passed through\nto rate payers.\n While net effect on the company will not be known for\nseveral months because of the time lag in deferred earnings,\nend-users, especially residential and commercial customers,\nwill end up paying more for gas, he said.\n Because the closure takes place in summer months when gas\ndemand is at seasonal low, the impact on cash flow would be\nsmall, Curt Launer, natural gas analyst with Donaldson Lufkin\nJenrette, said.\n If the situation persists into winter heating season, high\ncost gas could cut in the company's profits, he said.\n Gas utilities along eastern seaboard relying on Transco for\nspot gas, such as North Carolina Natural Gas Co <NCNG>,\nPiedmont Natural Gas Co <PNY>, will face the same high cost\nfactor as Brooklyn Union, Steve Richards, a supply manager with\nend users supply system, a Houston based natural gas brokering\nfirm, said.\n \"But these companies are not unwitting victims of the\ntake-or-pay dispute between Transco and producers,\" he said.\n Distributors have turned a deaf ear to Transco's request\nfor an inventory charge, which reserves the pipeline facility\nfor spot gas to be delivered to these companies, he said.\n Without spot supplies, the high cost of system gas will\nthreaten to drive away large customers capable of shifting to\nalternative fuels, he said.\n In absence of any guidelines on inventory charges from the\nFederal Energy Regulatory Commission, the matter is being\nnegotiated between pipelines and customers, Richards said.\n Now that Transco has refused to transport cheap spot gas\nfor them, these distributors are likely to be more conciliatory\non the inventory charge, he said.\n \"Cool heads will prevail,\" DLJ's Launer said, \" but it may\ntake a while.\"\n \n Reuter\n\u0003","date":"18-JUN-1987 14:34:45.58","topics":["nat-gas"],"places":["usa"]},"18918":{"title":"OHIO EDISON <OEC> UPGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nupgraded Ohio Edison Co's 2.7 billion dlrs of debt securities.\n Raised to Baa-2 from Baa-3 were the utility's first\nmortgage bonds, preferred stock and secured pollution control\nissues, and the guaranteed Euronotes of Ohio Edison Finance NV.\nMoody's upgraded Ohio Edison's unsecured issues and preference\nstock to Baa-3 from Ba-1.\n The likely approval of a 152 mln dlr, or 10 pct, rate hike\nby Ohio Public Utilities Commission significantly reduces a key\ncomponent of financial risk. It would be implemented on Perry\nUnit One's expected Fall in-service date, Moody's said.\n Reuter\n\u0003","date":"18-JUN-1987 14:35:40.38","places":["usa"]},"18919":{"title":"BIC CORP <BIC> RAISES QUARTERLY","body":"Qtly div 18 cts vs 15 cts prior\n Pay July 30\n Record July 10\n Reuter\n\u0003","date":"18-JUN-1987 14:35:49.59","places":["usa"]},"18920":{"title":"REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE","body":"Reynolds Metals co said it plans\nto restart the last idle potuction line at its Troutdale, Ore.,\nprimary aluminum plant.\n With the restart of this 22,700-metric-tonne-per-year line,\nReynolds said, it will be operating at 100 pct of its\nconsolidated primary aluminum capacity of 695,000 tonnes per\nyear.\n Reynolds said work will commence on the potline restart in\nthe near future and it is expected that actual metal production\nwill begin on September one.\n The company said the start up was necessitated by\ncontinuing strong demand for aluminum and dwindling worldwide\ninventories, and that the metal is needed to supply Reynolds'\nvarious fabricating businesses.\n Reuter\n\u0003","date":"18-JUN-1987 14:36:29.33","topics":["alum"],"places":["usa"]},"18921":{"title":"CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS","body":"<CBC Bancorp Inc> said it will\nbe acquired by the Memphis-based Union Planters Corp <UPCM.O>\nin a merger agreement.\n Details were not disclosed.\n CBC, which is the holding company which owns Cookeville's\nCitizens Bank, said it has signed an agreement which would\nmerge CBC with Union, which has 2.2 billion dlrs in assets.\n According to CBC, Union reported shareholders equity of\nnearly 190 mln dlrs for the period ending March 31.\n CBC said the merger will not affect Citizens Banks' name,\nmanagement, board of directors or employees.\n Reuter\n\u0003","date":"18-JUN-1987 14:36:38.12","topics":["acq"],"places":["usa"]},"18922":{"title":"TIE/COMMUNICATIONS <TIE> RENEWS AGREEMENTS","body":"TIE/Communications Inc said it\nhas renewed agreements to sell its GTE Corp <GTE>, Bell\nAtlantic Corp <BEL>, NYNEX Corp <NYN> and US West Inc <USW> for\ntwo years.\n The company is providing small to mid-siezed key telephone\nsystems to GTE and key systems, hybrids and DATA STAR PABX\nsystems to the others.\n Reuter\n\u0003","date":"18-JUN-1987 14:37:00.41","topics":["acq"],"places":["usa"]},"18923":{"title":"GLAXO <GLX> STOCK OFF ON ULCER REPORT","body":"Shares of Glaxo Holdings PLC fell\nfollowing a report in today's New England Journal of Medicine\nthat antibiotics may be able to treat ulcers, threatening \nGlaxo's billion dlr antiulcer drug Zantac, analysts said.\n Glaxo's was trading at 27-7/8, off 1/2, on volume of\n1,786,800 shares. Shares of SmithKline Beckman <SKB>, maker of\nthe popular anti-ulcer drug Tagamet, also fell 7/8 to 60-1/4.\n \"Anything that raises the possiblity of an entirely new\ntherapy for ulcers would attack the core of Glaxo's worldwide\nbusiness, which is Zantac,\" said David MacCallum, an analyst\nwho follows Glaxo for Hambrecht and Quist.\n \n Zantac is the world's most prescribed drug with annual\nsales of over one billion dollars, accounting for almost 75 pct\nof Glaxo's earnings, said MacCallum.\n \"If there is any perception that Zantac is not the therapy\nof choice for ulcers, Glaxo's sales and profits could decline,\"\nsaid Tina Rizopuolos, an analyst with Alexanders Laing and\nOr'kshnk.\n Rizopuolos said the New England Journal article, led by a\nUniversity of Toronto researcher, concludes from a study of 71\nchildren with gastric disease that bacteria could cause\ngastritis and ulcers.\n \n In an editorial in the same issue of the medical journal,\nRichard Hornick of the University of Rochester School of\nMedicine, reviewed studies using antibiotics to treat ulcers.\nRizopuolos said Hornick concludes that the bacteria ulcer\nrelationship is \"exciting and intriguing,\" but further studies\nare needed to show a direct causal effect.\n Ulcers happen when the stomach's protective lining erodes\nand is exposed to underlying inflamed tissue, but it is unknown\nwhat actually causes the process.\n \nIt is known that stomach acids exacerbate ulcers and therefore\nantacids were commonly used to alleviate ulcers before Tagamet\nand Zantac came along. Both of these drugs prevent the release\nof the hormone histamine in the stomach, which triggers acid\nsecretion.\n \"I don't think people should run out and sell Glaxo,\" said\nanalyst Rizopuolos. \"It will take a long time to displace\nTagamet and Zantac...those drugs are going to be prescribed by\nphysicians for a long time,\" she added.\n \n Reuter\n\u0003","date":"18-JUN-1987 14:39:00.70","places":["usa"]},"18924":{"title":"ITC CONTESTS USE OF DOCUMENTS AS COURT EVIDENCE","body":"The International Tin Council, ITC,\nintervened in a High Court hearing in an attempt to prevent the\npresentation of internal Council documents as evidence.\n The intervention in Shearson Lehman's action against the\nLondon Metal Exchange over its \"ring out\" of tin contracts in\n1986 is likely to have implications for other cases in which\nthe Council is involved following the collapse of its buffer\nstock operations in October 1985, ITC delegates said.\n The ITC's case is being presented by Professor Rosalyn\nHiggins and is expected to take a further one or two days next\nweek. Court does not sit tomorrow.\n In essence the Council is claiming that its status is\nsimilar to that of a foreign embassy and that its archives can\ntherefore not be used in an English court of law.\n The Council ended its quarterly session today ahead of\nschedule. The meeting had been expected to go on until tomorrow\nwhen the European Community's legal advisers were due to\nattend, but delegates reviewed the progress of the various\nlegal actions today.\n Otherwise, the meeting was occupied with internal\nadministrative matters, delegates said.\n The ITC will continue to operate with a reduced staff after\nJune 30 following the two year extension of the sixth\nInternational Tin Agreement.\n As well as dealing with the ongoing litigation, the Council\nwill continue with its statistical work and carry out some\nresearch studies, although staffing in the research department\nis being cut to one from two previously.\n At this week's session the Council elected Philip Sparkes\nof Australia as first vice-chairman for the producing members\nand Heinz Hofer of Switzerland as second vice-chairman for the\nconsumers for the year from July 1. Future quarterly sessions\nare scheduled for October 5/7 and December 14/16.\n Reuter\n\u0003","date":"18-JUN-1987 14:39:09.68","topics":["tin"],"organisations":["itc"],"places":["uk"]},"18925":{"title":"AMERICAN CYANAMID <ACY> TO BUILD PLANT ADDITION","body":"American Cyanamid Co said it plans\nto construct a multimillion-dollar addition to its agricultural\nflagship plant in Hannibal, Mo.\n The company said the facilities will produce Assert\nherbicide, the third in the company's new series of\nimidazolinone herbicides.\n Cyanamid, which is a biotechnology and chemical research\ncompany, said the Hannibal plant is its principal agricultural\nproduct manufacturing facility.\n Assert is a wild oat and broadleaf weed herbicide for use\non small grains and on sunflowers, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 14:40:40.71","places":["usa"]},"18926":{"title":"FIRST WISCONSIN <FWB> TO SELL BUILDING FOR GAIN","body":"First Wisconsin Corp said it has\nagreed to sell its First Wisconsin Center in Milwaukee and\nadjacent property to Trammell Crow Co for 195 mln dlrs,\nresulting in a gain of 77 mln dlrs after tax.\n It said 36 mln dlrs of that amount will be included in 1987\nearnings and the remainder will be accounted for over the next\n10 years.\n First Wisconsin said the transaction was valued at 195 mln\ndlrs.\n First Wisconsin said Trammell Crow officials said they\nplanned to build a high-rise, tower next to the 42-story\ncenter, where First Wisconsin will continut to have its\nheadquarters.\n In addition to the center, First Wisconsin said the\nproperty being sold includes two buildings directly east of the\ncenter. First Wisconsin said it will continue to occupy the\narea, leasing the space back from Trammell Crow.\n Reuter\n\u0003","date":"18-JUN-1987 14:45:30.15","places":["usa"]},"18927":{"title":"NORTH HILLS <NOHL.O> CLOSES LOAN","body":"North Hills Electronics Inc said\nits North Hills Israel Ltd unit closed on a 1,500,000 dlr\nloan from Overseas Private Investment Corporation, an agency of\nthe U.S. government.\n North Hills said the unit will use the loan in connection\nwith the construction and equipping of a 16,000-square-foot\nmanufacturing facility in Israel to produce components for\nelectrical control systems.\n Reuter\n\u0003","date":"18-JUN-1987 14:45:53.70","places":["usa"]},"18928":{"title":"CHINA GETS 97.4 MLN DLR WORLD BANK LOAN","body":"The World Bank said it approved a\n97.4 mln dlr loan for China to help boost fertilizer output in\norder to increase agricultural production.\n The 20-year loan supports a project aimed at improving the\nefficiency of medium-scale fertilizer plants through technical\nrenovations and energy conservation, the bank said.\n It said the project also seeks to reduce agricultural\nnutrient imbalances by building the capacity for phosphate\nfertilizer production and to improve institutional efficiency\nby introducing modern economic, financial and operational\nsystems and techniques.\n Reuter\n\u0003","date":"18-JUN-1987 14:46:47.98","places":["usa","china"]},"18929":{"title":"TRITON ENERGY CORP <OIL> SETS QUARTERLY","body":"Qtly div 2-1/2 cts vs 2-1/2 cts prior\n Pay Oct One\n Record Sept Three\n Reuter\n\u0003","date":"18-JUN-1987 14:46:52.58","places":["usa"]},"18930":{"title":"REYNOLDS METALS TO RESTART IDLE POTLINE","body":"Reynolds Metals Co said it plans\nto restart the last idle potline at its Troutdale, Ore.,\nprimary aluminum plant.\n With the restart of this 22,700 tonne a year production\nline, Reynolds said it will be operating at 100 pct of its\nconsolidated primary aluminum capacity of 695,000 tonnes per\nyear.\n Reynolds said work on the restart will begin in the near\nfuture and it is expected that actual metal production will\nbegin September 1.\n The company said the start-up was necessitated by\ncontinuing strong demand for aluminum and dwindling worldwide\ninventories, and that the metal is needed to supply Reynolds'\nvarious fabricating businesses.\n Reuter\n\u0003","date":"18-JUN-1987 14:49:58.81","topics":["alum"],"places":["usa"]},"18931":{"title":"FINGERMATRIX <FINX.O> COMPLETES RIGHTS OFFERING","body":"Fingermatrix Inc said\n2,368,253 of the 2,649,387 rights to purchase common shares\nthat it issued to shareholders were exercised and Hallwood\nGroup Inc <HWG> has purchased 165,000 common shares under an\noption to buy shares for which rights were not exercised.\n In addition, it said it received oversubscription requests\nfor another 1,400,000 shares and will distribute 116,134 shares\non a pro rata basis.\n The company said proceeds after underwriting discounts and\ncommissions will be about 12.6 mln dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 14:51:53.03","places":["usa"]},"18932":{"title":"ALLEGHENY <ALGH.O> FORMING SUBSIDIARY","body":"Allegheny and Western Energy Corp said\nit was forming a subsidiary to market gas to smaller users in\nWest Virginia.\n The company also said it completed negotiations to sell\nbetween 10 and 12 mln cubic feet of gas per day to a large,\nunspecified East Coast utility.\n Interstate markets will become part of the subsidiary's\noperations, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 14:52:10.35","topics":["nat-gas"],"places":["usa"]},"18933":{"title":"PROXMIRE SAYS FSLIC CONFERENCE SET FOR NEXT WEEK","body":"Senate Banking committee chairman\nWilliam Proxmire, D-Wis, said a conference will be held with\nthe House Banking committee next week on a bill to refinance\nthe Federal Savings and Loan Insurance Corp.\n The Senate has passed a 7.5 billion dlr FSLIC refinancing,\nwhile the House approved five billion dlrs in new funds. The\nSenate bill also bars new bank services until next March and\nbans so-called non-bank banks, provisions the House opposes.\n FSLIC is virtually out of money to help ailing thrift\ninstitutions, according to the Federal Home Loan Bank Board.\n Reuter\n\u0003","date":"18-JUN-1987 14:52:43.28","places":["usa"]},"18934":{"title":"O'BRIEN ENERGY <OBS> SEES HIGHER YEAR NET","body":"O'Brien Energy Systems Inc said it\nexpects net income for the year ending June 30 of 12 to 15 cts\nper share, up from eight cts last year.\n The company said the earnings will be aided substantially\nbe an agreement it has signed with Trafalgar House PLC\n<THSL.L>. Under the agreement, it said Trafalgar will provide\nturnkey construction, operation and maintenance services, as\nwell as construction financing, for O'Brien cogeneration plants\nto be built in New Jersey and California. Total installation\ncosts will be about 190 mln dlrs, it said, with construction to\nstart before year-end.\n Reuter\n\u0003","date":"18-JUN-1987 14:53:03.34","places":["usa"]},"18935":{"title":"PPG INDUSTRIES <PPG> TO BUILD TAIWAN PLANT","body":"PPG Industries said it signed an\nagreement with Formosa Plastics Group to build and operate a\ncontinuous strand fiber glass manufacturing plant in Taiwan.\n The 50-50 joint venture of PPG and Nan Ya Plastics, a\ncorporation of Formosa Plastics Group, is subject to approval\nof Taiwan governmental agencies.\n PPG said the plant, scheduled to begin operating in early\n1989, will have an initial annual capacity of 20,000 metric\ntons.\n Reuter\n\u0003","date":"18-JUN-1987 14:54:05.08","places":["usa","taiwan"]},"18936":{"title":"CONSUMERS <CMS> SELLS BONDS IN TWO TRANCHES","body":"Consumers Power Co is raising 250 mln\ndlrs through a two-tranche offering of first mortgage bonds,\nsaid lead manager Morgan Stanley and Co Inc.\n A 150 mln dlr offering due 1992 was given a nine pct coupon\nand par pricing to yield 112.5 basis points over comparable\nTreasuries. This tranche is non-callable for life.\n A companion 100 mln dlr issue maturing in 1997 was assigned\na 9-5/8 pct coupon and priced at 98.50 to yield 9.703 pct, or\n143 basis points over Treasuries. These bonds are non-callable\nfor five years.\n The debt is rated Baa-3 by Moody's, BBB-minus by S and P.\n Reuter\n\u0003","date":"18-JUN-1987 14:54:28.82","places":["usa"]},"18937":{"title":"NYNEX CORP <NYN> SETS QTLY DIVIDEND","body":"Qtly div 95 cts vs 95 cts prior\n Pay August three\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 14:54:33.07","places":["usa"]},"18938":{"title":"GILLETTE <GS> SEEN OBJECT OF GLOBAL BIDDING WAR","body":"Ronald Perelman, head of Revlon Group\nInc <REV>, may be trying to ignite a bidding war for Gillette\nCo that could draw some big international players and in the\nprocess make a lot of money for himself, Wall Street analysts\nsaid.\n Several hours before a regularly scheduled board of\ndirectors meeting, Gillette disclosed that Perelman requested\nconsent of its board for an offer of at least 40.50 dlrs per\nshare. Perelman needed the consent because he agreed in\nNovember not to buy stock for 10 years without permission.\n \"I think Ronald Perelman is less interested in Gillette and\nmore interested in putting Gillette into play because he stands\nto make a ton of money,\" said Andrew Shore, analyst at Shearson\nLehman Brothers Inc. \"In play\" is a term used on Wall Street to\ndescribe what happens when a company becomes an unwiling\ntakeover target.\n Shore noted that according to the 1986 agreement Revlon\ngets paid if there is any acquisition of Gillette through\nNovember of this year at a price higher than 29.75 dlrs per\nshare. Gillette rose three to 40 today, following a gain of\nthree yesterday.\n The agreement would be calculated on the basis of\nPerelman's previous holding of 18.4 mln shares, adjusted for a\nsplit. For example, a deal between Gillette and some other\ncompany at 44 dlrs per share would make Revlon richer by 262\nmln dlrs under the formula. Neither Perelman nor his spokesmen\nreturned telephone calls seeking comment.\n \"Revlon stands to make a substantial amount of money if\nsomeone else takes over Gillette,\" said Analyst Deepak Raj of\nMerrill Lynch and Co. \"I'm not saying that is going to happen\nbut Gillette is an undervalued stock with a breakup value of 45\ndlrs per share.\"\n Shore of Shearson Lehman said there are a couple of reasons\nwhy Perelman may not be really interested in acquiring\nGillette. He said Perelman, in the process of taking Revlon\nprivate after acquiring control of the cosmetics company two\nyears ago, probably wants to concentrate on improving Revlon's\noperations. \"He's trying to overhaul and improve the image of\nthe dearptment store business.\" Another reason is that Revlon\nhas recently made two other acquisitions.\n Under those circumstances, Shore would not be surprised if\nsome company such as Unilever plc <UN.AS> or Procter and Gamble\nCo <PG> decided to take a look at Gillette.\n Shore mentioned half a dozen other potential buyers for\nGillette including Sir James Goldsmith, Hanson Trust plc <HAN>,\nRJR Nabisco Inc <RJR>, American Brands Inc <AMB> and Ralston\nPurina Co <RAL>.\n \"Perelman is trying to put the company in play,\" said a\nWall Street arbitrageur. \"He gets to share in the upside if the\ncompany is sold.\" Another arbitrageur said he expects Gillette\nto resist Perelman's overture. \"I can't see the board\nconsenting, what has changed between November and now,\" he\nsaid.\n \n Another arbitrageur said he was not sure what was going on.\n\"Perelman never does anything without a fair amount of\ncalculation,\" he said. But he added, \"The Gillette board has to\nbe careful. They just can't say no or they'll be sued by\nshareholders.\" Gillette's board was still meeting at 1700 EDT,\nthree and one-half hours after the scheduled starting time.\n According to a copy of Perelman's letter released by\nGillette, he would be prepared to sign a defnitive merger\nagreement without any financing condition. He said Citibank\nN.A. is his lead lender and First Boston Inc is his financial\nadviser.\n Reuter\n\u0003","date":"18-JUN-1987 14:56:44.97","topics":["acq"],"places":["usa"]},"18939":{"title":"CHINA GETS WORLD BANK LOAN FOR FERTILIZER","body":"The World Bank said it approved a\n97.4 mln dlr loan for China to help boost fertilizer output in\norder to increase agricultural production.\n The 20-year loan supports a project aimed at improving the\nefficiency of medium-scale fertilizer plants through technical\nrenovations and energy conservation, the bank said.\n It said the project also seeks to reduce agricultural\nnutrient imbalances by building the capacity for phosphate\nfertilizer production and to improve institutional efficiency\nby introducing modern economic, financial and operational\nsystems and techniques.\n Reuter\n\u0003","date":"18-JUN-1987 14:57:42.58","places":["usa","china"]},"18940":{"title":"PNC FINANCIAL <PNCF.O> RAISES LOSS RESERVE","body":"PNC Financial Corp said it will raise\nits loan loss reserve by 110 mln dlrs to about 386 mln dlrs,\nreducing second quarter results by 66 mln dlrs or 92 cts per\nshare on a fully diluted basis.\n The company said that after the charge it still expects to\nreport a second quarter profit and expects a first half profit\nof about 100 mln dlrs.\n It added that it expects normal operating earnings in the\nsecond half.\n The company earned 68.5 mln dlrs in the 1986 second quarter\nand 121.6 mln dlrs in the prior first half.\n It said the increase in loss reserves was due to its\nappraisal of the worldwide economy, particularly in less\ndeveloped countries that are experiencing payment problems.\n The company said the part of its loss reserve allocated to\nsuch countries is about 35 pct of its loans to those countries.\nIt said the move would not result in any change to its current\ndividend policy.\n Reuter\n\u0003","date":"18-JUN-1987 14:59:39.86","places":["usa"]},"18941":{"title":"A.H. ROBINS <QRAH> WINS APPEALS COURT RULING","body":"A.H. Robins Co, facing suits over its\nDalkon Shield birth control device, said a Federal Court of\nAppeals approved of the way the company notified potential\nvictims about a possible liability.\n The notification of potential claimants, which began in\njanuary 1986 and ended several months later, was challenged by\nsome claimant committees who said the company's program was\ninadequate.\n A company spokesman said A.H. Robins was pleased with the\nruling, noting an unfavorable decision would have \"set the\nwhole thing back for quite some time.\"\n The ruling by the U.S. Court of Appeals for the fourth\ncircuit, which upheld a lower court, said, \"the notification\nprogram used by Robins was ... reasonable.\n \"The evidence indicates that every news outlet in the world\nreceived the information. Simiarly, there is strong evidence\nthat the news was broadly disseminated worldwide.\n \"Women from such unlikely locations as Kenya, Botswana,\nPakistan and Bangladesh ultimately filed claims. A battery of\nworld health and welfare organizations also disseminated the\ninformation. It appears to this Court that the extensive\nnotification program was a success.\"\n Reuter\n\u0003","date":"18-JUN-1987 14:59:53.06","places":["usa"]},"18942":{"title":"ALCOA <AA> TO BUY BACK 12 PCT DEBENTURES","body":"Aluminum Co of America said it is\noffering to purchase any and all of its outstanding 150 mln\ndlrs of 12 pct sinking fund debentures of 2012.\n It said it will buy back the debentures at 1,105 dlrs per\n1,000 dlr principal amount, plus accrued interest up to, but\nnot including, the day of payment.\n The offer will end at 1700 EDT (2100 GMT) on June 30,\nunless extended. Payment will be made on July eight. The\nbuyback offer will be co-managed by Merrill Lynch Capital\nMarkets and Salomon Brothers Inc, Alcoa said.\n Reuter\n\u0003","date":"18-JUN-1987 15:00:13.14","places":["usa"]},"18943":{"title":"MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT\nSHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN\n","date":"18-JUN-1987 15:05:46.12","topics":["zinc"]},"18944":{"title":"TRW INC <TRW> SETS PACT WITH TEKTRONIX <TEK>","body":"TRW Inc's TRW Componenets\nInternational Inc unit said it set a pact with Tektronix Inc's\nTriQuint Semiconductor unit to jointly supply gallium arsenide\ndevices for space applications.\n As part of the agreement, the two companyies are working\ntogether to establish procedures to produce class \"S\" (a\nstringent military specification for space use) gallium\narsenide components.\n TriQuint makes gallilum arsenide integrated circuits.\n Reuter\n\u0003","date":"18-JUN-1987 15:05:55.47","topics":["strategic-metal"],"places":["usa"]},"18945":{"title":"FORCE MAJEURE LIFTED AT CAJAMARQUILLA","body":"Peru's state minerals marketing arm, Minero\nPeru Comercial SA (Minpeco), lifted a force majeure on zinc\ningot shipments from the country's biggest zinc refinery at\nCajamarquilla, a spokesman said.\n The spokesman said the problems affecting sulphuric acid\nand roaster plants that had halted production since May 4 had\nbeen resolved.\n However, he said production of zinc ingots this year was\nexpected to fall to around 86,000 tonnes this year at\nCajamarquilla, from 94,000 tonnes in 1986 because of the\nstoppage.\n The refinery has an optimum annual production capacity of\n100,000 tonnes but its highest production was 96,000 tonnes of\nrefined zinc ingots in 1985, the spokesman said.\n Reuter\n\u0003","date":"18-JUN-1987 15:08:54.04","topics":["zinc"],"places":["peru"]},"18946":{"title":"ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST\nWEEK TO 235.75 BILLION\n","date":"18-JUN-1987 15:09:55.59","topics":["money-supply"]},"18947":{"title":"CRAZY EDDIE <CRZY> MAY BE DOWNGRADED BY MOODY'S","body":"Moody's Investors Service Inc said it\nmay downgrade Crazy Eddie Inc's 65 mln dlrs of B-1 convertible\nsubordinated debentures.\n Moody's cited Crazy Eddie's reduced profitability, recent\nacquisition proposals for the company that could increase debt\nleverage, and an uncertain earnings outlook.\n The agency said its review would consider the company's\nconcentration in the highly competitive New York marketplace,\nas well as Crazy Eddie's ability to maintain adequate bank\nfinancing.\n Reuter\n\u0003","date":"18-JUN-1987 15:11:37.72","places":["usa"]},"18948":{"title":"AMERICAN EXPRESS BANK LTD WILL ADD 600 MLN DLRS TO LOAN\nLOSS RESERVES\n\n","date":"18-JUN-1987 15:14:39.36"},"18949":{"title":"MEXICO SIGNS 120 MLN DLR RESTRUCTURING WITH U.K.","body":"Mexico signed a rescheduling accord\ncovering 120 mln dlrs in official debts to Britain, as part of\na 1.8 billion dlr restructuring agreed with the Paris club of\ncreditors last year, the finance ministry said.\n The rescheduling is over 10 years with five years grace,\nand carries an interest margin of 1/2 pct over libor.\n Finance minister Gustavo Petricioli, who signed the accord\nfor Mexico, said the agreement reflects a strengthening of\neconomic, financial and trade relations between the two\ncountries.\n The Paris Club restructuring forms part of a 12 billion dlr\nfinancial package agreed with Mexico's creditors last year.\n The rescheduling covers public sector trade debts coming\ndue between september 1986 and march 1988.\n Reuter\n\u0003","date":"18-JUN-1987 15:16:05.52","places":["mexico","uk"]},"18950":{"title":"CNS <CNXS.O> COMPLETES INITIAL PUBLIC OFFERING","body":"CNS Inc said it completed its\ninitial public offering of 1,035,000 shares of common stock at\n3.75 dlrs a share through an underwriting group headed by\nEngler-Budd and Co Inc.\n Concurrent with the offering, the company made an exchange\noffer in which it issued 277,127 common shares in exchange for\n935,333 dlrs of outstanding promissory notes at the rate of\n3.375 dlrs a share. This represented over a 93 pct acceptance\nof the exchange offer, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 15:17:19.44","places":["usa"]},"18951":{"title":"USX <X> UNIT OFFERS STEEL PRICES DIRECTORY","body":"USX Corp said its USS division has\navailable a comprehensive sheet steel selection and pricing\nsystem detailing the company's full line of products.\n The company said it was the first complete update in 25\nyears.\n The new prices in the book are effective after Oct One,\n1987, the company said.\n Reuter\n\u0003","date":"18-JUN-1987 15:17:38.42","topics":["iron-steel"],"places":["usa"]},"18952":{"title":"INSPIRATION CUTS COPPER PRICE 0.50 CT TO 74 CTS","body":"Inspiration Consolidated Copper Co, a\nsubsidiary of Inspiration Resources Corp, said it is lowering\nits base price for full-plate copper cathodes by 0.50 cent to\n74.0 cents a lb, effective immediately.\n \n Reuter\n\u0003","date":"18-JUN-1987 15:17:43.64","topics":["copper"],"places":["usa"]},"18953":{"title":"<AGF MANAGEMENT LTD> SIX MTHS MAY 31 NET","body":"Shr 58 cts vs 38 cts\n Net 4,628,650 vs 3,041,407\n Revs 45.0 mln vs 28.1 mln\n Reuter\n\u0003","date":"18-JUN-1987 15:18:11.68","topics":["earn"],"places":["canada"]},"18954":{"title":"CHINA ADDS CORN TO COMMITMENTS - USDA","body":"China has added 30,000 tonnes of U.S.\ncorn to its previous commitments, according to the U.S.\nAgriculture Department's latest Export Sales report.\n The report, covering transactions in the week June 11, the\nadditional corn resulted from changes in destinations.\n Total corn commitments for delivery in the 1986/87 season\namount to 1,083,400 tonnes.\n Reuter\n\u0003","date":"18-JUN-1987 15:19:04.34","topics":["grain","corn"],"places":["usa","china"]},"18955":{"title":"DATA MED CLINICAL SUPPORT<DMCS.O> 1ST QTR LOSS","body":"Period ended May 31\n Shr loss five cts vs loss 11 cts\n Net loss 306,007 vs loss 102,420\n Sales 110,522 vs 10,105\n NOTE: Full name is Data Med Clinical Support Services Inc\n Per-share data adjusted for three-for-one stock split\npayable June 30, 1987\n The only sales reflected in fiscal 1987 period are sales\nrecorded subsequent to the May 22, 1986 acquisition of the\nassets of a predecessor company by Data Med\n Reuter\n\u0003","date":"18-JUN-1987 15:19:17.12","topics":["earn"],"places":["usa"]},"18956":{"title":"ALEXANDER <AAL> ESTABLISHES INSURANCE UNIT","body":"Alexander and Alexander Services Inc\nsaid it formed an insurance unit known as the Environmental\nProtection Insurance Co-Risk Retention Group to specialize in\nenvironmental liability coverage.\n The company said the unit has started preliminary\nunderwriting activities and will provide environmental\nimpairment coverage to companies with pollution liability\nexposures.\n Reuter\n\u0003","date":"18-JUN-1987 15:24:10.65","places":["usa"]},"18957":{"title":"SOUTHLAND <SLC> MAY BE DOWNGRADED BY S/P","body":"Standard and Poor's Corp said it may\ndowngrade Southland Corp's 156 mln dlrs of debt securities and\n125 mln dlrs (liquidation value) of preferred stock.\n The agency cited Southland's announcement that it is\nstudying various restructuring alternatives. S and P said that\nthe company has been a rumored takeover target for a while, and\na restructuring would probably be a defensive move to thwart an\nunfriendly bid.\n Southland currently carries BBB senior debt and A-2\ncommercial paper.\n Reuter\n\u0003","date":"18-JUN-1987 15:26:04.89","places":["usa"]},"18958":{"title":"CORRECTED - CRAZY EDDIE <CRZY> MAY BE DOWNGRADED","body":"Moody's Investors Service Inc said it\nmay downgrade Crazy Eddie Inc's 81 mln dlrs of B-1 convertible\nsubordinated debentures.\n Moody's cited Crazy Eddie's reduced profitability, recent\nacquisition proposals for the company that could increase debt\nleverage, and an uncertain earnings outlook.\n The agency said its review would consider the company's\nconcentration in the highly competitive New York marketplace,\nas well as Crazy's ability to maintain adequate bank financing.\n Moody's corrects amount of debt from 65 mln dlrs.\n Reuter\n\u0003","date":"18-JUN-1987 15:33:11.98","places":["usa"]},"18959":{"title":"NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME\nPETROLEUM\n","date":"18-JUN-1987 15:34:18.22","topics":["acq"]},"18960":{"title":"MCDONNELL DOUGLAS <MD>, SIEMENS SIGN MEMORANDUM","body":"McDonnell Douglas Corp and Siemens AG\n<SIEG.F> said they signed a memorandum of understanding dealing\nwith the AH-64 Apache helicopter.\n They said the memorandum deals with depot maintenance of\nthe U.S. Army's helicopters based in West Germany and a joint\nstudy of the potential development and production of the\nhelicopter for the West German Army.\n Reuter\n\u0003","date":"18-JUN-1987 15:34:32.04","places":["usa","west-germany"]},"18961":{"title":"UK \"STAR WARS\" CONTRACTS SEEN AS TOO SMALL","body":"British companies are being largely\nfrozen out of President Reagan's \"Star Wars\" project despite\nearlier hopes of lucrative contracts from the research bonanza,\naccording to a report by Members of Parliament (MPs).\n Funding for the project, formally known as the Strategic\nDefence Initiative (SDI), has so far amounted to some 7.5\nbillion dlrs, parliament's Defence Committee said.\n But British contractors have won only 34 mln dlrs of this\n-- 20 mln dlrs on a government-to-government basis, with the\nrest secured directly by U.K. Firms and institutions.\n In December 1985, Britain and the United States signed a\nMemorandum of Understanding (MoU) relating to cooperative\nresearch for the Strategic Defence Initiative.\n At the time, hopes were expressed that U.K. Industrial\nparticipation would lead to significant spin-off of technology,\nboth of other defence areas and to the civil sector.\n But the all-party committee report said \"the debate about\nthe merits of U.K. Participation in SDI has now to be conducted\nwithin a rather different context than was the case when the\nMoU was negotiated.... It has become evident that SDI\nparticipation may not be the great bonanza that some thought.\"\n British Prime Minister Margaret Thatcher has been one of\nPresident Reagan's few staunch supporters on his plan to\ndevelopment an anti-ballistic missile defence screen.\n But government sources said she has become angry about\nbureaucratic barriers to British companies trying to break into\nthe lucrative American defence market generally -- a view\nvoiced again today by her defence minister, George Younger.\n He told a gathering here of British and American\nbusinessmen, \"We in Europe greatly welcome the emphasis which\nyou in the U.S. Have placed on cooperation and collaboration in\nthe defence equipment sphere.\"\n He added, \"But I do worry that the failure of important and\ninfluential individuals in Congress and elsewhere to realise\nthe true nature of the two-way street in terms of ideas,\ntechnology and equipment will lead to the erection of\nartificial barriers.\"\n \"I am afraid that the danger signals are only too visible in\nthe form of both of the legislative proposals which seem to\narise with ever increasing frequency on (Capitol) Hill, and of\nnew regulations from the U.S. Administration,\" Younger said.\n \"The defence balance of trade with the U.K. and other allies\nis still markedly in favour of the U.S.\"\n Thatcher will visit Washington next month for talks with\nPresident Reagan. U.K. Government officials said she would\nprobably raise the subject of defence trade when they meet.\n The report by Parliament's Defence Committee said that the\nBritish position towards SDI was based on four points agreed\nbetween Thatcher and Reagan in December 1984, they being that:\n - The aim was not superiority, but to maintain balance\n - SDI-related deploymewnt would be a matter for negotiation\n - The overall aim is to enhance, not undercut, deterence\n - East-West negotiation should aim to achieve security with\nreduced levels of offensive systems on both sides.\n The committee in its report said, \"we very much support the\ngovernment's view that SDI research should proceed only within\nthe framework of the Camp David \"four points\" and in particular\nthat it should be in entire conformity with the provisions of\nthe ABM (Anti-Ballistic Missile) Treaty.\"\n \"We note that all present and envisaged SDI work undertaken\nby UK contractors falls in the \"narrow\" interpretation of the\ntreaty, (and) we recommend that the government takes the\nappropriate steps to ensure that this continues to be the case.\"\n That definition prohibits the U.S. And Soviet Union from\ndeveloping, testing or deploying ABM systems, experts said.\n That recommendation would of course change, it added, if \"it\nhas become clear that the Soviet Union has taken the lead in\nrenouncing the constraints of the narrow interpretation.\"\n Regarding possibilities for technology spin-offs, the\ncommittee report said that \"the present predominance of \"paper\nstudies\" in SDI contracts awarded to British firms and\ninstitutions militates against any such achievement.\"\n \n Reuter\n\u0003","date":"18-JUN-1987 15:41:39.76","places":["uk","usa"]},"18962":{"title":"CARTER HAWLEY <CHH> SETS RECORD DATE FOR VOTE","body":"Carter Hawley Hale Stores Inc said\nit has set June 29 as the record date for shareholders voting\non the company's proposed restructuring at its annual meeting.\n The company has yet to set a date for the meeting, but has\nsaid it will be held before the end of August.\n Under the proposal, Carter Hawley would split into a\nspecialty store company and a department store company.\n Shareholders would get 17-dlrs in cash and a share in each\nof the two new companies for each existing common share they\nhold. The restructuring was announced in December, after Carter\nHawley rejected a buy-out offer by Retail Partners.\n Reuter\n\u0003","date":"18-JUN-1987 15:42:36.69","topics":["acq"],"places":["usa"]},"18963":{"title":"ALLEGHENY <AI> SELLS THREE INDUSTRIAL UNITS","body":"Allegheny International Inc said it\nsold three of its industrial units which served the railroad\nindustry to <Chemetron Railway Products Inc>, a senior\nmanagement group of Allegheny.\n Terms of the transaction were not disclosed.\n Included in the sale were Chemetron Railway Products, True\nTemper Railway Appliances Inc and Allegheny Axle Co, the\ncompany said.\n The three units include 12 plants throughout the U.S., the\ncompany said.\n Reuter\n\u0003","date":"18-JUN-1987 15:43:57.70","topics":["acq"],"places":["usa"]},"18964":{"title":"VESTAUR SECURITIES INC <VES> QUARTERLY DIVIDEND","body":"Qtly div 30.1 cts vs 30.1 cts prior\n Pay July 15\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 15:45:19.20","places":["usa"]},"18965":{"title":"ONE VALLEY BANCORP INC <OVWV.O> QTLY DIVIDEND","body":"Qtly div 26 cts vs 26 cts prior\n Pay July 15\n Record June 29\n Note:the company's full name is One Valley Bancorp of West \n Virginia Inc\n Reuter\n\u0003","date":"18-JUN-1987 15:45:23.91","places":["usa"]},"18966":{"title":"PHILLIPS PETROLEUM CO <P> UNIT BUILDS NEW PLANT","body":"Phillips Petroleum Co said\nits Provesta Corp unit will build a semi-commercial\nfermentation products plant with capacity of more than 3 mln\nlbs a year of Provesteen yeast.\n The company said construction of the plant is set to begin\nin August with completion due April-May 1988.\n It said the plant will be built by Jacobs Engineering Group\nInc <JEC>.\n The company said the purpose of the plant is to demonstrate\na scale-up of Phillips and Provesta's fermentation technology.\n Reuter\n\u0003","date":"18-JUN-1987 15:45:31.26","places":["usa"]},"18967":{"title":"CORTEZ <COZYF.O> UNIT SETS FOOD PARTNERSHIP","body":"Ram Industries Inc, a unit of Cortez\nInternational Ltd., said an agreement has been reached with\n<Treasure Valley Foods> of Nampa, Idaho, to lease all of\nTreasure's buildings and equipment.\n The company said the joint venture will be between Ram and\none of its units, Multiple Resources Inc, and that the\noperation will retain key Treasure management employees.\n Ram said operations will begin by August one and will\ninvolve processing onions in addition to other frozen food\nproducts during the initial year of the project.\n \n Ram said it expects sales to exceed 12 mln dlrs during the\nfirst 24 months with net income exceeding 1.8 mln dlrs.\n The company also said it is in negotiations to purchase a\nyet undisclosed facility in Mississippi which processes up to\n1.4 mln pounds of frozen okra monthly.\n Reuter\n\u0003","date":"18-JUN-1987 15:46:06.11","places":["usa"]},"18968":{"title":"ENNIS BUSINESS FORMS INC <EBF> QTLY DIVIDEND","body":"Qtly div 13 cts vs 11-1/3 cts prior\n Pay Aug 3\n Record July 15\n Reuter\n\u0003","date":"18-JUN-1987 15:46:17.50","places":["usa"]},"18969":{"title":"GREAT LAKES CHEMICAL CORP <GLK> SETS REG DIV","body":"Qtly div 15 cts vs 15 cts prior\n Pay July 28\n Record July one\n Reuter\n\u0003","date":"18-JUN-1987 15:46:20.22","places":["usa"]},"18970":{"title":"NYSE TO DISCLOSE IMBALANCES TWICE TOMORROW","body":"The New York Stock Exchange said in\nconnection with the triple expirations of stock index futures,\noptions and individual options it will disclose imbalances in\n50 major stocks tomorrow at 0900 EDT and again at 1530 EDT.\n The information will be disclosed via financial news\nservices.\n Reuter\n\u0003","date":"18-JUN-1987 15:46:29.72","places":["usa"]},"18971":{"title":"SOUTHERN CALIFORNIA EDISON <SCE> RAISES DIVIDEND","body":"Qtly div 59.5 cts vs 57 cts\n Pay July 31\n Record July 2\n Reuter\n\u0003","date":"18-JUN-1987 15:46:51.07","places":["usa"]},"18972":{"title":"MOODY'S AFFIRMS AMERICAN EXPRESS CO'S 8.6 BILLION DLRS OF\nDEBT\n","date":"18-JUN-1987 15:48:10.73"},"18973":{"title":"SENATOR DEFENDS U.S. MANDATORY FARM CONTROL BILL","body":"Sen. Tom Harkin, D-Iowa, defended his\ncontroversial mandatory supply control farm bill and said U.S.\nfarmers should be allowed to vote in a referendum whether they\napprove of the proposal.\n The Harkin proposal would set loan rates of 5.17 dlrs per\nbushel for wheat, 3.77 dlrs for corn and 9.32 dlrs for\nsoybeans, all to be put in effect under strict controls on\nplanted acreage reductions. Present loan rates are 2.28 dlrs\nfor wheat, 1.92 for corn, and effectively 4.56 for soybeans.\n Also under the plan, the U.S. would seek a world market\nsharing cartel with the European Community and other exporting\nnations, to share-out export markets, Harkin said during the\nfirst of several Senate Agriculture subcommittee hearings\nexamining farm programs.\n Harkin made the following claims in testimony on his\n\"Family Farm Act.\"\n -- The mandatory control bill would increase farm income\nand reduce government spending on agriculture.\n -- Harkin said his policy of high price supports would not\nruin U.S. agricultural exports as critics claim, but would\nincrease overall revenue from exports.\n This would be done by seeking agreement among major\nexporting countries including the European Community on market\nsharing at agreed high prices.\n Sen. Christopher Bond, R-Mo., countered during the hearing\nthat such a grain export cartel is not workable.\n -- Harkin acknowledged that higher commodity price supports\nwould be passed onto consumers, but he said high food prices\nstem more from \"gouging\" by food processing companies than from\nhigh farm product prices.\n Harkin cited what he termed \"excessive\" net returns on\nequity over five years of 33.4 pct at Kellogg, 31.9 pct\nMonfort, 22.8 pct Nabisco, 22.8 pct ConAgra, 21.2 pct H.J.\nHeinz, 19.1 pct Ralston Purina, 17.2 pct Pillsbury and 16.7 pct\nQuaker Oats.\n -- Harkin said a \"legitimate\" concern about his bill would\nbe the impact of higher prices on livestock producers.\n He said as a transition to the higher prices, he would\nallow livestock producers to purchase Commodity Credit Corp.\ngrain stocks for three years.\n Thereafter, livestock farmers would benefit from a\n\"predictable and stable\" grain price, he said.\n -- Harkin said that under his policy approach farm\nparticipation would be no more \"mandatory\" than the current\nfarm program. He said farmers now must participate in farm\nprograms in order to receive credit for planting and to protect\nfarm income.\n Reuter\n\u0003","date":"18-JUN-1987 15:49:10.20","topics":["grain","corn"],"places":["usa"]},"18974":{"title":"MOODY'S MAY DOWNGRADE POTOMAC ELECTRIC'S 1.3 BILLION DLRS\nOF DEBT\n","date":"18-JUN-1987 15:50:05.69"},"18975":{"title":"NOVA <NVAA.TO> CONSIDERING BID FOR DOME <DMP>","body":"Nova Corp is considering a\ntakeover bid for Dome Petroleum Ltd, either alone or as part of\na consortium, Nova chairman Bob Blair said.\n \"We are thinking about making an offer to Dome or Amoco\n(Canada Petroleum Co Ltd) or the creditors,\" Blair told\nreporters before the annual meeting. Amoco Canada is a unit of\nAmoco Corp <AN>, which has made a 5.2 billion-dlr acquisition\noffer for Dome.\n \"There is ongoing, serious thought applied to Dome in Nova\nand in Husky, but no decision of substance as to future action\nhas been taken in either company,\" Blair said. Nova owns 43 pct\nof Husky Oil Ltd <HYO.TO>.\n Blair also said that Nova has made no decision as to\nwhether it would want to be lead partner in a joint purchase of\nDome.\n He added that some of the discussions with other parties\nabout Dome included TransCanada PipeLines Ltd <TRP>, but\nrefused to name the other participants.\n Reuter\n\u0003","date":"18-JUN-1987 15:51:15.23","topics":["acq"],"places":["canada"]},"18976":{"title":"RED LION INNS L.P. <RED> SETS INITIAL DIVIDEND","body":"Red Lion Inns Limited\nPartnership said it declared an initial cash distribution of 43\ncts per unit, which is a proration of 50 cts per quarter.\n The distribution is payable August 14 to unitholders of\nrecord June 30.\n The payout was adjusted to reflect the actual number of\ndays the partnership will have owned the hotels during the\ncalendar quarter ended June 30, 1987.\n Reuter\n\u0003","date":"18-JUN-1987 15:52:11.93","places":["usa"]},"18977":{"title":"NYNEX CORP <NYN> QUARTERLY DIVIDEND","body":"Qtly div 95 cts vs 95 cts prior\n Pay Aug 3\n Record June 30\n Reuter\n\u0003","date":"18-JUN-1987 15:52:16.76","places":["usa"]},"18978":{"title":"FIRST FEDERAL OF MICHIGAN <FFOM.O> QTLY DIV","body":"Qtly div 12 cts vs 12 cts prior\n Pay Aug 10\n Record July 10\n Reuter\n\u0003","date":"18-JUN-1987 15:52:30.34","places":["usa"]},"18979":{"title":"GILLETTE <GS> PAPER MAY BE CUT BY S/P","body":"Standard and Poor's Corp said it placed\non creditwatch with negative implications Gillette Co's A-2\ncommercial paper pending the outcome of a possible takeover by\nRevlon Group Inc <REV>.\n Revlon, currently bound by a standstill agreement following\nan earlier bid for the company, has asked Gillette's board for\npermission to make a 40.50 dlr per share bid for the firm.\n Should Revlon be successful, Gillette's rating would\nreflect the weaker credit quality and aggressive nature of\nRevlon, whose senior debt is rated B, the agency said.\n Reuter\n\u0003","date":"18-JUN-1987 15:52:37.30","places":["usa"]},"18980":{"title":"KRAFT <KRA> DEFENDS CHEESE ADVERTISING","body":"Kraft Inc said it strongly disagreed\nwith a complaint filed by the Federal Trade Commission that it\nmade false and misleading claims about its Kraft Singles cheese\nproduct and said it would fight the charge.\n \"Kraft has always been committed to informative and\ntruthful advertising and this compaign clearly meets those\ncriteria,\" Kraft said in a prepared statement.\n \"We believe the integreity of the advertising will be\nestablished through the litigation process,\" Kraft said.\n Company spokesman Scott Horne said he could not elaborate\non the statement because the case is being litigated.\n The FTC charged Kraft with making false and misleading\nclaims in its advertising by overstating the calcuim content of\nits Kraft Singles American Pasteurized Process Cheese Food.\n In an administrative complaint, the FTC charged the\nGlenview, Ill., food and consumer products company with falsely\nclaiming that a slice of Kraft Singles contains the same amount\nof calcium as five ounces of milk.\n The company also falsely advertised that Kraft Singles\ncontain more calcium than most slices of imitation cheese and\nthat it could substantiate its claims, the FTC charged.\n Reuter\n\u0003","date":"18-JUN-1987 15:56:50.78","places":["usa"]},"18981":{"title":"AMERICAN EXPRESS CO SEES 50 MLN DLR CONSOLIDATED LOSS IN\n2ND QTR FROM ADDITION TO UNIT'S LOAN LOSS RESERVE.\n","date":"18-JUN-1987 15:58:18.85"},"18982":{"title":"FDIC SAYS MISSOURI-BASED BANK HAS FAILED","body":"The Federal Deposit Insurance Corp\nsaid the First Midwest Bank based in Maryville, Mo., was closed\nby state regulators, becoming the 91st federally insured bank\nto fail this year.\n The FDIC said First Midwest's 25.1 mln dlrs in deposits are\nbeing assumed by the First Bank of Maryville, a newly chartered\nsubsidiary of (Citizens Bancshares Co) of Chillicothe, Mo.\n It said the failed bank's two offices, with assets of 25.2\nmln dlrs, will reopen June 19 as branches of First Bank.\n Reuter\n\u0003","date":"18-JUN-1987 18:08:04.36","places":["usa"]},"18983":{"title":"FIRST WACHOVIA <FW> ADDS TO LOAN LOSS RESERVE","body":"First Wachovia Corp said it will\nadd 50 mln dlrs to its loan loss reserve. It said about 35 mln\ndlrs will cover bad loans to developing countries and the\nbalance is for domestic and international loans.\n First Wachovia also said it will report a second quarter\ncapital gain of 14.3 mln dlrs from the sale of equity\nsecurities. It said the effect of these transactions will\nreduce its second quarter earnings by 20 mln dlrs or 37 cts a\nshare in net income for the quarter.\n In the year-ago quarter the bank earned 45 mln dlrs or 83\ncts a share.\n First Wachovia also said that excluding the second quarter\nspecial items, it expects to report a \"good operating earnings\nperformance\" compared with the year-ago quarter.\n Reuter\n\u0003","date":"18-JUN-1987 18:09:07.17","places":["usa"]},"18984":{"title":"WHITE HOUSE STAFFER CONSIDERED TO HEAD CFTC","body":"A White House associate personnel\ndirector, Mark Sullivan, emerged as a possible candidate to\nreplace Susan Phillips as chairman of the Commodity Futures\nTrading Commission (CFTC).\n Commodity industry and government sources said Sullivan,\nwho is not well known to the commodities industry, has emerged\nthis week as a surprise candidate for the post.\n Sullivan, an attorney, has been in charge of Reagan\nadministration personnel appointments in the legal and\nfinancial affairs areas since July, 1986.\n Phillips resigned last month to assume the post of vice\npresident of finance at the University of Iowa.\n Following Phillips' resignation CFTC commissioner Kalo\nHineman, a Kansas farmer, or commissioner Robert Davis were\nconsidered the strongest candidates to head the agency, at\nleast temporarily.\n However, industry sources said the strong speculation about\nSullivan suggests he now is the leading candidate.\n Sullivan's name has also been floated recently for other\nReagan administration financial regulatory positions. He was\nrumored in April to be under consideration for a position on\nthe board of the Federal Home Loan Bank Board, which regulates\nSavings and Loan Associations.\n Reuter\n\u0003","date":"18-JUN-1987 18:14:59.23","places":["usa"]},"18985":{"title":"OECD SEES GERMAN GROWTH HIT BY LOW DOMESTIC DEMAND","body":"West German economic growth will slow to\n1.5 pct this year from 2.4 pct in 1986 due to weak domestic\ndemand and tougher competition from abroad, the Organisation\nfor Economic Cooperation and Development (OECD) said in its\nsemi-annual review of the world economy.\n This view is less favourable than the West German\ngovernment's forecast of a growth rate of under two pct this\nyear, but is in line with forecasts by independent economic\ninstitutes of growth ranging from 1.5 to two pct.\n The OECD said that the economy should pick up next year,\nwith the gross national product rising by two pct in real\nterms.\n The OECD said it assumed the German economy was passing\nthrough a period of temporary weakness and there would be some\nrecovery in business confidence in the near future.\n But it warned that the key to an improvement in the economy\nwas higher domestic demand, which is only forecast to rise by\n2.5 pct this year and 2.75 pct in 1988, below 1986's 3.7 pct.\n While noting that the government is bringing forward a five\nbillion mark tax reform to January 1988, the OECD said that \"the\nmedium to longer-term performance of the West German economy\ncould be improved by reduction of subsidies - which would allow\nrelatively lower tax rates.\"\n Since the OECD report was compiled, the West German Federal\nStatistics Office has released figures showing that the GNP\nactually fell 0.5 pct in real terms in the first quarter of\nthis year compared with the final three months of 1986.\n Diplomatic sources here said that West Germany appeared\nlikely to finish the year with the lowest growth rate of any of\nthe Group of Seven leading industrial nations.\n West Germany's current account surplus, the target of\nconsiderable criticism by the Reagan administration, is\nexpected to rise slightly to 37 billion dlrs this year from\n35.8 billion in 1986, before declining to 29 billion dlrs in\n1988.\n REUTER\n\u0003","date":"18-JUN-1987 18:15:40.41","topics":["gnp","bop"],"organisations":["oecd"],"places":["france","west-germany"]},"18986":{"title":"INVESTMENT FIRM RAISES TVX <TVXG.O> STAKE","body":"WEDGE Group Inc, a Houston investment\nfirm, said it raised its stake in TVX Broadcast Group Inc to\n682,419 shares, or 15.1 pct of the total outstanding common\nstock, from 559,219 shares, or 12.4 pct.\n In a filing with the Securities and Exchange Commission,\nWEDGE said it bought 123,200 TVX common shares at prices\nranging from 8.00 to 10.625 dlrs a share.\n Reuter\n\u0003","date":"18-JUN-1987 18:15:56.71","topics":["acq"],"places":["usa"]},"18987":{"title":"HIGHER GROWTH, UNEMPLOYMENT IN FRANCE, OECD SAYS","body":"France's growth rate is expected to\nstrengthen in the second half of this year after a poor first\nhalf, but unemployment will worsen, the Organisation for\nEconomic Cooperation and Development (OECD) said.\n In its semi-annual review of the world economy, the OECD\nforecast that growth in the French Gross Domestic Product (GDP)\nwould run at about two pct in the next six months. It said the\nrate would be in line with the 1986 trends, but significantly\nhigher than in the first half of this year.\n The OECD said France's economic situation has deteriorated\nsomewhat during the early months of 1987. \n Activity has slowed, primarily reflecting an inventory\nadjustment, while unemployment has risen rapidly and inflation\nhas reaccelerated, the OECD said. Unemployment is likely to\nreach 12 pct of the workforce by the end of 1988.\n The report said inflation should slow and domestic demand\npick up in the second half of this year. But both data are\nlikely to be worse than those recorded in 1986, it added.\n The OECD forecast a 2.75 pct rise in consumer prices for\nthe second half of this year, a one pct drop from the first six\nmonths. The slowdown would bring the inflation rate to 3.25 pct\nfor the whole year, sharply up from last year's 2.2 pct.\n REUTER\n\u0003","date":"18-JUN-1987 18:19:46.22","topics":["gnp","jobs","cpi"],"organisations":["oecd"],"places":["france"]},"18988":{"title":"GROUP RAISES NASH FINCH <NAFC.O> STAKE","body":"A group including members of the\nSobey family of Nova Scotia and Empire Company Ltd, said it\nraised its stake in Nash Finch Co to 442,498 shares, or 8.6 pct\nof the total outstanding, from 374,498 shares, or 7.3 pct.\n In a filing with the Securities and Exchange Commission,\nthe group said it bought 68,000 Nash Finch common shares\nbetween April 7 and June 17.\n Reuter\n\u0003","date":"18-JUN-1987 18:21:59.23","topics":["acq"],"places":["usa"]},"18989":{"title":"REVLON SAYS IT REQUESTS NEW CONSENT AGREEMENT FROM\nGILLETTE\n\n","date":"18-JUN-1987 18:23:25.78"},"18990":{"title":"ITALIAN ECONOMIC OUTLOOK LESS BRIGHT, OECD SAYS","body":"Italy's economic outlook for 1987 and 1988\nis likely to be less favourable than last year with slightly\nlower growth, higher unemployment and an increased trade\ndeficit, the Organisation for Economic Cooperation and\nDevelopment (OECD) said.\n But the OECD, in its half-yearly report, forecast a\nslightly lower inflation rate over the next two years. Last\nyear Italy ranked as one of the OECD's fastest growing\neconomies with Gross Domestic Product (GDP) growth at 2.7 pct.\n The OECD said Italy's GDP may grow by three pct in 1987,\nbut will then fall back to 2.5 pct in 1988.\n The inflation rate will probably stabilise at around five\npct during the projection period as a result of a turnaround in\nimport prices, particularly oil, an acceleration in labour\ncosts and the effects of domestic demand pressure, the report\nsaid.\n This year, and to a lesser degree in 1988, domestic demand\nshould be stimulated by buoyant growth in household consumption\nmade possible by wage increases following pay negotiations.\n Domestic demand pressure, coupled with the deterioration in\nItalian competitiveness, is likely to stimulate imports and\nadversely affect exports in 1987 and 1988. This could result in\na sharp negative contribution to the currrent account.\n REUTER\n\u0003","date":"18-JUN-1987 18:26:17.38","topics":["gnp","jobs"],"organisations":["oecd"],"places":["italy","france"]},"18991":{"title":"JAPAN TRADE SURPLUS WILL GROW AGAIN IN 1987, OECD","body":"Japan's trade surplus is likely to\ncontinue to grow in 1987, as sales of Japanese goods abroad\nincrease while domestic demand remains sluggish, the\nOrganization for Economic Cooperation and Development (OECD)\nsaid.\n In its latest half-yearly review of the world economy, the\nOECD said Japan managed to considerably reduce its surplus last\nyear, when domestic demand grew by four pct in 1986 while\nexport markets rose by only two pct.\n But it said this differential between the growth of\ndomestic and foreign demand would reverse in 1987 and 1988,\n\"thus weakening the international adjustment process.\"\n It forecast a slowing in domestic growth to little over two\npct but with a rise in exports of 3.3 pct in 1987 and 3.6 pct\nin 1988. As a result, the current account surplus in 1987 will\nrise to 95 billion dlrs from 86 billion in 1986, although in\n1988 it should fall back to 87 billion dlrs.\n The OECD outlook did not take account of the 6,000 billion\nyen package announced last month to stimulate domestic demand\nand increase imports to Japan. However, OECD officials said the\nmeasures will significantly strengthen domestic demand, quite\npossibly exceeding one pct GNP when the full effects have\nworked through, and thus will provide some stimulus to imports.\n The OECD outlook said, \"Continued large current account\nsurpluses and the further build-up of an already-substantial\nnet external asset position could well lead to upward pressure\non the yen.\" It said that further appreciation could then lead\nmanufacturers to postpone their investment plans and thus\nweaken domestic growth.\n The OECD said Japan's Gross National Product was likely to\ngorw an annual two pct in 1987 and 1988, below 1986's 2.5 pct\ngrowth. But it said Japan would continue its good performance\non inflation, with a zero figure expected in 1987 compared to a\n0.6 pct rise in consumer prices last year.\n Reuter\n\u0003","date":"18-JUN-1987 18:29:23.83","topics":["trade","bop","gnp"],"organisations":["oecd"],"places":["france","japan"]},"18992":{"title":"U.S.-CANADA TIES SEEN WORSE WITHOUT TRADE PACT","body":"U.S.-Canadian ties could worsen if\nthe two nations are unable to reach a free trade pact,\naccording to a study published by two nonpartisan public policy\nresearch groups.\n The Cato Institute of Washington and the Fraser Institute\nof Vancouver said removing the remaining tariffs on cross\nborder trade would benefit both countries.\n But Cato chairman William Niskanen added \"the two nations'\ngenerally harmonious trade relations are probably not\nsustainable without a new agreement.\"\n The United States and Canada, whose cross-border trade\ntotaled about 125 billion dlrs last year, have been holding\ntalks since last June on a pact to end the few trade barriers\nremaining between their two countries.\n The U.S. put a deadline on the talks of October 1, but both\nsides have said an agreement is likely despite tough bargaining\nremained.\n Niskanen said if no pact is reached, bilateral trade ties\ncould deteriorate because of Congressional pressure on\nPresident Reagan to implement trade laws more aggressively, and\nthis could hit some Canadian trade practices.\n He noted Canada is seeking foreign investment in its auto\nindustry, which could put strains on the considerable bilateral\nfree trade in U.S. and Canadian autos and parts.\n Niskanen also said the Canadian government is vulnerable to\na resurgence of economic nationalism which could restrict U.S.\nexports to Canada.\n A free trade pact, backed by President Reagan and Prime\nMinister Brian Mulroney, would open new markets for Canada and\nenable its industries to achieve economies of scale, which\nwould also help it widen exports worldwide, he said.\n It would also increase the gross national products of both\ncountries.\n Niskanen said the goal of a pact should be to end all\ntariffs within 10 years, lower subsidies on exports, set rules\nfor trade in services and investments, end curbs on government\nprocurement and agree ways to resolve trade disputes.\n Reuter\n\u0003","date":"18-JUN-1987 18:29:49.57","topics":["trade"],"places":["usa","canada"]},"18993":{"title":"ECONOMIC GROWTH SEEN SLUGGISH IN BENELUX COUNTRIES","body":"Economic growth will remain sluggish in\nthe Netherlands and Belgium next year and unemployment may\nrise, the Organisation for Economic Cooperation and Development\nforecast.\n Belgium's GDP growth may slow down to 1.5 pct this year and\nnext year, bringing a rise in the number of jobless, the OECD\nsaid in its semi-annual survey. Belgian inflation could\nstabilise at 1.5 to 2.0 pct, while the current account surplus\nwill probably remain large at about three pct of GDP.\n While the Belgian government has made progress in trimming\nits borrowing requirement, \"it will probably be insufficient to\ncheck the self-sustaining nature of the deficit,\" the OECD said.\n In the Netherlands real GDP growth will also slip to 1.5\npct this year and one pct in 1988, with Dutch exports becoming\nless competitive and imports rising. \"Employment is forecast to\ndecelerate as well, reflecting more sluggish growth in the\nprivate sector and budgetary cuts,\" the report said.\n Dutch consumer prices are set to fall by 0.5 pct in 1987\nand stay stable in 1988, partly as a result of declining\ndomestic gas prices.\n Luxembourg's economy, by contrast, will see slightly faster\ngrowth in GDP this year as a result of an upward movement in\nwages. But real growth in consumption will ease next year.\nREUTER\n\u0003","date":"18-JUN-1987 18:30:53.23","topics":["gnp","jobs","cpi"],"organisations":["oecd"],"places":["france","netherlands"]},"18994":{"title":"SOUTHERN EUROPE HAS STRONG DOMESTIC DEMAND GROWTH","body":"Strong growth in domestic demand was a key\nfeature of the economies of southern European countries in\n1986, though the growth is seen slowing this year and next, the\nOrganisation for Economic Cooperation and Development said.\n In its semi-annual report, the OECD said Portugal's total\ndomestic demand growth would decline from 7.6 pct last year to\nfive pct in 1987 and 3.75 pct in 1988 as slower wage growth\nrestrained private consumption.\n Turkey's economy grew much faster than expected in 1986 and\ndomestic demand surged 10.5 pct, but this growth was expected\nto be halved to five pct next year.\n In Spain, buoyant domestic demand, led by fixed investment,\nhad been the driving force behind rapid growth in Gross\nDomestic Product. Both fixed investment and private consumption\nwere expected to ease during 1988 but would still remain\nstrong.\n The OECD forecast that Spanish imports would rise sharply\nnext year, reflecting strong demand, entry to the European\nCommunity and declining competitiveness.\n In Greece, inflation was forecast to turn downwards\nfollowing an increase early this year linked with the\nintroduction of Value Added Tax and a surge in food prices due\nto cold weather.\n REUTER\n\u0003","date":"18-JUN-1987 18:31:56.82","topics":["gnp"],"organisations":["oecd"],"places":["france","turkey","spain","greece"]},"18995":{"title":"OECD SAYS HIGH WAGE DEALS HARMING NORDIC STATES","body":"High wage settlements in Nordic countries\nthreaten to cut exports and reduce the international\ncompetitiveness of their industries, the Organisation for\nEconomic Cooperation and Development (OECD) said.\n In Denmark, the OECD said wage settlements concluded in\nearly 1987 were likely to contribute to a marked deterioration\nin competitiveness. Sweden's competitive position was also seen\nat risk from accelerating wages.\n The OECD predicted that domestic demand would come under\npressure from tight fiscal policy in Denmark, as well as\nNorway, Sweden and Finland.\n Overall economic growth will vary in the different\ncountries between 1986 and 1988, the OECD semi-annual report\nsaid.\n After a strong rise of 7.8 pct in 1986, total domestic\ndemand in Norway was seen falling by 1.5 pct in 1987 and one\npct the following year. Denmark was also expected to see a\nslump in domestic demand. The report said growth in Gross\nDomestic Product (GDP) was likely to speed up slightly in\nSweden and Finland in 1987 and 1988, while declining in Denmark\nand Norway.\n Iceland needs to try harder to implement its new economic\nstrategy if any more progress is to be made towards sustained\nand balanced non-inflationary growth, the OECD said.\n REUTER\n\u0003","date":"18-JUN-1987 18:33:11.14","topics":["gnp"],"organisations":["oecd"],"places":["france","sweden","denmark","norway","iceland"]},"18996":{"title":"OECD URGES ACTION TO CUT U.S. BUDGET DEFICIT","body":"The United States should take urgent\naction to cut its crippling budget deficit, including possible\nreductions in non-defense spending, higher taxes and curbs on\ngrowth of the defense budget, the Organization for Economic\nCooperation and Development said.\n The OECD, in its semi-annual review of the world economy,\nsaid a failure of the Reagan Administration and Congress\nquickly to agree on measures to cut the deficit \"could seriously\naffect confidence, both in the United States and elsewhere.\"\n It predicted that the federal deficit in fiscal 1987,\nrunning until September 30 this year, would substantially\novershoot both the Balanced Budget Act's target of 144 billion\ndlrs and official U.S. Estimates in February of 175 billion.\n \"The OECD projection, which is based on assumptions of\nslower growth, higher interest rates and actual data for the\nfirst half of the financial year, is for a deficit of about 190\nbillion dollars,\" it said.\n While this would be 30 billion lower than last year's\ndeficit, much of the improvement would be due to corporate tax\nincreases being introduced before income tax cuts take effect.\n The U.S. Economic growth rate is expected to edge up to\n2.75 pct next year from 2.5 pct this year and last.\n In contrast to the last two years, more competitive exports\nboosted by the fall in the dollar should help GNP growth.\n Unemployment should continue to fall slowly as the service\nsector continues to create jobs. But inflation appears to be\nheading higher, partly due to the lower dollar, with consumer\nprices forecast to rise four pct this year and 4.5 pct next\nyear after just 2.1 pct in 1986.\n \"Monetary and fiscal policy appear to be the key factors\nbehind the avoidance of recession,\" the report said.\n The current account balance of payments deficit is expected\nto be still around a high 125 billion dlrs next year, after\nhitting a projected record 147.25 billion this year, it said.\n In Canada economic growth is expected to pick up slightly\nto around 2.75 pct in 1988 from 2.5 pct this year, but will\nstill be below levels seen in recent years. Inflation is\nexpected to slow to 3.5 pct next year from 3.75 pct this year,\nunemployment should edge down to nine pct in 1988 from 9.25 pct\nthis year.\n Canada's current account deficit is projected to shrink to\naround four billion U.S. Dlrs this year and to remain at about\nthat level in 1988.\n Reuter\n\u0003","date":"18-JUN-1987 18:34:28.71","topics":["gnp","jobs","bop"],"organisations":["oecd"],"places":["usa","france","canada"]},"18997":{"title":"MARK'S WORK WEARHOUSE <(MWW.TO> 1ST QTR LOSS","body":"Period ended May 2\n Shr loss four cts vs loss three cts\n Net loss 397,000 vs loss 330,000\n Revs 32.1 mln vs 30.4 mln\n Note: Full name Mark's Work Wearhouse Ltd.\n Reuter\n\u0003","date":"18-JUN-1987 18:39:37.55","topics":["earn"],"places":["canada"]},"18998":{"title":"PLAYBOY <PLA> GETS LICENSING PACT IN INDIA","body":"Playboy Enterprises Inc said its Playboy\nLicensing unit has entered into an agreement with Fashionport\nPrivate Ltd of India to market Playboy and Playmate fashions\nand accessories in India, the Middle East and several Eastern\nbloc countries.\n Fashionport will produce men's and women's apparel, leather\ngarments, footwear, small leather goods and accessories, it\nsaid.\n Fashionport is based in Bombay, India. No other details\nwere available.\n Reuter\n\u0003","date":"18-JUN-1987 18:40:19.73","places":["usa","india"]},"18999":{"title":"REVLON SAYS IT IS WILLING TO WAIVE PRICE PROTECTION\nPROMPTLY UNDER CERTAIN CONDITIONS\n","date":"18-JUN-1987 18:42:54.95"},"19000":{"title":"JOINT ACTION SAID VITAL TO BOOST WORLD GROWTH","body":"Prospects for world economic growth remain\nvery sluggish, and coordinated action by western governments is\nurgently needed to restore business confidence, stabilize\ncurrencies and encourage investment, the Organization for\nEconomic Cooperation and Development (OECD) said here.\n \"The economic situation has deteriorated in recent months,\nand ... Slow growth, high unemployment and large payments\nimbalances are likely to persist,\" it said in one of its\ngloomiest reviews of the world economy in recent years.\n The gross national product (GNP) of the 24-nation bloc of\nwestern industrialised countries is forecast to grow by only\n2.25 pct both this year and next, even slower than last year's\n2.5 pct growth rate.\n \"We would like to see the aggregate for the OECD area\ncomfortably exceeding three pct,\" David Henderson, head of the\nOECD's economics and statistics department, said.\n The OECD said that the dollar fall had led to rising\ninflation expectations and higher interest rates in the U.S.,\nCombining with world trade imbalances and the huge third world\ndebt problem to increase the risks of a world economic\ndownturn.\n \"At the same time, many of the conditions for faster growth\nremain favorable,\" it said, citing low inflation in most major\ncountries, healthy corporate finances, generally lower interest\nrates, improvements in state budget positions and more flexible\nlabor markets.\n But private sector confidence had been undermined by\nuncertainties over exchange rates, it said, and warned that \"for\nconfidence to be restored, it is important for governments\nswiftly to implement internationally-agreed commitments.\"\n This was a clear reference to last February's Louvre accord\nof the Group of Five nations plus Canada, analysts said.\n The OECD said that apparent disagreements among major\ncountries on implementation of the Louvre accord had helped to\nundermine business confidence, and called on more active fiscal\npolicies from the U.S., West Germany and Japan to slow demand\nin the U.S. And raise it in the other two countries.\n Henderson said the 6,000 billion yen package announced\nrecently by the Japanese government to encourage public works\nand cut taxes would make a significant contribution to this\nprocess, though it was too early to estimate its precise\nimpact.\n He said the measures will help strengthen Japan's domestic\ndemand significantly, quite possibly exceeding one pct of GNP.\n The inflation outlook, while broadly satisfactory, has\nworsened in recent months, with OECD consumer prices forecast\nto rise 3.5 pct this year and 3.75 pct in 1988 after a 2.8 pct\nincrease in 1986.\n There is no prospect for any significant improvement in the\nunemployment situation over the next 18 months, with the\naverage rate expected to stabilize at 8.25 pct, similar to last\nyear.\n The OECD called for efforts to liberalize world\nagricultural markets through switching farm subsidies away from\nprice guarantees and other measures linked to production\ntowards direct income support for farmers.\n Reuter\n\u0003","date":"18-JUN-1987 18:45:02.67","topics":["gnp","jobs","cpi"],"organisations":["oecd"],"places":["france","japan","west-germany","usa"]}}