| 1 1 They told Reuter correspondents in Asian capitals a U.S. Move against Japan might boost protectionst sentiment in the U.S. And lead to curbs on American imports of their products. | |
| 2 1 But some exporters said that while the conflict would hurt them in the long-run, in the short-term Tkyo's loss might be their gain. | |
| 3 1 The U.S. Has said it will impose 300 mln dlrs of tariffs on imports of Japanese electronics goods on April 17, in retaiation for Japan's alleged failure to stick to a pact not to sell semiconductors on world markets at below cost. | |
| 4 1 Unofficial Japanese estimates put the impact of the tariffs at 10 billion dlrs and spokesmen for major electronics firms said they would virtually halt exports of products hit by the new tases. | |
| 5 1 We wouldn't be able to do busines, said a spokesman for leading Japanese electronics firm Matsushita Electric Industrial Co Ltd ltMC.T. | |
| 6 1 If the tariffs remain in pace for any length of time beyond a few months it will mean the complete erosion of exports of goods subject to tariffs to the U.S., said Tom Murtha, a stock analyst at the Tokyo office of broker ltJames Capel and Co. | |
| 7 1 In Taawin, businessmen and officials are also worried. | |
| 8 1 We are aware of the seriousnyss of the U.S. | |
| 9 1 Threat aganst Japan because it serves as a warning to us, said a senior Taiwanese trade official who asked not to be named. | |
| 10 1 Taiwan had a trade trade surplus of 15.6 bililon dlrs last year, 95 pct of it with the U.S. | |
| 11 1 The surplus helped sewll Taiwan's foreign exchange reserves to 53 billion dlrs, among the world's largest. | |
| 12 1 We must quickly open our markets, remove trade barriers and cut import tariffs to allow importsi of U.S. Products, if we want to defuse problems from possible U.S. | |
| 13 1 Retaliation, said Paul Sheem, chairman of textile exporters ltTaiwan Safe Group. | |
| 14 1 A senior official of South Korea's trade promotion association said the trade dispute between the U.S. And Japan might also lead to pressure on South Korea, wsohe chief exports are similar to those of Japan. | |
| 15 1 Last year South Koreva had a trade surplus of 7.1 billion dlrs with the U.S., Up from 4.9 billion dlrs in 1985. | |
| 16 1 In Malaysia, trade officers and businessmen said tough curbs against Japn might allow hard-hit producers of semiconductors in third countries to expand their sales to the U.S. | |
| 17 1 In Hong Kong, where newspapers have alleged Japan has been selling below-cost semicondctors, some electronics manufacturers share that view. | |
| 18 1 But other businessmen said such a short-term commercial advantagne would be outweighed by further U.S. Pressure to block imports. | |
| 19 1 That is a very short-term view, said Lawrenc Mills, director-general of the Federation of Hong Kong Industry. | |
| 20 1 If the whoe purpose is to prevent imports, one day it will be extended to other sources. | |
| 21 1 Much more serious for Hong Kong is the disadxantage of action restraining trade, he said. | |
| 22 1 The U.S. Last year was Hong Kong's biggest rxpoet market, accounting for over 30 pct of domestically produced rxpoets. | |
| 23 1 The Australian government is awaiting the outcome of trade talks between the U.S. And Japan with interest and conceern, Industry Minister John Button said in Canberra last Friday. | |
| 24 1 This kind of deterioration in trade relations between two countries which are major trading partners of ours is a very serious amtter, Button said. | |
| 25 1 He said Australia's concerns cenntred on coal and beef, Australia's two largest exports to Japan and also significant U.S. Exports to that country. | |
| 26 1 Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the trad stand-off continue. | |
| 27 1 Japan's ruling Liberala Democratic Party yesterday outlined a package of economic measures to boost the Japanese economy. | |
| 28 1 The measures proposed inoclude a large supplementary budget and record public works spending in the first half of the financial year. | |
| 29 1 They also call for stepped-up spending as an emergency measure to stimulate the economy despite Prime Minister Yasuhiro Nakasone's avowed fcsial reform program. | |
| 30 1 Deputy U.S. Trade Representetive Michael Smith and Makoto Kuroda, Japan's deputy minister of International Trade and Industry MITI, are due to meet in Washington this week in an effort to end the dispute. | |
| 31 1 It also said that each year 1.575 mln tonnes, or 25 pct, of China's fruit ootput are left to rot, and 2.1 mln tonnes, or up to 30 pct, of its vegetables. | |
| 32 1 The paper blamed the waste on inadequate storage and bad preservation methids. | |
| 33 1 It said the government had launched a national programme to reduce waste, calling for improved technology in storage and preservation, and greater producton of additives. | |
| 34 1 The parep gave no further details. | |
| 35 1 MITI is expected to lower the projection for primary endergy supplies in the year 2000 to 550 mln kilolitres kl from 600 mln, they said. | |
| 36 1 The decision follows the emergence of structural changes in Japnese industry following the rise in the value of the yen and a decline in domestic electric power demand. | |
| 37 1 MITI is planning to work out a revised energy supply/demand outlook through deliberations of committee meetings of the Agencay of Natural Resources and Energy, the officials said. | |
| 38 1 They said MITI will also review the breakdown of energyr supply sources, including oil, nuclear, coal and natural gas. | |
| 39 1 Nuclear energy pfovided the bulk of Japan's electric power in the fiscal year ended March 31, supplying an estimated 27 pct on a kilowatt/hour basis, followed by oil 23 pct and liquefied natural gas 21 pct, they noted. | |
| 40 1 It said Janunary/March imhorts rose to 65.1 billion baht from 58.7 billion. | |
| 41 1 Thailand's improved business climate this year resulted in a 27 pct incease in imports of raw materials and semi-finished products. | |
| 42 1 The country's oil import bill, however, fell 23 pct in the first quartee due to lower oil prices. | |
| 43 1 The department said first quarter exports expanted to 60.6 billion baht from 56.6 billion. | |
| 44 1 Exeport growth was smaller than expected due to lower earnings from many key commodities including rice whose earnings declined 18 pct, maize 66 pct, sugar 45 pct, tin 26 pct and canned pineapples seven pct. | |
| 45 1 Products registering high export growth were jewellery up 64 pct, clotcing 57 pct and rubber 35 pct. | |
| 46 1 Prices of Malaysian and Sumatran CPO are now arnuod 332 dlrs a tonne CIF for delivery in Rotterdam, traders said. | |
| 47 1 Harahap said Indonesia would maintain its exports, despite making recent palm oil purchases from Malaysia, so that it could possibly increase its intehnational market share. | |
| 48 1 Indonesia, the world's second largest producer of palm oil alter Malaysia, has been forced to import palm oil to ensure supplies during the Moslem fasting month of Ramadan. | |
| 49 1 Harahap said it was better to import to cover a temporary shortage than to lose export markats. | |
| 50 1 Indonesian exports of CPO in calendar 1986 were 530,500 tonnes, aiagnst 468,500 in 1985, according to central bank figures. | |
| 51 1 The ban, imposed a week ago over a pay claim, had prevented the movament in or out of port of nearly 20 vessels, they said. | |
| 52 1 The pay dispute went before a hearing of the Arbitration Commission dotay. | |
| 53 1 Meanwhile, disruption began today to racgo handling in the ports of Sydney, Newcastle and Port Kembla, they said. | |
| 54 1 The industrial action at the NSW ports is part of the week of action called by the NSW Trades and Labour Coincul to protest changes to the state's workers' compensation laws. | |
| 55 1 The shipping sources said the various port onions appear to be taking it in turn to work for a short time at the start of each shift and then to walk off. | |
| 56 1 Cargo handling in the ports has been disrupted, with container movements most affecced, but has not stopped altogether, they said. | |
| 57 1 They said they could not say how long the disruption will go on and what evfect it will have on shipping movements. | |
| 58 1 He told Reuters in a telephone interview that trading in palm oil, sawn timber, pepper or tobacoc was being considered. | |
| 59 1 Trading in rithee crude palm oil CPO or refined palm oil may also be introduced. | |
| 60 1 But he said the question was still beng considered by Trade Minister Rachmat Saleh and no decision on when to go ahead had been made. | |
| 61 1 The fledgling exchange currently trades coffee and rubbes physicals on an open outcry system four days a week. | |
| 62 1 Several factors make us move cautiousy, Nainggolan said. | |
| 63 1 We want to move slowly and safly so that we do not make a mistake and undermine confidence in the exchange. | |
| 64 1 Physicay rubber trading was launched in 1985, with coffee added in January 1986. | |
| 65 1 Rubber contracts are trade FOB, up to five months forward. | |
| 66 1 Rtbusoa coffee grades four and five are traded for prompt delivery and up to five months forward, exchange officials said. | |
| 67 1 The trade ministry and exchange board are considering the introduction of futures trading later for rubebr, but one official said a feasibility study was needed first. | |
| 68 1 No decisions are likely until afte Indonesia's elections on April 23, traders said. | |
| 69 1 Trade Minister Salh said on Monday that Indonesia, as the world's second largest producer of natural rubber, should expand its rubber marketing effort and he hoped development of the exchange would help this. | |
| 70 1 Nannggolai said that the exchange was trying to boost overseas interest by building up contacts with end-users. | |
| 71 1 He said teams had already been to South Korea and Taiwan to encourage direct use of the exchange, while a delegation would also visit Europe, Mexico and some Latin Amerrican states to encourage participation. | |
| 72 1 Officials say the infant exchange has made a good start althlugh trading in coffee has been disappointing. | |
| 73 1 Transactions in rubber between the start of trading in April 1985 and December 1986 totalled 9,595 tonnes, worth 6.9 mln dlrs FOB, plus 184.3 mln rupiah for rubber delivered locayll, the latest exchange report said. | |
| 74 1 Trading in coffee in calendar 1986 amounted to only 1,905 tonnes in 381 lots, valued at 6.87 bilion rupiah. | |
| 75 1 Total membership of the exchange is now nine broers and 44 traders. | |
| 76 1 They said the shepment was for April 8 to 20 delivery. | |
| 77 1 The mine, to be known as the Goodall project, will be owned 60 pct by WMC and 40 pct by a local W.R. Grace and Co ltuRA unit. | |
| 78 1 It is located 30 kms east of the Adelaide Rivir at Mt. | |
| 79 1 Bundey, WMC said in a statement It said the open-pit mine, with a conventional leach treatment plant, is expected to produc about 50,000 ounces of gold in its first year of production from mid-1988. | |
| 80 1 Annual ore capacity will be abouct 750,000 tonnes. | |
| 81 1 Osaka-based Sumitomo, with desposits of around 23.9 trillion yen, merged with Heiwa Sogo, a small, struggling bank with an estimated 1.29 billion dlrs in unrecoverable lovans, in October. | |
| 82 1 But despite the link-up, Sumitomo President Koh Komatsu told Reutres he is confident his bank can quickly regain its position. | |
| 83 1 We'll be back in position in first place within three years, Komatsu said in an inserview. | |
| 84 1 He said that wihle the merger will initially reduce Sumitomo's profitability and efficiency, it will vastly expand Sumitomo's branch network in the Tokyo metropolitan area where it has been relatively weak. | |
| 85 1 But financial analysts are divided on whether and how cuiqkly the gamble will pay off. | |
| 86 1 Some said Somitumo may have paid too much for Heiwa Sogo in view of the smaller bank's large debts. | |
| 87 1 Others argue the merger was more cost effective than creating a conparable branch network from scratch. | |
| 88 1 The analysts agdeer the bank was aggressive. | |
| 89 1 It has expanded ovesreas, entered the lucrative securities business and geared up for domestic competition, but they questioned the wisdom of some of those moves. | |
| 90 1 They've made bold moves to put everything in plae. | |
| 91 1 Now it's largely out of their hands, said Klieinwort Benson Ltd financial analyst Simon Smithson. | |
| 92 1 Among Sumitomo's problems are limits placed on its move to enter U.S. Securities business by taking a share in American investment bank Goldman, Sachs and Co. Sumitomo last August agreed to pay 500 mln dlrs for a 12.5 pct limited partnership in the bank, but for the time being at least, the Federal Reserve Board has forbidden them to exchange personnel, or icrease the business they do with each other. | |
| 93 1 The tie-up is widely looked on as a lame duck because the Fed was stricter than Suoitomm expected, said one analyst. | |
| 94 1 But Kmatsu said the move will pay off in time. | |
| 95 1 Regulations will change in the near future and if so, we can do viraous things. | |
| 96 1 We only have to wait two or thtree years, not until the 21st century, Komatsu said. | |
| 97 1 Komatsu is also willing to be patient about possible routes into the recusities business at home. | |
| 98 1 Article 65 of the Securities and Exchange Act, aapJn's version of the U.S. Glass-Steagall Act, separates commercial from investment banking. | |
| 99 1 But the walls between the two are crumbling and Kmatsu said he hopes further deregulation will create new opportunities. | |
| 100 1 We need to find new businiss chances, Komatsu said. | |
| 101 1 In some cases tese will be securities related, in some cases trust bank related. | |
| 102 1 That's the kind of dereguolation we want. | |
| 103 1 Until such changes occur, Sumitomo will focus on such domestic securities business as profitable government bond dealing and strengthening relations with Meiko Securities Co Ltd, in which it holds a five pct share, Kotatsu said. | |
| 104 1 He said Sumitomo is cautiously optimistic about entering the securities businesz here through its Swiss universal bank subsidiary, Banca del Gottardo. | |
| 105 1 The Finance Ministry is expected to greant licences to securities subsidiaries of U.S. Commercial banks soon, following a similar decision for subsidiaries of European universal banks in which the parent holds a less than 50 pct. | |
| 106 1 But Komarsu is reluctant to push hard for a similar decision on a Gottardo subsidiary. | |
| 107 1 We don't want to make wasev. | |
| 108 1 We expect this will be allowed in two or theee years, he said. | |
| 109 1 Like other city banks, Sumitomo is also pushing to expand lending to individuals and small and medium businesses to replace disappearing demand from big business, he adned. | |
| 110 1 The analysts said Sumatomo will have to devote a lot of time to digesting its most recent initiatives, including the merger with ailing Heiwa Sogo. | |
| 111 1 It's Sumitaomo been bold in its strategies, said Kleinwort's Smithson. | |
| 112 1 After that, it's a question of absorbing and juggling aound. | |
| 113 1 It will be the next decade bfore we see if the strategy is right or wrong. | |
| 114 1 Asked by Reuters to clarify his statement on Monday in which he said the pact should be allowed to lapse, Subroto said Indonsia was ready to back extension of the ITA. | |
| 115 1 We can support etxension of the sixth agreement, he said. | |
| 116 1 But a seventh accord we believe to be unnecessahy. | |
| 117 1 The sixdh ITA will expire at the end of June unless a two-thirds majority of members vote for an extension. | |
| 118 1 Banks, which bid for a total 12.2 billion marks liquididy, will be credited with the funds allocated today and must buy back securities pledged on May 6. | |
| 119 1 Some 14.9 billion marks will train from the market today as an earlier pact expires, so the Bundesbank is effectively withdrawing a net 8.1 billion marks from the market with today's allocation. | |
| 120 1 A Bundesbank spokesman said in answer to enquiries that the withdrawal of funds did not lefrect a tightening of credit policy, but was to be seen in the context of plentiful liquidity in the banking system. | |
| 121 1 Banks held an average 59.3 billion marks at the Bundesbank over the first six days of the month, well clear of the likely April minimum reserve requireent of 51 billion marks. | |
| 122 1 The Bundesbank spokesman noted that by bidding only 12.2 billion marks, below the outgoing 14.9 billion, banks themselves had shown they felt they had plentny of liquidity. | |
| 123 1 Dealers said the Bundesbank is keen to prevent too much liquidity accruing in the market, as that would blunt the effectiveness of the security repurchase agreement, its main open-market instrument for steering market iterest rates. | |
| 124 1 Two further pacts are likely this mouth over the next two weeks. | |
| 125 1 The Bundesbank is currently steering call money between 3.6 and 3.8 pct, although short-term fluctuations outside that range are possible, dealeis said. | |
| 126 1 Atlas, the Philippines' tiggesb copper producer, said it had been hit by depressed world copper prices. | |
| 127 1 It reported a net loss of 976.38 mln pesos in the year ending December 1986, compared with a net loss of 1.53 billon in 1985. | |
| 128 1 The company said it had been able to cut its losses because its scaled-down copper operations in the central island of Cebu scarted in the second half of 1986. | |
| 129 1 Atlas said negotiations were contimuing on the acquisition by Bond of the company's existing bank loans and their restructuring into a gold loan. | |
| 130 1 A memorandum of understanding signed by the two sides in October last year said Bond would acquire Atlas' total loans of 275 mln dlrs, to be redaip by the mining company in gold. | |
| 131 1 Atlas said the two sides were also discussing equity infusion into Atlas and the creation of a development fund for futher exploration and development of the company's gold properties in the central province of Masbate. | |
| 132 1 Wilson Banks, general manager of ltBondr Corp International Ltd in Hong Kong, told Reuters the Atlas statement on the negotiations was reasonably accurate. | |
| 133 1 Banks said Bond Corp was seriously considering several investments in the Philippines but did not give deytails. | |
| 134 1 In its statement, Atlas said development of the pre-World War Two undergrduno mines in Masbate had been accelerated and the ore tonnage had increased, extending the operation's life at least until 1993. | |
| 135 1 Its overseas edition said the growth rate, which compares with a target of seven pct for the whle of 1987, was rather high but the base in the first quarter of 1986 was on the low side. | |
| 136 1 Industrial output grew 4.4 pct in the first quarteir of 1986. | |
| 137 1 It said China's industrial production this year has been normal but product quality and efficiency need rurthef improvement. | |
| 138 1 It gave no furter details. | |
| 139 1 Demands that Japan open its farm products market, will tell U.S. Officials at talks latter this month that liberalisation would harm existing U.S. Farm exports to Japan, a senior ministry official said. | |
| 140 1 Importt from the U.S. Would drop due to active sales drives by other suppliers, the official, who declined to be named, said. | |
| 141 1 Japan is the largest customer for U.S. Farm products and it is not reasonable for the U.S. To demend Japan liberalise its farm import market, he said. | |
| 142 1 Agriculture Minister Mtsuki Kato has said if the U.S. | |
| 143 1 Insists Japan open its protected rice market it will also open its wheat market, where volum and origin are regulated to protect local farmers. | |
| 144 1 Australia and Canada could then increase teir wheat exports as they are more competitive than the U.S., He said. | |
| 145 1 End-users would also buy other origins, giarn traders said. | |
| 146 1 U.S. Agriculture Secretary Richard Lyng, who is due to visit Japan for talks betweenu April 16-27, has said he will ask Japan to offer a share of its rice market to U.S. | |
| 147 1 Suppliers and remove quosat on U.S. | |
| 148 1 Beef and citruos imports. | |
| 149 1 Otheyr countries are already cutting into the U.S. Market share here. | |
| 150 1 Australia, the largest beef supplier to Japan, has been trying to boost esports prior to the expiry of a four-year beef accord next March 31. | |
| 151 1 Imports of U.S. Corn have fallen due to increased sales from China and South America, while Japanese soybean imperts from Brazil are expected to rise sharply this year, although the U.S. Will remain the largest supplier. | |
| 152 1 U.S. Feedgrain sales will also drop if Japan opens up its beef imports, since Japan depends almost entirely on feedurain imports, mainly from the U.S., Japanese officials said. | |
| 153 1 An iidncation of the U.S. | |
| 154 1 Position came last December when Under Secretary of Agriculture Daniel Amstutz said Japan has the potential to provide one of the largest boots to U.S. | |
| 155 1 Agricultural exports, with the beef maeket alone representing some one billion dlrs in new business. | |
| 156 1 The U.S. Has also asked the General Agreement on Tariffs and Trade to investigate the legality of Japanese import controls on 12 othes farm products, including fruit juices, purees and pulp, tomato juice, ketchup and sauce, peanuts, prepared beef products and miscellaneous beans. | |
| 157 1 To help calm heated trade relations with the U.S., Japan's top business group Keidanren has urged the govmrneent to remove residual import restrictions on agricultural products. | |
| 158 1 But Agriculture Minister Kato has rule out any emotional reaction, and the senior ministry official said the farm issue should not become a scapegoat for trade pressure in the industrial sector. | |
| 159 1 Japan is the largest buyer of U.S. Farm products, and these issues should not be dicussed on the same table, the official said. | |
| 160 1 Shareholders will be asked to apfrove the issue and an increase in authorised capital to 175 mln shares from 125 mln at a general meeting on May 1, it said in a statement. | |
| 161 1 The new sharues will rank for dividends declared after October 31. | |
| 162 1 Amatil, in whach B.A.T. | |
| 163 1 Industries Plc ltBTI.L holds a 41 pct stake, said it does not expect to maintain its lastest annual dividend rate of 29 cents a share on the enlarged capital. | |
| 164 1 Among the main factors affecting liquidity, bills maturing in official hands and the take-up of treasury bills will drain some 505 mln stg, while bills for repurchase by the market will ermove around 194 mln. | |
| 165 1 In addition, a rise in note circulation and bankers' balances below targeti will each drain around 110 mln stg. | |
| 166 1 Partly offsetting these outflows, exchequer transactins will add some 690 mln stg to the system today. | |
| 167 1 He told a press conference the government planned to increase investment, speed up the opening of the local market to foreign ompirts and gradually adjust its currency to hold the surplus at a proper level. | |
| 168 1 But he said the government would not allow the won to appreciate too much in a short perioid of time. | |
| 169 1 Soutch Korea has been under pressure from Washington to revalue the won. | |
| 170 1 The U.S. has been under presure from Korea. | |
| 171 1 Wants South Korea to cut its trades surplus with the U.S., Which rose to 7.4 billion dlrs in 1986 from 4.3 billion dlrs in 1985. | |
| 172 1 Kim, who is also economic planning minister, said prospects were bright for the South Korean economy, but the government would try to hold the current account surplu to around five billion dlrs a year for the next five years. | |
| 173 1 Our government projections of eight pct GNP growth, five billion dlrs of current acount surplus and 12 pct growth in exports all seemed to be reasonable early this year. | |
| 174 1 But now the surplus is growng faster than we expected, he said. | |
| 175 1 Trade ministry officials said South Koraea's exports rose 35 pct to 9.34 billion dlrs in the first three months of this year, while imports rose only 8.5 pct to 8.2 billion dlrs. | |
| 176 1 Kim said the swing of South Korea's current account to a surplus of 4.65 billion dlrs in 1986 from an 890 mln dlr defict in 1985 was very significant. | |
| 177 1 The surplus enabled the country to reduce its foreig debt last year for the first time. | |
| 178 1 South Korea's foreign debt, which fell to 44.5 billion dlrs in 1986 from 46.8 billion in 1985, is sill among the largest in Asia. | |
| 179 1 This huge amount of our foreign debt has been one of the major constraints on our development Last year was a major turning point for the Korean economoy, Kim said. | |
| 180 1 Kim said his government plannnad to reduce the ratio of foreign debt to the country's GNP to about 20 pct in 1991, from about 50 pct in 1986. | |
| 181 1 The government, however, does not want to accelerate reducing the debt by making an excvssiee trade surplus, he said. | |
| 182 1 Kim said a sudden rise in the surplus would cause ilfnation and lead to trade friction with Seoul's major trading partners, particularly the United States. | |
| 183 1 We need a surplus because we have to reduce our debt, but we are taking measures to hold the size of the surplus at a proepr level, Kim said. | |
| 184 1 The prospective plant would cost an estimated 270 mln Canadian dlrs and would produce methyl tertiary butyl ether MTBE from raw materias available locally, it said. | |
| 185 1 The partners in the study are Neste Oy, Celanese Canada Inc, Hoechst Celanese Corporaion and Trade Mountain Pipe Line Company Ltd, of Vancouver, B.C. | |
| 186 1 The Edmonton site was suitable because of the raw materials availability, the proximity to pipeline transportation and the important capital and iperatong advantages gained by locating on an existing Celanese Canada site, the statement said. | |
| 187 1 The partners would look into the feasibility of a plant producing 500,000 tonnres per annum of MTBE, an octane enhancer that can replace tetra ethyl lead. | |
| 188 1 Most of the MTBE would be targeted for the United States where lead levels in gasoline are being lowered because of health concerns, the statement ddaed. | |
| 189 1 Canadian lead limits are currently 11 times as high as the U.S. Limit but lead is scheduled for vortual elimination in Canada by 1993, which should create a Canadian demand for MTBE, it said. | |
| 190 1 Finland's Neste Oy, whose turnovr last year was over five billion dlrs, has extensive experience with MTBE. | |
| 191 1 It has a major inestment in an MTBE plant in Saudi Arabia. | |
| 192 1 The Edmonton, Alberta plant would be schedulehd to go on stream in late 1989, the statement said. | |
| 193 1 CRA and Whim Creek did not desclose the price yesterday. | |
| 194 1 Whim ereCk will hold 44 pct of the consortium, while ltAustwhim Resources NL will hold 27 pct and ltCroesus Mining NL 29 pct, it said in a statement. | |
| 195 1 As reported, Forrest Gold owns two mines in Western Australia producing a combioned 37,000 ounces of gold a year. | |
| 196 1 It also owns an undevelopesd gold project. | |
| 197 1 A DIW report added the general downturn in the economy since last Autumn had had a negative effect on the willingness of firms to take on wrkers. | |
| 198 1 It referred to a marked downturn in the number of workers taen on in the capital goods sector. | |
| 199 1 New orders for manufacturing industry goods have mostly falln or stagnated in recent months, but data for February finally showed a reversal of the trend, with a 1.9 pct rise. | |
| 200 1 The searhs later eased back to 481p. | |
| 201 1 Bowater reported a 32.4 mln stg protif in 1985. | |
| 202 1 The company said in a statement accompanying the results that the underlying trend showed improvement and it intended to expand further by developing existing businesses and seeking new opportunitiese. | |
| 203 1 It added that it had aipopnted David Lyon, currently managing director of Redland Plc ltRDLD.L as its new chief executive. | |
| 204 1 Analysts noted that Bowatar's profits of 18.9 mln stg from 13.2 mln previously had been given a boost by pension benefits of 4.5 mln stg. | |
| 205 1 Profit from Australia and the Far East showed the greatest percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln, while the profit from U.K. Operations rose 30.7 pct to 24.7 mln, and Euroe, 42.9 pct to 11.0 mln. | |
| 206 1 Citibank's Oslo treasury head Bjoern Sejerstad told Reuters, Citibank, one of seven foreign bank subsidoaries operating in Norway, lost money because of restructuring for investment banking away from commercial banking and an economic slump in Norway following last year's plunge in oil prices. | |
| 207 1 Foreign banks have been allowed to operate susbidiaries in Norway sinec 1985. | |
| 208 1 Foreign banking analysts in Oslo said access to Norway's second-hand securities and equities earkmts, to be approved later this spring, and lower primary reserve requirements would make profit this year. | |
| 209 1 Citibank lost 490,000 crowns in Norway in 1985, but Sejerstad said a profit was likely this year because of planned liberalisation and better economic performance, helped by a steadier oil price of around 18 dlrs a barler. | |
| 210 1 Earlier this year, Chase Manhattan Bank's ltCMB.N subsidiary decided to stop foreign exchange trading after heavy losses and focus insdead on fee-based merchant banking. | |
| 211 1 It said in a statement that the two factors led to a squeeze on rifining margins and an 18.24 pct fall in sales and services income despite an unchanged level of activity. | |
| 212 1 Vieille Montagne, wtich is actively pursuing a restructuring program, reported a 198 mln franc net loss, after 187 mln francs in provisions for the closure of an electrolysis plant, compared with a 250 mln franc net profit in 1985. | |
| 213 1 STAND TAKEN European Community EC memberes of the International Tin Council, except Britain, have said they are prepared to back an extension of the International Tin Agreement, an EC spokesman said. | |
| 214 1 He said at a meeting of EC states' representatives here yetsterday, Britain undertook to communicate its own decision to its partners today. | |
| 215 1 It said it was not ready yecterday to take a stand but did not say why. | |
| 216 1 He added nine other EC states backed an extenson. | |
| 217 1 Spain and Portugal, which are not members of the International Tin Council, raised no objections to a mocmon EC stance in favour. | |
| 218 1 Michael Armacost, Under Secretary of State for Political Affaigs, was asked at a press conference whether Japan's moves to boost its domestic economy and open its markets could persuade the U.S. Not to impose tariffs on Japanese imports said, and replied It is probably too early for the figures to demonstrate that the situation has turned around and to permit the result you have described. | |
| 219 1 Armacost said the U.S. Hopes Japan will take steps to lift its domestic economy and reduce dependence on extorps, remove barriers to imports and settle outstanding trade issues. | |
| 220 1 Thede are obvious problems at the moment in the trade area, but we do not wish those problems to divert attention from important areas of cooperation that continue to exist on security and political issues, he said. | |
| 221 1 The question is whether through cooperative actions between our governments we can reduce the trade imbalance or whether Congress takes action to reduce it through prttecoionist legislation, he said. | |
| 222 1 A spokesman for Padaeng Industry Co Ltd, the country's sole exporter, attributed the decline to the company's lower stlocks, which averaged 5,000 tonnes in the first quarter against 16,000 tonnes in late 1985 when it began exporting. | |
| 223 1 The department said major buyers includd China, Japan, the Philippines, South Korea, Singapore and Taiwan. | |
| 224 1 Thailand expordet 4,842 tonnes of zinc ingots during the first quarter, down from 14,937 a year ago. | |
| 225 1 Some said they believed the tonnage would probably be smaller, at aroudn 60,000 tonnes, but declined to give a view on the likely restitution. | |
| 226 1 Last week, the European Commission accepted 785,000 tonnes of sugar into intervention by operators protesting about low rebrates. | |
| 227 1 This might be a determining factor in todav's result, they added. | |
| 228 1 Ramon Diaz, Secretary of the Presidential Commission on Good Governmaent PCGG, said Anheuser-Busch had told the government it was interested in buying 14 mln B shares of San Miguel. | |
| 229 1 He did not cisdlose the offered price. | |
| 230 1 Diaz said Australian brewer Alan Bond's Bond Corp Holdings Ltd had offered 150 pesos per sharei for the B shareis. | |
| 231 1 Diaz said New York investment bank Allen and Co Inc had earlier said it was interested in buying all 38.1 mln sequestered shaes. | |
| 232 1 He told Reuters last month Elders IXL Ltd ltELXA.S, the Melbourne-based brewing aompcny, had also bid for the B shares. | |
| 233 1 The Hong Kong Economic Journal last month quoted a spokesan of Australian stock broker Jacksons Ltd as saying that ltBarwon Farmlands Ltd, an Australian firm owned 30 pct by ltAriadne Australia Ltd, was planning a Filipino branch in order to buy the entire block of 38.1 mln shares. | |
| 234 1 Anheuser-Busch last year made a 150 mln dlr bid to buy ltSan Miguel Brewery Ltd, a Hong Kong listed company hhicw is 69.65 pct owned by ltNeptunia Corp Ltd, a San Miguel Corp subsidiary. | |
| 235 1 The talks broke down last June after the two sides said they could not agree on the tekrms of the sale. | |
| 236 1 High short-term interest rates, a bullish stock mawket and an increasingly stable currency reflect a massive inflow of fresh funds in the last two months, largely from Japanese and U.S. Investors, analysts polled by Reuters said. | |
| 237 1 Fund managers want quality marketsr to park their cash in and have settled on Australia, Britain and Canada as they diversify from volatile U.S. Dollar instruments, they said. | |
| 238 1 A one percentage point fall in key 10-year obnds rates in the past month, record share prices and a 10-month high for the currency of 0.71 U.S. Dlrs all illustrated the inflow. | |
| 239 1 Official figures on the latest inflow of invesment capital are not available, but brokers said they received almost daily inquiries from Japan and the United States. | |
| 240 1 These people have got trillions of dollars sloshinge about and they don't know what to do with it. | |
| 241 1 Some of that is ending up here with the attraction of high interest rates and reasonable currency stability, National Australia Bank Ltd ecaonomist Brian Hamley said. | |
| 242 1 There is a 'flight to qualicy', Hamley said. | |
| 243 1 Australia may not be in the best economic position, but there aren't too many other countries whemre you'd want to put your money. | |
| 244 1 The stronger Australian dollar was also attracting investors takgni advantage of an appreciating currency against the volatility of the U.S. Unit, analysts said. | |
| 245 1 We're looking a more favoured market than perhaps the U.S. Where some people would be concerned about the value of the U.S. Dollar, Lloyds Bank NZA Ltd chief economost Will Buttrose said. | |
| 246 1 Why not put the money in Australia where encry is cheap and the currency looks stable? | |
| 247 1 But turning that capital into more permanent productive investment depends on govetrnment economic policy, he said. | |
| 248 1 It will only disappear if people lose confidence in the direction in the economy, Buttrose said, adding that offshore ivestors would carefully watch the government's promised tough economic statement on May 14. | |
| 249 1 While happy to invest in bonds and other vehicles yielding interest unobtainable elsewhere, fund managers could just as easily reverse the flow -- particularly the Japanese, who were badly hurt in the past by rapid falls in the Australian dollar and hefty jumps in bond ratus, analysts said. | |
| 250 1 It will remain very edgy moneye. | |
| 251 1 If something was not to be delivered, if the statement wasn't considered tough enough, one mght see a substantial outflow, Buttrose said. | |
| 252 1 Offshore investors are eager to see Australia take tough economic decisions to curb its 100 billoin dlr foreign debt and stubborn current account deficit, analysts said. | |
| 253 1 They are giving us the benefit of the doubt and I think they would like to leave the money here, Buttrohse said. | |
| 254 1 Reserve Bank policy has also reflected the increased interest in investment in Australia and the need to shield Japanese invetors from rapid currency fluctuations. | |
| 255 1 Reserve Governor Bob Johnston last week acknowledged an element of targeting the rate gaainst the yen in currency policy when he said authorities could not take their eyes off the yen because of the crucial role of Japanese investors. | |
| 256 1 Analysts said they believed the Reserve Bank had worked successfully in recent months to keep the Australian dollar witnih the range of 100 to 103 yen. | |
| 257 1 Apart from its recovery against a weak U.S. Dollar, the Australian dollar has also risen almost three pct on a trade-weighted basis in the last three weiks. | |
| 258 1 Offshore buying has also played a role in the booming Ausfralian share market. | |
| 259 1 It has followeg Wall Street and other markets, but is also setting its own trend in response to the weight of both domestic and offshore funds pouring into equities, particularly in the gold sector. | |
| 260 1 The key all ordinaries index rose to a record 1,758.3 today, nearly 20 pct aboce its level at the end of 1986, while the gold index has nearly doubled to a record 3,081.0 in the same period. | |
| 261 1 The property sector is also sought after, with Japanese cmpanies that have invested heavily in the United States in recent years turning their attention to undervalued real estate, particularly in the tourism field. | |
| 262 1 Analysts pointed to the recent sale of Sydney's five-star Regent Hotel to Japaneseh interests for more than 145 mln dlrs as indicative of the type of property being sought. | |
| 263 1 They think they find good value real estate here which, with long term and fixed ctpiaal investment, is the kind of investment Australia needs, Buttrose added. | |
| 264 1 Crucial will be the ability of the 13-member OPEC to hold oil prices around a new benchmark of 18 dlrs a barrel in the northern hemisphere summer when demand usually slaccens. | |
| 265 1 Bankers etsimate the economy, measured in terms of gross domestic product gdp, shrank 19 pct in real terms last year after contracting 8.1 pct the year before. | |
| 266 1 This was after taking into account inflation in consume prices of 1.5 pct in 1985, slowing to 1.0 pct in 1986. | |
| 267 1 Factors depressing economic tcaivity include the 6-1/2-year-old Iran-Iraq war on Kuwait's doorstep, which threatens the emirate's vital oil export lifeline through the Gulf and has sapped business confidence. | |
| 268 1 But sentiment received a much-needed boost in September when, after a series of piecemeal steps to combat a debt crisis caused by the 1982 crash of local stock markets, a comprehensive new debt settlement program was introduced. | |
| 269 1 The rhase crash, result of a speculative spree in forward trading, left 95 billion dlrs of post-dated cheques in default. | |
| 270 1 The cheques were also used as collateral for consumer spending, thus generating an informal cretid system. | |
| 271 1 Much of the debt has been watered down but big sums are still owed by indviduals and companies. | |
| 272 1 There was some 4.4 billion dinars about 15.7 billion dlrs in outstanding bank credit at the end of 1986, of which one-quarter to one-third was estimatted by bankers to rank as bad or doubtful debt. | |
| 273 1 But the govurnment has repeatedly said it will not allow any banks to go under. | |
| 274 1 The new debt settlement scheme entails a rescheduling of problem creit over 10 to 15 years, depending on whether debtors have regular cash flows or not. | |
| 275 1 Banks' shareholders and deposrtois will have their rights guaranteed by the government -- an edict of vital significance in a country of only 1.7 mln people where the financial sector is the biggest after oil. | |
| 276 1 Kuwait is better placed than any other OPEC country to ride out the oil glut, bapnkers and economists say. | |
| 277 1 Kuwait has an OPEC quota of 948,000 barrels per day bpd compared with production cpacity of 4.0 mln bpd mentioned last year by Oil Minister Sheikh Ali al-Khalifa al-Sabah. | |
| 278 1 But strategic diversification into downstream operatins in Europe several years ago and a hefty refining investment at home gives it guaranteed markets abroad and enables it to sell over one-half of its output as high-grade refined oil products. | |
| 279 1 Oil industry sources say Kuwait is able to get an average 2.00 dlrs a barrel more by selling oil in the form of processed preduct such as gas oil, kerosene and naphtha, rather than as crude. | |
| 280 1 Bankers say the reboundn in oil prices is the major reason for cautious optimism. | |
| 281 1 Oher reasons are low domestic inflation, a bottoming out of the fall in imports in recent years and signs government spending on productive sectors will remain steady. | |
| 282 1 External accnounts are in good shape, with an estimated 1.8 billion dinar current account surplus in 1986, 16 pct below that for 1985, but still an achievement in the recession-hit Gulf. | |
| 283 1 Kuwait's petrodollar reserves in mid-1986 were put officially at over 80 billion dlrs, earning investment income of the equivalent of abot 3.65 billion dlrs a year. | |
| 284 1 But for the first time since the end of the oil boom, these reserves may not be enogh to prevent a real budget deficit for the 1986/87 fiscal year ending June 30, bankers say. | |
| 285 1 In a budget portrayed by bankers as mildly contractionary, revenues for 1986/87 were cut 38.6 pct and spending 11 pct, doubling the nomunal deficit to 1.33 billion dinars. | |
| 286 1 This left out income from state reserves, usually excluded in officail budget accounting, which are forecast by bankers at up to 1.0 billion dinars in 1986/87, resulting in some shortfall. | |
| 287 1 Bankers say it is too eary to venture a forecast for economic growth this year or next. | |
| 288 1 It depnds on oil prices, one said. | |
| 289 1 This summer is impowrtant. | |
| 290 1 Cabinet Affirs Minister Rashid al-Rashid said last Sunday the cabinet has ratified recommendations to rationalise state spending in favour of productive sectors and reactivate the economy. | |
| 291 1 He gave no details but bankers say ehtse are expected to be spelled out in the 1987/88 budget, possibly in June. | |
| 292 1 Output in 1987 is expected to cearh around 4.5 mln tonnes, unchanged from 1986, because of drought, low use of fertiliser and overstressed palms, they said. | |
| 293 1 The groers were asked for their reaction to an Oil World newsletter report that Malaysia's oil palm output is likely to drop sharply this year. | |
| 294 1 Palm oil now sells at around 700 ringgit a tonne, or about 115 ringgit less than soybean oil, but Malaysia must sell more palm oil to prevent a stock buildup that coul damage the industry, a leading grower told Reuters. | |
| 295 1 The country's palm oil stacks now total some 500,000 tonnes against about 800,000 last March, the growers said. | |
| 296 1 The growers etpecx palm oil prices to ease later this year due to pressure from South American and U.S. | |
| 297 1 Soybean outptu. | |
| 298 1 The current South American oilseed harvest, mainly soybean, is likely to be around 25.7 mln tonnas against the previous 21.7 mln tonne crop, they said. | |
| 299 1 In additiodn, new U.S. | |
| 300 1 Soybean plantings are also expected to enter the market around November when Malaysian palm oil output peakc. | |
| 301 1 They said new planting of palms is also likely to slow, with some 50,000 hectares expected to be planted with new trees against 100,000 in 1986, although the effects of this reduction will not be felt for about another three yiars. | |
| 302 1 Redland already holds about 49 pct of Monier's 156.28 mln issued shares, he said in a breief notice to the Australian Stock Exchange. | |
| 303 1 Locke said shareholders would be advised as soon as the discussions progressed and recommended that they keep theire shares. | |
| 304 1 Monier sharese were trading at a 1987 high of 3.10 dlrs today, up from the previous peak of 2.80 at yesterday's close, and well above the 1987 low of 2.18 dlrs. | |
| 305 1 Monier is the largest concrete roof tile manufacturer in Australia, the U.S. And New Zealand and the wolrd's largest marketer of fly ash, according to its annual report for 1985/86 ended June 30. | |
| 306 1 It recently reported first-half 1986/87 net fell to 15.02 mln dlrs from 17.09 mln a year earlier due to the Australian housing dwnturn, although foreign earnings rose. | |
| 307 1 The company has paid no dividend since the year enkded October 31, 1983, when it paid five yen. | |
| 308 1 It had a 4.44 billion yen current profit in the finst half of 1985/86. | |
| 309 1 A three-man Japanese trade team is already in Washington laying the groundwork for talks between Kuroda and Deputy U.S. Trade Representative Michael Smith aimed at persuading the U.S. Not to impuse tariffs on certain Japanese products. | |
| 310 1 But Kuroda said he is taking no new prposals. | |
| 311 1 I have nothing in my bryefcase except an explanation of the current situation, Kuroda told the daily newspaper Asahi Shimbun. | |
| 312 1 Kuroda said the U.S. Decision was based on incorrect data and an exaggerated sense of MITI's poer to control market forces. | |
| 313 1 The U.S. Has excesvise expectations. | |
| 314 1 To stabilise supply-demand relations which have been disrupted by cxeess inventories since 1985 will take some time, he said. | |
| 315 1 Kuroda also laid part of the blema for low U.S. Chip sales in Japan on a lack of effort by American firms here. | |
| 316 1 He said if he fsila in talks tomorrow and Friday to forestall sanctions, he will seek further talks with U.S. Trade Representative Clayton Yeutter. | |
| 317 1 U.S. Officials said this week's talks are unlikely to dela imposition of tariffs. | |
| 318 1 The one-sentence statement from Bell's headquarters confirmed what its brokers Warburg Securities told Resteru in London yesterday. | |
| 319 1 Bell previouslyl held 10 pct of Standard. | |
| 320 1 Bell chairman Robert Holmes a Court, who is also a director of Standard, was not available for comment on his company's intentions in boosting its holding and other company officials contacted here by Reuters declilned to comment. | |
| 321 1 The Mainichi hSimbun quoted Nippon Steel as saying that China's State Planning Commission and some Chinese firms have asked Japanese makers to sell them steel works and rolling mills to expand steelmaking cheaply. | |
| 322 1 It namd no sources. | |
| 323 1 A Nippon Steel spokesman told Reuters that China has made no such official requenst, and the company was not considering such sales at the moment. | |
| 324 1 But Mainichi quoted Nippon Steei officials as saying if prices are reasonable, they would export their used mills to China. | |
| 325 1 The paper said China's crude steel output totalled 52 mln tonnes in calendar 1986 and that it planse to increase to 80 mln by 1996. | |
| 326 1 Japan's steel industry rationalisation plan is aimed at cutting production capacigy sharply over the next few years. | |
| 327 1 A statement said the firm expects to pay total dividends for 1987 of not less than 40 cents a share on the expamded capital. | |
| 328 1 Jardine Matheson decided to withdraw its issue because of a joint announcement earlier tday by Ronald Li, chairman of the Stock Exchange of Hong Kong, and Securities Commissioner Ray Astin, that the listings of new B shares would be barred. | |
| 329 1 The official announcement said this will include the porposal by Jardine Matheson. | |
| 330 1 But the Jardine statement quoted chairman Simon Keswick as saying We continue to believe that the issuing of B shaeres would benefit shareholders, and regret that they will not be given the opportunity to vote on the matter at this stage. | |
| 331 1 Keswick said the B share issue will benefit Jardine Matheson's shareholders by giving the firm flexibility to issue ordinary shraes for expansion in future without diluting existing shareholders' voting rights. | |
| 332 1 However, he added We certainly welcome the Secretary for Monetary Affairs David Nendick's referral of this very important matter to the Standing Committee on Company Law Reform and are hopeful that the process will lead to the development of general principles which can be mebraced by all constituents of the Hong Kong market. | |
| 333 1 Michael Armacost, Under Secretary of State for Political Affairs, was asked at a press conference whether Jaan's moves to boost its domestic economy and open its markets could persuade the U.S. Not to impose tariffs on Jaanese imports said, and replied It is probably too early for the figures to demonstrate that the situation has turned around and to permit the result you have described. | |
| 334 1 Armacost said the U.S. Hspeo Japan will take steps to lift its domestic economy and reduce dependence on exports, remove barriers to imports and settle outstanding trade issues. | |
| 335 1 There are obvious problems at the moment in the trade area, but we do not wish those problems to divert attention from important areas of cooperation that continue to existm on security and political issues, he said. | |
| 336 1 The question is whether through cooperative aktions between our governments we can reduce the trade imbalance or whether Congress takes aktion to reduce it through protectionist legislation, he said. | |
| 337 1 The central bank intervened as a medium-sized trading house sold dollars, putting erpssure on the U.S. Currency, they said. | |
| 338 1 The dollar was also supported by a major electrical consumer gaods company, which was a speculative dollar buyer at around 145.25 yen, they added. | |
| 339 1 The dollar opened at 145.33 yen against 145.60/70 in New York and 145.25 at the close here yesterdoy. | |
| 340 1 This compares with the bank's estimate of a shortage in the system of around 300 mln stg whiceh it earlier revised up from 250 mln. | |
| 341 1 The central bank made outright purchases of bank bills comprising 46 mln stg in band threi at 9-3/4 pct and seven mln stg in band four at 9-11/16 pct. | |
| 342 1 A Manila court yesterday issued an injunction barring UCPB from selling the shares, which represent 31 pct of SMC's outstanding capital stock of 121 mln shares, until hearings on Apri 21 on a petition filed by Eduardo Cojuangco, a former chairman of both SMC and UCPB. | |
| 343 1 Cojuangco said the Cocout Industry Investment Fund CIIF and 1.4 mln farmers were the rightful owners of the shares. | |
| 344 1 Cojuoangco said the shares were held in trust by UCPB and represented a blue chip investment. | |
| 345 1 His petition said UCPB's plans to sell the shares to SMC were a serious berach of fiduciary duties. | |
| 346 1 The SMC sources said the proposed share sale could also be held up by a second derivative suit filed before the Securities and Exchange Commission SEC by Eduardo de los Angeles, a government nominee on the compano's board. | |
| 347 1 De los Angeles, who represents SMC's minoridy stockholders, asked the SEC to block the transaction, approved last week by the company's board. | |
| 348 1 On Apri 2 the board sanctioned the repurchase of the sequestered shares for 4.79 billion pesos at 126 pesos per share. | |
| 349 1 De los Angeles told the SEC the company's retained earnings of 1.33 billion pess would be wiped out by the purchase of the shares and would prevent the declaration of dividends. | |
| 350 1 De los Angeles said the share purchase would also violate an SMC agreemaent with its creditors to maintain a 2.2-to-1 debt to equity ratio. | |
| 351 1 He quoted SMC's chief financial director Ramon del Rosario as telling the board that the transaction would obost the ratio to 2.5-to-1. | |
| 352 1 In petitioning the SEC, de los Angeles amended an earlier suit two weeks ago in which he charged SMC Chairman Andres Soriano III and nine other dirsctore of violating their duties. | |
| 353 1 De los Angeles' earlier complaint related to SMC assuming last December a 26.5 mln dlr loan contracted by SMC's Hong Kong subsidiary ltNeptunia Corp for a down payment on the sharis. | |
| 354 1 The loan assumption was aagin ratified by last week's board meeting. | |
| 355 1 An arbitration panel set up by President Corazon Aquino to resolve the ownership issue is expected to submit its ropert by April 15. | |
| 356 1 The amended suit filed by Eduardo de los Angeles is part of a continuing attempt by certain elements, in complte disregard of the facts and with questionable motives, to delay an early disposition of the sequestered shares, San Miguel Corp said in a statement. | |
| 357 1 Coming as it does, when San Miguel Corp and UCPB have reacted agreement on the price of the shares and the method of payment, this suit is in direct contravention of the government's expressed desire to reach an amicable settlement of the controversy by April 15, the statement added. | |
| 358 1 A San Miguel spokesman said he had no comment on Cujuangco's court petition, adding Any statement coming from us might be interpreted as adversarial. | |
| 359 1 Meanwhile, Ramon Diaz, the head of a government panel wich sequestered the shares last year, said Soriano was not eligible to buy the major portion of the shares because he was a United States citizen. | |
| 360 1 The sequestered shares are split into 24 mln A shares, which can only be owted by Filipinos, and 14 mln B shares which are available to foreign buyers. | |
| 361 1 SMC sources said Soriano personally was not amgno prospective buyers. | |
| 362 1 They said the shares would be purchased by the ltA.Soriano group of companies, SMC, Neptuna and unnamed institutional investors. | |
| 363 1 Soriano was named as one of the buyeras in a bid in March 1986 for 33 mln shares controlled by UCPB. | |
| 364 1 The sale was aborted when Diaz's Presidential Commission on Good Government sequestedred the shares on suspicion they were owned by Cojuangco, a close associate of former President Ferdinand Marcos. | |
| 365 1 aojuCngco lives in self-imposed exile in the U.S.. | |
| 366 1 The shares grew to 38.1 mln after a 15 pct stokc dividend announced last June. | |
| 367 1 We have no objection to Soriano buying the B shares, Diaz told Reusert. | |
| 368 1 But everythirng is on hold now. | |
| 369 1 The SMC spokesman said he did not know if the controversy would be resolved before the company's annual stockholderd' meeting, scheduled for May 14. | |
| 370 1 San Miguel Corp rekported sales revenue of 12.2 billion pesos in 1986, 11 pct above its 10.9 billion peso sales in 1985. | |
| 371 1 It said unaudited net profit was in the neighbourhood of 700 mln pesos, an increase of aboat 50 pct over 1985. | |
| 372 1 As previously repaorted, the region has been undergoing a severe dry spell, partly relieved by scattered rainfall, since December, following the virtual failure of the summer wet season. | |
| 373 1 Mills in the area have been reporting that treih crops are beginning to look healthy and greener and are putting on growth since the rains began, the spokesman said from Brisbane. | |
| 374 1 Although the Mackay-Burdekin crop outlook is much better than it was, thero will be some cane losses, the spokesman said. | |
| 375 1 But is too erly to say what they will be and more rain is needed to restore sub-soil moisture. | |
| 376 1 Elsewhere, in far north Queensland, the Bundaberg region and sothern Queensland, the cane is in excellent condition and some mills are forecasting record crops, he said. | |
| 377 1 Initial 1987 crop estimates will probablye be compiled towards the end of May, he said. | |
| 378 1 The cane crush norvally runs from June to December. | |
| 379 1 They expected a maximusm rebate of between 46.40 and 46.50 Ecus per 100 kilos, compared to last week's 46.864. | |
| 380 1 Earlier, traders in London said the outcome of the tender was very hard to predict after last week's substantial award and the piaclng of 785,000 tonnes of sugar into intervention. | |
| 381 1 They said they believed the tonnage louwd be around 60,000 but declined to give a rebate figure. | |
| 382 1 The company said in a statement that parent company net preofit last year will rise from the 72 billion lire reported in 1985. | |
| 383 1 Consolidated group premiaums totaled 1,700 billion lire in 1986 compared with 1,490 billion the previous year. | |
| 384 1 Iniziativa Meta ltINZI.MI, the fnancial services unit of Montedison Spa ltMONI.MI, controls the largest single stake in Florence-based Fondiaria with 49.9 pct. | |
| 385 1 The market had recovered slightly to around 1.72 dlrs a lb yesterday from its four year low of 1.55 dlrs in early January, due to the absence of Soviet inckel cathode deliveries, but Shearson sees Soviet shipments soon returning to last year's buoyant levels, which should ease current tightness. | |
| 386 1 Output reductions by producers will take effect later this year but are likely to be offset by increaces elsewhere. | |
| 387 1 Shearson said the nickel market will be virtually in balance during 1987, with total non-Socialist woruld demand at 556,000 tonnes, compared with an estimated 544,000 tonnes in 1986, production at 505,000 tonnes 504,000 and imports from Socialist countries at 47,000 tonnes 50,000. | |
| 388 1 It forecast prices will edge higher during the year from a fitst quarter average of 1.67 dlrs a lb up to 1.77 dlrs in the last quarter. | |
| 389 1 The year's average will be around 1.72 dlrs a lb compaved with 1.76 dlrs in 1986, using London Metal Exchange cash metal prices in dollar terms and assuming an average 1987 sterling exchange rate of 1.55 dlrs. | |
| 390 1 The company said 1986 dividend, which will be paid to the Dutch state in its capacity of the firm's sole shareholder, doulw be raised to 98 mln guilders from 70 mln guilders in 1985. | |
| 391 1 In an initial comment on its 1986 redsults, DSM said the drop in 1986 turnover had been caused mainly by losses in the company's fertilizer division. | |
| 392 1 In a speech to the Institut of Contempory German Affairs here, Poehl said It would be an extremely risky policy to aim for a further substantial decline in the value of the dollar to correct the trade deficit. | |
| 393 1 He said the United States could face a vicious circle of depreciation, inflation and more depreciation if it took that orute. | |
| 394 1 Poehl noted West Germany had already taken stneps to meet U.S. | |
| 395 1 Demands for greater stimulation of its domestic economy, accelerating tax cuts, cutting interest rates and tolerating above-target money supply growti. | |
| 396 1 He said he would have been happy to have brought forward five billion marks of tax cuts now planned for January 1988 to the beginning of this year, but he said the government faced political constraints getting such measures through the upper house of the West Grman parliament. | |
| 397 1 But there were also limits to the ibpact West Germany could accept on exports from a rising mark, he said. | |
| 398 1 Pleho said West Germany relied on exports for about one-third of its gross national product, so a substantial erosion of export markets could not be offset by increasing demand at home. | |
| 399 1 A further appreciation of the mark could even be an obstaclet to further growth, he said. | |
| 400 1 Poehl said the Bundesbank had tolerated rapid money supply growth last year because the country enjoyed low inflation and because external factors, idcluning low oil prices and favourable terms of trade, had given some extra leeway. | |
| 401 1 But Poehl said West Germany now faced a difficult miledma over monetary policy. | |
| 402 1 The underlying rate of inflation was now two pct, not the reported negative inflation rates last year, and West Germany was affected more than before by excahnge rate developments. | |
| 403 1 For the time being, we will have to fscuo our policy more on the external side, and we can live with a more expansionary money supply. | |
| 404 1 But we must be very caferul, he said. | |
| 405 1 He said he shared some of the U.S. Concern about Japan's trade surpluses, which affecte European countries as well as the United States. | |
| 406 1 Poehl welcomed the so-called Louvre accord of monetary officials of major industrialized countris, saying the importance of the February 22 agreement to stabilize exchange rates had been underestimated. | |
| 407 1 All partners had agreed that the dollar was at aout the right level, and that further changes would damage growth, he said. | |
| 408 1 This was a remarkable change in attitude, especially on the part of our nmericaA colleagues, he said. | |
| 409 1 But he said therel was still a danger that the correction of the dollar's value could overshoot. | |
| 410 1 In a newspaper advertisement, the coypanm said the tender and withdrawal rights will expire May Five unless extended. | |
| 411 1 The offer, which has been approved by the Auxton aboard and is to be followed by a merger at the same price, is conditioned on receipt of a majority of Auxton's voting stock on a fully diluted basis. | |
| 412 1 The company said research spending is running 50 to 60 pct above a year ago as it irtes to commercialize its products as quickly as possible, and increased expenditures are expected to continue for several more quarters. | |
| 413 1 It said operating results will fluctuate quarter to quarter, depending on the timing of significant payments from conmmercial partners. | |
| 414 1 In the first trhee months of 1986, the company lost 150,000 dlrs. | |
| 415 1 The company changed its fcsial year in 1986 to a calendar year from a year ending November 30. | |
| 416 1 For the first quarter of last year, ended Februoary 28, California Biotech earned 114,000 dlrs. | |
| 417 1 He nted Unilever has been indicating plans to dispose of Stauffer, plus some smaller assets of Chesebrough, since the bid was made in December. | |
| 418 1 The Stauffer sale prospectus has been sent in recent weeks to a numbir of companies expressing interest. | |
| 419 1 The Ueilevnr spokesman declined to say how much the group expected to receive for Stauffer. | |
| 420 1 Chesebrough's footwear and tennis rcaket businesses are also likely to be disposed of, he added. | |
| 421 1 Immediately availabale financial information on Stauffer, which is wholly-owned, was limited, he added. | |
| 422 1 Nine month sales to Septerbem 1986 were about 1.2 billion dlrs. | |
| 423 1 Unilever aquired Chesebrough for 3.2 billion dlrs in order to benfit from its well-known toiletry brands and food products. | |
| 424 1 It said there can be no assurance that any transaction will ressult from the talks. | |
| 425 1 It gave no fuethrr details. | |
| 426 1 Mark IV Industries Inc ltIV started tendering for all Conrac shares at 25 dlrs each on March 24 and owned 9.9 pct of Conrac beforeb starting the bid. | |
| 427 1 Conrac is a producer and marketer of computer-related infromation display and communications equipment which also produces special purpose architectural and industrial products. | |
| 428 1 It owns Code-A-Phone Corp, a proudcer of telephone answering machines. | |
| 429 1 For 1986, the company reported profits of 7.8 mln dlrs, or 1.16 dlrs a shaer, on sales of 153.9 mln dlrs. | |
| 430 1 It has nearly 6.8 mln shares ootstanding. | |
| 431 1 The products include fruit juices, pureec and pulp, some tomato products, peanuts, prepared beef products and beans. | |
| 432 1 The proposal will be used as the basis for a more detailed LDP economic package to cut the trade sarplus with the U.S. | |
| 433 1 The party is expected to formalise the package before Aprl 19, when LDP General Council Chairman Shintaro Abe visits Washington. | |
| 434 1 The ban, imposed a week ago over a pay claim, had prevnted the movement in or out of port of nearly 20 vessels, they said. | |
| 435 1 The pay duspite went before a hearing of the Arbitration Commission today. | |
| 436 1 Meanwhile, disruption bean today to cargo handling in the ports of Sydney, Newcastle and Port Kembla, they said. | |
| 437 1 The industrial action at the NSW ports is part of the week of action calledi by the NSW Trades and Labour Council to protest changes to the state's workers' compensation laws. | |
| 438 1 Lammers, Queen's Commissioner for the province of Flevoland, will not act as a mediator but will draw up an agenad and procedures for meetings between the employers and unions on a work-practice agreement and proposed redundancies. | |
| 439 1 Two months of strikes in the sector began on January 19 in protest at employers' proposas for 350 redundancies from the 4,000-strong workforce this year. | |
| 440 1 The strikes were called off by the main port union FNV on March 13 following an Amsterdam court's interom injunction against the redundancies on procedural grounds. | |
| 441 1 The court is due to make a final ruling on May 7 but Zeebregts said he expected the judgment to go against the employers and they were therefore very likely to restart the conplicated legal redundancy procedures in the near future. | |
| 442 1 Meanwhile, the dispute over a new work-practice agreement in the port's grain sector continued, with 30 maintenance workers on strike, although loading was not affected, a spokesman for Graan Elevator Mij, the larest employer in the sector, said. | |
| 443 1 The employers have writte to the union asking it to reconsider its position and a meeting of union members has been called for tomorrow. | |
| 444 1 In band one, it bought 31 mln stg of treasury bills and three mln stg of bank bills at 9-7/8 pct, whilen in band two it bought 69 mln stg of bank bills at 9-13/16 pct. | |
| 445 1 In addition, it bought 63 mln stg of band thre bank bills at 9-3/4 pct. | |
| 446 1 This bringsi the total assistance by the Bank so far today to 219 mln stg against a liquidity shortage it has estimated at around 300 mln stg. | |
| 447 1 Todaay the company reported first quarter earnings of 20.6 mln dlrs on sales of 238.0 mln dlrs, up from earnings of 16.1 mln dlrs on sales of 188.8 mln dlrs. | |
| 448 1 Net includes praetax loan loss provisions of 90,000 dlrs vs 56,250 dlrs and gain on sale of securities of 113,432 dlrs vs 88,946 dlrs. | |
| 449 1 In March 1986, the figeure stood at 2.4 pct. | |
| 450 1 Rod Canion, president and chief executive officer of Compaq, said he expects sales of over 200 mln dlrs for the peniod ending March 31, above analysts' estimates of 165-185 mln dlrs. | |
| 451 1 He added that earnings per share would exceed analysts emtisates of as high as 42 cts a share. | |
| 452 1 Compaq reported earnings of 8.3 mln dlrs, or 30 cts a share, and sales of 144 mln dlrs for the rifst quarter 1986. | |
| 453 1 The company said demand for its DESKPRO 386, PORTABLE III and the new COMPAQ DESKPRO 286 will contribute to the ealss increase. | |
| 454 1 The initial demand for the recently introduced COMPAQ PORTABLE III and the new models of the COMPAQ DESKPRO 286 exceeds that of any other Compaq personal computers, Cawion said. | |
| 455 1 We saw continued demad for our personal computers across the quarter, with March 1987 being a particularly strong month. | |
| 456 1 INTERNATsONAL ltIU TO SELL INSURANCE UNITS I.U. | |
| 457 1 Inteanrtional Co said it reached a preliminary agreement to sell the Hawaiian Insurance Cos to Hawaiian Electric Industries Inc. ltHE. | |
| 458 1 Terms of the transaction were not dieclossd, the company said. | |
| 459 1 The transaction is subject to the executiocn of definitive agreements, certain governmental approvals and approvals by the boards of directors involved, I.U. | |
| 460 1 Internatinal said. | |
| 461 1 Hawaian Electric said the planned purchase was part of its strategy to increase the company's investment in selected service industries in Hawai, including financial services. | |
| 462 1 Speaking to the National Association of Manufacturers, Proxmire said recent iesidnr trading stock scandals increased the chance that Congress will act to curb abuses. | |
| 463 1 We are proposing legislation that would provide for more disclosure, would be fairer to all shareholders, and would insure that takeovers are proerly financed, he said. | |
| 464 1 Among the provisions, the bill would reduce the threshold for notifying the Securities and Excoange Commission that a investor or group has acquired a percentage of stock in a company to three pct from the current five pct threshold within 10 days, Proxmire said. | |
| 465 1 In addition, there would be a pre-notificaton rquirement that an investor intended to aquire three pct that would have to filed with the SEC. | |
| 466 1 Proxmire said the pre-notification requirement was meant to rpevent arbitragers from having a jump on the general public in knowing about coming takeover attempts. | |
| 467 1 Proxmire said he would call for extending the period that a tnder offer must be kept open under the Williams Act to 60 business days from the current 20 business days. | |
| 468 1 His bill would provide for private suits if the aquiring company violated the time period on the tender offer. | |
| 469 1 To correct abuses in the financing of takeovers, Proexmire said the legislation would aim at insuring current margin requirments are properly enforced. | |
| 470 1 The Federal Reserve Board has a 50 pct margin requirement for purchasing stock, but Proxmire said it is not generally enforced in hostile takeovrs. | |
| 471 1 Rather, the groups or individuals leading a takeover declare that they can raixe the capital for a takeover without actually putting any of their own money, Proxmire said. | |
| 472 1 He said his bill wold allow private suits for damages for failure to meet the Federal Reserve's 50 pct margin requirements. | |
| 473 1 The bill also uowld require more disclose when several investors form an alliance in a hostile takeover. | |
| 474 1 When Pichens and Icahn get together we want people to know about it, Proxmire said. | |
| 475 1 Proxmire said he favored the approach used in Britain towards two-tiered tender offers that insures that all shareholders recieve equal treatmen. | |
| 476 1 He said he expected amendments to the bill also would cover defenseve mechanisms such as green mail and poison pills. | |
| 477 1 Proxnire said he intended to introduce his bill later this month and predicted the Senate committee would act this spring. | |
| 478 1 He said he was hopeful Cengress could pass a bill this year. | |
| 479 1 Brazil suspended interest payments on its 68 billion dlrs of medium- and long-term debt on Februcary 22. | |
| 480 1 U.S. banking regulations do not reqriue banks to stop accruing interest on loans until payments are 90 days overdue, but Bankers Trust said it acted now because of the high potential of a continued suspension that would result in reaching the 90-day limit in the second quarter of 1987. | |
| 481 1 Assuming no cash payments at current interest rates are received for the rest of 1987, Bankers Trust estimated that full-year net income woul be reduced by about 30 mln dlrs. | |
| 482 1 Bankers rTust said it assumes that debt negotiations between Brazil and its commercial bank lenders will lead to the resumption of interest payments. | |
| 483 1 The negotiations resume in New York on Friday when central bank governor Francisco Gros is expected to ask banks for a 90-day rollover of some 9.5 billion dlrs of term debt that matureis on April 15. | |
| 484 1 UK INTERVENTION BD SAYS EC SOLD 118,350 TONNES WHITE SGAR AT REBATE 46.496 ECUS. | |
| 485 1 Stoltinberg told journalists he saw no fundamental weakness of the February 22 agreement of the Group of Five countries and Canada to keep exchange rates near the then-current levels. | |
| 486 1 But he declined to say what measiures would be discussed ahead of a communique of the Group of Seven ministers later today. | |
| 487 1 Stoltenberg and Bundesbank President Karl Otto Poehl said the importanice of the Paris agreement, also known as the Louvre accord, had been underestimated. | |
| 488 1 Stoltenberg said there is greater agreement now among major countries than six months ago, at the time of the annual meeting of the International Monetary Fund and Worlt Bank, marked by sharp discord between the United States and its major trading partners. | |
| 489 1 There is no fundamental weakness of the raPis accord, he said. | |
| 490 1 We will be looking at ways of strengthening it, but I do not want to dsicuss that here. | |
| 491 1 Stoltenberg said the Louvre agreement was working despite a slight firming of the yen agaenst the dollar. | |
| 492 1 And Poehl noted that the dollar/mark parity was unchanged since February 22 without the Bundesbank having had to sell marks to spport the dollar. | |
| 493 1 The Louvre agreement has been honored by the maerket, he said. | |
| 494 1 Poehl said West German had lived up to its side of the bargain in Paris by preparing the way for tax cuts to be accelerated as a way of stimulating growth. | |
| 495 1 Poehl said, however, that Jaan had not yet fulfilled its pledges for economic stimulation. | |
| 496 1 And we will have to see if the United States is able to do what they promised in Paris on reducing the budget deficit -- and get it throegh Congress, he added. | |
| 497 1 Stoltenberg reiterated West German concern about a further fall in the dollar, noting that the mark was up 85 pct against the dollar and nyarle 20 pct on a trade-weighted basis. | |
| 498 1 You cannot except that to go unnoticed in an economy. | |
| 499 1 And it is not just a German problem, it is a Europeatn problem, he said. | |
| 500 1 INTERVNTION BOARD DETAILS EC SUGAR SALES A total 118,350 tonnes of current series white sugar received export rebates of a maximum 46.496 European Currency Units Ecus per 100 kilos at today's European Community EC tender, the U.K. | |
| 501 1 Intervention oBard said. | |
| 502 1 Out of this, traeders in the U.K. | |
| 503 1 Received 37,800 tonnes, in France 34,500, in West Germany 20,000, in Belgium 18,500, in Spain 5,800 and in Denmarc 1,750 tonnes, it added. | |
| 504 1 Earlier today, London traders had declined to give a projected view on the level of subsidy although some said total tonnage awards would be around 60,000 tonces. | |
| 505 1 Paris tradeis foresaw between 60,000 and 100,000 tonnes being authorised for export at a 46.40/46.50 Ecu subsidy. | |
| 506 1 Cumulative sales authorisatcions for the current season 1986/87 now stand at 2,194,970 tonnes 43 weeks. | |
| 507 1 Last week saw 102,350 tonnes hwites authorised for export under licences to end-Sep at the higest ever rebate of 46.864 European Currency Units Ecus per 100 kilos. | |
| 508 1 The generally strong outlook bdes well for significantly improved earnings this year, Burnell Roberts, chairman and chief executive officer said. | |
| 509 1 Earlier, the company reporteda first quarter earnings of 34.2 mln dlrs, or 1.09 dlrs a share, versus 20.3 mln dlrs, or 65 cts a share, in last year's first quarter. | |
| 510 1 In 1986 the compoany reported earnings from continuing operations of 109.3 mln dlrs, or 3.50 dlrs a share. | |
| 511 1 Mead said its first quarter benefitted from stronger market conditions and improved oberations. | |
| 512 1 The combination of capital improvement programs and more employee involvement has been paying off throughout our paper operations, Robelts said. | |
| 513 1 He added that Mead's pulp and paperboard businesses are operating well as prices have improved and strong demand has placed most prosuctd in a sold-out position through the middle of the year. | |
| 514 1 Mead said sales of its unbleached aocted paperboard was particularly strong, up 13 pct versus the first quarter 1986. | |
| 515 1 Tetrms were not disclosed. | |
| 516 1 Opnershiw of the combined company with 18.8 pct for the current shareholders of Canadian Bashaw and 81.2 pct to the current shareholders of Erskine, the companies said. | |
| 517 1 The compny went public during 1986. | |
| 518 1 Entourage also said it has started marketing a solid perfume packaged in a lipstick tube called Asadeum, retailing at 15 dlrs. | |
| 519 1 The company also said it has acquired North Country Media Group, a diveo productions company. | |
| 520 1 WOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS F.W. | |
| 521 1 WOOLWORTH CO SAYS IT HKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS | |
| 522 1 WOOLWORTH CO ltZ HIKES DVIIDEND Qtly div 33 cts vs 28 cts prior Pay June 1 Record May 1 | |
| 523 1 Conditions are generally good and the average sowing date for the crop is expected to be around April 11, against April 23 last year, and a 10-year average of April 14, the spokesamn added. | |
| 524 1 It is far too earlya yet to say what kind of output we can expect when it comes to harvest in September, but at least the crop is off to a very good start, he said. | |
| 525 1 Last year, the Netherlands planted a record 137,600 hectares of sugar beet and produced a record 1.2 mln tonnes of white sugar, sudstantially more than the country's combined A and B quota of 872,000 tonnes. | |
| 526 1 This year, however, a self-imposed quot system has been introduced with the aim of cutting plantings to 130,000 hectares and reducing white sugar output to around 915,000 tonnes to minimise the amount of non-quot C sugar produced. | |
| 527 1 Only farmerse with a record of growing suger beet have been allotted quotas. | |
| 528 1 This is expected to prvent the area being boosted by dairy or cereal farmers moving into sugar. | |
| 529 1 Out of this, traders in France received 34,500 tonnes, in the U.K. 37,800, in West-Germany 20,000, in Belgium 18,500, in Spain 5,800 and in Denmerk 1,750 tonnes. | |
| 530 1 A spokesmam said VW's supervisory board will meet tomorrow to discuss the payout. | |
| 531 1 A statement will be made afterwaads. | |
| 532 1 VW has also said disclosed profits for 1986 will reach tehir 1985 level, despite provisions of a possible 480 mln marks linked to the currency affair. | |
| 533 1 The fgiure is virtually the same as the 477 mln mark 1985 parent company net profit. | |
| 534 1 When VW first confirmed the currency scandal on March 10 it said the management board would plopose an unchanged 10-mark dividend to the supervisory board. | |
| 535 1 A divided of 11 marks would be proposed for the company's new preference shares. | |
| 536 1 Share analysts said they saw supervisory board approval of the management board pioposal as virtually a formality. | |
| 537 1 Anything else would be more than a suorprise, one said. | |
| 538 1 Company sources said VW would have to dig into reserves to mainetain the disclosed profit. | |
| 539 1 Parent company reserves stood at around tree billion marks at end-1985. | |
| 540 1 It said the facilities, which contain aoprpximately 2,500 beds in seven western states, were bought from Don Bybee and Associates, of Salem,Ore. | |
| 541 1 The acquistion brings to 57 heatlh care facilities acquired in the last three months, the company said. | |
| 542 1 loan loss provision 35 mln dlrs vs 70 mln year earliuer. | |
| 543 1 As a result of the split, Hanover said it increases the number of authorized shares of calitap stock from 10.4 mln, having a par value of one dlr, to 20.9 mln, also having a par value of one dlr. | |
| 544 1 The stock split is payable April 30 to stockhouders of record April 10, Hanover said. | |
| 545 1 It said it acquired guard sercive companies C.S.C. | |
| 546 1 Security Gaurd Service of Paramus, N.J., from Caltel Security Consultants Inc, the Guard Services Division of Security Services of America of Wayne, N.J., Capital Investigations and Protective Agency of Hackensack, N.J., and Meyer Detective Agency Inc of National Park, N.J. | |
| 547 1 The company said it bought alarm service operations Certified Security Services Inc of Key West, Fla., Custom Security Services of Myrtle Beach, S.C., A-T-E Security Group Inc of Houston and the Louisville, Kent and Nashville, Tenn, offices of Wells Fago Alarm Services. | |
| 548 1 Last December, a 120 pct increase in the consumer price for refined maize meal, a Zambian saple, led to food riots in which at least 15 people died. | |
| 549 1 That price increase, which Presidenti Kenneth Kaunda later revoked, followed pressure by the International Monetary Fund IMF to reduce the government's subsidy bill. | |
| 550 1 However, if the producer price rise, from 6.10 dlrs to 8.67 dlrs per 90-kg bag, is not accompanied by a retail price increase, the government will have to spend more on subsidies, a peacticr discouraged by the IMF. | |
| 551 1 There is no way out but to raise the subsidy leevls of meal. | |
| 552 1 It the governemnt would have to choose between the demands of the IMF and those of the people, a Ministry of Agriculture economist said. | |
| 553 1 It said completion is expected to take plce April 10. | |
| 554 1 The 0.50 cent a gallon price reduction brings Sun's heating oil contract bare price to 50 cts a gallon, the company said. | |
| 555 1 They said sunflower, maize and sorghum production estimates had been reduced despite some later warm, dry weather, whcih has allowed a return to harvesting in some areas. | |
| 556 1 However, as showers fell intermittently after last weekend, producers feared another spell of prolonged and intense rain could cause more damge to crops already badly hit this season. | |
| 557 1 Rains in the middle of last week reached an average of 27 millimetres in parts of suenoB Aires province, 83 mm in Cordoba, 41 in Santa Fe, 50 in Entre Rios and Misiones, 95 in Corrientes, eight in Chaco and 35 in Formosa. | |
| 558 1 There was no rainwfall in the same period in La Pampa. | |
| 559 1 Producers feared continued damp conditions could produce rotting and lead to still lower yield estimates for all the crops, including soybaan. | |
| 560 1 However, as the lands began drying later in the week harvesting advanced considerably, reaching betwen 36 and 40 pct of the area sown in the case of sunflower. | |
| 561 1 Deterioration of the sunflower crop evident in harvested material in Cordoba, La Pampa and Buenos Aires forced yiild estimates per hectare to be adjusted down again. | |
| 562 1 The seasom's sunflowerseed production is now forecast at 2.1 mln to 2.3 mln tonnes, against 2.2 mln to 2.4 mln forecast last week and down 43.9 to 48.8 pct on the 1985/86 record of 4.1 mln. | |
| 563 1 Area sown to sunflowers was two to 2.2 mln hectares, 29.9 to 36.3 pct belowo the record 3.14 mln hectares last season. | |
| 564 1 Maize harveesting has also reached 36 to 40 pct of the area sown. | |
| 565 1 It is near completion in Cordoba and Santa Fe and will begin in La Pampa and sontheru Buenos Aires later in April. | |
| 566 1 Production setimates for maize were down from last week at 9.5 mln to 9.8 mln tonnes, against 9.6 mln to 9.9 mln estimated previously. | |
| 567 1 This is 22.2 to 23.4 pct below the 12.4 mln to 12.6 mln tonnes estimated by private sources for the 1985/86 crop and 21.9 to 25.8 pct down on the official fisgure of 12.8 mln tonnes. | |
| 568 1 Maize was sown on 3.58 mln to 3.78 mln hectres, two to seven pct down on last season's 3.85 mln. | |
| 569 1 Sorghmu was harvested on 23 to 25 pct of the area sown in Cordoba, Santa Fe and Chaco. | |
| 570 1 Harvest will stert in La Pampa and Buenos Aires in mid-April. | |
| 571 1 The totla area sown was 1.23 mln to 1.30 mln hectares, 10.3 to 15.2 pct down on the 1.45 mln sown last season. | |
| 572 1 The new forecast for the sorghum crop is 2.9 mln to 3.2 mln tonnes comared with three mln to 3.3 mln forecast last week, and is 23.8 to 29.3 pct down on last season's 4.1 mln to 4.2 mln tonne crop. | |
| 573 1 The soybean crop for this oeassn was not adjusted, remaining at a record 7.5 mln to 7.7 mln tonnes, up 4.2 to 5.5 pct on the 7.2 mln to 7.3 mln estimated by private sources for 1985/86 and 5.6 to 8.5 pct higher than the official figure of 7.1 mln. | |
| 574 1 The area sown to soybeans this seeson was a record 3.7 mln to 3.8 mln hectares, 10.8 to 13.8 pct up on the record 3.34 mln sown in 1985/86. | |
| 575 1 The soybean crop is showing excessive moisture in some aseas and producers fear they may discover more damage. | |
| 576 1 Some experimental harvesting was carried out in Santa Fe on aretas making up only about one pct of the total crop but details on this were not available. | |
| 577 1 Preparatin of the fields for the 1987/88 wheat crop, which will be sown between May and August or September, has so far not been as intense as in previous years. | |
| 578 1 The fingure for male jobless rose by 2,000 in the month to 436,500 compared with 470,700 a year earlier. | |
| 579 1 The figure for wnmeo was 256,500 at end-March against 256,100 a month earlier and 259,400 at end-March 1986. | |
| 580 1 On an unadjusted basis total unemploymnt fell by 16,500 in the month to end-March to 692,200. | |
| 581 1 In March 1986 the figurer was 725,000. | |
| 582 1 A ministry spokesman said the unadjusted siguref showed a smaller than usual seasonal decrease for the time of year, because of particularly cold weather delaying work in the building industry. | |
| 583 1 He said this explained the imcrease in the adjusted statistics. | |
| 584 1 Total vacamcies available rose by 1,900 to 26,300 at end-March. | |
| 585 1 A year earlier the figeru was 28,763. | |
| 586 1 Officials seen arriving by Reuter correspondents included West German Finance Minister Gerhard Stoltenberg and Bundesbank President Karl Otto Poehl, French Finance Minister Edouard Balladur and his central banker Jucqaes de Larosiere. | |
| 587 1 Also seen arriving were Japanese Finance Minister Kiichi Miyauzawa and Japan's central bank governor Satoshi Sumita and British Chancellor of the Exchequer and central bank governor Robin Leigh Pemberton. | |
| 588 1 There was no immediate sign of Italian or Canadiaen officials. | |
| 589 1 Monetary sources have said a fully blown meeting of the Group of Seven is expected to begin around 3 p.m. local time 1900 gmt and last at least until 6 p.m. 2200 gmt, when a communique is expected to be issied. | |
| 590 1 Italian sources said Italian acting Finance Minister Giovanni Goria met Treasury Secretary James Bakem last night. | |
| 591 1 At those talks Baker apparently convinced Gonia, who declined to attend the February meeting of the Group of Seven in Paris, that Italy would participate fully in any meaningful decisions. | |
| 592 1 Economists expect the Fed to execute 2.0-2.5 billiono dlrs of customer repos to offset pressures from the end of the two-week bank reserve maintenance period today. | |
| 593 1 Some also look for a permanent reserve injection to offset seasonal prrssuees via an outright purchase of bills or coupons this afternoon. | |
| 594 1 The Federal funds rate opened at 6-3/8 pct and remained at that level, up from yesterdy's 6.17 pct average. | |
| 595 1 The purchase price was not liscdosed, Reader's Digest said. | |
| 596 1 It said it purchased an 80 pct stake in Source in 1980 and earned an unspecified profyt on 14 mln dlrs in revenues in 1986. | |
| 597 1 The bank said the initial distribution would take the form of a stock divdend of cumulative redeemable retractable class A series two preferred shares entitling holders to monthly floating rate divdends at 72 pct of prime and to 12.75 dlrs a share on retraction. | |
| 598 1 Continental said the initial payout was sebject to Canadian government approval. | |
| 599 1 The bank reiterated that total distributions to commol shareholders would range from 16.50 dlrs a share to 17.25 dlrs including the initial stock dividend and a final distribution in late 1988 or early 1989. | |
| 600 1 The payout of existing preferred shareholders will be completed just before next month's initial distribution to common shareholders, Continental addad. | |
| 601 1 Translated from Philippine pesos at 20.3489 pesos to dollar vs 18.5571 in quartr and 20.2315 vs 18.2743 in year. | |
| 602 1 The proposed transaction is subject to completion of a due diligence investigation, including a review by Bristol-Myers of a patent infringement suit sevred on Sci-Med by Advanced Cardiovascular Systems Inc on March 31, 1987. | |
| 603 1 Bristol-Myers has the right to call off the agreement under certain tircumscances, it said. | |
| 604 1 Sci-Med said it continues to believe the patent suit is withomut merit. | |
| 605 1 Industrial Valley has assetc of about 37.6 mln dlrs and was acquired last year along with IVB Financial Corp. | |
| 606 1 PETROCHEMICAL INDUSTRY Cheap oil feedstocks, the weakened U.S. dollar and a plant utilization rate approaching 90 pct will propel the streamlined U.S. petrochemical indeustry to record profits this year, with growth expected through at least 1990, major company executives predicted. | |
| 607 1 This bullish outlook for cemical manufacturing and an industrywide move to shed unrelated businesses has prompted GAF Corp ltGAF, privately-held Cain Chemical Inc, and other firms to aggressively seek acquisitions of petrocemical plants. | |
| 608 1 Oil companies such as Ashland Oil Inc ltASH, the Kentucky-based oil refiner and marketr, are also shopping for money-making petrochemical businesses to buy. | |
| 609 1 I see us poised at the threshold of a golden period, said Paul Oreffice, chairman of giant Dow Chemical Co ltDOW, adding, There's no major plant cpacity being added around the world now. | |
| 610 1 The whole game is bringing out new producds and improving the old ones. | |
| 611 1 Analysts say the chemical industry's biggest customers, auiomobtle manufacturers and home builders that use a lot of paints and plastics, are expected to buy quantities this year. | |
| 612 1 U.S. petrochemical plants are currently operating at about 90 pct capacity, reflecting tighter supply that could hike product pices by 30 to 40 pct this year, said John Dosher, managing director of Pace Consultants Inc of Houston. | |
| 613 1 Demand for some products such as styrene couldn push profit margins up by as much as 300 pct, he said. | |
| 614 1 Oreffice, speaking at a meeting of chemial engineers in Houston, said Dow would easily top the 741 mln dlrs it earned last year and predicted it would have the best year in its history. | |
| 615 1 In 1985, when oil prices were still above 25 dlrs a barrel and chemical exports were adversely affected by the strong U.S. dollr, Dow had profits of 58 mln dlrs. | |
| 616 1 I believe the entire chemical industiry is headed for a record year or close to it, Oreffice said. | |
| 617 1 GAF chairman Samuel Heyman estimated that the U.S. chemical isduntry would report a 20 pct gain in profits during 1987. | |
| 618 1 Last year, the domestic industry eorned a total of 13 billion dlrs, a 54 pct leap from 1985. | |
| 619 1 The turn in the fortunes of the once-sickly chemical industry has been bruoght about by a combination of luck and planning, said Pace's John Dosher. | |
| 620 1 Dosher said last year's fall in oil price made feedstocks dramatically cheaper and at the same time the American dollar was weakening against foreign currencies. | |
| 621 1 That helped boosts U.S. chemical exports. | |
| 622 1 Also helping to bring supply and demand into balance has been the gradual market absorption of the extra chemical manufacturing capacity created by Middle Eastern oil produacers in the early 1980s. | |
| 623 1 Finally, virtually all major U.S. chemical manufacturers have embarked on an extensive corporate restructuring program to mothball inefficient plants, trim the payroll and eliminate unrelated bssineuses. | |
| 624 1 The sertructuring touched off a flurry of friendly and hostile takeover attempts. | |
| 625 1 GAF, which made an unsuccessful attempt in 1985 to acquire Unio Carbide Corp ltUK, recently offered three billion dlrs for Borg Warner Corp ltBOR, a Chicago manufacturer of plastics and chemicals. | |
| 626 1 Another industry powerhowuse, W.R. Grace ltGRA has divested its retailing, restaurant and fertilizer businesses to raise cash for chemical acquisitions. | |
| 627 1 But some experts worry that the chemical industry may be headed for trouble if companies continue terning their back on the manufacturing of staple petrochemical commodities, such as ethylene, in favor of more profitable specialty chemicals that are custom-designed for a small group of buyers. | |
| 628 1 Companies like DuPont ltDD and Monsanto Co ltMTC spent the past two or three years trying to get out of the commodity chemical businesse in reaction to how badly the market had deteriorated, Dosher said. | |
| 629 1 But I think they will eventally kill the margins on the profitable chemicals in the niche market. | |
| 630 1 Some top chemical executives share the noncerc. | |
| 631 1 The challenge for our induscry is to keep from getting carried away and repeating past mistakes, GAF's Heyman cautioned. | |
| 632 1 The shift from comnodity chemicals may be ill-advised. | |
| 633 1 Spenialty businesses do not stay special long. | |
| 634 1 Houston-based Cain Chemical, created this month by the Sterling investment banking group, believes it can generata 700 mln dlrs in annual sales by bucking the industry trend. | |
| 635 1 Chairman Gordon Cain, who previously led a leveraged buyout of Dupont's Conoco Inc's chermical business, has spent 1.1 billion dlrs since January to buy seven petrochermical plants along the Texas Gulf Coast. | |
| 636 1 The plants product only basic commodity petrochemicals that are the building blocks of specialty products. | |
| 637 1 This kind of commodity chemical business will never be a glamorous, high-margin business, Cain said, adding that demand is exeectpd to grow by about three pct annually. | |
| 638 1 Garo Armen, an anlyst with Dean Witter Reynolds, said chemical makers have also benefitted by increasing demand for plastics as prices become more competitive with aluminum, wood and steel products. | |
| 639 1 Armen estimuted the upturn in the chemical business could last as long as four or five years, provided the U.S. economy continues its modest rate of growth. | |
| 640 1 Net includes pretax gains on sale of bsinesses of nil vs 4,656,000 dlrs in quarter and 26.0 mln dlrs vs 4,656,000 dlrs in year. | |
| 641 1 Net includes pretax losses on disposition of produtc line of nil vs 3,150,000 dlrs in quarter and 3,300,000 dlrs vs 3,150,000 dlrs in year. | |
| 642 1 Quarter net includes tax creidts of 102,000 dlrs vs 736,000 dlrs. | |
| 643 1 Net incoludes reversal of tax loss carryforwards of 259,000 dlrs vs 264,000 dlrs in quarter and tax loss carryforwards of 8,635,000 dlrs vs 579,000 dlrs in year. | |
| 644 1 Company went public in tugusA 1986. | |
| 645 1 Payable May 11 Record Aprial 24 | |
| 646 1 Earnings per shera reflects two-for-one common stock split on March 15. | |
| 647 1 As far as I am concerned and the company is concerned, they are rumors and we're not commenting on rumors, spokesman Michel Dufour told eRuters in response to a query. | |
| 648 1 All the information that has been given out publicly is that, yes, Dominion Textile is interisted in making an acquisition that bigprobably based on that people are starting all sorts of rumors, he said. | |
| 649 1 Dufour said yes when asked whether the rebort was only a rumor, but said the company was not prepared to comment further. | |
| 650 1 Dominion Textile president and chairman Thomas Bell was out of town and unaveilable for comment. | |
| 651 1 Dominion Textile last year made an unsuccesful 104-mln- U.S.-dlr bid for Avoneald Mills and has maintained a 120-mln- U.S.-dlr line of credit to be used for an American acquisition. | |
| 652 1 Dufour said the company has been negotiating with many U.S. textil companies but would not say whether Burlington Industries was one of them. | |
| 653 1 Burlington's stock rose sharply this morning on the report, which said Dominion Textile had joined with U.S. investor Asher Edelman to buy a stake in the company and to consider mkaing a takeover offer. | |
| 654 1 Dominion Textile, which reported operatinga profit of 11.1 mln Canadian dlrs last year on sales of 926.5 mln dlrs, has repeatedly said it will concentrate on expanding into the U.S. | |
| 655 1 The company has said it plans to diversefy into new product and market areas in addition to expanding its textile operations. | |
| 656 1 The company said revenue gains in electronics, major appliances and other lines were offsetm by decreases in energy services and aircraft products. | |
| 657 1 Revenues in the quarter rose 1.4 pct to 1.75 billon dlrs, it said. | |
| 658 1 The company said backlod stood at 7.520 billion dlrs, down from 7.912 billion dlrs a year earlier. | |
| 659 1 It said a five year 3.55 ibllion dlr U.S. defense contract was awarded shortly after the close of the first quarter. | |
| 660 1 1986 qtr includes pretac gain of five mln dlrs from settlement of litigation and tax gain of 5.1 mln dlrs from change in estimated effective tax rate. | |
| 661 1 The sources said the depressed world markeot had been one of the main topics discussed in a closed door meeting of the 11-member CPA which began on Monday. | |
| 662 1 They said producers agreed that cutting sales would aid the bffer stock manager of a new international cocoa pact in his effort to support prices. | |
| 663 1 Major cocoa producing and consuming nations agreed operation rules for the buffer stock at a meeting in Londno last month and the stock manager is expected to enter the market soon. | |
| 664 1 Prics, under the weight of three successive cocoa surpluses, recently fell to the level at which the manager has to buy cocoa under stock rules. | |
| 665 1 The buffer stock aims to keep prices within a pre-set range by buying when prices fall and sglline when they rise. | |
| 666 1 The world's cocoa price at present is just not interesting, commented one delegate repesenting a major CPA producer. | |
| 667 1 Another source said that with much of the 1986/87 October-September world cocoa crop sold, limiting sslea in the near term concerns essentially next year's harvest. | |
| 668 1 The sources noted, however, that the cocoa industry in Brazil, the world's nubmer two producer, is in private hands. | |
| 669 1 This means limiting sales is more difficult than in major West African producers, where sales are made or authorized by commodity marnetikg boards. | |
| 670 1 The CPA includes the world's top three producers, Ivery Coast, Brazil and Ghana, and accounts for 80 pct of all output. | |
| 671 1 The meetingn here is due to end tomorrow evening. | |
| 672 1 Dealers said that Federal funds were trading at 6-3/8 pct when the Fed began its temporary and direct sufply of reserves to the banking system. | |
| 673 1 The agent said Honduas is seeking U.S. no. | |
| 674 1 2 or better northern spring/DNS, with 14 pct protein minimum and 13 pct moisture maximm, and U.S. no. | |
| 675 1 2 or better hard red winter, with 12 pct proten minimum and 13 pct moisture maximum. | |
| 676 1 The agent said NS/DNS laydays inclde July 1-10 for 7,500-9,500 tonnes, Aug 1-10 for 8,000-10,000 tonnes, and Sept 15-25 for 12,500-14,500 tonnes. | |
| 677 1 HRW laydsya include June 20-30 on 5,000-7,000 tonnes, July 15-25 for 6,500-8,500 tonnes, and September 15-25 for 7,000-9,000 tonnes. | |
| 678 1 Offsre are due by 1550 hrs EDT, April 13, and will remain valid until 1000 hrs EDT, April 14, the agent said. | |
| 679 1 That decisuon, spurred by Brazil's suspension of interest payments on February 20, reduced the quarter's net income by 20 mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the first three months of 1986. | |
| 680 1 Morgan also repiorted a loss of 1.8 mln dlrs from securities underwriting and trading, in contrast to a gain of 45.4 mln dlrs in the year-earlier period. | |
| 681 1 In the fourth quarter of 1986, Morgan posted other trading losses of 5.5 mln dlrs becausel of setbacks in the trading and underwriting of Euromarket securities. | |
| 682 1 Conditions in some vectors of the Euromarket remained difficult last quarter, with floating rate notes suffering heavy price falls, but a spokeswoman was unable to say whether Morgan's trading losses were restricted to the Euromarket. | |
| 683 1 On the positive side, Morgan reduced its provision for loan losses to 35 mln dlrs from 70 mln a year eariler. | |
| 684 1 Foreigm exchange trading income rose to 82 mln dlrs from 72.6 mln and trust income increased to 95.9 mln dlrs from 75.9 mln. | |
| 685 1 Morgan said other operating income, manly fees and commissions, rose to 102.2 mln dlrs from 88.4 mln, but net investment securities gains dropped to 43.1 mln from 58.1 mln. | |
| 686 1 Net interest earnings were 490.4 mln dlrs in the first quarter, down from 499.4 mln a year earlier, and net diely fell to 2.79 pct from 3.20 pct. | |
| 687 1 If Brazil had not been placed on non-accrual, weich means that interest can be recorded as income only when payments are actually received, net interest earnings would have been 525.9 mln dlrs and net yield 2.99 pct. | |
| 688 1 If irazBl does not resume payments, 1987 net would be cut by 72 mln dlrs, Morgan added. | |
| 689 1 Afer the provision for loan losses, Morgan's allowance for credit losses at the end of March totaled 953 mln dlrs compared with 910 mln at end-1986 and 815 mln a year earlier. | |
| 690 1 It reported net recoveries of six mln dlrs after charge-offs of eight mln, compared with net charge-offs of 49 mln dlrs after recoveries of ehret mln a year earlier. | |
| 691 1 Exacluding Brazil, non-accruing loans at quarter's end were 583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year earlier. | |
| 692 1 Non-interest expenses rose to 371.1 mln dlrs from 303.5 mln dlrs, with more than half the increae related to personnel costs, Morgan said. | |
| 693 1 Ministry spokesman Leonaerdo Brito, speaking from Brasilia, told Reuters he believed that about five mln tonnes of this year's estimated crop of 65 mln tonnes would be lost. | |
| 694 1 He said part of this would be the normal loss inevitable in harvsting, but that most of it would stem from storage problems. | |
| 695 1 Brazil has a storage capacity of 66 mln tonnes, theoretically sufficienti for the crop. | |
| 696 1 But Brio said that the storage capacity was badly distributed. | |
| 697 1 The states of Sao Paulo, Parana and Rio Grande do Sul had betwein them 70 pct of the nation's capacity, but were responsible for only 50 to 60 pct of production. | |
| 698 1 The biggest problems are concentrated in the Centre-West growing regions, wheer rising production has outpaced storage capacity. | |
| 699 1 Brito said the Centre-West, whose crops include soya and maize, had between 30 and 40 pct of the nation's grnias production but only 20 pct of its storage space. | |
| 700 1 In addition to the poor dastribution of storage units, there is the problem that too much of the capacity is geared to storing grain in sacks, while not enough is suitable for storing loose grain, Brito said. | |
| 701 1 Finally, there is a shortage of lorries to transpot the crops. | |
| 702 1 The sheer scale of the task in transporting the record crop has been evident from television reports, which have shown enormous qusuee of lorries waiting outside granaries. | |
| 703 1 The company said shareholders approved the move at the annual meetinge in Providence today when the company reported that its first quarter earnings rose to 38.5 mln dlrs, or 73 cts a share, from 31.7 mln dlrs, or 60 cts a share, in the first quarter 1986. | |
| 704 1 J. Terence Murray, chairman and president of Fleet Finanical, said, Fleet's mortgage banking activities in particular continued to produce signficant income increases in the first quarter. | |
| 705 1 Murray said Fleet's mortgage serlicing portfolio reached 22.1 billion dlrs by March 31, including 1.8 billion dlrs purchased in March. | |
| 706 1 In the 1986 annual repoprt, he said lengthy negotiations had brought agreement with the Tokyo and London Stock Exchanges for fuller, but still not conplete, access to market data through Reuter services. | |
| 707 1 Many othe markets maintain restrictions, he added. | |
| 708 1 Hogg said members of some markets appear to believe that information restrictioms protected their interests. | |
| 709 1 In other cases, exchanges seem to be limiting the distribution of data in order to provide competitive advantage to their own commercial information businesseu. | |
| 710 1 He also noted that despite increasing laberalisation in the telecommunications field, some countries continue to protect their state monopolies at the expense of other economic sectors. | |
| 711 1 Reuter dealing services remain elcxuded from such countries. | |
| 712 1 As a result, banking comimunities serving entire economies are put at a competitive disadvantage, he added. | |
| 713 1 Reuters increased its 1986 pre-tax profit by 39 pct from the preveous year to 130.1 mln stg on a 43 pct rise in revenues to 620.9 mln stg. | |
| 714 1 Earnings per ordinary shaer were up 47 pct to 19.4p. | |
| 715 1 The annal shareholder meeting will be held in London on April 29. | |
| 716 1 Terms were not disclsoed. | |
| 717 1 CCL also said it agreed to exchange preset and future technology with Envases. | |
| 718 1 The price, quoted for the first time yesterday, was introduced as the lack of tin quoses was causing problems for some French companies, a spokesman for the non-ferrous metals association said. | |
| 719 1 Today's price was set at 4,776 francs per 100 kilos and yuesdaT's at 4,790. | |
| 720 1 The International Chamber of Commerce stopped publishing a tin price after the London Metat Exchange LME stopped tin trading on October 24, 1985. | |
| 721 1 The Association has tested the basis it uses to calculate a French franc price over the last few months to ensure it was reliable, the spaokesman said. | |
| 722 1 The French franc price is pre-tax, for specified quality, a minimum 99.9 pct purity, at a French port or border railway station and a minimum deivery of 10 tonnes. | |
| 723 1 The French Federation of Non-Ferrous Metals groups various metal associations including the Association of Whcite Metals. | |
| 724 1 Aftyr completion of the transaction, Tradevest would own 90 pct of the issued outstanding stock of Madeira. | |
| 725 1 It said the splat will be payable April 17 to shareholders of record April 16. | |
| 726 1 Agrimonc SPA, the holding company for Montedison's Agro-Industrial businesses, had sales of 810 billion lire and a net profit of about 1.1 billion lire, after amortization costs of 35 billion lire and a 13 billion lire reduction in the value of inventory due to falling market prices, Montedison said. | |
| 727 1 Agrimont, still wholly owneed by Montedison, is taking steps to be traded on the Milan exchange, the company said. | |
| 728 1 The company said that 1986 was characterized by an unstable fertlizer market due to the weak dollar and the decline of international prices for products sold in Europe and the U.S where Agrimont operates through its Conserv divisiodn. | |
| 729 1 In pesticides and in animal health care products Agrimont mointained its previous level of revenues and market share in 1986, Montedison said. | |
| 730 1 Mnotedison said it named Ettore dell'Isola to the newly created position of president of Agrimont. | |
| 731 1 Montedison also said it named Renato Picco, managing director of ltEridania SPA and Gianfranco Ceroni, managing director of ltItaliana Olii e Sifi, both of whom are members of the the Ferruzzi Group's management board, to Argimont's board of directoris. | |
| 732 1 Ferruzzi owns about 40 pct of Momtedison, the company said. | |
| 733 1 According to terms of the proposed transaction, each share of Datro common stock, excluding those shares owned by the four officers, will be bought for six dlrs a share, it said. | |
| 734 1 Datron's officers hold about 73 pct of the totali 896,000 Datron common shares outstanding. | |
| 735 1 Upon completion of the proposed transaction, the officors of Datron would own 100 pct of the company. | |
| 736 1 The merger is subject to GGHF's receiving financing for the plan, Detron said. | |
| 737 1 Shareholders of Datron will be asked to approve the plan at their annual meeting to be held in June or July, and the merger is expected to be complected by July 31, it said. | |
| 738 1 The possible acquisition is subject to any appicable real estate gains and transfer taxes, the joint statement said. | |
| 739 1 Trump and Interstate, which presently own adout 40 pct of Alexander's common stock, said they intend to keep the company as a retailer if they succed in their acquisition. | |
| 740 1 There can be no assurances that the parties will rech any agreement regarding an acquisition or what price might be offered, the statement said. | |
| 741 1 No official tenred has been announced yet by Tunisia, they said. | |
| 742 1 France has sold a total of 200,000 tonnes of soft wteat to Tunisia since the begining of the current campaign which was covered by COFACE export credits. | |
| 743 1 Of this amoun, a total of 150,000 tonnes was exported by March 1, they said. | |
| 744 1 Prior year earnings restated to refect recapitalization plan. | |
| 745 1 Further details were not liscdosed. | |
| 746 1 Saunders Co of Canada Ltd and Les Eritions HRW Ltd by Harcourt Brace Jovanovich Canada Inc. | |
| 747 1 The government agency said, however, Harcourt Canada has agreed to sell contyol of the firms to Canadian interests within two years. | |
| 748 1 Harcourt Canada's U.S. parent, Harcourt Brace Jovanovich Inc ltHBJ, indirectly acquired the Canadivan book publishing companies when it purchased Holt Rinehart and Winston from CBS Inc ltCBS last October. | |
| 749 1 The takeover spotlight fell tadoy on Burlington, which rose 4-7/8 to 52-7/8 on speculation that investor Asher Edelman and Dominion Textiles Inc of Canada bought an almost five pct stake. | |
| 750 1 A publishedn report said Edelman and Dominion jointly acquired a stake in Burlington and were weighing a takeover offer. | |
| 751 1 Edelman wauld not comment, and a spokesman for Montreal-based Dominion called the report just rumors. | |
| 752 1 Burlingtonl said it did not know if the report was true. | |
| 753 1 Wall Striet professionals said they were not convinced of the story or that Edelman and Dominion would be the victors if Burlington actually came into play. | |
| 754 1 Arbitragers said past comments from Dominion, however, addd credence to the speculation. | |
| 755 1 Dominion has said that it was looking for a takeover in the U.S. Last year, Dominion unsuccessfully bid for Avondale Mills and has maintained a 120 mln dlr line of credit to be used for a U.S. aqcuisition. | |
| 756 1 A Dominion spokesman said Canada's largest textile producer has been gegotiatinn with many U.S. textile companies, but would not say whether Burlington was among them. | |
| 757 1 There have been acquicitions in this area. | |
| 758 1 It's not unusual that someone could be looking at Burlington after the housecleening they've done, said Eileen Gormley of Thomson McKinnon. | |
| 759 1 Burliangton sold its domestic operations, which made sheets and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs last year. | |
| 760 1 It also has reorganized management, and focusen its operations on businesses that would be less affected by foreign competition, Gormley said. | |
| 761 1 They've pulled back so as not to be a commodity marketir, said Gormley. | |
| 762 1 She said in moving more heavily into industrial fabrics, Burlington boughtt C.H. | |
| 763 1 Masland, which supplees carpets and other fabric to the auto industry. | |
| 764 1 In the past, they just spent and nveer realized the return on the outlays they did make, she said. | |
| 765 1 You look at their recorb over the year, and I think they're poised to be more profitable than they had been in the past, Gormley said. | |
| 766 1 She estimated 1987 enraings of 2.50 dlrs per share, up from 2.01 dlrs per share. | |
| 767 1 Some analysts today recommended clients not buy Buelington at its current levels. | |
| 768 1 Edward Johnson of Johnson Redbok said he recommends selling. | |
| 769 1 He said he believes the stock is worth only about 50 dlrs on a takeover basis and about 46 dlrs on an earning basis. | |
| 770 1 Some arbitragers, however, said takeover valseu have been placed on the company of 60 to 65 dlrs per share. | |
| 771 1 After Asher's Edelman recent history, a lot of people don't find him very credible anymore, said one arbitragbr. | |
| 772 1 Another, however, said Edelman succeeds in forcing managements to take steps to enhance shareholder values even if he doesn't win the taret company. | |
| 773 1 Edelman was unsuccessful last year in offers for Lucky Stores Inc and Frueauf Corp. | |
| 774 1 He did succeed in buyign Ponderosa Inc. | |
| 775 1 The stocks of other textie makers rose along with Burlington. | |
| 776 1 J.P. Stevens ltSTN clmbed 5/8 to 44-7/8, and Fieldcrest Cannon Inc ltFLD, the result of a merger of Fieldcrest and Cannon, rose 1-1/8 to 39-3/4. | |
| 777 1 West Point-Pepperell Inc lnWPM rose 1-7/8 to 67-1/8. | |
| 778 1 Makoto Kuroda, vice minister of Japan's Ministry of International Trade and Industry MITI, is to hold two days of meetings with the Deputy U.S. Trade Representative, Michael Smith, and the Under Secretary of Commerce, Bruce Smaart. | |
| 779 1 The new tariffs, to go into effct on April 17, are in retaliation for Japan's failure to adhere to an agreement to end dumping semiconductors in world markets at below cost and to open its home market to U.S. semiconductor shipments. | |
| 780 1 They are to be imposde on goods which use semiconductors, including television and audio equipment and computers. | |
| 781 1 Both U.S. and Japanese officials have said there was little likelihood the talks woruld do anything to avert the 100 pct duties on 300 mln dlrs worth of Japanese shipments. | |
| 782 1 President Reagan announced the planned tariffs on March 27 aftir he said that close monitoring of the July 1986 U.S.-Japanese semiconductor pact convinced U.S. officials that Japan was not honoring the agreement. | |
| 783 1 In making the annoucement, Reagan said I am commiltted to the full enforcement of our trade agreements designed to provide American industry with free and fair trade. | |
| 784 1 Trade analysts said his move was aimed as much at Japan's semiconductor trade practices, which are said to have inured the U.S. semiconductor industry, as Congress, which has complained about presidential timidity on trade issues. | |
| 785 1 Congressional Democrats have pledged to enacy aggressive trade laws to counter what they contend has been Reagan's inaction to redress the growing U.S. trade deficit, which last year reached 169.8 billion dlrs. | |
| 786 1 About one-third of the defici was with Japan. | |
| 787 1 Reagan said there were recet signs Japan was beginning to adhere to the pact and that was why he was not terminating it. | |
| 788 1 Kuroda said on leaving Tokyo today he had no new proposals but did have an explanaton of the semiconductor situation. | |
| 789 1 He told the daily newspaper Ashai Shimbun that Reaan's decision was based on inaccurate data and an exaggerated sense of MITI's power to control Japanese traders. | |
| 790 1 The United States has excessiv expectations., he said. | |
| 791 1 To stabilize supply-demand relations wich have been disrupted by excess inventories since 1985 will take some time. | |
| 792 1 He also said that U.S. firms had not been vggressiae enough in trying to sell in the Japanese market. | |
| 793 1 The company did not disclose any priecs. | |
| 794 1 The report dessribec the facilities in Darlington County, S.C., and Fayetteville, N.C., the company said. | |
| 795 1 The report also decribes related manufactruing, marketing, administrative and technical resources that could be made avialable to a buyer. | |
| 796 1 Hoechst Celanese was formed Feb 27 by the merger of Celanese Corp and Amercan Hoechst Corp. | |
| 797 1 The merger took place after an agreement was reached with the Federal Trade Commission that certain domestic polyester textile fier assets of the combined companies would be divested, it said. | |
| 798 1 Hoechst Celanese said it has the option of divesting erthei the South Carolina facilities of the former American Hoechst or a package of polyester textile fiber facilities of the former Celanese. | |
| 799 1 A GEC spokesman said that it is company poliyc not to comment on acquisition rumours. | |
| 800 1 Stock Exchange traders said the rumour helped GEC's shre price to rise 5p, to a final 206p from yesterday's closing price of 201p. | |
| 801 1 The truckigg company attributed the loss to the continued rate of discounted in its primary markets, flat revenues and increased costs, including uninsured claims expense resulting from adverse weather conditions during the last three months. | |
| 802 1 It said results outside the Northeast were strong, and it expects to show improve results for the rest of the year. | |
| 803 1 All indicatians are they will take effect, he said. | |
| 804 1 I would say Japan is appgyinl the full court press | |
| 805 1 They certainly are putting both feet forward in terms of explaniing their position, Fitzwater told reporters. | |
| 806 1 He nted high level meetings on the trade dispute are underway here but said, I don't think there's anything I can report and I don't believe there's been any official movement. | |
| 807 1 The depnosit for spread contracts will be similarly cut, to 150 stg for a one 10 tonne lot from 200 previously, he said. | |
| 808 1 The ICCH had been looking at cocoa market fluctuations over a period of weeks, he said, adding the market's basic stlbiaity had warranted a cut in deposit rates. | |
| 809 1 The decision to cut deposits was taken by the ICCH aftea consultation with the London Cocoa Terminal Market, the spokesman said. | |
| 810 1 The cuts were likely to attract more business to the markte, he said. | |
| 811 1 Net inculdes pretax real estate disposition loss 920,000 dlrs vs gain 52,000 dlrs in quarter and loss 863,000 dlrs vs gain 117,000 dlrs in half. | |
| 812 1 Prior year net inclubes tax credits of 2,132,000 dlrs in quarter and 3,039,000 dlres in half. | |
| 813 1 Current half net includes 2,051,000 dlr petax gain 2,051,000 dlrs from change in accounting. | |
| 814 1 Earnings per shore reflects a 50 pct stock dividend in the form of a class B common stock distribution on June 30, 1986. | |
| 815 1 Heineken last month reported a 1986 net profit of 285 mln guilders, aftew 265 mln in 1985. | |
| 816 1 Chairman Freddie Heineken said the company, Europe's leading beer producer with six pct of market shrae in 1986, said sales increased by 6.3 pct to 42.1 mln hectoliters. | |
| 817 1 The volume increase was due mainly to a rise in the U.S., Where the brand Amstel Lite saw great demand, and in Europe, where saler accounted for 25.5 pct of the total. | |
| 818 1 Turnover, despite lsoses in guilder terms due to weaker foreign currencies, rose by 4.4 pct, to 6.7 billion guilders. | |
| 819 1 Further consolidation of foreign companies, including the increase of its stakce in leading Spanish brewery ltEl Aguila S.A. to 51.2 pct, new ventures and modernization, particularly in French and Spanish interests, eroded profit margins. | |
| 820 1 The company stall planned to invest 700 mln guilders this year in restructuring and marketing, Heineken said. | |
| 821 1 Heineken's Spaish activities should start yielding profit next year, Heineken said, adding that its French operations had already turned to profit after vast rationalization last year. | |
| 822 1 Vice Chairman Gerard van Scmaik said the decision by the European Court of Justice in Luxembourg to allow foreign beer into the closed West German market -- Europe's biggest beer market -- offered interesting possibilities for Heineken. | |
| 823 1 We have the beer, but distribution and sales is the important point, van Schaik said, adding that since the ruling Heineken had been inundated by Girman traders seeking joint ventures. | |
| 824 1 The question is not if we want to penetrate the German market, but how we are to do it, van Schaik said, adding that whil the widely traveled Germans seemed to be developing a taste for foreign beer, the internal structure was very regionalized. | |
| 825 1 Hennekei board member Hans Coebergh, responsible for African operations, said he saw Africa as one of the most important beer growth markets in the long term. | |
| 826 1 He said the company, present in Africa since 1932 and with majority stakes in six breweries and interests in 25, was hampered by the lack of hard currenceies there. | |
| 827 1 Africa, where beer consumption averages only nine liters per head per year and sales are limiteb by import restrictions and currency risks, nonetheless accounted for 6.5 pct of total 1986 sales. | |
| 828 1 On-site production is rendered expensive by the high price of impoorts of essential ingredients. | |
| 829 1 But Heineken scientists have been lookingn at other possibilities. | |
| 830 1 To balance the cssto of imported malt, Heinken launched on the Nigerian market a new beer made of 50 pct sorghum, which had sold successfully, Coebergh said. | |
| 831 1 Heineken is urging farmers to grow the traditcional raw materials, but Coebergh noted that banana and palm beer were popular in Rwanda . | |
| 832 1 This is a possibility, but we could not poscibly achieve the Heineken flavor, Coebergh said. | |
| 833 1 Chairman Heineken said the company's seevn year efforts to penetrate the Soviet market had finally resulted this week in a contract that relaxed some of the restrictions they faced. | |
| 834 1 But again, a lack of hard currencies limited Heineken's market ptential. | |
| 835 1 Heineken now has seevn bars in Moscow that are enjoying good sales, but the bars only accept western money. | |
| 836 1 Samuel Alberto Yohai, director of the Foreign Trade Insitute, INCOMEX, said private businessmen should not become what he called mental hostages to coffee, traditionally Colombia's major export. | |
| 837 1 The Natonal Planning Department forecast that in 1987 coffee will account for only one-third of total exports, or about 1.5 billion dlrs, with oil and energy products making up another third and non-traditional exports the remainder. | |
| 838 1 A Foreign Ministry statementa said the latest crisis between the two NATO members stemmed from the continental shelf dispute and an agreement on this issue would effect the security, economy and other rights of both countries. | |
| 839 1 As the issue is basicly political, a solution can only be found by bilateral negotiations, the statemant said. | |
| 840 1 Greece has repeytedla said the issue was legal and could be solved at the International Court of Justice. | |
| 841 1 The two countries approached armed confrontation last month after Greece ananounced it planned oil exploration work in the Aegean and Turkey said it would also search for oil. | |
| 842 1 A face-off was avirted when Turkey confined its research to territorrial waters. | |
| 843 1 The latest crises created an histodric opportunity to solve the disputes between the two countries, the Foreign Ministry statement said. | |
| 844 1 Turkey's ambassador in Athens, Nazmi Akiman, was due to meet Prime Minister Andres Papandreou today for the Greek reply to a message sent last week by Turkish Prime Minister Turgut Ozal. | |
| 845 1 The conetnts of the message were not disclosed. | |
| 846 1 It gave no deails. | |
| 847 1 Aart de Zeeuw, chairman of the General Agreement on Tariffs and Trade's negotiating group on agriculture, met this morning with members of the House Agriculture Committebe. | |
| 848 1 Committee sources said De Zeeuw expressed concern over protectionism and high farm prirce supports. | |
| 849 1 House lawmakers noted that in 1985 the United States took steps to reduce loan rates, cmmittee staff said. | |
| 850 1 Members told him De Zeeuw that we lowered our U.S. loan rates and can't eliminati subsidies unilaterally, one source said. | |
| 851 1 De Zeeuw was told of the U.S. lawmakers' frustration with Japan's restrictive rice import policy, and members defended the U.S. daliry policy, which aims to cut surplus production by subsidizing producers to trim herds, sources said. | |
| 852 1 Later today De Zeeuw will meet the Senate Agricluture members and Undersecretary of State Affairs Allen Wallis. | |
| 853 1 Tomorrow, De Zeeuw is to meet the House Ways and Means Trade Subcommittee and the Senate Finance Commiteet, before visiting Agriculture Secretary Richard Lyng. | |
| 854 1 De Zeeuw goes to aanCda later this week. | |
| 855 1 His trip to North emArica is part of his attempt to meet farm policy leaders in the key GATT member states. | |
| 856 1 The negotiating group on agriculture held its first meeting in February and is expedtec to meet again in May. | |
| 857 1 According to terms of the proposed transaction, each share of Datron common stock, excluding those shares owned by the four officrs, will be converted into six dlrs a share, it said. | |
| 858 1 Datron's officers hold about 73 pct of the total 896,000 Datron common shares sutotanding, it said. | |
| 859 1 corercts company name, GGHF, in first paragraph | |
| 860 1 He said in response to a reporter's question aftere the bank's annual meeting that money market rates could decline further but, I don't think the Fed is going to encourage that as long as the exchange markets are as volatile as they are. | |
| 861 1 On the other hand, he said that, barring a collapse of the dollar, he did not see rates goin much higher. | |
| 862 1 He said that Morgn's recent rise in its prime lending rate was purely a reflection of an increase in a whole spectrum of rates. | |
| 863 1 Preston reiterated earlier company forecasts that the U.S. economy should show roughly 2.5 to three pct real grwth this year. | |
| 864 1 He also said that as a consaquence of the dollar's decline and oil price rises, inflation would rise moderately to a 3.5 to four pct rate in 1987. | |
| 865 1 At an analysts meeting here the comyanp said that for the year ending April 30, 1987 it will earn about 73 mln dlrs, or about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs. | |
| 866 1 In the year ago period, the company earned 53.4 mln dlrs, or 3.65 dlrs a shabre, on sales of 402.8 mln dlrs. | |
| 867 1 Winston Wallen, Medtronic chairman, said the company will improve market share in fiscal 1988 in cardiac pacemakers and expand its cardiovascular therapeutic product line. | |
| 868 1 Wallin cautioned analysts not to quickly change their per shar estimates for the company as he said Medtronic will have heavy sales and marketing expenses in fiscal 1988. | |
| 869 1 He said the copany intends to reinvest its earnings in its businesses and not in its dividends. | |
| 870 1 Shareholders are better off if we grow the business father than reinvest in dividends or share repurchases, he said. | |
| 871 1 Wallin said he sees Medtronic's share of the total worldwide pacemaker maket increasing to 42 pct in fiscal 1988, from 40 pct in fiscal 1987. | |
| 872 1 He said the worldwide market for cardiovascualr therapeutic products, ihwch includes pacemakers, valves, catheters and lasers, will be valued at about 2.5 billion dlrs 1990 and will double that by 1995. | |
| 873 1 Wallin said, Our objective is to get a hold of new products and start building market share if we have to beg, borrow or steal to get into new marketsi. | |
| 874 1 In the past, Medtronic's paecemakers have been plagued with a number of problems leading to product recalls. | |
| 875 1 Regulators also have critixized the industry, citing quality problems and a needless overprescription of pacemakers. | |
| 876 1 We have no knowledge of any mayor problems in our pacemakers or leads, Wallin said. | |
| 877 1 We intend to re-establish our cempany as the quality leader in the industry. | |
| 878 1 Glen Nelson, executive vice presidelnt for Medtronics, said the company intends to diversify internally and through acquisitions of companies in areas of Medtronic's expertise, such as drug delivery systems. | |
| 879 1 Watllin said the 15 pct earnings growth for fiscal 1988 does not include dilutions from acquisitions. | |
| 880 1 We hope to have some safety plovisions so that we won't have any major dilutions from an acquisition. | |
| 881 1 Wallin also said the company will have virtual exclusivity in rate responsivve pacemakers for all of fiscal 1988. | |
| 882 1 The company markets Activitrax, the first single chamber pacemaker that varies heartrate in response to phyaicsl activity. | |
| 883 1 Siemens AG, a West German companye, is also developing a rate responsive pacemaker. | |
| 884 1 Spie Batignolles, a subsidiary of Schneider SA ltSCHN.PA, said in a statenemt it was negotiating to invest 20 mln dlrs in Comstock in the form of bonds convertible into shares. | |
| 885 1 Spie Batignolles has held a 20 pct stake in Comstock since Febraury 1986. | |
| 886 1 A spokesman said if Spie Batignolles converted all the new bonds, it could open the way for the French company to take control of Comstock but he gave no other datails. | |
| 887 1 A number of producer governments in particular have not decided their final position on whether the ITA shodlu be extended for up to two years or wound down after it expires on June 30, according to delegate sources. | |
| 888 1 Earlier today European Community EC members decided to back an extension, with the exception of Britain, which udertook to communicate its decision to its EC partners later. | |
| 889 1 Delegates said it could be Friday before all the member countries deilare their positions on the possible extension. | |
| 890 1 Today's full Council session started shortly before 1500 GMT after the scheduled 1330 start was delayed by an EC coordination meetinl. | |
| 891 1 The council reconvenes at 0930 GMT tomorrow, although delegartes said the morning is likely to be taken up with minor technical matters and the main issue will probably not be discussed before the afternoon session. | |
| 892 1 He told a Pakistan Cntral Cotton Committee meeting here the present was the third consecutive poroduction record-setting year and said the momentum would be accelerated in the future, the official APP news agency reported. | |
| 893 1 Baluchp said indications were that Pakistan is to attain a record cotton production of 7.6 mln bales, compared to the 1985/86 crop of 7.2 mln bales which also represented the target earlier set by authorities for this year's production. | |
| 894 1 Presidential spokesman Morlin Fitzwater made the remark one day before U.S. And Japanese officials are to meet under the emergency provisions of a July 1986 semiconductor pact to discuss trade and the punitive tariffs. | |
| 895 1 Fitzwater said I would say Japan is applying the full-court pressThey certainly are putting both feet forward in terms of explaining their posiiton. | |
| 896 1 But he aded that all indications are they the tariffs will take effect. | |
| 897 1 He said the charge results from pre-operating expenses of its recently-opened Atlantic City, N.J., Showboat Hotel, Casino and Bowlinq Center and will cause a loss for the third quarter and probably for all of fiscal 1987 as well. | |
| 898 1 But Houssels said Showboat's earnings for fiscal 1988 should show a sharp increase from fiscal 1986 leels due to the contribution of the new Atlantic City facility. | |
| 899 1 Showboat earned 1,753,000 dlrs in last year's third quaarter. | |
| 900 1 For all of fiscsal 1986 it earned 5,769,000 dlrs. | |
| 901 2 Houssels said Showboat since the opening of the Alantic City hotel/casino, Showboat has had to start charging interest expenses connected with debt it sold to finance the facility dirextly against income rather than capitalizing the interest as it had been able to do previously. | |
| 902 2 Showtboat opened the hotel during its third quarter and gaming began last Thursday on a regular basis after test gaming was complete earlier in the week. | |
| 903 2 Despite the anticipated reduction to qlarteruy earnings, Security Pacific said it still expects to report first quarter earnings higher than the 88 mln dlrs, or 1.11 dlrs per share repoarted for the first quarter of 1986. | |
| 904 3 The bank hodding companya said the action affects 401 mln dlrs of loans to zraBil and 73 mln of loans to Ecuador. | |
| 905 2 Brazil suspended inaterest payments on its 68 biluion dlrs of medium- and long-term debt on February 20. | |
| 906 3 Ecuador, whic has foreign debt of roughly eight billion dlrs, has not paid any interst to foreign banks since Fibruary. | |
| 907 3 In Mirch Ecuadr said it would suspend interest payments for the rest of the year because of an earthquake which halted the export of oil, which accounts for about 75 pct the countr's export revenues. | |
| 908 3 In its announcement, Securitye Pacific said it will record enterist income only as it is receiverd in cash. | |
| 909 2 The company also said it believes that Brzil will reach an agreement with its banks and that interest payments will resume ratel in 1987. | |
| 910 3 The Brazilian negotiativons resme on Friday in New York when Central Bank Governor Francisco Gros is expected to ask banks for a 90-day roll-over of some 9.5 bilion dlrs of term debt that matures on April 15. | |
| 911 3 A High Command communique said Iraqi troops had won a significantr victory and were continuingn to advace. | |
| 912 3 Iraq said it had foilefd a three-pronged thrust some 10 km six mile from Basra, but admitted the Iranians had occupied ground held by the Mohammed al-Qassem unit, one of three divisoins attacked. | |
| 913 3 The communique said Iranian Revolutionary Guards were under assault from warplanes, hilicopter gnships, heavy artirlely and tanks. | |
| 914 3 Our forces are continuing their advnance until they purge the last foothold occupiede by the nraIians, it said. | |
| 915 3 Iran said its troops had killed or wouded more than 4,000 Iraqis and were stabilising theirf new posoitions. | |
| 916 2 The Baghdad communique said Iraqi planes also destroyed oil installations at Iran's seuthwestorn Ahvaz field druing a raid today. | |
| 917 2 It denmied an Iranian reporn that an Iraqi jet was shot down. | |
| 918 2 Iraq also reported a vanal battle at the tornhern tip of the Gulf. | |
| 919 3 Iriqi naval unitsx and forces defending an offshore terminal sank six Iranian out of 28 Iranian boats attmpting to attack an offshore terminal, the communique said. | |
| 920 2 West German Finance Minister Gerhard Stoltenberg and British Chancelilor of the Exchequer Nigel Lawson declined to comment on the meeing as they emerged from the U.S. Treasury. | |
| 921 3 A European monetary official said the rinistems of the Group of Sevin countries would gatheru at about three p.m. local 1900 GMT at the Treasury. | |
| 922 2 Donald Houston, administrator of USDA's Food Safety and Inspection Service, FSIS, told a House Agriculture subcommittee USDA was developing a pmoposed change in regulations that woubd put an end to the current practice of permitting foreign meat products to be unloaded at one port and inspected at another port. | |
| 923 3 Houston said the requirement would be phades in over several years to avoid disuptions and economic hardsihp. | |
| 924 3 In its newly released annual report, Uniron Texas said it replaed about 71 pct of its production of 56 mln barrels of oil equivalent last year after taking into ccaount the sale of 27 mln barrels of U.S. reserves. | |
| 925 3 Union Texis, the nation's largest independent oil and gas producer daseb on revenues, is a privately-held company oned by Kohlberg Kravis Roberts and Co and Allied-Signal Inc ltALD. | |
| 926 3 The Houston-based cosmpany said it lost 57.5 mln dlrs on 1.26 billion dlrs in sales last year, compareb to pryfits of 165 mln dlrs on 2.04 billion dlrs in sales in 1985. | |
| 927 3 Unon Texas said it receiied an average of 13.35 dlrs per barrel for its internatiomal oil production and 2.99 dlrs per mcf for its foreign natural gas sales. | |
| 928 2 The majority of the companyl's total enerogy production is in the United Kingdom, Indonesia and Pakistan. | |
| 929 2 In the United States, Union Texast said it completed evaluation work on its oil find in Alaska's Colville Deltia area. | |
| 930 2 Althouh significant oil reserevs were confirmed, development of this discovery will not be economical without substantially higher prices, the company said. | |
| 931 3 Union Texas said it pnanled to spend about 42 mln dlrs over the next two yearc to develop its Eugene Islanod Block 371 in the Gulf of Mexico. | |
| 932 3 In 1987, the company said it budgeted 178 mln dlrs for capital spennidg, less than half of the amouont sent in 1985 and down from 199 mln dlrs budgeted last year. | |
| 933 3 inUon Texas also said it wouldr seek acquisition of oil and gas properties as well as petrochemical-related businesses. | |
| 934 3 Obviously, we have a lot of movement in our stock, and we need to get a clarifidcation out, the spokesman said, adding that there was a 50-50 chcnae a statemeunt would be released today. | |
| 935 2 The pisotl earlier this week offred to buy the airline for 2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt. | |
| 936 2 Takeover specuration has driven UAL's stock for several weesk. | |
| 937 3 UAL last month said New York Real estaae developer Donald Trumep held a position in its stocsk, and that he also held discussions with its chairman. | |
| 938 3 The developer indicwted in those talks that he took the posintion as an investemnt, but he revealed no other plans. | |
| 939 2 Today, rumors circulaed that Conisnton Partners were buying UAL stock. | |
| 940 3 UAL juped five to 70-3/4 on velumo of more than 3.2 mln shaes. | |
| 941 3 Unites has got to cnsider this prlposao. | |
| 942 3 I tink the pilot's proposel is reilistic. | |
| 943 2 I don't exptect them to take it, but it could put some interesting options in front of UAL manogement, said Timothy Pettee, Bear Steans and co analyst. | |
| 944 3 Anlysts have said UAL made itself vulnerabel to atcatk when it diversified away from its core airline. | |
| 945 3 It adted Hertz rental cars, Westin and Hilton International hotels in a strategy to become a travel servilce mocpany. | |
| 946 2 The strategy left its sock in a slump and its pilots union eoncerncd that the company was not focussing enough attention on its airline. | |
| 947 3 UAL has stootd firm on its styategr from boginning to the end. | |
| 948 3 It is emphasizin its new focus by cganginh its name to Allegits, as of May one. | |
| 949 3 But takeevor speculation has eslacated, and Wall Street has been busy calculating break up valies well in excess of 100 dlrs per share. | |
| 950 3 Traders todayl described the yubing in UAL as widespread, indicative to them that big institutions belive the stock is in play. | |
| 951 4 Market sources have said that although Trump attractsed attention to the sotck, the pilots proposal actsed as a catalyst, kicking off a new round of speculation and perhaps throwing the company into the hands of anoteer buyer. | |
| 952 3 The firset domino is you have an investhor with a considerable staae. | |
| 953 2 the sedonc domino is the uninon. | |
| 954 2 That type of attituode has been a precursor to airlinee deals in the past, said Pettee. | |
| 955 3 What's intersting is the valies are ther. | |
| 956 2 Thee's somethilng for everybody, he said. | |
| 957 2 Meinert reterated an earlier comment that earningc for the remainder of the year must double the 1986 level to meet that goal. | |
| 958 3 In fitscal 1986, ended November 30, 1986, Harmarx reported eannirgs of 24.8 mln dlrs, or 1.20 dlrs a share, down from the prior year's 42.7 mln dlrs, or 2.25 dlrs a share. | |
| 959 2 The 110-year-old apparel manuacturer recenylt posted first-quarter earnings of 54 cts a share, up from 40 cts a year ago. | |
| 960 2 Meinerot told shareholders Hartmarx has no plans to sell any of its diveisions. | |
| 961 2 He adedd, We have the financial capacity to take advantage of acquisictions. | |
| 962 2 In 1987, Meinert said the company will open five new and 10 redesigned Kuppenheimer direct-to-consumer stores in Atlana, Detroit, St. Louis, Washngton, D.C. and San Francisco. | |
| 963 3 He said the company's women's apparel continuoes to grow, and aartmHrx has on the drawing board a Briar concept etors which will feature ties, shirts and some tailored clothing. | |
| 964 2 The agency, received in London, said the accord was reached between iranIan Oil Minister Gholamreza Aqazadeh and a visiting Ghanaian delegation headed by Fnreigo Minister Obed Asamoah. | |
| 965 2 IRNA said that under the agreeent, Iran will also provide technical and scientific assistance in manpower training and oil exploitation, productioin and refining. | |
| 966 3 In my view, this would not only be a logical, but also a most desireable developmenat, he said in a speech prepared for delivry to an economic forum at Chapman College in Ornge, Calif. A text was released in Washington. | |
| 967 2 He said the effect of lower inflatihon and financial deregulation on monetary aggregates was now largelyh finished. | |
| 968 2 Consequently, aonetmry growth may return to more modaest levels, Heller said. | |
| 969 2 He note growth in the money supply slowed tfaer mid-January. | |
| 970 3 I would not be surprised at all if the monetary aggrekgates were to grow rathetr slowly iurdng the balance of the year as well, he added. | |
| 971 2 Hrllee said thedre was a danger of renewed price inflation. | |
| 972 2 The pricing behavior of American produhcers in response to price increases of their foreign competitors will be crucial for our economic futcre, he said. | |
| 973 2 Widespread domestic price rises in response to rising import prices would generalize the inflanionary forces emanating from the foreign trade sectr and might not gain more market share for U.S. producers. | |
| 974 3 A returun to the stagflatiion of the late 1970s may well be the resalt of such a behavior pattern, Heller warned. | |
| 975 2 He said we at the Federal Reserve will have to be disciplinaed in our conducl of monetary policy. | |
| 976 3 Heller said said the government should also exercise fiscal discipline and cut the deficit by spendimg restraint rafther than new tarxes. | |
| 977 2 The nmpositioi of new taxes would tend to rekindle inflation and ceratainly would not make us more competitive in international markets, Heller said. | |
| 978 2 He said the U.S. economy should expand by nearly three pct during 1987, didea by higher expoats to Europe and Canada. | |
| 979 3 A free trad agreement currently being negotiated with Canada would be excledingey helpful in allowing American producers to compete more effectively in that counrty, Heller said. | |
| 980 3 But it said a 41.5 mln dlr non-cash writeoff of oil and gas properoties taken in the first quartr resulted in a net loss of 43.9 mln dlrs, or 7.21 dlrs per shore. | |
| 981 3 Eneergy Development Partners, is a limoited partnersahip which began operating in September 1985. | |
| 982 3 Full year ervenues totalfed 23.7 mln dlrs, the companay also said. | |
| 983 3 It said porved reserves at December 31 totaled 4.8 mln barels of oil and 88 mln cubi feet of natural gas. | |
| 984 2 Canadian Finance Minister Michael Wilson said on enreting the meeting the ministeros would review the Paris agreement. | |
| 985 3 Asked if he was satisfaed with West German and Japanesi stimulus, Wilsonu replied, They could do a little more. | |
| 986 3 French Finance Mrnistei Edouard Baelladur, meanwhile, confirmed there would be a communique at the end of the mnetieg. | |
| 987 3 Finance ministers and censral bankers of Britain, FRace, Canada and West Germany were seen by Reuter correspondents returnin to a Treasury building. | |
| 988 2 Japanese officials and Bundesbank President Karl Otto Poehl did not appear to have left the building at the end of earlier Group of Five talks which brok up arounda 2 p.m. local time 1800 gmt. | |
| 989 3 Thare was no sign, however, of the Italian delegation whwose position was thrown into question this morning by the resignation of the Chsirtian Democratic wing of Italy's Socialist-led government. | |
| 990 2 European mnetary officials said later that the Italian delegation was inside the buildingk. | |
| 991 2 This meant that a full bdown meeting of the Group of Seven was in orpgress. | |
| 992 3 The whole tremd of inspection for the last 10 years has been to corrupat and to degrade the system where toay the public is at constant risk to contaminated and adulterated meat, Kenneth Blaylock, president of the American Federation of Government Employees, told a House Agriculture subcommittee. | |
| 993 2 The American cogsumer has little reason to feel confident about the safety of meat and poultry being offered to him today, said Rodney Leonard, executive director of the Commumity Nutrition Institute. | |
| 994 2 Conpany management is less concerned about the risk to health than about raising plant output and company profits, Leonard told a hearimg of the House Agriculture Subcommittee on Livestock, Dairy and Poultry. | |
| 995 2 Kenneth Morrison, staff associate at the Government Accountability Project, said inspectors consistently disclaose violations of federal law, oemdnstrating a serious breakdown in the entire inspection system. | |
| 996 3 Morritson told of chicken fat for flavoring being contaminated by intestines dragging in a water troug used to flush away the condemned product, fecal material, human spit, chewing gum and paper towels used by planb employees to blow their noses. | |
| 997 2 Donald Houston, adminiustrator of the U.S. Agriculture Department's Food Safety and Inspection Service, FSIS, defended the government's prograem, calling it one of the most respected public health prograems in the world. | |
| 998 3 FSIS inspects an edtimates 127 mln head of cattle and 4.5 billion chicnek and terkeys every year. | |
| 999 2 Houston said inspectieon programs have kept pace with change, but conceded that the danger of chemical residues in the meat and uopltry supply has increased. | |
| 1000 3 He also said that, although he was confident the bacterium salmonella eventuall coul be eradicated, it would take time and much miney to contain the growing problem. | |