init

reuters/README

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+
+      The Reuters-21578 benchmark corpus, ApteMod version
+
+This is a publically available version of the well-known Reuters-21578
+"ApteMod" corpus for text categorization.  It has been used in
+publications like these:
+
+ * Yiming Yang and X. Liu. "A re-examination of text categorization
+   methods".  1999.  Proceedings of 22nd Annual International SIGIR.
+   http://citeseer.nj.nec.com/yang99reexamination.html
+
+ * Thorsten Joachims. "Text categorization with support vector
+   machines: learning with many relevant features".  1998. Proceedings
+   of ECML-98, 10th European Conference on Machine Learning.
+   http://citeseer.nj.nec.com/joachims98text.html
+
+ApteMod is a collection of 10,788 documents from the Reuters financial
+newswire service, partitioned into a training set with 7769 documents
+and a test set with 3019 documents.  The total size of the corpus is
+about 43 MB.  It is also available for download from
+http://kdd.ics.uci.edu/databases/reuters21578/reuters21578.html ,
+which includes a more extensive history of the data revisions.
+
+The distribution of categories in the ApteMod corpus is highly skewed,
+with 36.7% of the documents in the most common category, and only
+0.0185% (2 documents) in each of the five least common categories.
+In fact, the original data source is even more skewed---in creating
+the corpus, any categories that did not contain at least one document
+in the training set and one document in the test set were removed from
+the corpus by its original creator.
+
+In the ApteMod corpus, each document belongs to one or more
+categories.  There are 90 categories in the corpus.  The average
+number of categories per document is 1.235, and the average number of
+documents per category is about 148, or 1.37% of the corpus.
+
+ -Ken Williams
+  ken@mathforum.org
+
+         Copyright & Notification 
+
+(extracted from the README at the UCI address above)
+
+The copyright for the text of newswire articles and Reuters
+annotations in the Reuters-21578 collection resides with Reuters Ltd.
+Reuters Ltd. and Carnegie Group, Inc. have agreed to allow the free
+distribution of this data *for research purposes only*.  
+
+If you publish results based on this data set, please acknowledge
+its use, refer to the data set by the name "Reuters-21578,
+Distribution 1.0", and inform your readers of the current location of
+the data set (see "Availability & Questions").
+

reuters/stopwords

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reuters/test/14826

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+ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT
+  Mounting trade friction between the
+  U.S. And Japan has raised fears among many of Asia's exporting
+  nations that the row could inflict far-reaching economic
+  damage, businessmen and officials said.
+      They told Reuter correspondents in Asian capitals a U.S.
+  Move against Japan might boost protectionist sentiment in the
+  U.S. And lead to curbs on American imports of their products.
+      But some exporters said that while the conflict would hurt
+  them in the long-run, in the short-term Tokyo's loss might be
+  their gain.
+      The U.S. Has said it will impose 300 mln dlrs of tariffs on
+  imports of Japanese electronics goods on April 17, in
+  retaliation for Japan's alleged failure to stick to a pact not
+  to sell semiconductors on world markets at below cost.
+      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 taxes.
+      "We wouldn't be able to do business," said a spokesman for
+  leading Japanese electronics firm Matsushita Electric
+  Industrial Co Ltd <MC.T>.
+      "If the tariffs remain in place 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 <James
+  Capel and Co>.
+      In Taiwan, businessmen and officials are also worried.
+      "We are aware of the seriousness of the U.S. Threat against
+  Japan because it serves as a warning to us," said a senior
+  Taiwanese trade official who asked not to be named.
+      Taiwan had a trade trade surplus of 15.6 billion dlrs last
+  year, 95 pct of it with the U.S.
+      The surplus helped swell Taiwan's foreign exchange reserves
+  to 53 billion dlrs, among the world's largest.
+      "We must quickly open our markets, remove trade barriers and
+  cut import tariffs to allow imports of U.S. Products, if we
+  want to defuse problems from possible U.S. Retaliation," said
+  Paul Sheen, chairman of textile exporters <Taiwan Safe Group>.
+      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, whose chief exports
+  are similar to those of Japan.
+      Last year South Korea had a trade surplus of 7.1 billion
+  dlrs with the U.S., Up from 4.9 billion dlrs in 1985.
+      In Malaysia, trade officers and businessmen said tough
+  curbs against Japan might allow hard-hit producers of
+  semiconductors in third countries to expand their sales to the
+  U.S.
+      In Hong Kong, where newspapers have alleged Japan has been
+  selling below-cost semiconductors, some electronics
+  manufacturers share that view. But other businessmen said such
+  a short-term commercial advantage would be outweighed by
+  further U.S. Pressure to block imports.
+      "That is a very short-term view," said Lawrence Mills,
+  director-general of the Federation of Hong Kong Industry.
+      "If the whole purpose is to prevent imports, one day it will
+  be extended to other sources. Much more serious for Hong Kong
+  is the disadvantage of action restraining trade," he said.
+      The U.S. Last year was Hong Kong's biggest export market,
+  accounting for over 30 pct of domestically produced exports.
+      The Australian government is awaiting the outcome of trade
+  talks between the U.S. And Japan with interest and concern,
+  Industry Minister John Button said in Canberra last Friday.
+      "This kind of deterioration in trade relations between two
+  countries which are major trading partners of ours is a very
+  serious matter," Button said.
+      He said Australia's concerns centred on coal and beef,
+  Australia's two largest exports to Japan and also significant
+  U.S. Exports to that country.
+      Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the
+  trade stand-off continue.
+      Japan's ruling Liberal Democratic Party yesterday outlined
+  a package of economic measures to boost the Japanese economy.
+      The measures proposed include a large supplementary budget
+  and record public works spending in the first half of the
+  financial year.
+      They also call for stepped-up spending as an emergency
+  measure to stimulate the economy despite Prime Minister
+  Yasuhiro Nakasone's avowed fiscal reform program.
+      Deputy U.S. Trade Representative 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.
+  
+

reuters/test/14828

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+CHINA DAILY SAYS VERMIN EAT 7-12 PCT GRAIN STOCKS
+  A survey of 19 provinces and seven cities
+  showed vermin consume between seven and 12 pct of China's grain
+  stocks, the China Daily said.
+      It also said that each year 1.575 mln tonnes, or 25 pct, of
+  China's fruit output are left to rot, and 2.1 mln tonnes, or up
+  to 30 pct, of its vegetables. The paper blamed the waste on
+  inadequate storage and bad preservation methods.
+      It said the government had launched a national programme to
+  reduce waste, calling for improved technology in storage and
+  preservation, and greater production of additives. The paper
+  gave no further details.
+  
+

reuters/test/14829

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+JAPAN TO REVISE LONG-TERM ENERGY DEMAND DOWNWARDS
+  The Ministry of International Trade and
+  Industry (MITI) will revise its long-term energy supply/demand
+  outlook by August to meet a forecast downtrend in Japanese
+  energy demand, ministry officials said.
+      MITI is expected to lower the projection for primary energy
+  supplies in the year 2000 to 550 mln kilolitres (kl) from 600
+  mln, they said.
+      The decision follows the emergence of structural changes in
+  Japanese industry following the rise in the value of the yen
+  and a decline in domestic electric power demand.
+      MITI is planning to work out a revised energy supply/demand
+  outlook through deliberations of committee meetings of the
+  Agency of Natural Resources and Energy, the officials said.
+      They said MITI will also review the breakdown of energy
+  supply sources, including oil, nuclear, coal and natural gas.
+      Nuclear energy provided 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.
+  
+

reuters/test/14832

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+THAI TRADE DEFICIT WIDENS IN FIRST QUARTER
+  Thailand's trade deficit widened to 4.5
+  billion baht in the first quarter of 1987 from 2.1 billion a
+  year ago, the Business Economics Department said.
+      It said Janunary/March imports rose to 65.1 billion baht
+  from 58.7 billion. Thailand's improved business climate this
+  year resulted in a 27 pct increase in imports of raw materials
+  and semi-finished products.
+      The country's oil import bill, however, fell 23 pct in the
+  first quarter due to lower oil prices.
+      The department said first quarter exports expanded to 60.6
+  billion baht from 56.6 billion.
+      Export 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.
+      Products registering high export growth were jewellery up
+  64 pct, clothing 57 pct and rubber 35 pct.
+  
+

reuters/test/14833

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+INDONESIA SEES CPO PRICE RISING SHARPLY
+  Indonesia expects crude palm oil (CPO)
+  prices to rise sharply to between 450 and 550 dlrs a tonne FOB
+  sometime this year because of better European demand and a fall
+  in Malaysian output, Hasrul Harahap, junior minister for tree
+  crops, told Indonesian reporters.
+      Prices of Malaysian and Sumatran CPO are now around 332
+  dlrs a tonne CIF for delivery in Rotterdam, traders said.
+      Harahap said Indonesia would maintain its exports, despite
+  making recent palm oil purchases from Malaysia, so that it
+  could possibly increase its international market share.
+      Indonesia, the world's second largest producer of palm oil
+  after Malaysia, has been forced to import palm oil to ensure
+  supplies during the Moslem fasting month of Ramadan.
+      Harahap said it was better to import to cover a temporary
+  shortage than to lose export markets.
+      Indonesian exports of CPO in calendar 1986 were 530,500
+  tonnes, against 468,500 in 1985, according to central bank
+  figures.
+  
+

reuters/test/14839

@@ -0,0 +1,24 @@
+AUSTRALIAN FOREIGN SHIP BAN ENDS BUT NSW PORTS HIT
+  Tug crews in New South Wales (NSW),
+  Victoria and Western Australia yesterday lifted their ban on
+  foreign-flag ships carrying containers but NSW ports are still
+  being disrupted by a separate dispute, shipping sources said.
+      The ban, imposed a week ago over a pay claim, had prevented
+  the movement in or out of port of nearly 20 vessels, they said.
+      The pay dispute went before a hearing of the Arbitration
+  Commission today.
+      Meanwhile, disruption began today to cargo handling in the
+  ports of Sydney, Newcastle and Port Kembla, they said.
+      The industrial action at the NSW ports is part of the week
+  of action called by the NSW Trades and Labour Council to
+  protest changes to the state's workers' compensation laws.
+      The shipping sources said the various port unions appear to
+  be taking it in turn to work for a short time at the start of
+  each shift and then to walk off.
+      Cargo handling in the ports has been disrupted, with
+  container movements most affected, but has not stopped
+  altogether, they said.
+      They said they could not say how long the disruption will
+  go on and what effect it will have on shipping movements.
+  
+

reuters/test/14840

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+INDONESIAN COMMODITY EXCHANGE MAY EXPAND
+  The Indonesian Commodity Exchange is
+  likely to start trading in at least one new commodity, and
+  possibly two, during calendar 1987, exchange chairman Paian
+  Nainggolan said.
+      He told Reuters in a telephone interview that trading in
+  palm oil, sawn timber, pepper or tobacco was being considered.
+      Trading in either crude palm oil (CPO) or refined palm oil
+  may also be introduced. But he said the question was still
+  being considered by Trade Minister Rachmat Saleh and no
+  decision on when to go ahead had been made.
+      The fledgling exchange currently trades coffee and rubber
+  physicals on an open outcry system four days a week.
+      "Several factors make us move cautiously," Nainggolan said.
+  "We want to move slowly and safely so that we do not make a
+  mistake and undermine confidence in the exchange."
+      Physical rubber trading was launched in 1985, with coffee
+  added in January 1986. Rubber contracts are traded FOB, up to
+  five months forward. Robusta coffee grades four and five are
+  traded for prompt delivery and up to five months forward,
+  exchange officials said.
+      The trade ministry and exchange board are considering the
+  introduction of futures trading later for rubber, but one
+  official said a feasibility study was needed first. No
+  decisions are likely until after Indonesia's elections on April
+  23, traders said.
+      Trade Minister Saleh 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.
+      Nainggolan said that the exchange was trying to boost
+  overseas interest by building up contacts with end-users.
+      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 American states to
+  encourage participation.
+      Officials say the infant exchange has made a good start
+  although trading in coffee has been disappointing.
+      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
+  locally, the latest exchange report said.
+       Trading in coffee in calendar 1986 amounted to only 1,905
+  tonnes in 381 lots, valued at 6.87 billion rupiah.
+       Total membership of the exchange is now nine brokers and
+  44 traders.
+  
+

reuters/test/14841

@@ -0,0 +1,8 @@
+SRI LANKA GETS USDA APPROVAL FOR WHEAT PRICE
+  Food Department officials said the U.S.
+  Department of Agriculture approved the Continental Grain Co
+  sale of 52,500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C
+  and F from Pacific Northwest to Colombo.
+      They said the shipment was for April 8 to 20 delivery.
+  
+

reuters/test/14842

@@ -0,0 +1,14 @@
+WESTERN MINING TO OPEN NEW GOLD MINE IN AUSTRALIA
+  Western Mining Corp Holdings Ltd
+  <WMNG.S> (WMC) said it will establish a new joint venture gold
+  mine in the Northern Territory at a cost of about 21 mln dlrs.
+      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 <GRA>
+  unit. It is located 30 kms east of the Adelaide River at Mt.
+  Bundey, WMC said in a statement
+      It said the open-pit mine, with a conventional leach
+  treatment plant, is expected to produce about 50,000 ounces of
+  gold in its first year of production from mid-1988. Annual ore
+  capacity will be about 750,000 tonnes.
+  
+

reuters/test/14843

@@ -0,0 +1,82 @@
+SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER
+  Sumitomo Bank Ltd <SUMI.T> is certain to
+  lose its status as Japan's most profitable bank as a result of
+  its merger with the Heiwa Sogo Bank, financial analysts said.
+      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 loans, in
+  October.
+      But despite the link-up, Sumitomo President Koh Komatsu
+  told Reuters he is confident his bank can quickly regain its
+  position.
+      "We'll be back in position in first place within three
+  years," Komatsu said in an interview.
+      He said that while 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.
+      But financial analysts are divided on whether and how
+  quickly the gamble will pay off.
+      Some said Sumitomo may have paid too much for Heiwa Sogo in
+  view of the smaller bank's large debts. Others argue the merger
+  was more cost effective than creating a comparable branch
+  network from scratch.
+      The analysts agreed the bank was aggressive. It has
+  expanded overseas, entered the lucrative securities business
+  and geared up for domestic competition, but they questioned the
+  wisdom of some of those moves.
+      "They've made bold moves to put everything in place. Now
+  it's largely out of their hands," said Kleinwort Benson Ltd
+  financial analyst Simon Smithson.
+      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 increase the business they do with each other.
+      "The tie-up is widely looked on as a lame duck because the
+  Fed was stricter than Sumitomo expected," said one analyst.
+      But Komatsu said the move will pay off in time.
+      "U.S. Regulations will change in the near future and if so,
+  we can do various things. We only have to wait two or three
+  years, not until the 21st century," Komatsu said.
+      Komatsu is also willing to be patient about possible routes
+  into the securities business at home.
+      Article 65 of the Securities and Exchange Act, Japan's
+  version of the U.S. Glass-Steagall Act, separates commercial
+  from investment banking.
+      But the walls between the two are crumbling and Komatsu
+  said he hopes further deregulation will create new
+  opportunities.
+      "We need to find new business chances," Komatsu said. "In some
+  cases these will be securities related, in some cases trust
+  bank related. That's the kind of deregulation we want."
+      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, Komatsu said.
+      He said Sumitomo is cautiously optimistic about entering
+  the securities business here through its Swiss universal bank
+  subsidiary, Banca del Gottardo.
+       The Finance Ministry is expected to grant 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.
+      But Komatsu is reluctant to push hard for a similar
+  decision on a Gottardo subsidiary.
+      "We don't want to make waves. We expect this will be allowed
+  in two or three years," he said.
+      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 added.
+      The analysts said Sumitomo will have to devote a lot of
+  time to digesting its most recent initiatives, including the
+  merger with ailing Heiwa Sogo.
+      "It's (Sumitomo) been bold in its strategies," said
+  Kleinwort's Smithson.
+      "After that, it's a question of absorbing and juggling
+  around. It will be the next decade before we see if the
+  strategy is right or wrong."
+  
+

reuters/test/14844

@@ -0,0 +1,14 @@
+SUBROTO SAYS INDONESIA SUPPORTS TIN PACT EXTENSION
+  Mines and Energy Minister Subroto
+  confirmed Indonesian support for an extension of the sixth
+  International Tin Agreement (ITA), but said a new pact was not
+  necessary.
+      Asked by Reuters to clarify his statement on Monday in
+  which he said the pact should be allowed to lapse, Subroto said
+  Indonesia was ready to back extension of the ITA.
+      "We can support extension of the sixth agreement," he said.
+  "But a seventh accord we believe to be unnecessary."
+      The sixth ITA will expire at the end of June unless a
+  two-thirds majority of members vote for an extension.
+  
+

reuters/test/14849

@@ -0,0 +1,32 @@
+BUNDESBANK ALLOCATES 6.1 BILLION MARKS IN TENDER
+  The Bundesbank accepted bids for 6.1
+  billion marks at today's tender for a 28-day securities
+  repurchase pact at a fixed rate of 3.80 pct, a central bank
+  spokesman said.
+      Banks, which bid for a total 12.2 billion marks liquidity,
+  will be credited with the funds allocated today and must buy
+  back securities pledged on May 6.
+      Some 14.9 billion marks will drain 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.
+      A Bundesbank spokesman said in answer to enquiries that the
+  withdrawal of funds did not reflect a tightening of credit
+  policy, but was to be seen in the context of plentiful
+  liquidity in the banking system.
+      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 requirement of 51 billion marks.
+      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 plenty of liquidity.
+      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 interest rates. Two
+  further pacts are likely this month over the next two weeks.
+      The Bundesbank is currently steering call money between 3.6
+  and 3.8 pct, although short-term fluctuations outside that
+  range are possible, dealers said.
+  
+

reuters/test/14852

@@ -0,0 +1,33 @@
+BOND CORP STILL CONSIDERING ATLAS MINING BAIL-OUT
+  Bond Corp Holdings Ltd <BONA.S> and Atlas
+  Consolidated Mining and Development Corp <ATLC.MN> are still
+  holding talks on a bail-out package for the troubled mining
+  firm, an Atlas statement said.
+      Atlas, the Philippines' biggest copper producer, said it
+  had been hit by depressed world copper prices. It reported a
+  net loss of 976.38 mln pesos in the year ending December 1986,
+  compared with a net loss of 1.53 billion in 1985.
+      The company said it had been able to cut its losses because
+  its scaled-down copper operations in the central island of Cebu
+  started in the second half of 1986.
+      Atlas said negotiations were continuing on the acquisition
+  by Bond of the company's existing bank loans and their
+  restructuring into a gold loan.
+      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 repaid by the mining company in gold.
+      Atlas said the two sides were also discussing equity
+  infusion into Atlas and the creation of a development fund for
+  further exploration and development of the company's gold
+  properties in the central province of Masbate.
+      Wilson Banks, general manager of <Bond Corp International
+  Ltd> in Hong Kong, told Reuters the Atlas statement on the
+  negotiations was "reasonably accurate."
+      Banks said Bond Corp was seriously considering several
+  investments in the Philippines but did not give details.
+      In its statement, Atlas said development of the pre-World
+  War Two underground mines in Masbate had been accelerated and
+  the ore tonnage had increased, extending the operation's life
+  at least until 1993.
+  
+

reuters/test/14854

@@ -0,0 +1,14 @@
+CHINA INDUSTRIAL OUTPUT RISES IN FIRST QUARTER
+  China's industrial output rose 14.1 pct
+  in the first quarter of 1987 against the same 1986 period, the
+  People's Daily said.
+      Its overseas edition said the growth rate, which compares
+  with a target of seven pct for the whole of 1987, was "rather
+  high" but the base in the first quarter of 1986 was on the low
+  side. Industrial output grew 4.4 pct in the first quarter of
+  1986.
+      It said China's industrial production this year has been
+  normal but product quality and efficiency need further
+  improvement. It gave no further details.
+  
+

reuters/test/14858

@@ -0,0 +1,55 @@
+JAPAN MINISTRY SAYS OPEN FARM TRADE WOULD HIT U.S.
+  Japan's Agriculture Ministry, angered by
+  U.S. Demands that Japan open its farm products market, will
+  tell U.S. Officials at talks later this month that
+  liberalisation would harm existing U.S. Farm exports to Japan,
+  a senior ministry official said.
+      "Imports from the U.S. Would drop due to active sales drives
+  by other suppliers," the official, who declined to be named,
+  said. "Japan is the largest customer for U.S. Farm products and
+  it is not reasonable for the U.S. To demand Japan liberalise
+  its farm import market," he said.
+      Agriculture Minister Mutsuki Kato has said if the U.S.
+  Insists Japan open its protected rice market it will also open
+  its wheat market, where volume and origin are regulated to
+  protect local farmers.
+      Australia and Canada could then increase their wheat
+  exports as they are more competitive than the U.S., He said.
+  End-users would also buy other origins, grain traders said.
+      U.S. Agriculture Secretary Richard Lyng, who is due to
+  visit Japan for talks between April 16-27, has said he will ask
+  Japan to offer a share of its rice market to U.S. Suppliers and
+  remove quotas on U.S. Beef and citrus imports.
+      Other countries are already cutting into the U.S. Market
+  share here. Australia, the largest beef supplier to Japan, has
+  been trying to boost exports prior to the expiry of a four-year
+  beef accord next March 31.
+      Imports of U.S. Corn have fallen due to increased sales
+  from China and South America, while Japanese soybean imports
+  from Brazil are expected to rise sharply this year, although
+  the U.S. Will remain the largest supplier.
+      U.S. Feedgrain sales will also drop if Japan opens up its
+  beef imports, since Japan depends almost entirely on feedgrain
+  imports, mainly from the U.S., Japanese officials said.
+      An indication of the U.S. Position came last December when
+  Under Secretary of Agriculture Daniel Amstutz said Japan has
+  the potential to provide one of the largest boosts to U.S.
+  Agricultural exports, with the beef market alone representing
+  some one billion dlrs in new business.
+      The U.S. Has also asked the General Agreement on Tariffs
+  and Trade to investigate the legality of Japanese import
+  controls on 12 other farm products, including fruit juices,
+  purees and pulp, tomato juice, ketchup and sauce, peanuts,
+  prepared beef products and miscellaneous beans.
+      To help calm heated trade relations with the U.S., Japan's
+  top business group Keidanren has urged the government to remove
+  residual import restrictions on agricultural products.
+      But Agriculture Minister Kato has ruled 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.
+      "Japan is the largest buyer of U.S. Farm products, and these
+  issues should not be discussed on the same table," the official
+  said.
+  
+

reuters/test/14859

@@ -0,0 +1,14 @@
+AMATIL PROPOSES TWO-FOR-FIVE BONUS SHARE ISSUE
+  Amatil Ltd <AMAA.S> said it proposes to
+  make a two-for-five bonus issue out of its revaluation reserve
+  to shareholders registered May 26.
+      Shareholders will be asked to approve 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.
+      The new shares will rank for dividends declared after
+  October 31. Amatil, in which B.A.T. Industries Plc <BTI.L>
+  holds a 41 pct stake, said it does not expect to maintain its
+  latest annual dividend rate of 29 cents a share on the enlarged
+  capital.
+  
+

reuters/test/14860

@@ -0,0 +1,17 @@
+BOWATER 1986 PRETAX PROFITS RISE 15.6 MLN STG
+  Shr 27.7p vs 20.7p
+      Div 6.0p vs 5.5p making 10.0p vs 9.25p
+      Turnover 1.34 billion stg vs 1.29 billion
+      Pretax profit 48.0 mln vs 32.4 mln
+      Tax 14.4 mln vs 6.9 mln
+      Company name is Bowater Industries Plc <BWTR.L>
+      Trading profit 63.4 mln vs 45.1 mln
+      Trading profit includes -
+      Packaging and associated products 23.2 mln vs 14.2 mln
+      Merchanting and services 18.4 mln vs 9.6 mln
+      Tissue and timber products 9.0 mln vs 5.8 mln
+      Interest debit 15.4 mln vs 12.7 mln
+      Minority interests 7.0 mln debit vs 6.2 mln debit
+      Extraordinary items 15.4 mln credit vs 11.9 mln debit
+  
+

reuters/test/14861

@@ -0,0 +1,13 @@
+U.K. MONEY MARKET DEFICIT FORECAST AT 250 MLN STG
+  The Bank of England said it forecast a
+  shortage of around 250 mln stg in the money market today.
+      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
+  remove around 194 mln. In addition, a rise in note circulation
+  and bankers' balances below target will each drain around 110
+  mln stg.
+      Partly offsetting these outflows, exchequer transactions
+  will add some 690 mln stg to the system today.
+  
+

reuters/test/14862

@@ -0,0 +1,50 @@
+SOUTH KOREA MOVES TO SLOW GROWTH OF TRADE SURPLUS
+  South Korea's trade surplus is growing too
+  fast and the government has started taking steps to slow it
+  down, Deputy Prime Minister Kim Mahn-je said.
+      He told a press conference the government planned to
+  increase investment, speed up the opening of the local market
+  to foreign imports and gradually adjust its currency to hold
+  the surplus "at a proper level."
+      But he said the government would not allow the won to
+  appreciate too much in a short period of time. South Korea has
+  been under pressure from Washington to revalue the won.
+      The U.S. Wants South Korea to cut its trade surplus with
+  the U.S., Which rose to 7.4 billion dlrs in 1986 from 4.3
+  billion dlrs in 1985.
+      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 surplus to around five
+  billion dlrs a year for the next five years.
+      "Our government projections of eight pct GNP growth, five
+  billion dlrs of (current account) surplus and 12 pct growth in
+  exports all seemed to be reasonable early this year. But now
+  the surplus is growing faster than we expected," he said.
+      Trade ministry officials said South Korea'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.
+      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
+  deficit in 1985 was very significant. The surplus enabled the
+  country to reduce its foreign debt last year for the first
+  time.
+      South Korea's foreign debt, which fell to 44.5 billion dlrs
+  in 1986 from 46.8 billion in 1985, is still among the largest
+  in Asia.
+      "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 economy," Kim said.
+      Kim said his government plannned to reduce the ratio of
+  foreign debt to the country's GNP to about 20 pct in 1991, from
+  about 50 pct in 1986.
+      "The government, however, does not want to accelerate
+  reducing the debt by making an excessive trade surplus," he
+  said.
+      Kim said a sudden rise in the surplus would cause inflation
+  and lead to trade friction with Seoul's major trading partners,
+  particularly the United States.
+      "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
+  proper level," Kim said.
+  
+

reuters/test/14863

@@ -0,0 +1,32 @@
+FINNS AND CANADIANS TO STUDY MTBE PRODUCTION PLANT
+  Finland's national oil company Neste Oy
+  <NEOY.HE> said in a statement it had agreed with Canadian firms
+  to study the feasibility of building a plant in Edmonton,
+  Canada, to produce a replacement for lead in petrol.
+      The prospective plant would cost an estimated 270 mln
+  Canadian dlrs and would produce methyl tertiary butyl ether
+  (MTBE) from raw materials available locally, it said.
+      The partners in the study are Neste Oy, Celanese Canada
+  Inc, Hoechst Celanese Corporation and Trade Mountain Pipe Line
+  Company Ltd, of Vancouver, B.C.
+      The Edmonton site was suitable because of the raw materials
+  availability, the proximity to pipeline transportation and the
+  important capital and operating advantages gained by locating
+  on an existing Celanese Canada site, the statement said.
+      The partners would look into the feasibility of a plant
+  producing 500,000 tonnes per annum of MTBE, an octane enhancer
+  that can replace tetra ethyl lead.
+      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 added.
+      Canadian lead limits are currently 11 times as high as the
+  U.S. Limit but lead is scheduled for virtual elimination in
+  Canada by 1993, which should create a Canadian demand for MTBE,
+  it said.
+      Finland's Neste Oy, whose turnover last year was over five
+  billion dlrs, has extensive experience with MTBE. It has a
+  major investment in an MTBE plant in Saudi Arabia.
+      The Edmonton, Alberta plant would be scheduled to go on
+  stream in late 1989, the statement said.
+  
+

reuters/test/14865

@@ -0,0 +1,14 @@
+CRA SOLD FORREST GOLD FOR 76 MLN DLRS - WHIM CREEK
+  <Whim Creek Consolidated NL> said the
+  consortium it is leading will pay 76.55 mln dlrs for the
+  acquisition of CRA Ltd's <CRAA.S> <Forrest Gold Pty Ltd> unit,
+  reported yesterday.
+      CRA and Whim Creek did not disclose the price yesterday.
+      Whim Creek will hold 44 pct of the consortium, while
+  <Austwhim Resources NL> will hold 27 pct and <Croesus Mining
+  NL> 29 pct, it said in a statement.
+      As reported, Forrest Gold owns two mines in Western
+  Australia producing a combined 37,000 ounces of gold a year. It
+  also owns an undeveloped gold project.
+  
+

reuters/test/14867

@@ -0,0 +1,14 @@
+GERMAN INDUSTRIAL EMPLOYMENT SEEN STAGNATING
+  The number of workers employed in
+  the West German industrial sector stagnated in the last quarter
+  of 1986 as a 50,000 increase in overall employment benefited
+  only the services branch, the DIW economic institute said.
+      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 workers. It referred to a marked downturn
+  in the number of workers taken on in the capital goods sector.
+      New orders for manufacturing industry goods have mostly
+  fallen or stagnated in recent months, but data for February
+  finally showed a reversal of the trend, with a 1.9 pct rise.
+  
+

reuters/test/14872

@@ -0,0 +1,23 @@
+BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS
+  Bowater Industries Plc <BWTR.L> 1986
+  pretax profits of 48.0 mln stg exceeded market expectations of
+  around 40 mln and pushed the company's shares up sharply to a
+  high of 491p from 468p last night, dealers said.
+      The shares later eased back to 481p. Bowater reported a
+  32.4 mln stg profit in 1985.
+      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 opportunities.
+      It added that it had appointed David Lyon, currently
+  managing director of Redland Plc <RDLD.L> as its new chief
+  executive.
+      Analysts noted that Bowater'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.
+      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 Europe, 42.9 pct to 11.0 mln.
+  
+

reuters/test/14873

@@ -0,0 +1,25 @@
+CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986
+  Citibank A/S <CCI.N>, the Norwegian
+  subsidiary of the U.S.-based bank, said it made a net loss of
+  just over six mln crowns in 1986 -- although foreign bankers
+  said they expect it to show 1987 profits after two lean years.
+      Citibank's Oslo treasury head Bjoern Sejerstad told
+  Reuters, Citibank, one of seven foreign bank subsidiaries
+  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.
+      Foreign banks have been allowed to operate susbidiaries in
+  Norway since 1985.
+      Foreign banking analysts in Oslo said access to Norway's
+  second-hand securities and equities markets, to be approved
+  later this spring, and lower primary reserve requirements would
+  make profit this year.
+      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 barrel.
+      Earlier this year, Chase Manhattan Bank's <CMB.N>
+  subsidiary decided to stop foreign exchange trading after heavy
+  losses and focus instead on fee-based merchant banking.
+  
+

reuters/test/14875

@@ -0,0 +1,14 @@
+VIEILLE MONTAGNE SAYS 1986 CONDITIONS UNFAVOURABLE
+  A sharp fall in the dollar price of
+  zinc and the depreciation of the U.S. Currency created
+  unfavourable economic conditions for Vieille Montagne SA
+  <VMNB.BR> in 1986.
+      It said in a statement that the two factors led to a
+  squeeze on refining margins and an 18.24 pct fall in sales and
+  services income despite an unchanged level of activity.
+      Vieille Montagne, which 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.
+  
+

reuters/test/14876

@@ -0,0 +1,11 @@
+VIEILLE MONTAGNE REPORTS LOSS, DIVIDEND NIL
+  1986 Year
+      Net loss after exceptional charges 198 mln francs vs profit
+      250 mln
+      Exceptional provisions for closure of Viviez electrolysis
+      Plant 187 mln francs vs exceptional gain 22 mln
+      Sales and services 16.51 billion francs vs 20.20 billion
+      Proposed net dividend on ordinary shares nil vs 110 francs
+      Company's full name is Vieille Montagne SA <VMNB.BR>.
+  
+

reuters/test/14877

@@ -0,0 +1,14 @@
+EC MAINLY FOR TIN EXTENSION, NO U.K. STAND TAKEN
+  European Community (EC) members 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.
+      He said at a meeting of EC states' representatives here
+  yesterday, Britain undertook to communicate its own decision to
+  its partners today. It said it was not ready yesterday to take
+  a stand but did not say why.
+      He added nine other EC states backed an extension. Spain
+  and Portugal, which are not members of the International Tin
+  Council, raised no objections to a common EC stance in favour.
+  
+

reuters/test/14881

@@ -0,0 +1,25 @@
+JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
+  A top U.S. Official said Japan has little
+  chance of convincing the U.S. To drop threatened trade
+  sanctions, despite the efforts of a Japanese team that left for
+  Washington today.
+      Michael Armacost, Under Secretary of State for Political
+  Affairs, 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."
+      Armacost said the U.S. Hopes Japan will take steps to lift
+  its domestic economy and reduce dependence on exports, remove
+  barriers to imports and settle outstanding trade issues.
+      "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 exist on
+  security and political issues," he said.
+      "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 protectionist
+  legislation," he said.
+  
+

reuters/test/14882

@@ -0,0 +1,14 @@
+THAI ZINC EXPORTS FALL IN MARCH
+  Thai zinc ingot exports fell to 882
+  tonnes in March from 1,764 in February and 3,008 in March 1986,
+  the Mineral Resources Department said.
+      A spokesman for Padaeng Industry Co Ltd, the country's sole
+  exporter, attributed the decline to the company's lower stocks,
+  which averaged 5,000 tonnes in the first quarter against 16,000
+  tonnes in late 1985 when it began exporting.
+      The department said major buyers included China, Japan, the
+  Philippines, South Korea, Singapore and Taiwan.
+      Thailand exported 4,842 tonnes of zinc ingots during the
+  first quarter, down from 14,937 a year ago.
+  
+

reuters/test/14885

@@ -0,0 +1,14 @@
+EC SUGAR TENDER HARD TO PREDICT - LONDON TRADE
+  The outcome of today's European Community
+  (EC) white sugar tender is extremely difficult to predict after
+  last week's substantial award of 102,350 tonnes at the highest
+  ever rebate of 46.864 European currency units (Ecus) per 100
+  kilos, traders said.
+      Some said they believed the tonnage would probably be
+  smaller, at around 60,000 tonnes, but declined to give a view
+  on the likely restitution. Last week, the European Commission
+  accepted 785,000 tonnes of sugar into intervention by operators
+  protesting about low rebates. This might be a determining
+  factor in today's result, they added.
+  
+

reuters/test/14886

@@ -0,0 +1,6 @@
+NORTH YEMEN CALLS SUGAR BUYING TENDER - TRADE
+  North Yemen has called a buying tender
+  for Saturday for the purchase of 30,000 tonnes of white sugar
+  for arrival in June, traders said.
+  
+

reuters/test/14888

@@ -0,0 +1,29 @@
+ANHEUSER-BUSCH JOINS BID FOR SAN MIGUEL
+  Anheuser-Busch Companies Inc <BUD.N> has
+  joined several other foreign bidders for sequestered shares of
+  the Philippines' largest food and beverage maker San Miguel
+  Corp <SANM.MN>, the head of a government panel which controls
+  the shares told Reuters.
+      Ramon Diaz, Secretary of the Presidential Commission on
+  Good Government (PCGG), said Anheuser-Busch had told the
+  government it was interested in buying 14 mln "B" shares of San
+  Miguel. He did not disclose the offered price.
+      Diaz said Australian brewer Alan Bond's Bond Corp Holdings
+  Ltd had offered 150 pesos per share for the "B" shares.
+      Diaz said New York investment bank Allen and Co Inc had
+  earlier said it was interested in buying all 38.1 mln
+  sequestered shares. He told Reuters last month Elders IXL Ltd
+  <ELXA.S>, the Melbourne-based brewing company, had also bid for
+  the "B" shares.
+      The Hong Kong Economic Journal last month quoted a
+  spokesman of Australian stock broker Jacksons Ltd as saying
+  that <Barwon Farmlands Ltd>, an Australian firm owned 30 pct by
+  <Ariadne Australia Ltd>, was planning a Filipino branch in
+  order to buy the entire block of 38.1 mln shares.
+      Anheuser-Busch last year made a 150 mln dlr bid to buy <San
+  Miguel Brewery Ltd>, a Hong Kong listed company which is 69.65
+  pct owned by <Neptunia Corp Ltd>, a San Miguel Corp subsidiary.
+      The talks broke down last June after the two sides said
+  they could not agree on the terms of the sale.
+  
+

reuters/test/14890

@@ -0,0 +1,86 @@
+ECONOMIC SPOTLIGHT - AUSTRALIAN MARKETS BOOMING
+  Australian markets are booming as foreign
+  fund managers redirect capital away from the United States and
+  other traditional markets, analysts said.
+      High short-term interest rates, a bullish stock market 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.
+      Fund managers want quality markets to park their cash in
+  and have settled on Australia, Britain and Canada as they
+  diversify from volatile U.S. Dollar instruments, they said.
+      A one percentage point fall in key 10-year bonds 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.
+      Official figures on the latest inflow of investment capital
+  are not available, but brokers said they received almost daily
+  inquiries from Japan and the United States.
+      "These people have got trillions of dollars sloshing about
+  and they don't know what to do with it. Some of that is ending
+  up here with the attraction of high interest rates and
+  reasonable currency stability," National Australia Bank Ltd
+  economist Brian Hamley said.
+      "There is a 'flight to quality'," Hamley said. "Australia may
+  not be in the best (economic) position, but there aren't too
+  many other countries where you'd want to put your money."
+      The stronger Australian dollar was also attracting
+  investors taking advantage of an appreciating currency against
+  the volatility of the U.S. Unit, analysts said.
+      "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 economist Will Buttrose
+  said. "Why not put the money in Australia where entry is cheap
+  and the currency looks stable?"
+      But turning that capital into more permanent productive
+  investment depends on government economic policy, he said.
+      "It will only disappear if people lose confidence in the
+  direction in the economy," Buttrose said, adding that offshore
+  investors would carefully watch the government's promised tough
+  economic statement on May 14.
+      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 rates, analysts said.
+      "It will remain very edgy money. If something was not to be
+  delivered, if the statement wasn't considered tough enough, one
+  might see a substantial outflow," Buttrose said.
+      Offshore investors are eager to see Australia take tough
+  economic decisions to curb its 100 billion dlr foreign debt and
+  stubborn current account deficit, analysts said.
+      "They are giving us the benefit of the doubt and I think
+  they would like to leave the money here," Buttrose said.
+      Reserve Bank policy has also reflected the increased
+  interest in investment in Australia and the need to shield
+  Japanese investors from rapid currency fluctuations.
+      Reserve Governor Bob Johnston last week acknowledged an
+  element of targeting the rate against 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.
+      Analysts said they believed the Reserve Bank had worked
+  successfully in recent months to keep the Australian dollar
+  within the range of 100 to 103 yen.
+      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 weeks.
+      Offshore buying has also played a role in the booming
+  Australian share market. It has followed 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.
+      The key all ordinaries index rose to a record 1,758.3
+  today, nearly 20 pct above its level at the end of 1986, while
+  the gold index has nearly doubled to a record 3,081.0 in the
+  same period.
+      The property sector is also sought after, with Japanese
+  companies that have invested heavily in the United States in
+  recent years turning their attention to undervalued real
+  estate, particularly in the tourism field.
+      Analysts pointed to the recent sale of Sydney's five-star
+  Regent Hotel to Japanese interests for more than 145 mln dlrs
+  as indicative of the type of property being sought.
+      "They think they find good value real estate here which,
+  with long term and fixed capital investment, is the kind of
+  investment Australia needs," Buttrose added.
+  
+

reuters/test/14891

@@ -0,0 +1,86 @@
+ECONOMIC SPOTLIGHT - KUWAITI ECONOMY
+  Kuwait's oil-reliant and debt-ridden
+  economy has started to pull out of a nosedive but oil prices
+  will determine the pace of recovery, bankers and economists
+  say.
+      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 slackens.
+      Bankers estimate 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.
+      This was after taking into account inflation in consumer
+  prices of 1.5 pct in 1985, slowing to 1.0 pct in 1986.
+      Factors depressing economic activity 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.
+      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 market, a comprehensive
+  new debt settlement program was introduced.
+      The share crash, result of a speculative spree in forward
+  trading, left 95 billion dlrs of post-dated cheques in default.
+      The cheques were also used as collateral for consumer
+  spending, thus generating an informal credit system.
+      Much of the debt has been watered down but big sums are
+  still owed by individuals and companies.
+      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 estimated by bankers to rank as
+  bad or doubtful debt. But the government has repeatedly said it
+  will not allow any banks to go under.
+      The new debt settlement scheme entails a rescheduling of
+  problem credit over 10 to 15 years, depending on whether
+  debtors have regular cash flows or not.
+      Banks' shareholders and depositors 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.
+      Kuwait is better placed than any other OPEC country to ride
+  out the oil glut, bankers and economists say.
+      Kuwait has an OPEC quota of 948,000 barrels per day (bpd)
+  compared with production capacity of 4.0 mln bpd mentioned last
+  year by Oil Minister Sheikh Ali al-Khalifa al-Sabah.
+      But strategic diversification into downstream operations 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.
+      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
+  product such as gas oil, kerosene and naphtha, rather than as
+  crude.
+      Bankers say the rebound in oil prices is the major reason
+  for cautious optimism. Other 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.
+      External accounts 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.
+      Kuwait's petrodollar reserves in mid-1986 were put
+  officially at over 80 billion dlrs, earning investment income
+  of the equivalent of about 3.65 billion dlrs a year.
+      But for the first time since the end of the oil boom, these
+  reserves may not be enough to prevent a "real" budget deficit for
+  the 1986/87 fiscal year ending June 30, bankers say.
+      In a budget portrayed by bankers as mildly contractionary,
+  revenues for 1986/87 were cut 38.6 pct and spending 11 pct,
+  doubling the nominal deficit to 1.33 billion dinars.
+      This left out income from state reserves, usually excluded
+  in official budget accounting, which are forecast by bankers at
+  up to 1.0 billion dinars in 1986/87, resulting in some
+  shortfall.
+      Bankers say it is too early to venture a forecast for
+  economic growth this year or next.
+      "It depends on oil prices," one said. "This summer is
+  important."
+      Cabinet Affairs 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.
+      He gave no details but bankers say these are expected to be
+  spelled out in the 1987/88 budget, possibly in June.
+  
+

reuters/test/14892

@@ -0,0 +1,30 @@
+MALAYSIA MAY NOT MEET 1987 OIL PALM TARGET
+  Malaysia is unlikely to meet its
+  targeted output of five mln tonnes of oil palm in calendar
+  1987, oil palm growers told Reuters.
+      Output in 1987 is expected to reach around 4.5 mln tonnes,
+  unchanged from 1986, because of drought, low use of fertiliser
+  and overstressed palms, they said.
+      The growers were asked for their reaction to an Oil World
+  newsletter report that Malaysia's oil palm output is likely to
+  drop sharply this year.
+      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 could damage the
+  industry, a leading grower told Reuters.
+      The country's palm oil stocks now total some 500,000 tonnes
+  against about 800,000 last March, the growers said.
+      The growers expect palm oil prices to ease later this year
+  due to pressure from South American and U.S. Soybean output.
+      The current South American oilseed harvest, mainly soybean,
+  is likely to be around 25.7 mln tonnes against the previous
+  21.7 mln tonne crop, they said.
+      In addition, new U.S. Soybean plantings are also expected
+  to enter the market around November when Malaysian palm oil
+  output peaks.
+      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 years.
+  
+

reuters/test/14899

@@ -0,0 +1,4 @@
+JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING "B" SHARES
+  JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING "B" SHARES
+  
+

reuters/test/14900

@@ -0,0 +1,24 @@
+MONIER SAYS BRITAIN'S REDLAND MAY BID FOR IT
+  Diversified building materials group
+  Monier Ltd <MNRA.S> said talks are taking place which may lead
+  to Britain's Redland Plc <RDLD.L> making an offer for the
+  Monier shares it does not already hold, chairman Bill Locke
+  said.
+      Redland already holds about 49 pct of Monier's 156.28 mln
+  issued shares, he said in a brief notice to the Australian
+  Stock Exchange.
+      Locke said shareholders would be advised as soon as the
+  discussions progressed and recommended that they keep their
+  shares.
+      Monier shares 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.
+      Monier is the largest concrete roof tile manufacturer in
+  Australia, the U.S. And New Zealand and the world's largest
+  marketer of fly ash, according to its annual report for 1985/86
+  ended June 30.
+      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 downturn, although foreign earnings rose.
+  
+

reuters/test/14903

@@ -0,0 +1,12 @@
+ISUZU PLANS NO INTERIM DIVIDEND
+  Isuzu Motor Ltd <ISUM.T> will pay no
+  dividend for the first half year ending April 30, 1987, as the
+  company is expected to mark a 12 billion yen parent company
+  current loss in the first half due to slow exports caused by
+  the yen's appreciation, a company spokesman said.
+      The company has paid no dividend since the year ended
+  October 31, 1983, when it paid five yen.
+      It had a 4.44 billion yen current profit in the first half
+  of 1985/86.
+  
+

reuters/test/14904

@@ -0,0 +1,25 @@
+JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS
+  Ministry of International Trade and
+  Industry (MITI) Vice Minister Makoto Kuroda leaves for
+  Washington today with data he hopes will refute U.S. Charges
+  Japan has violated a pact on microchip trade.
+      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 impose tariffs on certain Japanese products.
+      But Kuroda said he is taking no new proposals. "I have
+  nothing in my briefcase except an explanation of the current
+  situation," Kuroda told the daily newspaper Asahi Shimbun.
+      Kuroda said the U.S. Decision was based on incorrect data
+  and an exaggerated sense of MITI's power to control market
+  forces. "The U.S. Has excessive expectations. To stabilise
+  supply-demand relations which have been disrupted by excess
+  inventories since 1985 will take some time," he said.
+      Kuroda also laid part of the blame for low U.S. Chip sales
+  in Japan on a lack of effort by American firms here.
+      He said if he fails in talks tomorrow and Friday to
+  forestall sanctions, he will seek further talks with U.S. Trade
+  Representative Clayton Yeutter. U.S. Officials said this week's
+  talks are unlikely to delay imposition of tariffs.
+  
+

reuters/test/14907

@@ -0,0 +1,14 @@
+BELL GROUP CONFIRMS STANDARD CHARTERED STAKE
+  The Bell Group Ltd <BLLA.S> said it now
+  holds 14.9 pct of the issued capital of Standard Chartered Plc
+  <STCH.L> after acquiring further shares.
+      The one-sentence statement from Bell's headquarters
+  confirmed what its brokers Warburg Securities told Reuters in
+  London yesterday.
+      Bell previously held 10 pct of Standard.
+      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 declined to comment.
+  
+

reuters/test/14909

@@ -0,0 +1,22 @@
+NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS
+  Nippon Steel Corp <NSTC.T> denied local
+  newspaper reports that China has been seeking to buy steel
+  plants from Japanese firms which plan to suspend output under
+  the recently announced rationalisation program.
+      The Mainichi Shimbun 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. It named no sources.
+      A Nippon Steel spokesman told Reuters that China has made
+  no such official request, and the company was not considering
+  such sales at the moment.
+      But Mainichi quoted Nippon Steel officials as saying if
+  prices are reasonable, they would export their used mills to
+  China.
+      The paper said China's crude steel output totalled 52 mln
+  tonnes in calendar 1986 and that it plans to increase to 80 mln
+  by 1996.
+      Japan's steel industry rationalisation plan is aimed at
+  cutting production capacity sharply over the next few years.
+  
+

reuters/test/14911

@@ -0,0 +1,30 @@
+JARDINE MATHESON REPLACES "B" SHARE BY BONUS ISSUE
+  Jardine Matheson Holdings Ltd
+  <JARD.HK> said it will withdraw the previously announced
+  four-for-one bonus issue of "B" shares and replace it by a
+  two-for-five bonus issue of ordinary shares.
+      A statement said the firm expects to pay total dividends
+  for 1987 of not less than 40 cents a share on the expanded
+  capital.
+      Jardine Matheson decided to withdraw its issue because of a
+  joint announcement earlier today 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.
+      The official announcement said this will include the
+  proposal by Jardine Matheson.
+      But the Jardine statement quoted chairman Simon Keswick as
+  saying: "We continue to believe that the issuing of "B" shares
+  would benefit shareholders, and regret that they will not be
+  given the opportunity to vote on the matter at this stage."
+      Keswick said the "B" share issue will benefit Jardine
+  Matheson's shareholders by giving the firm flexibility to issue
+  ordinary shares for expansion in future without diluting
+  existing shareholders' voting rights.
+      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 embraced by all
+  constituents of the Hong Kong market."
+  
+

reuters/test/14912

@@ -0,0 +1,25 @@
+JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
+  A top U.S. Official said Japan has little
+  chance of persuading the U.S. to drop threatened trade
+  sanctions, despite the efforts of a Japanese team that left for
+  Washington today.
+      Michael Armacost, Under Secretary of State for Political
+  Affairs, 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."
+      Armacost said the U.S. Hopes Japan will take steps to lift
+  its domestic economy and reduce dependence on exports, remove
+  barriers to imports and settle outstanding trade issues.
+      "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 exist on
+  security and political issues," he said.
+      "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 protectionist
+  legislation," he said.
+  
+

reuters/test/14913

@@ -0,0 +1,13 @@
+BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING
+  The Bank of Japan bought a small amount of
+  dollars shortly after the opening at around 145.30 yen, dealers
+  said.
+      The central bank intervened as a medium-sized trading house
+  sold dollars, putting pressure on the U.S. Currency, they said.
+      The dollar was also supported by a major electrical
+  consumer goods company, which was a speculative dollar buyer at
+  around 145.25 yen, they added.
+      The dollar opened at 145.33 yen against 145.60/70 in New
+  York and 145.25 at the close here yesterday.
+  
+

reuters/test/14918

@@ -0,0 +1,7 @@
+INDONESIAN INFLATION RATE 8.8 PCT IN 1986/87
+  Inflation was by 8.8 pct in Indonesia
+  during fiscal 1986/87 to March 31, compared to 5.66 pct the
+  previous year, Information Minister Harmoko said after a
+  cabinet session to discuss the economic situation.
+  
+

reuters/test/14919

@@ -0,0 +1,11 @@
+U.K. MONEY MARKET GIVEN 53 MLN STG ASSISTANCE
+  The Bank of England said it provided the
+  money market with 53 mln stg assistance in the morning session.
+      This compares with the bank's estimate of a shortage in the
+  system of around 300 mln stg which it earlier revised up from
+  250 mln.
+      The central bank made outright purchases of bank bills
+  comprising 46 mln stg in band three at 9-3/4 pct and seven mln
+  stg in band four at 9-11/16 pct.
+  
+

reuters/test/14921

@@ -0,0 +1,87 @@
+SAN MIGUEL DEAL HIT BY MORE LAWSUITS
+  A bid by San Miguel Corp (SMC) <SANM.MN>
+  to buy back 38.1 mln sequestered shares from United Coconut
+  Planters Bank (UCPB) has been hit by two new lawsuits, sources
+  in the Philippine food and brewery company said.
+      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
+  April 21 on a petition filed by Eduardo Cojuangco, a former
+  chairman of both SMC and UCPB.
+      Cojuangco said the Coconut Industry Investment Fund (CIIF)
+  and 1.4 mln farmers were the rightful owners of the shares.
+      Cojuangco said the shares were held in trust by UCPB and
+  represented a blue chip investment. His petition said UCPB's
+  plans to sell the shares to SMC were "a serious breach of
+  fiduciary duties."
+      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 company's board.
+      De los Angeles, who represents SMC's minority stockholders,
+  asked the SEC to block the transaction, approved last week by
+  the company's board.
+      On April 2 the board sanctioned the repurchase of the
+  sequestered shares for 4.79 billion pesos at 126 pesos per
+  share. De los Angeles told the SEC the company's retained
+  earnings of 1.33 billion pesos would be wiped out by the
+  purchase of the shares and would prevent the declaration of
+  dividends.
+      De los Angeles said the share purchase would also violate
+  an SMC agreement with its creditors to maintain a 2.2-to-1 debt
+  to equity ratio. He quoted SMC's chief financial director Ramon
+  del Rosario as telling the board that the transaction would
+  boost the ratio to 2.5-to-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 directors of violating their duties.
+      De los Angeles' earlier complaint related to SMC assuming
+  last December a 26.5 mln dlr loan contracted by SMC's Hong Kong
+  subsidiary <Neptunia Corp> for a down payment on the shares.
+  The loan assumption was again ratified by last week's board
+  meeting.
+      An arbitration panel set up by President Corazon Aquino to
+  resolve the ownership issue is expected to submit its report by
+  April 15.
+      "The amended suit filed by Eduardo de los Angeles is part of
+  a continuing attempt by certain elements, in complete disregard
+  of the facts and with questionable motives, to delay an early
+  disposition of the sequestered shares," San Miguel Corp said in
+  a statement.
+      "Coming as it does, when San Miguel Corp and UCPB have
+  reached 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.
+      A San Miguel spokesman said he had no comment on
+  Cojuangco's court petition, adding: "Any statement coming from
+  us might be interpreted as adversarial."
+      Meanwhile, Ramon Diaz, the head of a government panel which
+  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.
+      The sequestered shares are split into 24 mln "A" shares,
+  which can only be owned by Filipinos, and 14 mln "B" shares which
+  are available to foreign buyers.
+      SMC sources said Soriano personally was not among
+  prospective buyers. They said the shares would be purchased by
+  the <A.Soriano> group of companies, SMC, Neptunia and unnamed
+  institutional investors. Soriano was named as one of the buyers
+  in a bid in March 1986 for 33 mln shares controlled by UCPB.
+      The sale was aborted when Diaz's Presidential Commission on
+  Good Government sequestered the shares on suspicion they were
+  owned by Cojuangco, a close associate of former President
+  Ferdinand Marcos. Cojuangco lives in self-imposed exile in the
+  U.S.. The shares grew to 38.1 mln after a 15 pct stock dividend
+  announced last June.
+      "We have no objection to Soriano buying the "B" shares," Diaz
+  told Reuters. "But everything is on hold now."
+      The SMC spokesman said he did not know if the controversy
+  would be resolved before the company's annual stockholders'
+  meeting, scheduled for May 14.
+      San Miguel Corp reported sales revenue of 12.2 billion
+  pesos in 1986, 11 pct above its 10.9 billion peso sales in
+  1985. It said unaudited net profit was in the neighbourhood of
+  700 mln pesos, an increase of about 50 pct over 1985.
+  
+