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test/15221 | test/15221 |@title tranzonic:1 cos:1 tnz:1 4th:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 54:2 ct:2 vs:8 24:1 net:2 633:1 300:2 859:1 sale:2 15:1 2:3 mln:4 13:1 0:2 avg:2 shrs:2 1:5 165:1 047:1 224:1 982:1 year:1 two:1 dlrs:2 64:1 379:1 400:1 011:1 924:1 58:1 6:1 187:1 828:1 223:1 511:1 | TRANZONIC COS <TNZ> 4TH QTR FEB 28 NET
Shr 54 cts vs 24 cts
Net 633,300 vs 300,859
Sales 15.2 mln vs 13.0 mln
Avg shrs 1,165,047 vs 1,224,982
Year
Shr two dlrs vs 1.64 dlrs
Net 2,379,400 vs 2,011,924
Sales 58.6 mln vs 54.0 mln
Avg shrs 1,187,828 vs 1,223,511
|
test/15222 | test/15222 |@title security:2 pacific:2 expect:2 brazil:2 loan:2 action:2 cut:2 net:2 7:2 2:2 mln:2 dlrs:2 |@word | SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS
SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS
|
test/15223 | test/15223 |@title white:1 house:1 say:1 japanese:1 tarriff:1 likely:1 |@word white:1 house:1 say:3 high:1 u:2 tariff:3 japanese:2 electronic:1 good:1 would:2 likely:1 impose:1 schedule:1 april:1 17:1 despite:1 effort:1 japan:2 avoid:1 presidential:1 spokesman:1 marlin:1 fitzwater:2 make:1 remark:1 one:1 day:1 official:1 meet:1 emergency:1 provision:1 july:1 1986:1 semiconductor:1 pact:1 discuss:1 trade:1 punitive:1 apply:1 full:1 court:1 press:1 certainly:1 put:1 foot:1 forward:1 term:1 explain:1 position:1 add:1 indication:1 take:1 effect:1 | WHITE HOUSE SAYS JAPANESE TARRIFFS LIKELY
The White House said high U.S.
Tariffs on Japanese electronic goods would likely be imposed as
scheduled on April 17, despite an all-out effort by Japan to
avoid them.
Presidential spokesman Marlin 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.
Fitzwater said: 'I would say Japan is applying the
full-court press...They certainly are putting both feet forward
in terms of explaining their position.' But he added that 'all
indications are they (the tariffs) will take effect.'
|
test/15226 | test/15226 |@title showboat:1 sbo:1 take:1 charge:1 see:1 3rd:1 qtr:1 loss:1 |@word showboat:7 inc:1 take:1 charge:3 19:1 20:1 mln:1 dlrs:3 pretax:1 result:2 third:4 quarter:4 end:1 march:1 31:1 director:1 assistant:1 president:1 j:2 kell:1 houssel:2 iii:1 tell:1 reuters:1 say:3 pre:1 operating:1 expense:2 recently:1 open:2 atlantic:3 city:3 n:1 hotel:3 casino:2 bowling:1 center:1 cause:1 loss:1 probably:1 fiscal:4 1987:1 well:1 houssels:1 earning:1 1988:1 show:1 sharp:1 increase:1 1986:2 level:1 due:1 contribution:1 new:1 facility:2 earn:2 1:1 753:1 000:2 last:2 year:1 5:1 769:1 since:1 opening:1 start:1 interest:2 connect:1 debt:1 sell:1 finance:1 directly:1 income:1 rather:1 capitalize:1 able:1 previously:1 gaming:2 begin:1 thursday:1 regular:1 basis:1 test:1 complete:1 earlier:1 week:1 | SHOWBOAT <SBO> TO TAKE CHARGE, SEES 3RD QTR LOSS
Showboat Inc will take a
charge of 19 to 20 mln dlrs pretax against results for the
third quarter ended March 31, director and assistant to the
president J. Kell Houssels III told Reuters.
He said the charge results from pre-operating expenses of
its recently-opened Atlantic City, N.J., Showboat Hotel, Casino
and Bowling Center and will cause a loss for the third quarter
and probably for all of fiscal 1987 as well.
But Houssels said Showboat's earnings for fiscal 1988
should show a sharp increase from fiscal 1986 levels due to the
contribution of the new Atlantic City facility.
Showboat earned 1,753,000 dlrs in last year's third
quarter. For all of fiscal 1986 it earned 5,769,000 dlrs.
Houssels said Showboat since the opening of the Atlantic
City hotel/casino, Showboat has had to start charging interest
expenses connected with debt it sold to finance the facility
directly against income rather than capitalizing the interest
as it had been able to do previously.
Showboat opened the hotel during its third quarter and
gaming began last Thursday on a regular basis after test gaming
was completed earlier in the week.
|
test/15227 | test/15227 |@title security:1 pacific:1 spc:1 loan:1 put:1 non:1 accrual:1 |@word security:3 pacific:3 corp:1 say:6 place:1 medium:2 long:2 term:3 loan:3 brazil:4 ecuador:4 non:1 accrual:1 basis:1 march:2 31:1 move:1 reduce:1 first:3 quarter:3 earning:3 7:1 2:1 mln:4 dlrs:7 nine:1 ct:1 per:2 share:2 taxis:1 despite:1 anticipated:1 reduction:1 quarterly:1 still:1 expect:2 report:2 high:1 88:1 1:1 11:1 1986:1 bank:5 hold:1 company:2 action:1 affect:1 401:1 73:1 suspend:2 interest:5 payment:3 68:1 billion:3 debt:3 february:2 20:1 foreign:2 roughly:1 eight:1 pay:1 since:1 would:1 rest:1 year:1 earthquake:1 halt:1 export:2 oil:1 account:1 75:1 pct:1 country:1 revenue:1 announcement:1 record:1 income:1 receive:1 cash:1 also:1 believe:1 reach:1 agreement:1 resume:2 later:1 1987:1 brazilian:1 negotiation:1 friday:1 new:1 york:1 central:1 governor:1 francisco:1 gros:1 ask:1 90:1 day:1 roll:1 9:1 5:1 mature:1 april:1 15:1 | SECURITY PACIFIC <SPC> LOANS PUT ON NON-ACCRUAL
Security Pacific Corp said it is
placing medium and long-term loans to Brazil and Ecuador on a
non-accrual basis as of March 31, a move that will reduce first
quarter earnings by 7.2 mln dlrs, or nine cts per share, after
taxes.
Despite the anticipated reduction to quarterly earnings,
Security Pacific said it still expects to report first quarter
earnings higher than the 88 mln dlrs, or 1.11 dlrs per share
reported for the first quarter of 1986.
The bank holding company said the action affects 401 mln
dlrs of loans to Brazil and 73 mln of loans to Ecuador.
Brazil suspended interest payments on its 68 billion dlrs
of medium- and long-term debt on February 20.
Ecuador, which has foreign debt of roughly eight billion
dlrs, has not paid any interest to foreign banks since
February.
In March Ecuador 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
country's export revenues.
In its announcement, Security Pacific said it will record
interest income only as it is received in cash.
The company also said it believes that Brazil will reach an
agreement with its banks and that interest payments will resume
later in 1987.
The Brazilian negotiations resume 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 billion dlrs of term
debt that matures on April 15.
|
test/15230 | test/15230 |@title iraqi:1 troop:1 report:1 push:1 back:1 iranians:1 |@word iraq:3 say:8 today:2 troop:3 push:1 iranian:5 force:3 position:2 initially:1 occupy:3 launch:1 new:2 offensive:1 near:1 southern:1 port:1 basra:2 early:1 yesterday:1 high:1 command:1 communique:4 iraqi:4 win:1 significant:1 victory:1 continue:2 advance:2 foil:1 three:2 pronged:1 thrust:1 10:1 km:1 six:2 mile:1 admit:1 iranians:2 grind:1 hold:1 mohammed:1 al:1 qassem:1 unit:2 one:1 division:1 attack:2 revolutionary:1 guard:1 assault:1 warplanes:1 helicopter:1 gunship:1 heavy:1 artillery:1 tank:1 purge:1 last:1 foothold:1 iran:2 kill:1 wound:1 4:1 000:1 iraqis:1 stabilise:1 baghdad:1 plane:1 also:2 destroy:1 oil:1 installation:1 southwestern:1 ahvaz:1 field:1 raid:1 deny:1 report:2 jet:1 shoot:1 naval:2 battle:1 northern:1 tip:1 gulf:1 defend:1 offshore:2 terminal:2 sank:1 28:1 boat:1 attempt:1 | IRAQI TROOPS REPORTED PUSHING BACK IRANIANS
Iraq said today its troops were pushing
Iranian forces out of positions they had initially occupied
when they launched a new offensive near the southern port of
Basra early yesterday.
A High Command communique said Iraqi troops had won a
significant victory and were continuing to advance.
Iraq said it had foiled a three-pronged thrust some 10 km
(six miles) from Basra, but admitted the Iranians had occupied
ground held by the Mohammed al-Qassem unit, one of three
divisions attacked.
The communique said Iranian Revolutionary Guards were under
assault from warplanes, helicopter gunships, heavy artillery
and tanks.
'Our forces are continuing their advance until they purge
the last foothold' occupied by the Iranians, it said.
(Iran said its troops had killed or wounded more than 4,000
Iraqis and were stabilising their new positions.)
The Baghdad communique said Iraqi planes also destroyed oil
installations at Iran's southwestern Ahvaz field during a raid
today. It denied an Iranian report that an Iraqi jet was shot
down.
Iraq also reported a naval battle at the northern tip of
the Gulf. Iraqi naval units and forces defending an offshore
terminal sank six Iranian out of 28 Iranian boats attempting to
attack an offshore terminal, the communique said.
|
test/15233 | test/15233 |@title golden:1 enterprises:1 inc:1 gldc:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 15:1 ct:6 vs:9 nine:2 qtly:1 div:1 six:2 prior:1 qtr:1 net:2 2:4 002:1 261:1 1:3 168:1 638:1 revs:2 29:2 mln:8 3:1 avg:2 shrs:2 13:4 0:2 mth:1 49:1 36:1 6:1 404:1 536:1 4:1 623:1 295:1 92:1 88:1 note:1 dividend:1 payable:1 april:2 30:1 holder:1 record:1 20:1 | GOLDEN ENTERPRISES INC <GLDC> 3RD QTR FEB 28 NET
Shr 15 cts vs nine cts
Qtly div six cts vs six cts in prior qtr
Net 2,002,261 vs 1,168,638
Revs 29.2 mln vs 29.3 mln
Avg shrs 13.1 mln vs 13.0 mln
Nine mths
Shr 49 cts vs 36 cts
Net 6,404,536 vs 4,623,295
Revs 92.2 mln vs 88.2 mln
Avg shrs 13.1 mln vs 13.0 mln
NOTE: Dividend is payable April 30 to holders of record
April 20
|
test/15234 | test/15234 |@title group:1 five:1 meeting:1 end:1 |@word meeting:2 finance:2 minister:3 central:1 banker:1 group:2 five:1 end:1 nearly:1 three:2 half:1 hour:1 west:1 german:1 gerhard:1 stoltenberg:1 british:1 chancellor:1 exchequer:1 nigel:1 lawson:1 decline:1 comment:1 emerge:1 u:1 treasury:2 european:1 monetary:1 official:1 say:1 seven:1 country:1 would:1 gather:1 p:1 local:1 1900:1 gmt:1 | GROUP OF FIVE MEETING ENDS
A meeting of finance ministers and
central bankers of the Group of Five ended after nearly three
and a half hours.
West German Finance Minister Gerhard Stoltenberg and
British Chancellor of the Exchequer Nigel Lawson declined to
comment on the meeting as they emerged from the U.S. Treasury.
A European monetary official said the ministers of the
Group of Seven countries would gather at about three p.m. local
(1900 GMT) at the Treasury.
|
test/15237 | test/15237 |@title usda:1 propose:1 foreign:1 meat:1 inspection:1 rule:1 |@word u:1 agriculture:2 department:1 prepare:1 proposal:1 would:3 require:1 foreign:2 meat:2 product:2 inspect:2 point:1 arrival:1 united:1 states:1 usda:3 official:1 say:2 donald:1 houston:2 administrator:1 food:1 safety:1 inspection:1 service:1 fsis:1 tell:1 house:1 subcommittee:1 develop:1 propose:1 change:1 regulation:1 put:1 end:1 current:1 practice:1 permit:1 unload:1 one:1 port:2 another:1 requirement:1 phase:1 several:1 year:1 avoid:1 disruption:1 economic:1 hardship:1 | USDA TO PROPOSE FOREIGN MEAT INSPECTION RULE
The U.S. Agriculture Department is
preparing a proposal that would require all foreign meat
products to be inspected at their point of arrival in the
United States, a USDA official said.
Donald Houston, administrator of USDA's Food Safety and
Inspection Service, FSIS, told a House Agriculture subcommittee
USDA was developing a proposed change in regulations that would
put an end to the current practice of permitting foreign meat
products to be unloaded at one port and inspected at another
port.
Houston said the requirement would be phased in over
several years to 'avoid disruptions and economic hardship.'
|
test/15238 | test/15238 |@title union:1 texas:1 oil:1 reserve:1 drop:1 1986:1 |@word union:7 texas:7 petroleum:1 say:9 worldwide:1 prove:1 reserve:2 fall:1 511:1 mln:9 barrel:5 oil:7 equivalent:2 end:1 1986:1 555:1 report:2 1985:3 newly:1 release:1 annual:1 replace:1 71:1 pct:1 production:3 56:1 last:3 year:4 take:1 account:1 sale:4 27:1 u:1 reserves:1 nation:1 large:1 independent:1 gas:3 producer:1 base:2 revenue:1 privately:1 hold:1 company:5 kohlberg:1 kravis:1 roberts:1 co:1 ally:1 signal:1 inc:1 ald:1 houston:1 lose:1 57:1 5:1 dlrs:9 1:1 26:1 billion:2 compare:1 profit:1 165:1 2:2 04:1 receive:1 average:1 13:1 35:1 per:2 international:1 99:1 mcf:1 foreign:1 natural:1 majority:1 total:1 energy:1 united:2 kingdom:1 indonesia:1 pakistan:1 states:1 complete:1 evaluation:1 work:1 find:1 alaska:1 colville:1 delta:1 area:1 although:1 significant:1 confirm:1 development:1 discovery:1 economical:1 without:1 substantially:1 high:1 price:1 plan:1 spend:2 42:1 next:1 two:1 develop:1 eugene:1 island:1 block:1 371:1 gulf:1 mexico:1 1987:1 budget:2 178:1 capital:1 spending:1 less:1 half:1 amount:1 199:1 also:1 would:1 seek:1 acquisition:1 property:1 well:1 petrochemical:1 related:1 business:1 | UNION TEXAS OIL RESERVES DROPPED IN 1986
Union Texas Petroleum said its worldwide
proved reserves fell to 511 mln barrels of oil equivalent at
the end of 1986 from 555 mln barrels reported in 1985.
In its newly released annual report, Union Texas said it
replaced about 71 pct of its production of 56 mln barrels of
oil equivalent last year after taking into account the sale of
27 mln barrels of U.S. reserves.
Union Texas, the nation's largest independent oil and gas
producer based on revenues, is a privately-held company owned
by Kohlberg Kravis Roberts and Co and Allied-Signal Inc <ALD>.
The Houston-based company said it lost 57.5 mln dlrs on
1.26 billion dlrs in sales last year, compared to profits of
165 mln dlrs on 2.04 billion dlrs in sales in 1985.
Union Texas said it received an average of 13.35 dlrs per
barrel for its international oil production and 2.99 dlrs per
mcf for its foreign natural gas sales. The majority of the
company's total energy production is in the United Kingdom,
Indonesia and Pakistan.
In the United States, Union Texas said it completed
evaluation work on its oil find in Alaska's Colville Delta
area.
'Although significant oil reserves were confirmed,
development of this discovery will not be economical without
substantially higher prices,' the company said.
Union Texas said it planned to spend about 42 mln dlrs over
the next two years to develop its Eugene Island Block 371 in
the Gulf of Mexico.
In 1987, the company said it budgeted 178 mln dlrs for
capital spending, less than half of the amount spent in 1985
and down from 199 mln dlrs budgeted last year. Union Texas also
said it would seek acquisitions of oil and gas properties as
well as petrochemical-related businesses.
|
test/15239 | test/15239 |@title ual:3 may:1 respond:1 pilot:1 today:1 |@word inc:1 may:2 response:1 afternoon:1 pilot:5 union:3 proposal:4 buy:3 united:2 airlines:1 unit:1 ual:9 spokesman:2 say:8 obviously:1 lot:1 movement:1 stock:7 need:1 get:2 clarification:1 add:2 50:2 chance:1 statement:1 would:1 release:1 today:3 earlier:1 week:2 offer:1 airline:4 2:4 3:3 billion:2 dlrs:3 assume:1 exist:1 debt:1 takeover:2 speculation:3 drive:1 several:1 last:1 month:1 new:3 york:1 real:1 estate:1 developer:2 donald:1 trump:2 hold:2 position:2 also:1 discussion:1 chairman:1 indicate:1 talk:1 take:2 investment:1 reveal:1 plan:1 rumor:1 circulate:1 coniston:1 partner:1 jump:1 five:1 70:1 4:1 volume:1 mln:1 share:2 consider:1 think:1 realistic:1 exptect:1 could:1 put:1 interesting:2 option:1 front:1 management:1 timothy:1 pettee:2 bear:1 stearns:1 co:1 analyst:2 make:1 vulnerable:1 attack:1 diversify:1 away:1 core:1 hertz:1 rental:1 car:1 westin:1 hilton:1 international:1 hotel:1 strategy:3 become:1 travel:1 service:1 company:3 leave:1 slump:1 concern:1 focusse:1 enough:1 attention:2 stand:1 firm:1 emphasize:1 focus:1 change:1 name:1 allegis:1 one:1 escalate:1 wall:1 street:1 busy:1 calculate:1 break:1 value:2 well:1 excess:1 100:1 per:1 trader:1 describe:1 buying:1 widespread:1 indicative:1 big:1 institution:1 believe:1 play:1 market:1 source:1 although:1 attract:1 act:1 catalyst:1 kick:1 round:1 perhaps:1 throw:1 hand:1 another:1 buyer:1 first:1 domino:2 investor:1 considerable:1 stake:1 second:1 type:1 attitude:1 precursor:1 deal:1 past:1 something:1 everybody:1 | UAL <UAL> MAY RESPOND TO PILOTS TODAY
UAL Inc may have a response this
afternoon to the pilots union proposal to buy its United
Airlines unit, a UAL spokesman said.
'Obviously, we have a lot of movement in our stock, and we
need to get a clarification out,' the spokesman said, adding
that there was a '50-50' chance a statement would be released
today.
The pilots earlier this week offered to buy the airline for
2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt.
Takeover speculation has driven UAL's stock for several
weeks. UAL last month said New York Real estate developer
Donald Trump held a position in its stock, and that he also
held discussions with its chairman.
The developer indicated in those talks that he took the
position as an investment, but he revealed no other plans.
Today, rumors circulated that Coniston Partners were buying
UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2
mln shares.
'United has got to consider this proposal. I think the
pilot's proposal is realistic. I don't exptect them to take it,
but it could put some interesting options in front of UAL
management,' said Timothy Pettee, Bear Stearns and co analyst.
Analysts have said UAL made itself vulnerable to attack
when it diversified away from its core airline. It added Hertz
rental cars, Westin and Hilton International hotels in a
strategy to become a travel service company.
The strategy left its stock in a slump and its pilots union
concerned that the company was not focussing enough attention
on its airline.
UAL has stood firm on its strategy. It is emphasizing its
new focus by changing its name to Allegis, as of May one.
But takeover speculation has escalated, and Wall Street has
been busy calculating break up values well in excess of 100
dlrs per share. Traders today described the buying in UAL as
widespread, indicative to them that big institutions believe
the stock is in play.
Market sources have said that although Trump attracted
attention to the stock, the pilots proposal acted as a
catalyst, kicking off a new round of speculation and perhaps
throwing the company into the hands of another buyer.
'The first domino is you have an investor with a
considerable stake. the second domino is the union. That type
of attitude has been a precursor to airline deals in the past,'
said Pettee.
'What's interesting is the values are there. There's
something for everybody,' he said.
|
test/15240 | test/15240 |@title hartmarx:1 hmx:1 target:1 earning:1 growth:1 |@word hartmarx:4 corp:1 follow:1 year:5 restructuring:1 continue:2 target:1 record:1 earning:4 fiscal:2 1987:2 chairman:1 john:1 meinert:4 tell:2 annual:1 meeting:1 reiterate:1 early:1 comment:1 remainder:1 must:1 double:1 1986:3 level:1 meet:1 goal:1 end:1 november:1 30:1 report:1 24:1 8:1 mln:2 dlrs:4 1:1 20:1 share:3 prior:1 42:1 7:1 2:1 25:1 110:1 old:1 apparel:2 manufacturer:1 recently:1 post:1 first:1 quarter:1 54:1 ct:2 40:1 ago:1 shareholder:1 plan:1 sell:1 division:1 add:1 financial:1 capacity:1 take:1 advantage:1 acquisition:1 say:2 company:2 open:1 five:1 new:1 10:1 redesign:1 kuppenheimer:1 direct:1 consumer:1 store:2 atlanta:1 detroit:1 st:1 louis:1 washington:1 c:1 san:1 francisco:1 woman:1 grow:1 drawing:1 board:1 briar:1 concept:1 feature:1 tie:1 shirt:1 tailor:1 clothing:1 | HARTMARX <HMX> TARGETS EARNINGS GROWTH
Hartmarx Corp, following a year of
restructuring, continues to target record earnings for fiscal
1987, Chairman John Meinert told the annual meeting.
Meinert reiterated an earlier comment that earnings for the
remainder of the year must double the 1986 level to meet that
goal. In fiscal 1986, ended November 30, 1986, Hartmarx
reported earnings 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.
The 110-year-old apparel manufacturer recently posted
first-quarter earnings of 54 cts a share, up from 40 cts a year
ago.
Meinert told shareholders Hartmarx has no plans to sell any
of its divisions. He added, 'We have the financial capacity to
take advantage of acquisitions.'
In 1987, Meinert said the company will open five new and 10
redesigned Kuppenheimer direct-to-consumer stores in Atlanta,
Detroit, St. Louis, Washington, D.C. and San Francisco.
He said the company's women's apparel continues to grow,
and Hartmarx has on the drawing board a Briar concept store
which will feature ties, shirts and some tailored clothing.
|
test/15242 | test/15242 |@title fed:1 heller:2 see:2 return:2 slow:2 money:2 supply:2 growth:2 feed:1 |@word | FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH
FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH
|
test/15243 | test/15243 |@title general:2 electric:2 co:2 1st:2 qtr:2 shr:2 1:4 37:2 dlrs:4 vs:2 18:2 |@word | GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS
GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS
|
test/15244 | test/15244 |@title ghana:1 buy:1 crude:1 oil:1 iran:1 |@word ghana:1 import:1 15:1 000:1 tonne:1 crude:1 oil:3 annually:1 iran:2 agreement:2 reach:2 tehran:1 today:1 iranian:2 news:1 agency:2 irna:2 report:1 receive:1 london:1 say:2 accord:1 minister:2 gholamreza:1 aqazadeh:1 visit:1 ghanaian:1 delegation:1 head:1 foreign:1 obed:1 asamoah:1 also:1 provide:1 technical:1 scientific:1 assistance:1 manpower:1 training:1 exploitation:1 production:1 refining:1 | GHANA TO BUY CRUDE OIL FROM IRAN
Ghana will import 15,000 tonnes of crude
oil annually from Iran under an agreement reached in Tehran
today, the Iranian news agency IRNA reported.
The agency, received in London, said the accord was reached
between Iranian Oil Minister Gholamreza Aqazadeh and a visiting
Ghanaian delegation headed by Foreign Minister Obed Asamoah.
IRNA said that under the agreement, Iran will also provide
technical and scientific assistance in manpower training and
oil exploitation, production and refining.
|
test/15246 | test/15246 |@title fed:1 heller:1 say:1 monetary:1 growth:1 slow:1 |@word robert:1 heller:7 member:1 federal:2 reserve:2 board:1 say:12 expect:1 modest:2 level:2 growth:3 money:2 supply:2 year:2 view:1 would:6 logical:1 also:2 desireable:1 development:1 speech:1 prepare:1 delivery:1 economic:2 forum:1 chapman:1 college:1 orange:1 calif:1 text:1 release:1 washington:1 effect:1 low:1 inflation:3 financial:1 deregulation:1 monetary:4 aggregate:2 largely:1 finish:1 consequently:1 may:3 return:2 note:1 slow:1 mid:1 january:1 surprised:1 grow:1 rather:2 slowly:1 balance:1 well:2 add:1 danger:1 renew:1 price:4 pricing:1 behavior:2 american:2 producer:3 response:2 increase:1 foreign:2 competitor:1 crucial:1 future:1 widespread:1 domestic:1 rise:2 import:1 generalize:1 inflationary:1 force:1 emanate:1 trade:2 sector:1 gain:1 market:2 share:1 u:2 stagflation:1 late:1 1970:1 result:1 pattern:1 warn:1 discipline:2 conduct:1 policy:1 government:1 exercise:1 fiscal:1 cut:1 deficit:1 spend:1 restraint:1 new:2 taxis:2 imposition:1 tend:1 rekindle:1 certainly:1 make:1 competitive:1 international:1 economy:1 expand:1 nearly:1 three:1 pct:1 1987:1 aid:1 high:1 export:1 europe:1 canada:2 free:1 agreement:1 currently:1 negotiate:1 exceedingly:1 helpful:1 allow:1 compete:1 effectively:1 country:1 | FED'S HELLER SAYS MONETARY GROWTH TO BE SLOWER
Robert Heller, a member of the
Federal Reserve Board, said he expects 'more modest levels' of
growth in the money supply this year.
'In my view, this would not only be a logical, but also a
most desireable development,' he said in a speech prepared for
delivery to an economic forum at Chapman College in Orange,
Calif.
A text was released in Washington.
He said the effect of lower inflation and financial
deregulation on monetary aggregates was now largely finished.
'Consequently, monetary growth may return to more modest
levels,' Heller said. He noted growth in the money supply slowed
after mid-January.
'I would not be surprised at all if the monetary aggregates
were to grow rather slowly during the balance of the year as
well,' he added.
Heller said there was a danger of renewed price inflation.
'The pricing behavior of American producers in response to
price increases of their foreign competitors will be crucial
for our economic future,' he said.
Widespread domestic price rises in response to rising
import prices would 'generalize the inflationary forces
emanating from the foreign trade sector' and might not gain more
market share for U.S. producers.
'A return to the stagflation of the late 1970s may well be
the result of such a behavior pattern,' Heller warned.
He said 'we at the Federal Reserve will have to be
disciplined in our conduct of monetary policy.'
Heller said said the government should also exercise fiscal
discipline and cut the deficit by spending restraint rather
than new taxes.
'The imposition of new taxes would tend to rekindle
inflation and certainly would not make us more competitive in
international markets,' Heller said.
He said the U.S. economy should expand by nearly three pct
during 1987, aided by higher exports to Europe and Canada.
A free trade agreement currently being negotiated with
Canada 'would be exceedingly helpful in allowing American
producers to compete more effectively in that country,' Heller
said.
|
test/15247 | test/15247 |@title general:1 electric:1 co:1 ge:1 1st:1 qtr:1 net:1 |@word shr:1 1:2 37:1 dlrs:2 vs:3 18:1 net:1 624:1 mln:2 537:1 sale:1 8:1 32:1 billion:2 5:1 88:1 note:1 prior:1 year:1 include:1 result:1 rca:1 corp:1 | GENERAL ELECTRIC CO <GE> 1ST QTR NET
Shr 1.37 dlrs vs 1.18 dlrs
Net 624 mln vs 537 mln
Sales 8.32 billion vs 5.88 billion
NOTE: Prior year does not include results of RCA Corp.
|
test/15250 | test/15250 |@title energy:1 development:1 edp:1 year:1 loss:1 |@word energy:2 development:2 partners:1 ltd:1 say:4 operating:1 loss:2 year:2 end:1 december:2 31:2 2:1 4:2 mln:6 dlrs:4 40:1 ct:1 per:2 share:2 41:1 5:1 dlr:1 non:1 cash:1 writeoff:1 oil:2 gas:2 property:1 take:1 first:1 quarter:1 result:1 net:1 43:1 9:1 7:2 21:1 partner:1 limited:1 partnership:1 begin:1 operate:1 september:1 1985:1 full:1 revenue:1 total:2 23:1 company:1 also:1 proved:1 reserve:1 8:1 barrel:1 88:1 cubic:1 foot:1 natural:1 | ENERGY DEVELOPMENT <EDP> HAD YEAR LOSS
Energy Development Partners Ltd said
it had an operating loss for the year ended December 31 of 2.4
mln dlrs, or 40 cts per share.
But it said a 41.5 mln dlr non-cash writeoff of oil and gas
properties taken in the first quarter resulted in a net loss of
43.9 mln dlrs, or 7.21 dlrs per share.
Energy Development Partners, is a limited partnership which
began operating in September 1985.
Full year revenues totaled 23.7 mln dlrs, the company also
said.
It said proved reserves at December 31 totaled 4.8 mln
barrels of oil and 88 mln cubic feet of natural gas.
|
test/15253 | test/15253 |@title industrial:1 nation:1 reconvene:1 talk:1 |@word financial:1 minister:5 central:2 banker:2 lead:2 industrial:1 nation:1 reconvene:1 afternoon:1 canadian:1 finance:3 michael:1 wilson:2 say:2 enter:1 meeting:3 would:2 review:1 paris:1 agreement:1 ask:1 satisfied:1 west:2 german:1 japanese:2 stimulus:1 reply:1 could:1 little:1 french:1 edouard:1 balladur:1 meanwhile:1 confirm:1 communique:1 end:2 britain:1 france:1 canada:1 germany:1 see:1 reuter:1 correspondent:1 return:1 treasury:1 build:1 official:2 bundesbank:1 president:1 karl:1 otto:1 poehl:1 appear:1 leave:1 building:2 early:1 group:2 five:1 talk:1 break:1 around:1 2:1 p:1 local:1 time:1 1800:1 gmt:1 sign:1 however:1 italian:2 delegation:2 whose:1 position:1 throw:1 question:1 morning:1 resignation:1 christian:1 democratic:1 wing:1 italy:1 socialist:1 government:1 european:1 monetary:1 later:1 inside:1 mean:1 full:1 blow:1 seven:1 progress:1 | INDUSTRIAL NATIONS RECONVENE FOR TALKS
Financial ministers and central
bankers of leading industrial nations reconvened here this
afternoon.
Canadian Finance Minister Michael Wilson said on entering
the meeting the ministers would review the Paris agreement.
Asked if he was satisfied with West German and Japanese
stimulus, Wilson replied, 'They could do a little more.'
French Finance Minister Edouard Balladur, meanwhile,
confirmed there would be a communique at the end of the
meeting.
Finance ministers and central bankers of Britain, FRance,
Canada and West Germany were seen by Reuter correspondents
returning to a Treasury building.
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 broke up around 2 p.m. local time
(1800 gmt).
There was no sign, however, of the Italian delegation whose
position was thrown into question this morning by the
resignation of the Christian Democratic wing of Italy's
Socialist-led government.
European monetary officials said later that the Italian
delegation was inside the building.
This meant that a full blown meeting of the Group of Seven
was in progress.
|
test/15254 | test/15254 |@title u:1 meat:1 poultry:1 inspection:1 call:1 faulty:1 |@word u:3 meat:7 poultry:5 inspection:6 program:5 incapable:1 protect:1 consumer:5 contaminated:1 product:2 group:1 represent:1 inspector:3 charge:1 whole:1 trend:1 last:1 10:1 year:3 corrupt:1 degrade:1 system:2 today:2 public:2 constant:1 risk:2 contaminate:2 adulterate:1 kenneth:2 blaylock:2 president:2 american:2 federation:1 government:3 employee:2 tell:3 house:2 agriculture:3 subcommittee:3 little:1 reason:1 feel:1 confident:2 safety:2 offer:1 say:11 rodney:1 leonard:2 executive:2 director:1 community:1 nutrition:1 institute:1 company:2 management:1 less:1 concerned:1 health:2 raise:1 plant:3 output:1 profit:1 hearing:2 livestock:1 dairy:1 morrison:2 staff:1 associate:1 accountability:1 project:1 consistently:1 disclose:1 violation:1 federal:1 law:2 demonstrate:1 serious:1 breakdown:1 entire:1 chicken:2 fat:1 flavor:1 intestine:1 drag:1 water:1 trough:1 use:2 flush:1 away:1 condemned:1 fecal:1 material:1 human:1 spit:1 chew:1 gum:1 paper:1 towel:1 blow:1 nose:1 donald:1 houston:3 administrator:1 department:1 food:2 service:1 fsis:3 defend:1 call:1 one:1 respected:1 world:1 inspect:1 estimate:1 127:1 mln:1 head:1 cattle:1 4:1 5:1 billion:1 turkey:1 every:1 keep:1 pace:1 change:1 concede:1 danger:1 chemical:1 residue:1 supply:2 increase:1 also:1 although:1 bacterium:1 salmonella:3 eventually:1 could:1 eradicate:1 would:3 take:1 time:1 much:2 money:1 contain:1 grow:1 problem:1 extreme:1 case:3 cause:1 death:2 find:2 approximately:1 37:1 pct:3 broiler:1 12:1 raw:2 pork:1 three:1 five:1 beef:1 number:1 report:1 double:1 past:1 20:1 40:1 000:1 annually:1 certainly:1 really:1 effective:1 mean:1 turn:1 disease:1 around:1 rep:1 james:1 olin:1 va:1 national:2 research:1 council:1 recommend:1 1985:1 intensify:1 effort:1 develop:1 rapid:1 diagnostic:1 procedure:2 detect:1 microoganism:1 industry:1 control:1 cost:1 hopefully:1 overreact:1 instal:1 unnecessarily:1 complicated:1 may:1 become:1 obstacle:1 real:1 goal:1 provide:1 increasingly:1 safe:1 nutritious:1 economical:1 stanley:1 emerle:1 vice:1 association:1 purveyor:1 speak:1 behalf:1 new:1 allow:1 elimination:1 usda:1 function:1 certain:1 void:1 letter:1 spirit:1 must:1 repeal:1 see:1 rise:1 fraud:1 epidemic:1 illness:1 prevention:1 legal:1 recourse:1 chairman:1 charles:1 stenholm:1 tex:1 panel:1 hold:1 june:1 2:1 | U.S. MEAT, POULTRY INSPECTION CALLED FAULTY
The U.S. meat and poultry inspection
programs are incapable of protecting consumers from
contaminated products, groups representing inspectors and
consumers charged.
'The whole trend of inspection for the last 10 years has
been to corrupt and to degrade the system where today 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.
'The American consumer 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 Community
Nutrition Institute.
'Company management is less concerned about the risk to
health than about raising plant output and company profits,'
Leonard told a hearing of the House Agriculture Subcommittee on
Livestock, Dairy and Poultry.
Kenneth Morrison, staff associate at the Government
Accountability Project, said inspectors consistently disclose
violations of federal law, demonstrating a 'serious breakdown in
the entire inspection system.'
Morrison told of chicken fat for flavoring being
contaminated by 'intestines dragging in a water trough used to
flush away the condemned product, fecal material, human spit,
chewing gum and paper towels used by plant employees to blow
their noses.'
Donald Houston, administrator of the U.S. Agriculture
Department's Food Safety and Inspection Service, FSIS, defended
the government's program, calling it 'one of the most respected
public health programs in the world.'
FSIS inspects an estimated 127 mln head of cattle and 4.5
billion chicken and turkeys every year.
Houston said inspection programs have kept pace with
change, but conceded that the danger of chemical residues in
the meat and poultry supply has increased.
He also said that, although he was confident the bacterium
salmonella eventually could be eradicated, it would take time
and much money to contain the growing problem.
Salmonella, which in extreme cases can cause death, is
found in approximately 37 pct of U.S. broilers, 12 pct of raw
pork and three to five pct of raw beef, Houston said.
The number of reported cases has doubled over the past 20
years, he said, to 40,000 cases annually.
'We certainly really have not found an effective means of
turning this disease around,' said Rep. James Olin (D-Va.)
The National Research Council recommended in 1985 that FSIS
intensify efforts to develop rapid diagnostic procedures for
detecting microoganisms.
But the meat and poultry industries have said such controls
would cost too much.
'Hopefully we will not overreact by installing unnecessarily
complicated procedures that may become obstacles to the real
goal of providing an increasingly safer, more nutritious and
economical meat supply for consumers,' Stanley Emerling,
executive vice president of the National Association of Meat
Purveyors, said.
Blaylock, speaking on behalf of food inspectors, said a new
program allowing elimination of USDA inspection functions at
certain plants 'voids the law in letter and spirit, and must be
repealed or we will see rising consumer fraud and an epidemic
of death and illness for which there will be no prevention nor
legal recourse.'
Subcommittee Chairman Charles Stenholm (D-Tex.) said the
panel would hold a hearing on salmonella June 2.
|
test/15255 | test/15255 |@title chrysler:1 c:1 renault:1 delay:1 motors:1 amo:1 pact:1 |@word chrysler:10 corp:2 regie:1 natiionale:1 des:1 usines:1 renault:5 say:9 agree:1 extend:2 two:3 week:1 period:1 reach:3 definitive:2 agreement:7 propose:1 1:1 5:1 billion:1 dlr:1 takeover:1 american:2 motors:1 letter:5 intent:3 sign:1 march:2 nine:3 set:1 april:5 target:1 date:3 complete:2 negotiation:1 however:1 also:2 allow:1 room:1 extension:1 23:2 could:3 company:5 plan:1 work:2 give:1 complex:2 nature:1 deal:2 need:2 additional:1 time:2 expect:1 ask:1 event:1 prior:1 9:1 1987:1 discover:1 unforeseen:1 problem:2 course:1 due:1 diligence:1 investigation:1 refer:1 motor:1 spokeswoman:2 would:3 whether:1 crop:1 talk:3 stick:1 statement:1 definition:1 delay:2 previous:1 terminate:1 amendend:1 write:1 still:1 toward:1 another:1 official:1 part:1 tell:1 trouble:1 glitch:1 analyst:2 downplay:1 significance:1 visualize:1 want:1 donaldson:1 lufkin:1 jenrette:1 richard:1 henderson:1 | CHRYSLER <C> RENAULT DELAY AM MOTORS <AMO> PACT
Chrysler Corp and Regie Natiionale des
Usines Renault said they agreed to extend by up to two weeks
the period for reaching definitive agreement on Chrysler's
proposed 1.5 billion dlr takeover of American Motors Corp.
The letter of intent signed by Chrysler and Renault on
March nine set April nine as the target date for completing
negotiations.
However, the letter also allowed room for an extension of
that date to April 23 if an agreement could not be reached.
The two companies said they 'now plan to complete work by
April 23.'
Chrysler and Renault said, 'Given the complex nature of the
deal, the need for additional time was to be expected.'
The March letter of intent between the two companies says
that Chrysler could ask Renault to extend the agreement date
'in the event that prior to April 9, 1987, Chrysler discovers
an unforeseen problem in the course of its 'due diligence'
investigation of the company,' referring to American Motors.
A Chrysler spokeswoman would not say whether some problem
had cropped up in the talks. She stuck by the company's
statement that more time was needed because the talks are
complex. 'That is our definition of the delay,' she said.
Under the previous agreement between Chrysler and Renault,
their letter of intent would be terminated on April nine or
when an agreement was reached. But the letter could be amendend
by a written agreement by both companies.
The Chrysler spokeswoman said, 'We are still working toward
a definitive agreement.' Said another Chrysler official who is
not part of the talks but who would be told if the deal were in
trouble: 'There are no glitches.'
Analysts also downplayed the significance of the delay. 'I
can't visualize where they wouldn't want it to be done,' said
Donaldson Lufkin Jenrette analyst Richard Henderson.
|
test/15258 | test/15258 |@title rite:1 aid:1 corp:1 rad:1 sets:1 dividend:1 |@word qtly:1 div:1 16:2 1:2 2:2 ct:2 vs:1 pay:1 april:2 27:1 record:1 20:1 | RITE AID CORP <RAD> SETS DIVIDEND
Qtly div 16-1/2 cts vs 16-1/2 cts
Pay April 27
Record April 20
|
test/15259 | test/15259 |@title airsensors:1 inc:1 arsn:1 3rd:1 qtr:1 jan:1 31:1 loss:1 |@word shr:2 loss:8 five:1 ct:4 vs:6 six:1 net:2 696:1 777:1 598:1 095:1 sale:2 472:1 812:1 41:1 454:1 nine:1 mth:1 15:1 17:1 2:1 194:1 482:1 1:1 751:1 884:2 800:1 336:1 151:1 | AIRSENSORS INC <ARSN> 3RD QTR JAN 31 LOSS
Shr loss five cts vs loss six cts
Net loss 696,777 vs loss 598,095
Sales 472,812 vs 41,454
Nine mths
Shr loss 15 cts vs loss 17 cts
Net loss 2,194,482 vs loss 1,751,884
Sales 800,336 vs 151,884
|
test/15262 | test/15262 |@title canada:2 plan:2 monitor:2 steel:2 import:2 export:2 trade:2 minister:2 say:2 |@word | CANADA PLANS TO MONITOR STEEL IMPORTS, EXPORTS, TRADE MINISTER SAYS
CANADA PLANS TO MONITOR STEEL IMPORTS, EXPORTS, TRADE MINISTER SAYS
|
test/15263 | test/15263 |@title general:1 electric:1 ge:1 1st:1 qtr:1 help:1 rca:1 |@word general:5 electric:5 corp:2 say:4 first:6 quarter:9 result:4 significantly:1 high:3 due:1 strong:6 rca:4 acquire:1 last:3 year:9 also:2 attibute:1 continue:1 performance:1 plastics:1 major:1 appliance:1 employer:1 reinsurance:1 ge:3 record:1 net:1 earning:3 1987:3 624:1 mln:3 dlrs:5 1:2 37:1 dls:1 per:2 shr:1 16:1 pct:1 537:1 18:1 share:1 ago:3 chairman:1 john:1 welch:1 jr:1 reiterate:1 company:2 outlook:1 expect:1 double:1 digit:1 growth:1 line:1 expectation:1 cite:1 tv:1 network:1 station:1 operation:2 national:1 broadcasting:1 co:1 part:1 1986:2 one:2 reason:1 note:1 aircraft:1 engine:1 operating:2 profit:2 much:1 cause:1 increase:2 shipment:1 impact:1 strike:1 aerospace:2 revenue:3 sharply:1 mainly:2 inclusion:2 defense:1 business:1 addition:1 consumer:1 product:3 include:1 sale:1 video:1 restructuring:1 provision:1 308:1 taxis:2 implement:1 various:1 strategic:1 move:1 charge:1 add:1 time:1 gain:1 281:1 mlns:1 inventory:1 accounting:1 change:1 technical:1 ahead:1 lead:1 medical:1 system:1 volume:1 communication:1 relate:1 service:1 | GENERAL ELECTRIC <GE> 1ST QTR HELPED BY RCA
General Electric Corp said its
first quarter results were significantly higher due to the
strong results of RCA, which was acquired last year.
General Electric also attibuted continued strong
performances in plastics, major appliances and the Employers
Reinsurance Corp for its strong quarter.
GE recorded net earnings for the first quarter 1987 of 624
mln dlrs, or 1.37 dls per shr, up 16 pct from 537 mln dlrs, or
1.18 dlrs per share for the same quarter a year ago.
General Electric chairman John Welch Jr reiterated the
company's outlook for 1987 in which it expects double-digit GE
earnings growth for the year. He said the first quarter results
are in line with those expectations.
General Electric cited the strong results in TV network and
station operations of the National Broadcasting Co, which was
not part of GE in the first quarter of 1986, as one reason for
its strong earnings.
It also noted that aircraft engine operating profit was
much higher than a year ago, caused by a increase in shipments
than the 1986 quarter, which was impacted by a strike.
Aerospace revenues were sharply higher in this year's first
quarter from a year ago, mainly because of the inclusion of
RCA's aerospace and defense business, the company said.
In addition, consumer products revenues were up from last
year, mainly because of including sales of RCA video products.
General Electric said restructuring provisions of 308 mln
dlrs before taxes to implement various strategic moves were
charged against operations in the first quarter of 1987. It
added that there was a one-time gain of 281 mlns dlrs after
taxes from an inventory accounting change.
And technical products revenues and operating profit were
ahead of last year, led by a strong increases in medical
systems volume and the inclusion this year of RCA's
communications and related services.
|
test/15264 | test/15264 |@title teck:1 still:1 talk:1 b:1 c:1 copper:1 venture:1 |@word teck:5 corp:2 say:5 continue:1 talk:4 join:1 joint:2 copper:4 venture:3 highland:4 valley:4 british:1 columbia:1 hold:1 affiliates:1 cominco:8 ltd:3 clt:1 lornex:4 mining:1 know:1 negotiation:1 would:1 complete:1 vice:1 president:1 administration:1 john:1 guminski:1 reply:1 query:1 ongoing:1 long:1 time:1 decline:2 speculate:1 outcome:1 29:1 5:1 pct:7 consortium:2 lead:1 optimistic:2 soon:1 conclude:2 spokesman:1 townson:4 tell:1 reuters:1 think:1 partner:1 hopeful:1 situation:1 resolve:1 shortly:1 add:1 specify:1 may:1 end:1 22:2 agree:1 january:1 1986:2 form:1 merge:1 operation:2 share:3 equally:1 control:1 management:1 55:1 production:3 receive:1 45:1 six:1 month:1 follow:1 july:1 1:2 officially:1 start:1 total:1 ore:1 mill:1 6:1 mln:1 short:3 ton:3 grade:1 average:1 0:1 41:1 43:1 000:2 contain:1 concentrate:2 200:1 molybdenum:1 340:1 ounce:2 silver:1 800:1 gold:1 50:1 25:1 mim:1 canada:2 inc:1 metallgesellschaft:1 acquire:1 stake:1 last:1 year:1 canadian:1 pacific:1 cp:1 | TECK STILL IN TALKS ON B.C. COPPER VENTURE
<Teck Corp> said it
was continuing talks about joining a joint copper venture at
Highland Valley, British Columbia, held by affiliates Cominco
Ltd <CLT> and <Lornex Mining Corp>, but did not know when
negotiations would be completed.
Teck vice-president of administration John Guminski said in
reply to a query that the talks had been 'ongoing for a long
time.' He declined to speculate on the outcome.
Cominco, 29.5 pct owned by a consortium led by Teck, is
optimistic that the talks will soon be concluded, spokesman Don
Townson told Reuters.
'I think all partners are hopeful that the situation will be
resolved,' Cominco's Townson said.
'We're optimistic that they will be concluded shortly,' he
added. Townson declined to specify when the talks might end.
Cominco and Teck's 22 pct-owned Lornex agreed in January
1986 to form the joint venture, merging their Highland Valley
copper operations.
Cominco and Lornex share equally in control and management
of the Highland Valley operations, while Cominco has a 55 pct
share of production and Lornex receives 45 pct.
For the six months following July 1, 1986, when the venture
officially started production, Highland Valley had total ore
milled of 22.6 mln short tons, grading an average of 0.41 pct
copper, Townson said.
Cominco's share of production was 43,000 short tons of
copper contained in concentrate, 1,200 short tons of Molybdenum
in concentrate, 340,000 ounces of silver and 800 ounces of
gold, he said.
A consortium, 50 pct owned by Teck and 25 pct each by MIM
(Canada) Inc and Metallgesellschaft Canada Ltd, acquired its
Cominco stake last year from Canadian Pacific Ltd <CP>.
|
test/15265 | test/15265 |@title banponce:1 corp:1 bdep:1 1st:1 qtr:1 net:1 |@word shr:1 1:2 08:1 dlrs:1 vs:2 00:1 dlr:1 net:1 6:1 215:1 538:1 5:1 757:1 013:1 | BANPONCE CORP <BDEP> 1ST QTR NET
Shr 1.08 dlrs vs 1.00 dlr
Net 6,215,538 vs 5,757,013
|
test/15270 | test/15270 |@title xebec:1 xebc:1 report:1 2nd:1 qtr:1 loss:1 |@word xebec:5 corp:2 say:5 expect:2 report:2 loss:3 second:2 quarter:3 end:2 april:1 three:1 due:1 principally:1 decline:1 sale:1 international:1 business:2 machines:1 ibm:5 company:4 large:1 customer:1 also:2 revenue:3 total:2 23:2 mln:3 dlrs:2 last:1 year:1 1:1 9:2 14:1 ct:1 per:1 share:1 historically:1 account:1 50:1 pct:2 fall:1 20:1 use:1 hard:1 disk:1 drive:1 controller:1 product:2 pc:1 xt:1 phase:1 intend:1 continue:1 streamline:1 operation:1 light:1 already:1 consolidate:1 two:1 plant:1 nevada:1 plan:1 sell:1 unused:1 surplus:1 asset:1 provide:1 additional:1 liquidity:1 | XEBEC <XEBC> TO REPORT 2ND QTR LOSS
Xebec Corp said it expects to
report a loss for its second quarter ended April three, due
principally to a decline in sales to International Business
Machines Corp <IBM>, the company's largest customer.
Xebec also said it expects revenues to total about 23 mln
dlrs.
The company reported a second quarter loss last year of 1.9
mln dlrs, or 14 cts per share, on 23.9 mln in revenues.
Xebec said IBM has historically accounted for about 50 pct
of the company's revenues, but that total fell to 20 pct during
the quarter just ended.
IBM had used Xebec's hard disk drive controller products in
the IBM PC/XT, a product which IBM is phasing out.
Xebec said it intends to continue streamlining its
operations in light of the loss of business.
The company also said it has already consolidated two of
its plants in Nevada and it now plans to sell unused and
surplus assets to provide additional liquidity.
|
test/15271 | test/15271 |@title ccc:1 accept:1 export:1 bid:1 wheat:1 flour:1 iraq:1 |@word commodity:2 credit:1 corporation:1 accept:1 bid:1 export:2 bonus:2 cover:1 sale:1 12:1 500:2 tonne:3 wheat:3 flour:3 iraq:2 u:1 agriculture:1 department:2 say:3 award:1 113:1 0:1 dlrs:1 per:1 pay:1 peavey:1 company:1 form:1 ccc:1 stock:1 delivery:1 may:1 15:2 june:1 1987:2 additional:1 162:1 still:1 available:1 enhancement:1 program:1 initiative:1 announce:1 january:1 7:1 usda:1 | CCC ACCEPTS EXPORT BID FOR WHEAT FLOUR TO IRAQ
The Commodity Credit Corporation has
accepted a bid for an export bonus to cover a sale of 12,500
tonnes of wheat flour to Iraq, the U.S. AGriculture Department
said.
The bonus awarded was 113.0 dlrs per tonne and will be paid
to Peavey Company in the form of commodities from CCC stocks.
The wheat flour is for delivery May 15-June 15, 1987, the
department said.
An additional 162,500 tonnes of wheat flour are still
available to Iraq under the Export Enhancement Program
initiative announced January 7, 1987, USDA said.
|
test/15273 | test/15273 |@title egypt:1 authorize:1 buy:1 pl:1 480:1 wheat:1 usda:1 |@word egypt:1 authorize:1 purchase:1 200:1 000:1 tonne:1 u:3 wheat:2 exist:1 pl:1 480:1 agreement:1 agriculture:1 department:2 say:2 may:1 buy:1 value:1 22:1 0:1 mln:1 dlrs:1 april:1 15:1 august:1 31:1 1987:1 ship:1 port:1 september:1 30:1 | EGYPT AUTHORIZED TO BUY PL-480 WHEAT - USDA
Egypt has been authorized to purchase
about 200,000 tonnes of U.S. wheat under an existing PL-480
agreement, the U.S. Agriculture Department said.
It may buy the wheat, valued at 22.0 mln dlrs, between
April 15 and August 31, 1987, and ship it from U.S. ports by
September 30, the department said.
|
test/15274 | test/15274 |@title caterpillar:1 cat:1 reaffirm:1 first:1 quarter:1 outlook:1 |@word caterpillar:3 inc:1 remark:2 deliver:1 annual:1 meeting:1 san:1 francisco:1 reiterate:1 expectation:1 loss:1 first:1 quarter:1 say:3 result:1 would:1 hurt:1 25:1 mln:1 dlr:1 one:1 time:1 charge:1 mitsubishi:1 50:1 pct:2 affiliate:1 company:1 expect:1 profit:1 operation:1 full:1 year:1 improve:1 1986:1 prepare:1 delivery:1 shareholder:1 president:1 peter:1 donis:1 target:1 five:1 cost:2 reduction:1 1987:1 difficult:1 achieve:1 weak:1 dollar:1 limit:1 opportunity:1 obtain:1 low:1 material:1 | CATERPILLAR <CAT> REAFFIRMS FIRST QUARTER OUTLOOK
Caterpillar Inc, in remarks
delivered at its annual meeting in San Francisco, reiterated
its expectation of a loss in the first quarter.
It said results would be hurt by a 25 mln dlr one-time
charge by Caterpillar Mitsubishi, a 50-pct owned affiliate. The
company said it expected profit from operations for the full
year to improve over 1986.
In remarks prepared for delivery to shareholders, President
Peter Donis said Caterpillar's targeted five pct cost reduction
in 1987 'will be difficult to achieve because the weaker dollar
has limited opportunities to obtain lower material costs.'
|
test/15276 | test/15276 |@title broker:1 boost:1 zondervan:1 zond:1 stake:1 7:1 1:1 pct:1 |@word investor:2 group:4 head:2 minneapolis:1 minn:1 broker:1 jeffrey:1 wendel:3 say:2 raise:1 stake:1 zondervan:3 corp:1 292:1 900:2 share:4 7:1 1:1 pct:2 total:1 outstanding:1 238:1 5:1 8:1 filing:1 securities:1 exchange:1 commission:1 buy:1 54:1 000:1 common:1 march:1 24:1 april:1 3:1 price:1 range:1 27:1 87:1 29:1 96:1 dlrs:1 act:1 cooperation:1 another:1 shareholder:1 london:1 christopher:1 moran:1 seek:1 unsuccessfully:1 last:1 year:1 take:1 | BROKER BOOSTS ZONDERVAN <ZOND> STAKE TO 7.1 PCT
An investor group headed by
Minneapolis, Minn., broker Jeffrey Wendel said it raised its
stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the
total outstanding, from 238,900 shares, or 5.8 pct.
In a filing with the Securities and Exchange Commission,
the Wendel group said it bought 54,000 Zondervan common shares
between March 24 and April 3 at prices ranging from 27.87 to
29.96 dlrs a share.
The Wendel group has acted in cooperation with another
shareholder group headed by London investor Christopher Moran,
who sought unsuccessfully last year to take over Zondervan.
|
test/15278 | test/15278 |@title kiena:1 two:1 one:1 share:1 split:1 approve:1 |@word kiena:2 gold:1 mines:1 ltd:1 say:2 shareholder:1 approve:1 previously:1 report:1 propose:1 two:1 one:1 common:1 stock:1 split:2 record:1 date:1 april:1 21:1 | KIENA TWO-FOR-ONE SHARE SPLIT APPROVED
<Kiena Gold Mines Ltd> said shareholders
approved a previously reported proposed two-for-one common
stock split.
Record date of the split will be April 21, Kiena said.
|
test/15280 | test/15280 |@title hanover:1 insurance:1 hin:1 raise:1 dividend:1 |@word hanover:1 insurance:1 co:1 say:1 board:1 declare:1 quarterly:1 dividend:3 nine:1 ct:2 per:2 share:2 payable:1 may:1 15:1 holder:1 record:1 april:2 17:1 come:1 two:1 one:1 stock:1 split:2 effective:1 10:1 approve:1 shareholder:1 today:1 company:1 pay:1 14:1 pre:1 basis:1 | HANOVER INSURANCE <HINS> RAISES DIVIDEND
Hanover Insurance Co said its
board declared a quarterly dividend of nine cts per share
payable May 15 to holders of record April 17.
The dividend comes after a two-for-one stock split,
effective April 10, which was approved by shareholders today.
The company paid a dividend of 14 cts per share on a
pre-split basis.
|
test/15281 | test/15281 |@title day:2 int:1 l:1 sell:1 unit:1 |@word day:6 international:1 corp:1 say:4 enter:1 letter:1 intent:1 sell:1 allen:1 industries:1 inc:1 unit:2 group:2 include:1 current:2 management:1 sale:1 could:1 enable:1 accelerate:1 earning:3 fiscal:2 year:2 end:2 october:2 31:2 1987:1 net:1 full:1 ball:1 park:1 analyst:1 estimate:1 16:1 mln:3 dlrs:3 19:1 richard:1 jacob:1 chairman:1 chief:1 executive:1 officer:1 report:1 3:1 1:1 39:1 ct:1 share:1 1986:1 agreement:2 subject:1 preparation:1 negotiation:1 definitive:1 ability:1 obtain:1 financing:1 | DAY INT'L <DAY> TO SELL UNIT
Day International Corp said it has
entered into a letter of intent to sell its Allen Industries
Inc unit to a group including the unit's current management.
Day said the sale could enable Day to accelerate its
earnings for its current fiscal year ending October 31, 1987.
'Net earnings for the full year (ending October 31)
should be in the ball park of some analysts' estimates of 16
mln dlrs to 19 mln dlrs,' Richard Jacob, Day chairman and chief
executive officer said.
Day reported earnings of 3.1 mln dlrs, or 39 cts a share,
in fiscal 1986.
Day said the agreement is subject to the preparation and
negotiation of a definitive agreement and the ability of the
group to obtain financing.
|
test/15283 | test/15283 |@title rite:1 aid:1 corp:1 rad:1 set:1 quarterly:1 dividend:1 |@word qtly:1 div:1 16:2 5:2 ct:2 vs:1 pay:1 april:2 27:1 record:1 20:1 | RITE AID CORP <RAD> SETS QUARTERLY DIVIDEND
Qtly div 16.5 cts vs 16.5 cts
Pay April 27
Record April 20
|
test/15287 | test/15287 |@title south:1 korea:1 corn:1 import:1 may:1 increase:1 usda:1 |@word south:3 korea:2 purchase:1 2:1 4:3 mln:5 tonne:5 u:5 corn:4 past:1 six:1 month:1 close:1 double:1 last:1 year:1 total:5 indicate:1 import:4 united:2 states:2 well:1 set:1 dramatic:1 jump:1 agriculture:1 department:2 say:3 world:1 production:1 trade:1 report:1 1986:1 87:1 season:2 oct:1 sept:1 estimate:1 3:4 1985:1 86:1 1:1 6:1 ite:1 appear:1 koreans:1 shift:1 back:1 light:1 competitive:1 price:1 uncertain:1 supply:1 china:1 argentina:1 africa:1 | SOUTH KOREA CORN IMPORTS MAY INCREASE - USDA
South Korea's purchase of about 2.4
mln tonnes of U.S. corn in the past six months -- close to
double last year's total -- indicates that imports from the
United States, as well as total imports are set for a dramatic
jump, the U.S. Agriculture Department said.
In its World Production and Trade Report, the department
said total South Korea corn imports for the 1986/87 season
(Oct-Sept) are estimated at 4.3 mln tonnes, with about 3.4 mln
tonnes from the United States.
During the 1985/86 season, imports totaled only 1.3 mln
tonnes of U.S. corn out of a total of 3.6 mln tonnes.
Ite appears the Koreans are shifting back to U.S. corn in
light of competitive U.S. prices and uncertain supplies from
China, Argentina and South Africa, it said.
|
test/15290 | test/15290 |@title mexican:1 cattle:1 import:1 brand:1 usda:1 |@word steer:3 import:2 united:3 states:3 mexico:1 must:1 brand:2 letter:1 right:1 jaw:1 u:2 agriculture:1 department:2 say:2 world:1 production:1 trade:1 report:1 branding:1 necessary:1 improve:1 surveillance:1 bovine:1 tuberculosis:1 provide:1 permanent:1 way:1 identify:1 mexican:3 requirement:1 expect:1 affect:1 number:1 apply:1 animal:1 arrive:1 port:1 entry:1 last:1 november:1 government:1 authorize:1 export:1 quota:1 nearly:1 1:2 mln:1 head:1 live:1 cattle:1 1986:1 87:1 season:1 aug:1 july:1 go:1 | MEXICAN CATTLE IMPORTS TO BE BRANDED - USDA
All steers imported into the United
States from Mexico must now be branded with the letter M on the
right jaw, the U.S. Agriculture Department said.
In its World Production and Trade Report, the department
said the branding is necessary to improve surveillance for
bovine tuberculosis because it provides a permanent way to
identify Mexican steers.
The requirement is not expected to affect the number of
Mexican steers imported into the United States and the brand
will be applied before the animals arrive at U.S. ports of
entry.
Last November, the Mexican Government authorized an export
quota of nearly 1.1 mln head of live cattle for the 1986/87
season (Aug-July), most of which goes to the United States.
|
test/15292 | test/15292 |@title vulcan:1 vul:1 see:1 first:1 quarter:1 operate:1 loss:1 |@word vulcan:2 corp:1 first:2 quarter:2 operating:2 result:1 show:1 loss:2 chairman:1 lloyd:1 miller:3 tell:3 annual:1 meeting:1 company:1 report:1 profit:1 365:1 883:1 dlrs:1 23:1 ct:1 share:2 last:1 year:1 one:1 cent:1 come:1 non:1 factor:1 spokesman:1 say:2 attribute:1 expect:1 completion:1 purchase:1 transfer:1 consolidation:1 operate:1 asset:1 sullivan:1 rubber:1 division:1 prove:1 costly:1 take:2 time:1 originally:1 anticipate:1 work:1 resolve:1 problem:1 shareholder:1 add:1 appear:1 1987:1 find:1 solution:1 | VULCAN <VUL> SEES FIRST QUARTER OPERATING LOSS
Vulcan Corp's first quarter operating
results will show a loss, Chairman Lloyd I. Miller told told
the annual meeting.
The company reported a profit of 365,883 dlrs, 23 cts a
share, for the first quarter last year with one cent a share
coming from non-operating factors, a spokesman said.
Miller attributed the expected loss to completion of the
purchase transfer and consolidation of operating assets of the
O'Sullivan Rubber Division, saying this was proving more costly
and taking more time than originally anticipated.
Vulcan is working to resolve the problems, Miller told
shareholders, adding it appears it will take most of 1987 to
find solutions.
|
test/15294 | test/15294 |@title ual:3 comment:1 stock:1 rise:1 |@word inc:1 cite:1 company:1 policy:1 tell:1 new:1 york:1 stock:3 exchange:1 would:1 comment:1 unusual:1 rise:2 ual:2 parent:1 united:2 airlines:1 close:1 6:2 1:1 4:2 72:1 volume:1 3:1 9:1 mln:1 share:1 wall:1 street:1 trader:1 say:1 soar:1 response:1 propose:1 billion:1 dlr:1 buyout:1 offer:1 air:2 pilots:1 union:1 general:1 fare:1 throughout:1 industry:1 | UAL <UAL> HAS NO COMMENT ON STOCK RISE
UAL Inc, citing company policy, told
the New York Stock Exchange it would not comment on the unusual
rise in its stock.
UAL, parent of United Airlines, closed up 6-1/4 at 72 on
volume of 3.9 mln shares.
Wall Street traders said UAL's stock soared in response to
the the proposed 4.6 billion dlr buyout offer by United Air's
pilots union and on a general rise in air fares throughout the
industry.
|
test/15295 | test/15295 |@title strata:1 corp:1 stata:1 year:1 dec:1 31:1 loss:1 |@word shr:1 loss:4 1:4 11:1 dlrs:2 vs:3 53:1 net:1 7:1 mln:4 8:2 revs:1 3:1 eight:1 | STRATA CORP <STATA> YEAR DEC 31 LOSS
Shr loss 1.11 dlrs vs loss 1.53 dlrs
Net loss 7.1 mln vs loss 8.8 mln
Revs 3.1 mln vs eight mln
|
test/15296 | test/15296 |@title strata:1 stata:1 1986:1 earning:1 report:1 qualify:1 |@word strata:2 corp:1 say:2 1986:3 earning:1 report:1 contain:1 qualified:1 opinion:1 independent:1 auditor:1 owe:1 1:2 4:1 mln:4 dlrs:3 overdue:1 interest:1 lender:1 end:1 entire:1 10:1 9:1 dlr:1 principle:1 classify:1 liability:1 company:1 agreement:1 merge:1 lomak:1 petroleum:1 inc:1 lose:1 7:1 loss:1 8:2 year:1 earlier:1 | STRATA <STATA> 1986 EARNINGS REPORT QUALIFIED
Strata Corp said its 1986
earnings report contained a qualified opinion from its
independent auditors.
Strata said it owed 1.4 mln dlrs in overdue interest to its
lender at the end of 1986, and the entire 10.9 mln dlr
principle has been classified as a liability.
The company, which has an agreement to merge with <Lomak
Petroleum Inc>, lost 7.1 mln dlrs in 1986 against a loss of 8.8
mln dlrs a year earlier.
|
test/15299 | test/15299 |@title dayton:1 hudson:1 corp:1 dh:1 vote:1 quarterly:1 payout:1 |@word qtly:1 div:1 23:2 ct:2 vs:1 prior:1 qtr:1 pay:1 10:1 june:1 record:1 20:1 may:1 | DAYTON HUDSON CORP <DH> VOTES QUARTERLY PAYOUT
Qtly div 23 cts vs 23 cts prior qtr
Pay 10 June
Record 20 May
|
test/15300 | test/15300 |@title vulcan:1 corp:1 vul:1 regular:1 dividend:1 |@word qtly:1 div:1 20:2 ct:2 vs:1 prior:1 qtr:1 payable:1 june:1 10:1 record:1 may:1 22:1 | VULCAN CORP <VUL> REGULAR DIVIDEND
Qtly div 20 cts vs 20 cts in prior qtr
Payable June 10
Record May 22
|
test/15302 | test/15302 |@title nat:2 l:2 distillers:2 say:2 agree:2 sell:2 spirit:2 unit:2 545:2 mln:2 dlrs:2 american:2 brands:2 |@word | NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS
NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS
|
test/15303 | test/15303 |@title usda:1 seek:1 comment:1 grain:1 discount:1 schedule:1 |@word u:1 agriculture:1 department:2 seek:1 public:1 comment:2 question:1 adjust:2 commodity:1 credit:1 corporation:1 ccc:3 discount:4 premium:4 schedule:3 improve:1 quality:3 grain:3 accept:2 loan:1 collateral:1 price:1 support:1 program:1 base:1 factor:1 moisture:1 content:1 kernel:1 damage:1 stipulate:1 use:1 value:1 purchase:1 year:1 say:1 possible:1 producer:1 could:1 encourage:1 delivery:1 high:1 due:1 april:1 24:1 report:1 congress:1 require:1 law:1 may:1 10:1 | USDA SEEKS COMMENTS ON GRAIN DISCOUNT SCHEDULE
The U.S. Agriculture Department is
seeking public comments on the question of adjusting the
Commodity Credit Corporation's (CCC) discount and premium
schedules to improve the quality of grain it accepts as loan
collateral or under price support programs.
The premiums and discounts schedule are based on quality
factors such as moisture content and kernel damage. The
schedule stipulates the premiums and discounts used for valuing
grain the CCC accepts or purchases during the year.
The department said it is possible that producers could be
encouraged to delivery higher quality grain to CCC by adjusting
the premiums and discounts.
Comments are due by April 24 and a report to Congress is
required by law by May 10.
|
test/15306 | test/15306 |@title cascade:1 importer:1 unit:1 acquire:1 paris:1 company:1 |@word cascade:5 importers:1 inc:1 usa:1 international:1 europa:1 gmbh:1 west:1 germany:1 say:5 tentatively:1 acquire:1 worldwide:2 right:3 product:3 madam:1 gre:2 bernard:1 tapie:1 group:2 paris:1 agreement:2 call:1 manufacturing:1 trading:1 perfume:1 skin:1 care:1 treatment:1 cosmetic:2 also:1 include:2 exclusive:1 trade:1 duty:1 free:1 channel:1 designer:1 accessory:1 addition:1 grant:1 option:1 purchase:1 asset:1 plant:1 equipment:1 locate:1 france:1 company:1 line:1 u:1 market:1 alone:1 could:1 represent:1 20:1 mln:1 dlrs:1 revenue:1 | CASCADE IMPORTERS UNIT ACQUIRES PARIS COMPANY
<Cascade Importers Inc USA>'s
Cascade International Europa GmbH of West Germany, said it
tentatively acquired worldwide rights for the products of Madam
Gre from the Bernard Tapie Group in Paris.
The agreement calls for Cascade to have the rights for the
manufacturing and trading of perfumes, skin care and treatment
products, and cosmetics of the group, it said.
Cascade said the agreement also includes the exclusive
rights to trade through duty-free channels worldwide the
designer Gres accessories.
In addition, Cascade said it was granted an option to
purchase all the assets including the plant and equipment
located in France.
The company said the cosmetic product line in the U.S.
market alone could represent 20 mln dlrs in revenue.
|
test/15307 | test/15307 |@title armel:1 inc:1 aml:1 4th:1 qtr:1 loss:1 |@word oper:4 shr:2 loss:8 79:1 ct:4 vs:6 2:4 32:1 dlrs:2 net:2 536:1 896:2 6:2 562:1 472:2 revs:2 13:1 8:1 mln:4 14:1 5:2 year:2 59:1 35:1 1:1 712:1 747:1 43:1 44:1 note:1 1986:1 exclude:1 charge:1 12:1 per:2 share:2 fourth:1 quarter:1 gain:1 11:1 | ARMEL INC <AML> 4TH QTR LOSS
Oper shr loss 79 cts vs loss 2.32 dlrs
Oper net loss 2,536,896 vs loss 6,562,472
Revs 13.8 mln vs 14.5 mln
Year
Oper shr loss 59 cts vs loss 2.35 dlrs
Oper net loss 1,712,896 vs loss 5,747,472
Revs 43.6 mln vs 44.2 mln
NOTE: 1986 excludes charge of 12 cts per share in the
fourth quarter and gain of 11 cts per share in the year.
|
test/15308 | test/15308 |@title national:1 distillers:1 dr:1 sell:1 spirit:1 unit:1 |@word national:6 distillers:2 chemical:2 corp:1 say:8 sign:1 definitive:1 agreement:1 sell:3 spirit:5 division:2 545:2 mln:4 dlrs:4 james:1 beam:1 distilling:1 co:1 unit:1 american:3 brands:2 inc:2 amb:1 sale:6 make:1 company:3 previously:1 announce:1 plan:1 wine:2 business:4 last:1 month:1 128:1 heublein:1 part:1 grand:1 metropolitan:1 plc:1 purchase:1 price:1 pay:1 cash:1 distiller:1 spokeswoman:1 permit:1 focus:1 core:1 propane:1 marketing:1 proceed:1 use:1 repay:1 debt:1 corporate:1 purpose:1 separate:1 statement:1 brand:2 would:2 plus:1 assumption:1 liability:1 subject:1 compliance:1 hart:1 scott:1 rodino:1 antitrust:1 improvements:1 act:1 regulatory:1 approval:1 distil:1 580:1 include:1 gilbey:1 gin:1 vodka:1 dekuyper:1 liqueur:1 windsor:1 supreme:1 canadian:1 whisky:1 | NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT
National Distillers and Chemical Corp
said it signed a definitive agreement to sell its spirits
division for 545 mln dlrs to James Beam Distilling Co, a unit
of American Brands Inc <AMB>.
The sale of the spirits division was made under the
company's previously announced plan to sell its spirits and
wines businesses, it said. The wine business was sold last
month for 128 mln dlrs to Heublein Inc, part of Grand
Metropolitan PLC, National Distillers said.
The purchase price will be paid in cash, a National
Distillers spokeswoman said.
The sale permits National to focus on its core businesses,
chemicals and propane marketing.
Proceeds from the sale will be used to repay debt and for
other corporate purposes, the company said.
In a separate statement, American Brands said the sale
would be for 545 mln dlrs plus the assumption of liabilities.
The sale would be subject to compliance with the
Hart-Scott-Rodino Antitrust Improvements Act and other
regulatory approvals, the company said.
National's distilled spirits business has sales of about
580 mln dlrs, American Brands said. National's spirits brands
include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor
Supreme Canadian Whisky.
|
test/15309 | test/15309 |@title management:1 science:1 msai:1 loss:1 may:1 top:1 20:1 ct:1 |@word management:1 science:1 america:1 inc:2 clarify:1 statement:1 make:1 earlier:2 today:2 say:1 loss:2 first:2 quarter:2 could:1 exceed:1 20:2 ct:2 share:2 non:1 recurring:1 expense:1 associate:1 acquisition:1 several:1 company:2 include:1 comserv:1 tell:1 meeting:1 investor:1 would:1 | MANAGEMENT SCIENCE <MSAI> LOSS MAY TOP 20 CTS
Management Science America Inc,
clarifying statements made earlier today, said its loss for the
first quarter could exceed 20 cts a share because of
non-recurring expenses associated with the acquisition of
several companies, including Comserv Inc.
Earlier today, the company told a meeting of investors here
that the first quarter loss would be 20 cts a share.
|
test/15310 | test/15310 |@title wojnilower:1 see:1 drop:1 u:1 interest:1 rate:1 |@word federal:2 reserve:2 promote:1 low:1 interest:2 rate:4 year:3 sustain:1 world:1 economic:4 growth:5 first:2 boston:1 corp:1 manage:1 director:1 albert:1 wojnilower:4 say:6 much:1 fed:1 would:1 like:1 take:1 tough:1 line:1 inflation:1 act:1 slow:1 credit:1 without:1 subvert:1 national:2 u:2 policy:1 select:1 occasion:1 dollar:1 seem:2 steady:1 trade:1 deficit:1 respond:1 united:1 states:1 decide:1 push:1 germany:1 japan:1 harder:1 meet:1 commitment:1 part:1 move:1 report:1 justifiably:1 anticipate:1 either:1 recession:1 seriously:1 high:1 security:1 market:1 participant:1 see:1 little:1 fear:1 last:1 week:1 hiccup:1 money:1 currency:1 bond:1 stock:1 price:1 probably:2 cause:1 japanese:1 window:1 dressing:1 march:1 31:1 end:1 fiscal:1 account:1 enjoy:1 average:1 quarter:1 however:1 pick:1 reflect:1 unsustainable:1 pace:1 inventory:1 building:1 prospect:1 full:1 still:1 real:1 gross:1 product:1 2:2 1:1 pct:1 | WOJNILOWER SEES DROP IN U.S. INTEREST RATES
The Federal Reserve will promote lower
interest rates this year to sustain world economic growth,
First Boston Corp managing director Albert Wojnilower said.
As much as the Fed would like to take a tough line against
inflation, it cannot act to slow the growth of credit without
subverting national U.S. economic policy.
'On selected occasions when the dollar seems steady, and,
because the trade deficit is not responding, the United States
decided to push Germany and Japan harder to meet their
commitments to economic growth, the Federal Reserve will do its
part by moving rates down,' Wojnilower said in a report.
'Justifiably not anticipating either a recession or
seriously higher interest rates, securities market participants
have seen little to fear,' Wojnilower said.
He said last week's 'hiccup' in money and currency rates
and bond and stock prices was probably caused by Japanese
window dressing for March 31 end-of-fiscal-year accounts.
Wojnilower said the U.S. probably enjoyed above-average
economic growth in the first quarter. However, the pick-up
seems to reflect an unsustainable pace of inventory building
and the prospect for the full year is still for real gross
national product growth of about 2-1/2 pct, he said.
|
test/15311 | test/15311 |@title raytech:1 ray:1 buy:1 west:1 german:1 company:1 |@word raytech:1 corp:1 say:1 acquire:1 raybestos:2 industrie:1 produkte:1 gmbh:1 7:1 5:1 mln:1 dlrs:1 manufacture:1 facility:1 radevormwald:1 west:1 germany:1 produce:1 friction:1 material:1 use:1 clutch:1 brake:1 application:1 | RAYTECH <RAY> BUYS WEST GERMAN COMPANY
Raytech Corp said it acquired
<Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs.
Raybestos, with manufacturing facilities in Radevormwald,
West Germany, produces friction materials for use in clutch and
braking applications.
|
test/15312 | test/15312 |@title intercare:1 care:1 post:1 4th:1 qtr:1 loss:1 |@word intercare:3 inc:2 say:4 expect:1 report:1 substantial:1 loss:1 fourth:1 quarter:1 end:1 january:1 31:1 writeoff:1 expense:2 associate:2 recently:1 terminate:1 debt:1 equity:1 offer:1 company:2 also:3 write:1 include:1 acquisition:1 u:1 medical:2 enterprises:1 restructuring:1 certain:1 partnership:1 increase:1 reserve:1 account:1 receivable:1 executive:1 immediately:1 available:1 provide:1 additional:2 detail:1 implement:1 workforce:1 reduction:1 close:1 two:1 center:1 consider:1 closing:1 means:1 reduce:1 working:1 capital:1 deficit:1 | INTERCARE <CARE> TO POST 4TH QTR LOSS
Intercare Inc said it
expects to report a substantial loss for its fourth quarter
ended January 31 because of a writeoff of expenses associated
with its recently terminated debt and equity offering.
The company also said the write off includes expenses
associated with the acquisition of U.S. Medical Enterprises
Inc, and with the restructuring of certain partnerships.
Intercare also said it increased its reserve against
accounts receivable.
Executives at the company were not immediately available to
provide additional details.
Intercare also said it has implemented a workforce
reduction, closed two medical centers and is considering
additional closings as a means of reducing a working capital
deficit.
|
test/15313 | test/15313 |@title canada:1 monitor:1 steel:1 import:1 export:1 |@word canada:3 plan:1 monitor:1 steel:7 shipment:3 flow:1 country:3 attempt:1 appease:1 concern:1 u:8 high:1 level:2 canadian:5 export:3 trade:2 minister:1 pat:1 carney:4 say:4 help:1 maintain:1 open:1 access:1 market:5 government:1 take:1 action:1 ensure:1 accurate:1 datum:1 import:3 use:1 backdoor:1 offshore:1 supplier:1 also:1 company:1 ask:1 exercise:1 prudence:1 consider:1 establish:1 joint:1 commission:1 study:1 grow:2 problem:1 tell:1 house:1 common:1 soon:1 announce:1 amendment:1 permit:1 act:1 set:1 monitoring:1 program:1 rise:2 5:1 7:1 pct:2 cent:1 recent:1 month:1 almost:1 double:1 two:1 year:1 ago:1 official:1 increase:1 come:1 time:1 anger:1 several:1 face:1 decline:1 domestic:1 industry:1 lawmaker:1 propose:1 share:1 american:1 limit:1 2:1 4:1 | CANADA TO MONITOR STEEL IMPORTS, EXPORTS
Canada plans to monitor steel shipments
flowing in and out of the country in an attempt to appease
concerns in the U.S. over the high level of Canadian steel
exports, Trade Minister Pat Carney said.
'To help maintain our open access to the U.S. steel market,
the government is taking further action to ensure we have more
accurate data on exports and imports and that Canada is not
used as a backdoor to the U.S. market by offshore suppliers,'
Carney said.
Carney also said Canadian companies were being asked to
exercise prudence in the U.S. market and both countries were
considering establishing a joint commission to study the
growing steel problem.
Carney told the House of Commons she will soon announce an
amendment to the Exports and Imports Permits Act to set up the
monitoring program.
Canadian steel shipments to the U.S. have risen to 5.7 pct
cent of the U.S. market in recent months, almost double the
level just two years ago, Canadian trade officials said.
The increase in Canadian shipments comes at a time of
growing anger in the U.S. over rising steel imports from
several countries in the face of a decline in the domestic
steel industry.
Some U.S. lawmakers have proposed Canada's share of the
American market be limited to 2.4 pct.
|
test/15314 | test/15314 |@title united:1 tech:1 utx:1 see:1 earning:1 impact:1 |@word united:4 technologies:3 corp:2 say:2 decision:2 international:2 consortium:1 develop:1 new:1 engine:2 would:1 impact:2 1987:3 1988:2 earning:3 aero:2 engines:2 iae:4 30:1 pct:1 pratt:1 whitney:1 division:1 decide:1 launch:2 superfan:2 version:1 v2500:1 tell:2 analyst:2 full:1 development:1 program:1 certification:1 1991:1 short:2 term:2 spokesman:2 reuters:1 refer:1 decline:1 elaborate:1 owner:1 rolls:1 royce:1 plc:1 japanese:1 fiat:1 spa:1 mtu:1 west:1 germany:1 estimate:1 technology:1 earn:1 3:1 75:1 dlrs:2 4:1 50:1 share:2 report:1 36:1 ct:1 1986:1 include:1 two:1 large:1 writeoff:1 | UNITED TECH <UTX> SEES NO EARNINGS IMPACT
United Technologies Corp said
the decision by an international consortium not to develop a
new engine would have no impact on 1987 or 1988 earnings.
<International Aero Engines>, IAE, 30 pct owned by United
Technologies' Pratt and Whitney division, has decided not to
launch a superfan version of its V2500 engine.
'We've told analysts that IAE's decision not to launch a
full development program of the IAE superfan for certification
in 1991 will have no short term impact on earnings,' a United
Technologies spokesman told Reuters.
Short term refers to 1987 and 1988, the spokesman said. He
declined to elaborate.
IAE's other owners are Rolls Royce PLC, <Japanese Aero
Engines Corp>, Fiat SPA and <MTU> of West Germany.
Analysts are estimating United Technologies will earn 3.75
dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36
cts a share in 1986, which included two large writeoffs.
|
test/15315 | test/15315 |@title stewart:1 stevenson:1 ssss:1 4th:1 qtr:1 net:1 |@word shr:2 profit:5 72:2 ct:2 vs:6 14:1 net:2 3:1 309:1 000:3 609:1 revs:2 mln:5 65:1 year:1 nil:1 loss:2 4:1 13:1 dlrs:1 1:1 19:1 249:1 269:1 note:1 full:1 name:1 stewart:1 stevenson:1 services:1 inc:1 | STEWART AND STEVENSON <SSSS> 4TH QTR NET
Shr profit 72 cts vs profit 14 cts
Net profit 3,309,000 vs profit 609,000
Revs 72 mln vs 65 mln
Year
Shr nil vs loss 4.13 dlrs
Net profit 1,000 vs loss 19 mln
Revs 249 mln vs 269 mln
NOTE: Full name Stewart and Stevenson Services Inc.
|
test/15321 | test/15321 |@title westamerica:1 bancorp:1 wab:1 1st:1 qtr:1 net:1 |@word shr:1 98:1 ct:2 vs:5 63:1 net:1 2:1 602:1 000:2 1:5 571:1 loan:1 834:1 8:1 mln:3 729:1 0:1 deposit:1 04:1 billion:3 942:1 asset:1 15:1 02:1 | WESTAMERICA BANCORP <WAB> 1ST QTR NET
Shr 98 cts vs 63 cts
Net 2,602,000 vs 1,571,000
Loans 834.8 mln vs 729.0 mln
Deposits 1.04 billion vs 942.1 mln
Assets 1.15 billion vs 1.02 billion
|
test/15322 | test/15322 |@title u:1 senate:1 lift:1 ban:1 natural:1 gas:1 |@word senate:2 unanimously:1 approve:1 legislation:2 lift:1 ban:1 new:3 construction:1 natural:4 gas:7 fire:1 power:1 plant:2 large:1 industrial:2 burn:2 bill:2 sponsor:1 energy:1 committee:1 chairman:1 bennett:1 johnston:2 also:1 repeal:1 mandatory:1 incremental:1 pricing:1 design:2 protect:1 residential:1 consumer:1 major:1 price:4 increase:1 force:1 user:1 pay:1 high:2 market:2 open:1 lousiana:1 democrat:1 say:2 restriction:1 enact:1 1978:1 response:1 shortage:1 prediction:1 oil:1 severely:1 depressed:1 compromise:1 coal:2 producer:1 require:1 baseload:1 electric:1 powerplant:1 accomodate:1 modification:1 necessary:1 another:1 alternate:1 fuel:1 | U.S.SENATE LIFTS SOME BANS ON NATURAL GAS
The Senate unanimously approved
legislation to lift a ban on new construction of natural
gas-fired power plants and other large industrial gas-burning
plants.
The bill, sponsored by Senate Energy Committee chairman
Bennett Johnston, also repeals mandatory incremental pricing of
natural gas which was designed to protect residential consumers
from major price increases by forcing some industrial users to
pay higher than market prices.
'This legislation will open up new natural gas markets,' the
Lousiana Democrat said.
The gas restrictions were enacted in 1978 in response to a
shortage of natural gas and predictions of higher prices.
'Now both oil and gas prices are severely depressed,'
Johnston said.
In a compromise with coal producers, the bill requires new
baseload electric powerplants be designed to accomodate
modifications necessary to burning coal or another alternate
fuel.
|
test/15324 | test/15324 |@title southeast:1 bancorp:1 stb:1 act:1 brazilian:1 debt:1 |@word follow:1 lead:1 major:1 bank:1 southeast:1 banking:1 corp:2 tell:1 securities:1 exchange:1 commission:1 would:3 place:1 54:1 2:2 mln:2 dlrs:3 medium:1 long:1 term:1 brazilian:2 debt:2 non:1 accrual:1 cash:1 status:1 base:1 current:1 interest:1 rate:1 estimate:1 filing:1 move:1 reduce:1 net:1 income:1 800:1 000:2 first:1 quarter:1 3:1 1987:1 company:1 also:2 say:2 believe:1 situation:1 material:1 adverse:1 effect:1 issue:1 1:1 080:1 common:1 share:1 connection:1 acquisition:1 popular:1 bancshares:1 | SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT
Following the lead of other major
banks, Southeast Banking Corp told the Securities and Exchange
Commission it would place 54.2 mln dlrs of medium- and
long-term Brazilian debt on non-accrual or cash status.
Based on current interest rates, it estimated in a filing
that the move will reduce net income by about 800,000 dlrs in
the first quarter and 3.2 mln dlrs for all of 1987. The company
also said it did not believe the Brazilian debt situation would
have a 'material adverse' effect on it.
It also said it would issue 1,080,000 common shares in
connection with its acquisition of Popular Bancshares Corp.
|
test/15325 | test/15325 |@title williams:1 wmb:1 see:1 flat:1 pipeline:1 volume:1 1987:1 |@word williams:9 cos:1 say:7 expect:3 oil:1 fertilizer:1 transportation:1 volume:1 flat:1 1987:3 operate:1 profit:2 pipeline:5 unit:4 improve:1 49:1 4:1 mln:7 dlrs:9 earn:2 last:3 year:5 seven:1 dlr:1 special:1 charge:2 incur:1 co:4 take:2 earning:2 1986:2 removal:1 500:1 mile:2 old:1 service:1 casualty:1 loss:2 companywide:1 net:1 134:1 total:2 revenue:1 1:1 85:1 billion:4 decline:3 32:1 sale:4 2:4 46:1 1985:1 annual:2 report:2 northwest:1 corp:1 natural:4 gas:6 cost:1 among:1 low:2 nation:1 average:1 04:1 07:1 per:1 mcf:1 respectively:1 reserve:1 10:1 010:1 cubic:2 foot:2 11:1 334:1 previous:1 company:2 less:1 pay:1 exposure:1 major:1 show:1 improvement:1 operating:2 result:1 change:1 tariff:1 federal:1 tax:1 rate:1 marketing:2 business:2 somewhat:1 competition:1 region:1 26:1 0:1 285:1 6:1 also:1 substantial:1 debt:1 equity:1 ratio:1 250:1 receive:1 cash:1 agrico:1 chemical:1 proceed:1 leaseback:1 telecommunications:2 000:1 fiber:1 optic:1 system:1 long:1 distance:1 use:1 profitable:1 late:1 1988:1 | WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987
Williams Cos said it expected oil and
fertilizer transportation volumes to be flat in 1987 but said
operating profits from the pipeline unit should improve from
49.4 mln dlrs earned last year when a seven mln dlr special
charge was incurred.
Williams Pipeline Co took the charge against earnings in
1986 for the removal of more than 500 miles of old pipeline
from service and for casualty losses. Companywide, Williams had
a net loss of 134 mln dlrs on total revenues of 1.85 billion
dlrs, a decline from profits of 32 mln dlrs on sales of 2.46
billion in 1985.
In its annual report, Williams said its Northwest Pipeline
Corp and Williams Natural Gas Co had natural gas costs that are
among the lowest in the nation, averaging 2.04 dlrs and 2.07
dlrs per mcf, respectively, last year. Total natural gas
reserves for both units declined to 10,010 billion cubic feet
in 1986 from 11,334 billion cubic feet the previous year.
The company said its Williams Natural Gas unit, which has
less take-or-pay exposure than most major pipelines, should
show improvement in its 1987 operating results because of
changes tariff and federal tax rates.
The company's gas marketing business is expected to have
somewhat lower earnings in 1987 because of competition in its
operating region, the annual report said. The gas marketing
unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year.
Williams also said it expected a substantial decline in its
debt to equity ratio this year because of more than 250 mln
dlrs received in cash from the sale of Agrico Chemical Co and
proceeds from the sale and leaseback of Williams
Telecommunications Co. The telecommunications business, a
2,000-mile fiber optic system for long distance use, will not
be profitable until late 1988, Williams said.
|
test/15326 | test/15326 |@title super:1 valu:1 stores:1 inc:1 svu:1 4th:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 38:1 ct:2 vs:8 25:1 net:3 28:1 339:1 000:10 18:1 650:1 sale:2 2:1 27:1 billion:4 1:3 97:1 avg:2 shrs:2 74:4 485:1 270:1 year:2 20:1 dlrs:4 23:1 89:1 301:1 91:2 247:1 9:1 07:1 7:1 387:1 184:1 note:1 1986:3 period:1 end:1 february:1 22:1 earning:1 include:1 loss:1 unconsolidated:1 subsidiary:1 162:1 quarter:1 702:1 | SUPER VALU STORES INC <SVU> 4TH QTR FEB 28 NET
Shr 38 cts vs 25 cts
Net 28,339,000 vs 18,650,000
Sales 2.27 billion vs 1.97 billion
Avg shrs 74,485,000 vs 74,270,000
Year
Shr 1.20 dlrs vs 1.23 dlrs
Net 89,301,000 vs 91,247,000
Sales 9.07 billion vs 7.91 billion
Avg shrs 74,387,000 vs 74,184,000
NOTE: 1986 period ended February 22, 1986
1986 earnings include net loss of unconsolidated subsidiary
of 162,000 dlrs in the quarter and 702,000 dlrs for the year
|
test/15327 | test/15327 |@title parker:1 drilling:1 co:1 pkd:1 2nd:1 qtr:1 feb:1 28:1 loss:1 |@word shr:2 loss:8 70:1 ct:2 vs:6 57:1 net:2 20:1 616:1 000:4 16:1 854:1 revs:2 23:1 1:4 mln:4 60:1 six:1 mth:1 38:1 dlrs:2 02:1 40:1 780:1 29:1 996:1 61:1 0:1 114:1 9:1 | PARKER DRILLING CO <PKD> 2ND QTR FEB 28 LOSS
Shr loss 70 cts vs loss 57 cts
Net loss 20,616,000 vs loss 16,854,000
Revs 23.1 mln vs 60.1 mln
Six mths
Shr loss 1.38 dlrs vs loss 1.02 dlrs
Net loss 40,780,000 vs loss 29,996,000
Revs 61.0 mln vs 114.9 mln
|
test/15329 | test/15329 |@title coffee:1 could:1 drop:1 70:1 80:1 ct:1 cardenas:1 say:1 |@word international:1 coffee:2 price:1 could:1 drop:1 70:1 80:1 cent:2 lb:2 next:1 october:1 agreement:1 reach:1 support:1 market:2 jorge:1 cardenas:1 manager:1 colombia:1 national:1 growers:1 federation:1 say:2 speak:1 forum:1 industrialist:1 one:1 reason:1 already:1 saturate:1 producer:1 excess:1 production:1 stockpile:1 39:1 mln:1 60:1 kg:1 bag:1 1987:1 today:1 may:1 future:1 new:1 york:1 settle:1 107:1 90:1 | COFFEE COULD DROP TO 70/80 CTS, CARDENAS SAYS
International coffee prices could drop to
between 70 and 80 cents a lb by next October if no agreement is
reached to support the market, Jorge Cardenas, manager of
Colombia's National Coffee Growers' Federation said.
Speaking at a forum for industrialists, he said one of the
reasons was that the market was already saturated and that
producers will have excess production and stockpiles of 39 mln
(60-kg) bags in 1987.
Today, May futures in New York settled at 107.90 cents a
lb.
|
test/15335 | test/15335 |@title hbo:2 hboc:1 urge:1 shareholder:1 andover:1 |@word co:1 say:3 send:2 letter:1 strongly:1 urge:1 shareholder:1 sign:1 proxy:2 card:1 andover:3 group:2 march:1 30:2 two:1 man:1 general:1 partnership:1 seven:1 pct:1 hbo:3 stock:1 file:1 preliminary:1 material:1 securities:1 exchange:1 commission:1 seek:1 nominate:1 alternative:1 slate:1 director:1 company:4 april:1 annual:1 meeting:1 express:1 interest:1 acquire:1 september:1 1986:3 never:1 receive:1 offer:1 addition:1 financial:1 condition:1 improve:1 rapidly:1 result:1 significant:2 restructuring:1 implement:1 expect:1 report:2 net:1 income:1 40:1 ct:2 per:2 share:2 1987:1 increase:1 1988:1 year:1 end:1 december:1 loss:1 3:1 6:1 mln:1 dlrs:1 16:1 | HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER
HBO and Co said it sent a letter of
strongly urging shareholders not to sign any proxy cards sent
by Andover Group.
ON March 30, Andover Group, a two-man general partnership
which owns about seven pct of HBO's stock, filed preliminary
proxy materials with the Securities and Exchange Commission
seeking to nominate an alternative slate of directors at the
company's April 30 annual meeting.
Andover had expressed an interest to acquire the company in
September 1986 but HBO has never received an offer from them,
it said.
In addition, HBO said its financial condition is improving
rapidly as the result of a significant restructuring
implemented in 1986.
It expects the company to report net income of about 40 cts
per share in 1987 and a very significant increase in 1988.
For the year ended December 1986, the company reported a
loss of 3.6 mln dlrs, or 16 cts per share.
|
test/15336 | test/15336 |@title cfcf:1 inc:1 six:1 mth:1 feb:1 28:1 net:1 |@word shr:1 51:1 ct:2 vs:3 56:1 net:1 5:1 645:1 000:2 6:1 153:1 revs:1 45:2 9:1 mln:2 3:1 | (CFCF INC) SIX MTHS FEB 28 NET
Shr 51 cts vs 56 cts
Net 5,645,000 vs 6,153,000
Revs 45.9 mln vs 45.3 mln
|
test/15337 | test/15337 |@title uap:2 make:1 acquisition:1 |@word inc:1 say:2 acquire:1 slater:1 auto:1 electric:1 ltd:2 two:1 ontario:1 store:1 united:1 diesel:1 engine:1 parts:1 dartmouth:1 nova:1 scotia:1 undisclosed:1 term:1 transaction:1 together:1 acquisition:1 earlier:1 year:1 increase:1 annual:1 sale:1 4:1 5:1 mln:1 dlrs:1 | UAP MAKES ACQUISITIONS
<UAP Inc> said it has acquired Slater
Auto Electric Ltd, with two Ontario stores, and United Diesel
Engine Parts Ltd, of Dartmouth, Nova Scotia, for undisclosed
terms. It said the transactions, together with acquisitions
earlier this year, will increase its annual sales by about 4.5
mln dlrs.
|
test/15339 | test/15339 |@title eia:2 say:2 distillate:2 stock:2 unchanged:2 gasoline:2 200:2 000:2 crude:2 6:2 3:2 mln:2 |@word | EIA SAYS DISTILLATE STOCKS UNCHANGED, GASOLINE OFF 200,000, CRUDE UP 6.3 MLN
EIA SAYS DISTILLATE STOCKS UNCHANGED, GASOLINE OFF 200,000, CRUDE UP 6.3 MLN
|
test/15341 | test/15341 |@title usda:1 discuss:1 pl:1 480:1 agreement:1 morocco:1 |@word u:2 agriculture:2 department:3 currently:1 discuss:1 amendment:2 pl:1 480:1 agreement:3 sign:2 morocco:1 january:3 22:1 mix:1 commodity:2 determine:1 official:2 say:1 note:1 provide:2 supply:1 55:2 000:3 tonne:3 vegetable:1 oil:1 corn:1 126:1 wheat:1 delivery:1 current:1 fiscal:1 year:1 end:1 september:1 30:1 purchase:1 authorization:1 announce:1 | USDA DISCUSSING PL 480 AGREEMENT WITH MOROCCO
The U.S. Agriculture Department is
currently discussing an amendment to a PL 480 agreement signed
with Morocco on January 22, but the mix of commodities under
the amendment has not been determined, a U.S. Agriculture
Department official said.
The official noted the agreement signed in January provided
for the supply of about 55,000 tonnes of vegetable oil, 55,000
tonnes of corn and 126,000 tonnes of wheat, all for delivery
during the current fiscal year, ending this September 30.
No purchase authorizations for the commodities provided in
the January agreement have been announced by the department.
|
test/15344 | test/15344 |@title eia:1 say:1 distillate:1 stock:1 unchanged:1 week:1 |@word distillate:1 fuel:2 stock:6 hold:1 primary:1 storage:1 unchanged:1 week:2 end:1 april:1 three:1 106:1 9:2 mln:8 barrel:8 energy:2 information:1 administration:1 eia:2 say:4 weekly:1 petroleum:2 status:1 report:1 department:1 agency:1 gasoline:1 200:1 000:2 248:1 1:6 refinery:1 crude:3 oil:2 rise:3 6:1 3:1 335:1 8:1 residual:1 fall:1 100:1 38:1 strategic:1 reserve:1 spr:2 520:1 0:1 total:1 refine:1 product:1 4:1 561:1 | EIA SAYS DISTILLATE STOCKS UNCHANGED IN WEEK
Distillate fuel stocks held in
primary storage were unchanged in the week ended April three at
106.9 mln barrels, the Energy Information Administration (EIA)
said.
In its weekly petroleum status report, the Department of
Energy agency said gasoline stocks were off 200,000 barrels in
the week to 248.1 mln barrels and refinery crude oil stocks
rose 6.3 mln barrels to 335.8 mln.
The EIA said residual fuel stocks fell 100,000 barrels to
38.1 mln barrels and crude oil stocks in the Strategic
Petroleum Reserve (SPR) rose 1.1 mln barrels to 520.0 mln.
The total of all crude, refined product and SPR stocks rose
9.4 mln barrels to 1,561.1, it said.
|
test/15345 | test/15345 |@title hawkeye:1 hwkb:1 1986:1 annual:1 report:1 qualify:1 |@word hawkeye:9 bancorp:1 1986:3 annual:3 financial:2 result:1 qualify:1 auditor:2 accord:1 report:4 condition:2 may:1 indicate:1 company:3 unable:1 continue:1 go:2 concern:2 deloitte:1 haskins:1 sells:1 say:5 shareholder:1 loss:2 almost:1 59:1 mln:3 dlrs:4 cite:1 increase:1 loan:1 provision:2 34:1 7:1 restructure:1 cost:1 27:1 however:2 asset:1 1:1 09:1 billion:1 year:1 end:1 expect:1 sufficient:1 cash:1 meet:2 obligation:1 next:1 12:1 month:1 period:1 last:1 july:1 bank:3 hold:1 reach:1 debt:2 restructuring:3 agreement:2 identife:1 17:1 subsidiary:1 five:1 non:1 operation:2 disposition:1 improve:1 assure:1 able:3 survive:1 survival:1 depend:1 ability:2 comply:1 regulatory:1 return:1 profitable:1 assurance:1 requirement:1 believe:1 | HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED
Hawkeye Bancorp's 1986 annual
financial results were qualified by its auditors, according to
the annual report.
'...there are conditions which may indicate that the
company will be unable to continue as a going concern,'
auditors Deloitte Haskins and Sells said in Hawkeye's annual
report to shareholders.
Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing
an increase in its loan loss provision to 34.7 mln dlrs and
restructuring costs of 27 mln dlrs.
However, Hawkeye, with assets of 1.09 billion dlrs at 1986
year end, said it expects 'to have sufficient cash to meet its
obligations for the next 12-month period.'
Last July the bank holding company reached a debt
restructuring agreement which identifed 17 bank subsidiaries
and five non-bank operations for disposition.
'The restructuring has improved Hawkeye's financial
condition, but it does not assure that Hawkeye will be able to
survive as a going concern,' the report said.
Hawkeye's survival will depend on its ability to comply
with provisions of the debt restructuring and regulatory
agreements and on its ability to return to profitable
operations, it said.
There can be no assurance that Hawkeye will be able to meet
these requirements. However, the company 'believes it will be
able to do so,' Hawkeye said.
|
test/15348 | test/15348 |@title washington:1 bancorporation:1 1st:1 qtr:1 net:1 |@word shr:1 33:1 ct:2 vs:5 37:1 net:1 2:2 051:1 000:1 1:7 8:1 mln:2 asset:1 7:1 billion:5 5:1 deposit:1 4:1 loan:1 900:1 note:1 year:1 ago:1 result:1 restate:1 reflect:1 merger:1 colson:1 inc:1 | <WASHINGTON BANCORPORATION> 1ST QTR NET
Shr 33 cts vs 37 cts
Net 2,051,000 vs 1.8 mln
Assets 1.7 billion vs 1.5 billion
Deposits 1.4 billion vs 1.2 billion
Loans 1.1 billion vs 900 mln
Note: Year-ago results restated to reflect merger with
Colson Inc.
|
test/15349 | test/15349 |@title dome:1 dmp:1 plan:1 may:1 force:1 sale:1 encor:1 stake:1 |@word dome:11 petroleum:2 ltd:1 proposal:1 restructure:1 debt:8 6:1 10:1 billion:1 canadian:2 dlrs:3 include:1 provision:1 may:2 force:1 company:4 sell:2 42:2 pct:1 stake:1 encor:5 energy:1 corp:1 inc:1 say:8 u:1 securities:1 exchange:1 commission:1 filing:5 plan:5 propose:4 make:1 payment:1 five:2 year:3 income:1 debenture:1 lender:2 whose:1 secure:1 share:4 certain:1 circumstance:1 require:1 dispose:1 pledge:1 5:1 mln:3 security:1 part:1 imperial:1 bank:2 commerce:2 estimate:1 last:1 947:1 analyst:1 press:1 stock:1 pay:1 market:1 value:1 313:1 march:1 17:1 1987:2 previously:1 report:1 seek:1 approval:1 principle:1 restructuring:3 sign:1 letter:1 understanding:1 early:1 april:1 implementation:2 effective:1 july:1 1:1 reiterate:1 sec:1 existence:1 go:1 concern:1 dependent:1 continue:1 interim:1 due:1 expire:1 june:1 30:1 win:1 agreement:1 believe:1 negotiation:2 realistic:1 achievable:1 however:1 final:1 outcome:1 predict:1 time:1 | DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE
Dome Petroleum Ltd's proposal to
restructure debt of more than 6.10 billion Canadian dlrs
includes provisions that may force the company to sell its 42
pct stake in <Encor Energy Corp Inc>, Dome said in a U.S.
Securities and Exchange Commission filing.
Dome said in the filing that its debt plan proposes making
payments under a five year income debenture to the lender whose
debt is secured by Dome's Encor shares.
After the five years are up, 'under certain circumstances
the shares of Encor may be required to be disposed,' the company
said.
Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to <Canadian Imperial Bank of Commerce>,
estimated last year at 947 mln dlrs.
Analysts have said Commerce Bank was pressing Dome to sell
the stock to pay down its debt.
Dome's Encor shares had a market value of 313 mln dlrs on
March 17, 1987, the company's filing said.
As previously reported, Dome is seeking approval in
principle for the debt restructuring plan. Dome said in the
filing it proposed lenders sign a letter of understanding in
early April, with implementation to be effective July 1, 1987.
Dome Petroleum reiterated in the SEC filing that its
existence as a going concern is dependent on continuing the
interim debt plan, due to expire on June 30, and winning
agreement for its proposed restructuring plan.
'The company believes that the negotiation and
implementation of the proposed debt restructuring plan is
realistic and achievable,' Dome said.
'However, the final outcome of the negotiations cannot be
predicted at this time,' it said.
|
test/15351 | test/15351 |@title recent:1 u:2 oil:1 demand:1 2:1 6:1 pct:1 year:1 ago:1 |@word oil:1 demand:7 measure:1 product:1 supply:1 fall:3 2:3 6:6 pct:9 four:1 week:1 end:1 april:1 three:1 15:3 73:1 mln:18 barrel:1 per:1 day:1 bpd:9 16:3 period:2 year:6 ago:2 energy:2 information:1 administration:1 eia:3 say:5 weekly:1 petroleum:1 status:1 report:1 department:1 agency:1 distillate:2 7:2 9:4 90:1 3:8 early:1 gasoline:2 average:2 76:1 1:6 98:1 last:1 residual:2 fuel:2 39:1 far:1 20:1 28:1 1986:1 63:1 0:1 65:1 4:1 35:1 42:1 date:1 domestic:1 crude:2 output:1 estimate:1 8:1 40:1 09:1 gross:1 import:1 92:1 27:1 08:1 | RECENT U.S. OIL DEMAND OFF 2.6 PCT FROM YEAR AGO
U.S. oil demand as measured by
products supplied fell 2.6 pct in the four weeks ended April
three to 15.73 mln barrels per day (bpd) from 16.16 mln in the
same period a year ago, the Energy Information Administration
(EIA) said.
In its weekly petroleum status report, the Energy
Department agency said distillate demand was off 7.9 pct in the
period to 2.90 mln bpd from 3.15 mln a year earlier.
Gasoline demand averaged 6.76 mln bpd, off 3.1 pct from
6.98 mln last year, while residual fuel demand was 1.15 mln
bpd, off 16.9 pct from 1.39 mln, the EIA said.
So far this year, distillate demand fell 2.3 pct to 3.20
mln bpd from 3.28 mln in 1986, gasoline demand was 6.63 mln
bpd, off 0.3 pct from 6.65 mln, and residual fuel demand fell
4.9 pct to 1.35 mln bpd from 1.42 mln, the EIA said.
Year-to-date domestic crude output was estimated at 8.40
mln bpd, off 7.6 pct from 9.09 mln a year ago, while gross
crude imports averaged 3.92 mln bpd, up 27.1 pct from 3.08 mln,
it said.
|
test/15352 | test/15352 |@title deficit:2 cut:1 see:1 unable:1 cure:1 trade:1 |@word financial:2 analyst:3 say:11 pleased:1 congressional:1 move:1 trim:1 next:4 year:9 federal:10 budget:14 deficit:19 believe:1 action:2 little:3 help:4 improve:1 u:5 trade:6 buoy:1 economy:5 house:3 representatives:1 expect:1 vote:1 tomorrow:1 approve:2 trillion:1 dollar:8 blueprint:1 come:1 fiscal:1 reduce:3 38:3 billion:13 dlrs:12 similarly:1 senate:4 committee:4 plan:3 would:7 cut:8 red:2 ink:2 37:2 term:1 infinitesimal:1 magnitude:1 impact:1 stanley:1 collander:4 touche:2 ross:2 policy:2 best:1 small:1 positive:1 effect:1 interview:1 reserve:2 board:2 chairman:1 paul:1 volcker:6 repeatedly:1 tell:2 congress:4 go:3 long:1 way:2 massive:1 also:3 ease:1 downward:1 pressure:2 value:5 government:3 attempt:1 remedy:1 imbalance:1 drive:2 warn:1 fall:2 fraught:1 danger:2 decline:2 could:2 refuel:1 inflation:1 import:1 good:1 become:3 expensive:1 chase:1 away:1 foreign:2 capital:2 need:3 finance:1 addition:1 february:1 official:2 meet:1 major:1 industrialize:1 nation:1 paris:1 agree:3 drop:2 enough:3 world:2 exchange:2 rate:1 stabilize:2 around:1 current:2 level:3 part:1 agreement:1 japan:1 west:1 germany:1 take:1 step:1 stimulate:1 united:2 states:2 alternative:1 deal:2 recently:1 consumption:1 particularly:1 spending:3 everything:1 else:1 counterproductive:1 recent:1 testimony:1 banking:1 prefer:1 tighten:2 purse:1 string:1 fed:2 credit:1 supply:1 fight:1 inflationary:1 assure:1 continue:1 flow:1 feed:1 tightening:1 choke:1 modest:1 economic:1 expansion:1 threaten:1 recession:1 kemper:1 services:1 economist:1 john:1 silvia:2 stress:1 reduction:5 well:1 none:1 size:1 consideration:1 give:1 flexibility:2 steer:1 keep:1 plunge:1 market:1 doubt:1 objective:1 perserve:1 conduct:1 monetary:1 answer:1 reuters:1 one:2 vexing:1 persistent:1 problem:1 1986:2 169:1 8:1 yet:1 indication:1 figure:1 low:1 though:1 administration:1 predict:1 20:1 30:1 end:2 past:1 joke:1 never:1 lose:1 sleep:1 worry:1 whether:1 much:1 fat:1 hand:1 make:1 clear:1 attach:1 gradually:1 ceiling:2 set:3 1991:1 period:1 last:1 gramm:1 rudman:1 balance:1 law:2 new:2 108:1 concede:1 short:2 goal:2 25:1 political:1 reason:1 35:1 40:1 get:1 present:1 time:1 something:1 extraordinary:1 remarkable:1 difficult:1 real:1 panel:1 extent:1 minimum:1 acceptable:1 explain:1 anything:1 less:1 look:1 like:1 failure:1 wall:1 street:1 debate:1 floor:1 lower:1 estimate:1 171:1 dlr:1 begin:1 october:1 133:1 defense:1 domestic:1 program:1 anticipate:1 call:1 nearly:1 134:1 18:1 5:1 taxis:1 amount:1 | DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT
Financial analysts say they are
pleased with congressional moves to trim next year's federal
budget deficit but believe the actions will do little to help
improve the U.S. trade deficit or buoy the economy.
The House of Representatives is expected to vote tomorrow
to approve a trillion-dollar budget blueprint for the coming
fiscal year that reduces the deficit by 38 billion dlrs.
Similarly, the Senate Budget Committee has approved a plan
that would cut federal red ink by about 37 billion dlrs next
year.
'In terms of the economy, 37-38 billion dlrs is
infinitesimal, so cuts of this magnitude will have little
impact on the economy and the trade deficit,' said Stanley
Collander, a Touche Ross federal budget policy analyst.
'At best, it will have a small positive effect,' Collander
said in an interview.
Federal Reserve Board Chairman Paul Volcker has repeatedly
told Congress that cutting federal red ink would go a long way
to help reduce the massive trade deficit and also help ease
some of the downward pressure on the value of the dollar.
The U.S. government has attempted to remedy the trade
imbalance by driving down the value of the dollar. But Volcker
has warned that a further fall in the dollar's value is fraught
with danger.
Such a decline, he has said, could refuel inflation as
imported goods become more expensive and chase away foreign
capital needed to finance the federal budget deficit.
In addition, in February, U.S. officials meeting with other
major industrialized nations in Paris agreed that the value of
the dollar had dropped enough and that world exchange rates
should be stabilized at around current levels.
As part of that agreement, Japan and West Germany agreed to
take steps to stimulate their economies and the United States
agreed to cut its budget deficit.
The alternative to driving down the dollar any further as a
way to deal with the trade deficit, Volcker said recently, is
to reduce U.S. consumption, particularly federal spending.
'If you don't deal with the budget deficit, everything else
you do is going to be counterproductive,' Volcker said in recent
testimony before the Senate Banking Committee.
Volcker also said he would prefer to further tighten the
government's purse strings than have the Fed tighten the credit
supply if action was needed to fight inflationary pressures or
to assure the continued flow of foreign capital into the United
States.
Analysts say that Fed tightening now could choke off the
current modest economic expansion and threaten a recession.
Kemper Financial Services economist John Silvia stressed
that any deficit reduction was better than none.
But he said the size of the cuts under consideration were
not enough to give the Federal Reserve Board the flexibility it
needs to steer the economy or to keep the value of the dollar
from plunging further in world exchange markets.
'There's no doubt that some deficit reduction helps, but if
your objective is to stabilize the dollar and perserve the
Fed's flexibility to conduct monetary policy, then the answer
is, it's not enough,' Silvia told Reuters.
The U.S. trade deficit has become one of the government's
most vexing and persistent problems.
The 1986 deficit was 169.8 billion dlrs and there is as yet
little indication that this year's figure will be any lower,
though administration officials have predicted it will drop by
about 20 to 30 billion dlrs by year's end.
In the past, Volcker has joked that he never lost sleep
worrying whether Congress would cut too much fat from the
federal budget.
On the other hand, he also has made it clear he is not
attached to the gradually declining deficit ceilings set for
the 1986-1991 period by last year's Gramm-Rudman balanced
budget law.
While the new law set a ceiling of 108 billion dlrs for
next year's federal deficit, both the House and Senate Budget
Committees have conceded that their budget plans would fall
short of the deficit reduction goal by about 25 billion dlrs.
'For political reasons, 35 to 40 billion dlrs is about the
most you're going to get' out of Congress at the present time,
said Touche Ross's Collander. 'To do something more than that
would be extraordinary, remarkable and very, very difficult.'
Collander said the real danger for Congress was to end up
short of the deficit reduction goal set by its Budget panels.
'To an extent, this has become the minimum acceptable
reduction level,' he explained. 'Anything less than that will now
look like a failure to Wall Street.'
The budget plan now under debate on the House floor would
lower an estimated 171 billion dlr deficit for the year
beginning on October one to about 133 billion dlrs by cutting
defense and domestic programs by 38 billion dlrs from their
anticipated spending levels for next year.
The Senate Budget Committee has called for a deficit of
nearly 134 billion dlrs with about 18.5 billion dlrs in new
taxes and about the same amount in spending cuts.
|
test/15354 | test/15354 |@title stewart:1 stevenson:1 services:1 ssss:1 4th:1 qtr:1 |@word 4th:1 qtr:1 end:1 jan:1 31:1 shr:2 profit:5 72:2 ct:2 vs:6 14:1 net:2 3:1 309:1 000:3 609:1 revs:2 mln:5 65:1 year:1 nil:1 loss:2 4:1 13:1 dlrs:1 1:2 19:1 245:1 269:1 | STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR
4th qtr ended Jan 31.
Shr profit 72 cts vs profit 14 cts
Net profit 3,309,000 vs 609,000
Revs 72 mln vs 65 mln
Year
Shr profit nil vs loss 4.13 dlrs
Net profit 1,000 vs loss 19 mln
Revs 245 mln vs 269.1 mln
|
test/15356 | test/15356 |@title westamerica:1 bancorporation:1 wsam:1 1st:1 qtr:1 net:1 |@word shr:1 98:1 ct:2 vs:6 63:2 net:1 2:1 602:1 000:2 1:5 571:1 asset:2 15:1 billion:3 02:1 deposit:1 04:1 942:1 mln:3 loan:1 834:1 8:1 729:1 0:3 return:1 avg:1 92:1 pct:2 | WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET
Shr 98 cts vs 63 cts
Net 2,602,000 vs 1,571,000
Assets 1.15 billion vs 1.02 billion
Deposits 1.04 billion vs 942.1 mln
Loans 834.8 mln vs 729.0 mln
Return on avg assets 0.92 pct vs 0.63 pct
|
test/15357 | test/15357 |@title colombia:1 coffee:1 registration:1 remain:1 open:1 |@word colombia:3 coffee:2 export:1 registration:4 remain:1 open:2 plan:1 close:3 since:1 new:2 marketing:1 policy:2 mean:1 unlimited:2 amount:3 register:4 gilberto:1 arango:3 president:1 private:2 exporters:1 association:1 say:4 philosophy:1 nobody:1 far:1 may:2 would:3 tell:2 reuter:1 march:1 13:1 april:2 without:1 give:1 breakdown:1 exporter:1 1:1 322:1 804:1 bag:4 calendar:1 year:2 6:1 roughly:1 440:1 000:2 per:2 month:2 slightly:1 low:1 average:1 recent:1 estimate:1 national:1 grower:1 federation:1 meaning:1 total:1 900:1 sell:1 change:1 could:1 happen:1 volume:1 date:1 june:1 shipment:1 etc:1 | COLOMBIA COFFEE REGISTRATIONS REMAIN OPEN
Colombia's coffee export registrations
remain open and there are no plans to close them since a new
marketing policy means an unlimited amount can be registered,
Gilberto Arango, president of the private exporters'
association said.
'The philosophy of the new policy is not to close
registrations. Nobody so far said may would be closed,' he told
Reuters.
On March 13, Colombia opened registrations for April and
May for an unlimited amount.
Without giving breakdowns, Arango said private exporters
had registered 1,322,804 bags this calendar year up to April 6,
or roughly 440,000 bags per month, slightly lower than the
average in recent years.
He estimated the amount of bags registered by the national
coffee growers' federation at about the same, meaning a total
of about 900,000 bags registered and sold per month by
Colombia.
'The only change that could happen is, because of the
volume, we would be told that from such a date, registrations
would be for June shipment, etc' Arango said.
|
test/15359 | test/15359 |@title gateway:1 bancorp:1 inc:1 gban:1 1st:1 qtr:1 net:1 |@word shr:1 32:1 ct:2 vs:3 34:1 net:1 902:1 178:1 662:1 647:1 deposit:1 174:1 7:1 mln:2 134:1 4:1 note:1 per:1 share:1 amount:1 adjust:1 reflect:1 10:1 one:1 stock:1 split:1 effective:1 sept:1 16:1 1986:1 | GATEWAY BANCORP INC <GBAN> 1ST QTR NET
Shr 32 cts vs 34 cts
Net 902,178 vs 662,647
Deposits 174.7 mln vs 134.4 mln
NOTE: Per share amounts adjusted to reflect 10-for-one
stock split effective Sept 16, 1986.
|
test/15363 | test/15363 |@title american:1 brands:1 amb:1 acquisition:1 see:1 |@word american:4 brands:1 inc:2 545:1 mln:1 dlrs:2 acquisition:6 national:2 distiller:1 chemical:1 corp:1 liquor:1 business:4 expect:1 one:2 series:1 tobacco:6 company:3 analyst:2 say:7 frustrated:1 inability:1 get:1 chesebrough:2 look:1 surprise:1 come:2 another:2 allan:1 kaplan:1 merrill:1 lynch:1 co:1 brand:3 fail:1 late:1 last:1 year:1 2:1 9:1 billion:1 bid:1 ponds:1 unilever:1 n:1 v:1 agree:1 buy:1 since:1 wall:1 street:1 speculate:1 would:1 find:1 candidate:1 help:1 reduce:1 earning:2 exposure:1 typical:1 george:1 thompson:2 prudential:1 bache:1 security:1 go:1 make:3 still:1 significant:1 part:1 position:1 little:1 less:1 favorable:1 philip:1 morris:1 rj:1 reynold:1 cash:1 flow:1 low:1 growth:1 require:1 great:1 amount:1 capital:1 expenditure:1 therefore:1 use:1 fund:1 distillers:1 spirit:2 gilbey:1 gin:1 vodka:1 old:2 grandad:1 crow:1 whiskey:1 quite:1 type:1 envision:1 distilled:1 steady:1 gradual:1 decline:1 sometime:1 reuter:1 | MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN
American Brands Inc's 545 mln dlrs
acquisition of National Distillers and Chemical Corp's liquor
business is expected to be one of a series of acquisitions by
the tobacco company, analysts said.
'They were very frustrated with their inability to get
Chesebrough. They said they were looking for an acquisition. It
doesn't surprise me that they came up with another one,' said
Allan Kaplan of Merrill Lynch and Co.
American Brands failed late last year in its 2.9 billion
dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to
buy the company. But since then, Wall Street has been
speculating that American Brands would find another candidate
to help reduce its earnings exposure to tobacco.
'This is just typical,' said George Thompson of
Prudential-Bache securities. 'There's going to be more to come
here. American Brands had to make an acquisition because
tobacco is still a significant part of earnings. Their position
is a little less favorable than Philip Morris and RJ Reynolds,'
he said.
cash flow from its low growth tobacco, but the tobacco business
does require great amounts of capital expenditures. It can
therefore use its funds to make acquisitions. Analysts said the
National Distillers' spirits company, which makes Gilbey's gin
and vodka, Old Grandad and Old Crow whiskey, is not quite the
type of acquisition they envisioned.
'The distilled spirits business has been in a steady
gradual decline for sometime, as has the tobacco business,'
said Thompson.
REUTER...
|
test/15364 | test/15364 |@title bundesbank:1 call:1 central:1 bank:1 cooperation:1 |@word bundesbank:2 board:1 member:1 claus:1 koehler:9 call:1 central:6 bank:6 major:1 industrialise:1 nation:1 cooperate:2 closely:1 exchange:8 interest:5 rate:12 policy:4 lecture:1 university:1 surrey:1 pre:1 release:1 say:10 alternative:1 cooperation:1 protectionism:1 control:1 capital:1 movement:1 sufficient:1 experience:1 market:8 transaction:4 steer:1 want:1 add:1 west:2 german:1 growth:4 forecast:1 would:6 revise:1 downward:1 recent:1 dollar:6 drop:2 1:1 80:1 mark:2 two:1 start:1 1987:1 foreign:2 part:1 company:1 good:1 service:1 investment:2 scale:1 speculative:2 determine:1 trend:1 inflow:2 could:2 cause:1 monetary:5 aggregate:1 grow:1 reverse:1 rise:4 money:3 stock:2 lower:1 allow:1 fund:2 drain:1 word:1 measure:2 require:1 different:1 sometimes:1 diametrically:1 oppose:1 need:1 increase:1 result:1 mount:1 economic:3 activity:1 fall:3 one:1 means:1 reduce:1 massive:1 u:7 current:5 account:5 deficit:3 attempt:1 keep:2 depreciation:2 go:2 talk:1 pose:1 problem:5 sharp:2 lead:2 immediate:1 steep:1 cost:2 import:4 european:1 volume:1 effect:2 europe:2 take:1 time:1 make:1 feel:1 compare:1 price:2 hence:1 may:2 well:1 necessary:2 adjust:2 medium:1 term:1 reduction:1 occur:1 gnp:2 high:1 domestic:3 demand:2 japan:2 germany:2 contrast:1 faster:1 indeed:1 happen:1 1986:1 appreciation:1 prevent:1 offset:1 appropriate:1 differential:1 look:1 financial:1 select:1 instrument:1 pay:1 great:1 heed:1 past:1 impact:2 expectation:1 consequent:1 decision:1 change:1 operate:1 open:1 rather:1 signal:1 give:2 substantial:1 important:1 achieve:1 goal:1 stability:1 full:1 employment:1 also:2 tackle:1 international:3 like:1 debt:1 strategy:1 design:1 help:1 safeguarding:1 non:1 inflationary:1 system:3 largely:1 free:2 disruption:2 float:1 agree:1 intervene:2 suffice:1 tell:1 see:1 next:1 year:1 intervention:1 point:2 set:1 test:1 order:1 jointly:1 | BUNDESBANK CALLS FOR CENTRAL BANK COOPERATION
Bundesbank board member Claus Koehler
called on central banks of major industrialised nations to
cooperate closely on exchange and interest rate policies.
In a lecture at the University of Surrey, pre-released
here, Koehler said that the only alternative to cooperation was
protectionism and control on capital movements.
'Central banks have sufficient experience of exchange market
transactions to steer exchange rates where they want to have
them,' he said. He added that West German growth forecasts would
have to be revised downward because of the recent dollar drop
to 1.80 marks from above two marks at the start of 1987.
Koehler said that transactions on foreign exchange markets
had parted company with transactions in goods, services and
investments. It was the scale of speculative transactions that
determined market trends.
Speculative inflows could cause monetary aggregates to
grow. To reverse such a rise in the money stock, interest rates
would have to be lowered to allow funds to drain off.
'In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity,' Koehler said.
The dollar fall was one means of reducing the massive U.S.
Current account deficit. But attempts to keep the depreciation
going by talking the dollar down posed problems.
The sharp drop of the dollar had led to an immediate steep
rise in the cost of U.S. Imports and a sharp fall in the cost
of European imports. But the volume effect of falling imports
to the U.S. And rising imports to Europe would take time to
make itself felt compared with the price effect.
'Hence the depreciation of the dollar may well be going
further than would be necessary to adjust the current account
over the medium term,' Koehler said.
A reduction in the U.S. Current account deficit would occur
only if the growth rate of GNP was higher than domestic demand.
In Japan and West Germany by contrast, domestic demand should
rise faster than GNP.
'In Germany this did indeed happen in 1986,' Koehler said.
If a further appreciation of the dollar was to be
prevented, the U.S. Current account deficit could be offset by
an inflow of foreign funds into the U.S..
But only if there was an appropriate interest rate
differential would Europe and Japan look for financial
investment in the U.S.
When selecting monetary policy instruments, a central bank
had to pay greater heed than in the past to the impact its
measures might have on expectations and consequent decisions.
Koehler said the Bundesbank was changing money market rates
by operating on the open market rather than adjusting leading
interest rates because of the signal this gives to the market
and its substantial impact on exchange rates.
It was not only important to achieve the domestic goals of
price stability, economic growth and full employment but also
to tackle international problems like the exchange rate
problem, the debt problem and the current account problem.
A strategy had to be designed that helped 'the safeguarding
of non-inflationary economic growth in an international
monetary system largely free of disruptions,' Koehler said.
Given the system of floating exchange rates, it was
necessary for central banks to agree to intervene. It sufficed
to tell the market where central banks saw exchange rates over
the next few years and intervention points should not be set,
because they were only testing points for the market, he said.
In order to keep the international monetary system free of
disruptions central banks should not only intervene jointly but
also cooperate on interest rate policies, Koehler said.
|
test/15365 | test/15365 |@title australian:1 unemployment:1 rise:1 march:1 |@word australia:1 seasonally:1 adjust:1 unemployment:1 rate:2 rise:3 8:3 4:1 pct:5 estimate:2 workforce:3 march:2 2:1 february:3 7:1 9:3 year:2 earlier:2 statistic:1 bureau:2 say:2 number:2 jobless:1 650:1 700:1 631:1 900:1 593:1 200:1 unadjuste:1 unemployed:1 702:1 600:2 699:1 ease:1 0:1 1:1 reflect:1 slight:1 increase:1 1986:1 640:1 400:1 person:1 5:1 work:1 | AUSTRALIAN UNEMPLOYMENT RISES IN MARCH
Australia's seasonally adjusted
unemployment rate rose to 8.4 pct of the estimated workforce in
March from 8.2 pct in February and 7.9 pct a year earlier, the
Statistics Bureau said.
The number of jobless rose to 650,700 from 631,900 in
February and 593,200 a year earlier, the Bureau said.
Unadjusted, the number of unemployed rose to 702,600 from
699,600 in February but the rate eased to 9.0 pct from 9.1,
reflecting a slight increase in the estimated workforce. In
March 1986, 640,400 persons, or 8.5 pct of the workforce, were
out of work.
|
test/15366 | test/15366 |@title csr:2 say:1 retain:1 non:1 delhi:1 gas:1 oil:1 stake:1 |@word ltd:3 csra:1 say:2 sale:1 delhi:2 petroleum:1 pty:1 affect:1 oil:1 gas:4 interest:2 manage:1 operate:1 csr:2 sell:1 hold:1 average:1 25:1 pct:1 santos:1 stos:1 lead:1 cooper:1 eromanga:1 basin:1 onshore:1 liquid:1 joint:1 venture:1 exxon:1 corp:1 xon:1 unit:2 985:1 mln:1 dlrs:1 april:1 1:1 statement:1 clarify:1 position:1 retain:1 roma:2 associated:1 brisbane:1 pipeline:1 bula:1 oilfield:1 seram:1 indonesia:1 plus:1 exploration:1 queensland:1 hainan:1 island:1 china:1 | CSR SAYS IT IS RETAINING NON-DELHI GAS-OIL STAKES
CSR Ltd <CSRA.S> said its sale of <Delhi
Petroleum Pty Ltd> will not affect the other oil and gas
interests it manages or operates.
CSR sold Delhi, which holds an average 25 pct in the Santos
Ltd <STOS.S>-led Cooper-Eromanga Basin onshore gas and liquids
joint ventures, to an Exxon Corp <XON> unit for 985 mln dlrs on
April 1.
In a statement to clarify the position, CSR said it will
retain its Roma Gas unit, the associated Roma-Brisbane gas
pipeline and the Bula oilfield on Seram, Indonesia, plus
exploration interests in Queensland and Hainan Island, China.
|
test/15367 | test/15367 |@title japan:1 ministry:1 comment:1 rice:1 talk:1 report:1 |@word agriculture:2 ministry:1 decline:1 comment:2 local:1 newspaper:1 report:2 japan:8 agree:1 hold:1 talk:4 closed:1 rice:4 market:1 new:2 gatt:3 round:3 idea:1 spokesman:1 tell:2 reuters:1 nihon:2 keizai:2 shinbun:1 quote:1 unnamed:1 government:1 source:1 say:4 would:1 u:5 secretary:1 richard:1 lyng:1 trade:5 representative:1 clayton:1 yeutter:1 intention:1 two:1 due:1 visit:1 later:1 month:1 farm:1 press:1 discuss:1 issue:1 general:1 agreement:1 tariff:1 right:1 forum:1 import:1 ban:1 foodstuff:1 control:1 act:1 plan:1 result:1 worry:1 mount:1 tension:1 try:1 persuade:1 policy:1 justify:1 93:1 nation:1 world:1 body:1 begin:1 uruguay:1 last:1 september:1 take:1 four:1 year:1 negotiate:1 | JAPAN MINISTRY HAS NO COMMENT ON RICE TALKS REPORT
The Agriculture Ministry declined comment
on a local newspaper report that Japan had agreed to hold talks
on its closed rice market in the new GATT round.
'We have no idea about the report and cannot comment,' a
spokesman told Reuters.
Nihon Keizai Shinbun, quoting unnamed government sources,
said Japan would tell U.S. Agriculture Secretary Richard Lyng
and U.S. Trade Representative Clayton Yeutter of its
intentions. The two are due to visit Japan later this month for
farm talks.
The U.S. Has been pressing Japan to discuss the rice issue
at the new round of General Agreement on Tariffs and Trade
talks. But Japan has said GATT is not the right forum.
Imports of rice to Japan are banned under the Foodstuff
Control Act.
Nihon Keizai said Japan's plan resulted from worries about
mounting trade tension with the U.S. At the GATT talks, Japan
will try to persuade the U.S. That its rice policy is
justified, it said.
The 93-nation world trade body began the Uruguay trade
round last September. It will take four years to negotiate.
|
test/15368 | test/15368 |@title showa:1 denko:1 export:1 aluminium:1 casting:1 equipment:1 |@word showa:2 denko:2 ltd:1 say:4 export:1 aluminium:3 billet:1 cast:2 equipment:3 technology:2 country:1 recently:1 begin:1 smelt:2 company:1 official:1 win:1 500:1 mln:1 yen:1 order:3 deliver:1 10:1 set:2 venezuela:1 venalum:1 end:1 1987:1 receive:1 one:1 bahrain:2 b:1 c:1 last:2 year:2 expect:2 smelter:1 withdraw:1 increase:1 sale:1 | SHOWA DENKO EXPORTS ALUMINIUM CASTING EQUIPMENT
<Showa Denko Ltd> said it is exporting
aluminium billet casting equipment and technology to countries
that have recently begun aluminium smelting.
A company official said it won a 500 mln yen order to
deliver 10 sets of casting equipment to Venezuela's Venalum by
end-1987. He said it received an order for one set from
Aluminium Bahrain B.S.C. Last year and expects further orders
from the Bahrain smelter.
Showa Denko withdrew from smelting last year but expects to
increase its sales of equipment and technology, he said.
|
test/15372 | test/15372 |@title economic:1 spotlight:1 telecom:1 key:1 japan:1 ministry:1 |@word japan:5 little:1 know:1 ministry:13 post:1 telecommunication:2 mpt:11 emerge:1 international:2 force:2 reckon:1 political:5 analyst:7 say:19 thrust:1 spotlight:1 trade:2 row:2 u:2 britain:3 position:1 strength:1 due:2 control:2 lucrative:2 industry:2 tie:1 important:3 politician:1 stand:2 athwart:1 regulatory:1 key:3 industrial:1 sector:3 information:1 one:3 diplomatic:3 source:3 potent:1 find:1 domestic:1 prowess:1 always:1 help:2 come:1 friction:1 diplomacy:1 minor:1 people:1 internationalize:1 waseda:1 university:1 professor:1 mitsuru:1 uchida:2 suddenly:1 centre:1 world:2 community:1 sense:1 loss:1 face:1 situation:1 recently:1 embroil:1 london:2 effort:1 cable:1 wireless:1 plc:1 keep:2 major:2 stake:1 two:2 consortium:1 try:1 compete:1 overseas:2 telephone:2 business:2 favour:1 merger:3 rival:1 group:2 argue:1 market:4 support:1 competitor:1 kokusai:1 denshin:1 denwa:1 co:1 ltd:1 monopolize:1 also:3 oppose:1 management:1 role:1 planned:1 non:1 japanese:1 telecommunications:3 firm:3 ground:1 precedent:1 exist:1 stance:1 outrage:1 threaten:1 retaliate:1 washington:2 plan:2 evidence:1 failure:1 honour:1 pledge:1 open:2 angry:1 move:1 limit:2 access:1 car:1 satellite:1 communication:1 much:2 new:2 prominence:1 stem:1 growth:1 regulate:1 happen:1 shift:1 economy:1 make:1 place:1 james:1 abegglen:2 head:1 consult:1 asia:1 advisory:1 service:2 inc:1 decision:1 competition:2 set:1 law:1 pass:1 1985:1 boost:1 rather:1 lessen:1 authority:1 legal:2 framework:2 ease:1 become:2 de:1 facto:1 bache:1 securities:1 darrell:1 whitten:1 close:1 link:1 powerful:1 faction:3 rule:1 liberal:1 democratic:1 party:1 ldp:1 nurture:1 former:3 prime:1 minister:1 kakuei:1 tanaka:2 another:1 influence:1 ignore:1 1970:1 forward:1 look:1 recognize:1 importance:1 many:2 bureaucrat:1 member:1 influential:1 add:1 power:1 financial:2 100:1 000:1 billion:1 yen:1 worth:1 deposit:2 postal:2 saving:2 system:2 block:1 finance:1 deregulate:1 interest:1 rate:2 small:1 element:1 liberalisation:1 since:1 change:1 would:1 remove:1 ability:1 offer:1 slightly:1 high:1 bank:1 frustrate:1 see:1 obstructionist:1 protectionist:1 posture:1 characterize:1 feudal:1 critic:1 charge:1 protect:1 turf:1 shelter:1 monopoly:1 wing:1 provide:1 consumer:1 good:1 low:1 price:1 take:2 back:1 seat:1 consideration:1 action:1 unlike:1 bureaucratic:1 counterpart:1 western:1 include:1 several:1 united:1 states:1 really:1 odd:1 man:1 government:1 view:2 want:1 order:1 utility:1 unusual:1 unreasonable:1 | ECONOMIC SPOTLIGHT - TELECOM IS KEY JAPAN MINISTRY
Japan's little-known Ministry of Posts and
Telecommunications (MPT) has emerged as an international force
to be reckoned with, political analysts said.
MPT, thrust into the spotlight by trade rows with the U.S.
And Britain, is in a position of strength due to its control of
a lucrative industry and its ties with important politicians,
they said.
'The ministry is standing athwart the regulatory control of
a key industrial sector, telecommunications and information,'
said one diplomatic source.
'They are a potent political force,' the diplomatic source
said.
But MPT is finding domestic political prowess does not
always help when it comes to trade friction diplomacy, analysts
said.
'The ministry was a minor ministry and its people were not
so internationalized,' said Waseda University professor Mitsuru
Uchida. 'Suddenly they're standing at the centre of the world
community and in that sense, they're at a loss (as to) how to
face the situation.'
Most recently the ministry has been embroiled in a row with
London over efforts by Britain's Cable and Wireless Plc to keep
a major stake in one of two consortia trying to compete in
Japan's lucrative overseas telephone business.
The ministry has favoured the merger of the two rival
groups, arguing the market cannot support more than one
competitor to Kokusai Denshin Denwa Co Ltd, which now
monopolizes the business.
It has also opposed a major management role in the planned
merger for any non-Japanese overseas telecommunications firm on
the grounds that no such international precedent exists.
The ministry's stance has outraged both London, which has
threatened to retaliate, and Washington, which says the merger
plan is evidence of Japan's failure to honour pledges to open
its telecommunications market.
Washington is also angry over other ministry moves which it
says have limited access for U.S. Firms to Japan's car
telephone and satellite communications market.
Much of MPT's new prominence stems from the growth of the
sector it regulates.
'What has been happening is an important shift in the
economy which makes the ministry a very important place,' said
James Abegglen, head of the consulting firm Asia Advisory
Service Inc.
A decision to open the telecommunications industry to
competition under a new set of laws passed in 1985 has boosted
rather than lessened MPT's authority, analysts said.
'With the legal framework eased, they became the de facto
legal framework,' said Bache Securities (Japan) analyst Darrell
Whitten.
Close links with the powerful political faction of the
ruling Liberal Democratic Party (LDP) nurtured by former Prime
Minister Kakuei Tanaka are another key to MPT's influence, the
analysts said.
'Other factions ignored MPT (in the 1970s), but the Tanaka
faction was forward looking and ... Recognized the importance
of MPT,' Uchida said. Many former bureaucrats became members of
the influential political group, he added.
The ministry also has power in the financial sector due to
the more than 100,000 billion yen worth of deposits in the
Postal Savings System, analysts said.
MPT has helped block Finance Ministry plans to deregulate
interest rates on small deposits, a key element in financial
liberalisation, since the change would remove the Postal
Savings System's ability to offer slightly higher rates than
banks, they said.
Diplomatic sources, frustrated with what they see as MPT's
obstructionist and protectionist posture, have characterized
the ministry as feudal.
Critics charge MPT with protecting its own turf, limiting
competition and sheltering the former monopolies under its
wing. Providing consumers with the best service at the lowest
price takes a back seat to such considerations, they said.
But many of the ministry's actions are not unlike those of
its bureaucratic counterparts in much of the Western world
including Britain, several analysts said.
'The United States is really the odd man out,' Abegglen said.
'For a government to take the view that it wants to keep order
in utilities markets is not an unusual and/or unreasonable
view,' he said.
|
test/15375 | test/15375 |@title g:1 7:1 issue:1 statement:1 meet:1 |@word follow:1 text:1 statement:2 group:1 seven:2 u:1 japan:4 west:1 germany:1 france:1 britain:1 italy:1 canada:1 issue:1 washington:1 meeting:4 yesterday:1 1:1 finance:1 minister:3 central:1 bank:1 governor:3 major:1 industrial:1 country:1 meet:1 today:1 continue:2 process:1 multilateral:1 surveillance:1 economy:2 pursuant:1 arrangement:1 strengthen:1 economic:3 policy:3 coordination:1 agree:3 1986:1 tokyo:1 summit:1 head:1 state:1 government:2 manage:1 director:1 international:1 monetary:1 fund:1 also:1 participate:1 2:1 reaffirm:3 commitment:1 cooperative:1 approach:1 recent:1 paris:1 note:1 progress:2 achieve:1 implement:2 undertaking:2 embody:1 louvre:4 agreement:2 however:1 action:1 essential:1 resist:1 rise:1 protectionist:1 pressure:1 sustain:1 global:1 expansion:1 reduce:1 trade:1 imbalance:1 connection:2 welcome:2 proposal:1 announce:1 govern:1 liberal:1 democratic:1 party:1 extraordinary:1 urgent:1 measure:1 stimulate:1 early:1 implementation:2 large:1 supplementary:1 budget:1 exceed:1 previous:1 year:1 well:1 unprecedented:1 front:1 end:1 loading:1 public:1 work:1 expenditure:1 intention:2 open:1 domestic:1 market:1 foreign:1 good:1 service:1 3:1 view:1 around:1 current:1 level:1 currency:1 within:1 range:1 broadly:1 consistent:1 fundamental:1 basic:1 outline:1 strong:1 conclude:1 present:1 prospective:1 provide:1 basis:1 close:1 cooperation:1 foster:1 stability:1 exchange:1 rate:1 | G-7 ISSUES STATEMENT AFTER MEETING
Following is the text of a statement
by the Group of Seven -- the U.S., Japan, West Germany, France,
Britain, Italy and Canada -- issued after a Washington meeting
yesterday.
1. The finance ministers and central bank governors of
seven major industrial countries met today.
They continued the process of multilateral surveillance of
their economies pursuant to the arrangements for strengthened
economic policy coordination agreed at the 1986 Tokyo summit of
their heads of state or government.
The managing director of the International Monetary Fund
also participated in the meeting.
2. The ministers and governors reaffirmed the commitment to
the cooperative approach agreed at the recent Paris meeting,
and noted the progress achieved in implementing the
undertakings embodied in the Louvre Agreement.
They agreed, however, that further actions will be
essential to resist rising protectionist pressures, sustain
global economic expansion, and reduce trade imbalances.
In this connection they welcomed the proposals just
announced by the governing Liberal Democratic Party in Japan
for extraordinary and urgent measures to stimulate Japan's
economy through early implementation of a large supplementary
budget exceeding those of previous years, as well as
unprecedented front-end loading of public works expenditures.
The government of Japan reaffirmed its intention to further
open up its domestic markets to foreign goods and services.
3. The ministers and governors reaffirmed the view that
around current levels their currencies are within ranges
broadly consistent with economic fundamentals and the basic
policy intentions outlined at the Louvre meeting.
In that connection they welcomed the strong implementation
of the Louvre Agreement.
They concluded that present and prospective progress in
implementing the policy undertakings at the Louvre and in this
statement provided a basis for continuing close cooperation to
foster the stability of exchange rates.
|
test/15378 | test/15378 |@title bank:1 france:1 hold:1 money:1 market:1 tender:1 today:1 |@word bank:3 france:2 say:2 invite:1 offer:1 first:1 category:1 paper:1 today:1 money:2 market:2 intervention:2 tender:1 operator:1 divide:1 whether:1 use:1 occasion:1 cut:3 rate:1 stand:1 7:1 3:1 4:2 pct:1 since:1 march:1 9:1 think:1 price:1 unlikely:1 room:1 1:1 point:1 | BANK OF FRANCE TO HOLD MONEY MARKET TENDER TODAY
The Bank of France said it has invited
offers of first category paper today for a money market
intervention tender.
Money market operators were divided over whether the Bank
of France will use to occasion to cut its intervention rate,
which has stood at 7-3/4 pct since March 9.
Some thought a price cut unlikely while others said there
was room for a further 1/4 point cut by the bank.
|
test/15379 | test/15379 |@title rio:1 tinto:1 zinc:1 corp:1 plc:1 1986:1 pretax:1 profit:1 601:1 7:1 |@word mln:4 stg:2 vs:2 614:2 4:2 rio:1 tinto:1 zinc:1 corp:1 plc:1 1986:1 pretax:1 profit:1 601:1 7:1 | RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg
vs 614.4 mln
RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg
vs 614.4 mln
|
test/15380 | test/15380 |@title rio:1 tinto:1 zinc:1 net:1 attributable:1 profit:1 lower:1 |@word year:1 december:1 31:1 1986:3 shr:1 78:1 91p:1 vs:11 83:1 05p:1 div:1 16:1 5p:2 make:1 23:1 22p:1 pretax:1 profit:4 601:1 7:3 mln:16 stg:10 614:1 4:4 net:1 attributable:1 245:1 257:1 turnover:1 3:3 34:1 billion:4 09:1 note:1 account:2 restate:2 full:1 name:1 company:2 rio:1 tinto:1 zinc:1 corp:1 plc:1 rtzl:1 l:1 group:1 operate:1 529:1 470:1 operating:1 cost:1 2:2 81:1 63:1 share:1 less:1 loss:1 related:1 104:1 165:1 0:1 interest:3 receivable:1 income:1 41:1 5:1 47:1 payable:1 73:1 6:1 68:1 tax:1 274:1 8:1 277:1 1:1 leave:1 326:1 9:1 337:1 rtz:2 investment:1 australian:1 associate:1 cra:1 equity:1 1985:1 figure:1 basis:1 reduction:1 49:1 pct:1 october:1 | RIO TINTO-ZINC NET ATTRIBUTABLE PROFIT LOWER
Year to December 31, 1986
SHR 78.91p vs 83.05p
DIV 16.5p making 23.5p vs 22p
PRETAX PROFIT 601.7 mln stg vs 614.4 mln
NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln
TURNOVER 3.34 billion stg vs 3.09 billion
Note - Accounts have been restated
Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L>
Group operating profit 529.4 mln stg vs 470.7 mln
Operating costs 2.81 billion stg 2.63 billion
Share of profit less losses of related companies 104.4 mln
stg vs 165.0 mln
Interest receivable/other income 41.5 mln stg vs 47.4 mln
Interest payable 73.6 mln stg vs 68.7 mln
Tax 274.8 mln stg vs 277.1 mln
Leaving 326.9 mln stg vs 337.3 mln
RTZ' investment in Australian associate CRA has been equity
accounted for 1986 and 1985 figures restated on the same basis
after the reduction of RTZ's interest to 49 pct in October
1986.
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test/15383 | test/15383 |@title |@word burmah:2 oil:2 1986:2 pre:2 tax:2 profit:2 105:2 9:2 mln:4 stg:2 vs:2 79:2 6:2 | Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.
Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.
|
test/15384 | test/15384 |@title german:1 banker:1 remark:1 revive:1 talk:1 rate:1 cut:1 |@word remark:1 two:1 lead:1 central:3 banker:1 spark:1 renew:1 speculation:2 financial:1 market:3 cut:3 west:2 german:2 three:1 pct:3 discount:2 rate:10 may:3 discussion:1 currency:2 dealer:5 say:6 bundesbank:4 board:2 member:1 claus:1 koehler:3 speech:2 monetary:5 growth:3 result:2 speculative:2 capital:2 inflow:2 require:2 interest:2 separately:1 berlin:1 state:1 bank:3 president:1 dieter:1 hiss:1 tell:1 journalist:1 could:2 fall:2 low:2 ever:1 point:1 2:1 75:1 make:2 clear:1 forecast:1 however:1 far:1 east:1 dollar:1 gain:1 slight:1 background:1 support:1 note:1 keep:1 3:1 80:1 unchanged:1 offer:3 liquidity:2 money:3 week:1 dash:1 expectation:1 either:1 fix:1 reduce:1 minimum:1 let:1 strength:1 demand:1 set:1 allocation:1 allocate:1 6:1 1:1 billion:2 mark:2 new:1 much:1 less:1 14:1 9:1 leave:1 prior:1 pact:1 expire:1 weaken:1 sentiment:1 move:1 accommodative:1 stance:1 surrey:1 england:1 cause:1 regardless:1 whether:1 intervene:1 exchange:1 word:1 policy:1 measure:1 different:1 sometimes:1 diametrically:1 oppose:1 need:1 stock:1 increase:1 mount:1 economic:1 activity:1 though:1 know:1 liberal:1 generally:1 monetarist:1 comment:1 first:1 time:1 concretely:1 suggest:1 counterpoint:1 overly:1 strong:1 reuter:1 | GERMAN BANKERS' REMARKS REVIVE TALK OF RATE CUT
Remarks by two leading central bankers
sparked renewed speculation in financial markets that a cut in
the West German three pct discount rate may be under
discussion, currency dealers said.
Bundesbank board member Claus Koehler said in a speech that
monetary growth resulting from speculative capital inflows
required cuts in interest rates.
Separately, West Berlin state central bank president Dieter
Hiss told journalists that the discount rate could fall below
its lowest ever point of 2.75 pct. He made clear that he was
not making a forecast on interest rates, however.
Currency dealers here and in the Far East said the dollar
gained slight background support from the speculation.
But German dealers noted that the Bundesbank kept the 3.80
pct rate unchanged at which it offered liquidity to the money
market this week, dashing some expectations that it may either
offer lower fixed rate money or offer a reduced minimum rate
and let the strength of banks' demands set the allocation rate.
It allocated 6.1 billion marks in new liquidity, much less
than the 14.9 billion leaving the market as a prior pact
expired. This further weakened sentiment the Bundesbank could
move to a more accommodative monetary stance, dealers said.
Koehler said in a speech in Surrey, England, speculative
capital inflows may cause monetary growth, regardless of
whether central banks intervened or exchange rates fell.
'In other words, the monetary policy measures required are
different from -- and sometimes diametrically opposed to --
those needed when the money stock is increasing as a result of
mounting economic activity.'
Though Koehler was known to be the most liberal of the
generally monetarist Bundesbank board, his comments marked the
first time cuts in rates had been concretely suggested as a
counterpoint to overly strong monetary growth, dealers said.
REUTER^M
|
test/15386 | test/15386 |@title soviet:1 trade:1 deficit:1 west:1 soar:1 1986:1 |@word soviet:2 trade:4 deficit:2 west:3 almost:1 quadruple:1 last:1 year:2 reach:1 2:1 72:1 billion:3 rouble:2 compare:1 713:1 mln:1 1985:1 official:1 figure:1 show:2 statistic:1 publish:1 monthly:1 journal:1 foreign:1 turnover:1 1986:2 fall:1 130:1 9:1 142:1 1:1 previous:1 drop:1 7:1 8:1 pct:1 moscow:2 surplus:1 east:1 bloc:1 country:1 continue:1 grow:1 western:1 analyst:1 attribute:1 rise:1 world:1 oil:1 price:1 slump:1 hit:1 main:1 export:1 cut:1 hard:1 currency:1 earning:1 need:1 purchase:1 | SOVIET TRADE DEFICIT WITH WEST SOARS IN 1986
The Soviet trade deficit with the West
almost quadrupled last year, reaching 2.72 billion roubles
compared with 713 mln in 1985, official figures showed.
Statistics published by the monthly journal Foreign Trade
showed Soviet trade turnover for 1986 fell to 130.9 billion
roubles from 142.1 billion the previous year, a drop of 7.8
pct.
Moscow's trade surplus with East Bloc countries continued
to grow in 1986.
Western analysts attributed the deficit rise with the West
to the world oil price slump, which hit Moscow's main export
and cut hard currency earnings needed for purchases in the
West.
|
test/15387 | test/15387 |@title burmah:1 oil:1 profit:1 climb:1 105:1 9:1 mln:1 stg:1 |@word year:1 1986:1 shr:1 33:1 54p:1 vs:7 34:1 2p:1 final:1 div:1 9:2 5p:1 make:1 14p:1 12:1 75p:1 pre:1 tax:1 profit:2 105:1 mln:6 stg:3 79:1 6:1 net:2 minority:2 56:1 52:1 1:3 turnover:1 duty:1 32:1 billion:2 46:1 800:1 000:1 extraordinary:1 debit:1 20:1 4:1 28:1 2:1 note:1 company:1 full:1 name:1 burmah:1 oil:1 co:1 plc:1 burm:1 l:1 reuter:1 | BURMAH OIL PROFIT CLIMBS TO 105.9 MLN STG
Year 1986
Shr 33.54p vs 34.2p.
Final div 9.5p, making 14p vs 12.75p.
Pre-tax profit 105.9 mln stg vs 79.6 mln.
Net profit before minorities 56 mln vs 52.1 mln.
Turnover net of duties 1.32 billion stg vs 1.46 billion.
Minorities 800,000 stg vs same.
Extraordinary debit 20.4 mln vs 28.2 mln.
NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L>
REUTER^M
|
test/15388 | test/15388 |@title china:1 wheat:1 crop:1 threaten:1 pest:1 disease:1 |@word pest:1 disease:1 destroy:1 1:3 mln:7 tonne:1 wheat:6 china:2 1986:2 threaten:1 crop:1 11:1 64:1 hectare:6 year:1 daily:1 say:2 14:1 54:1 affect:2 paper:1 abnormal:1 weather:1 condition:1 encourage:1 spread:1 midge:1 2:2 47:1 shanxi:1 henan:2 sichuan:1 anhui:1 hebei:2 jiangsu:1 shandong:1 aphid:1 4:1 67:1 red:1 mite:1 8:1 powdery:1 mildew:1 7:1 | CHINA'S WHEAT CROP THREATENED BY PESTS, DISEASE
Pests and disease, which destroyed 1.1
mln tonnes of wheat in China in 1986, are threatening crops on
11.64 mln hectares this year, the China Daily said.
About 14.54 mln hectares of wheat were affected in 1986.
The paper said abnormal weather conditions had encouraged
the spread of wheat midges in 2.47 mln hectares in Shanxi,
Henan, Sichuan, Anhui, Hebei and Jiangsu.
In Henan, Shandong and Hebei wheat aphids are affecting
4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat
powdery mildew 1.7 mln hectares.
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test/15389 | test/15389 |@title rtz:1 see:1 rise:1 u:1 output:1 aid:1 1987:1 result:1 |@word rio:1 tinto:1 zinc:1 corp:1 plc:1 rtzl:1 l:1 rtz:6 say:2 predict:1 rise:1 industrial:3 production:1 u:2 europe:1 boost:1 1987:1 performance:4 consumption:1 base:1 metal:2 dlr:1 price:3 show:2 sign:1 improvement:1 although:1 iron:1 ore:1 market:1 weaken:1 oil:2 dlrs:1 1986:3 average:1 sustain:1 improve:2 energy:1 earning:1 company:1 comment:1 statement:1 result:1 restate:1 basis:1 net:3 attributable:1 profit:4 low:1 245:1 mln:7 stg:4 257:1 previous:1 year:1 pretax:1 also:2 dip:1 601:1 7:1 614:1 4:1 excellent:1 expand:1 range:1 business:2 offset:1 collapse:1 contribute:2 202:1 40:1 pct:2 increase:1 144:1 1985:1 60:1 total:1 trading:1 wholly:1 subsidiary:1 borax:1 ltd:4 cement:1 chemicals:1 pillar:1 first:1 time:1 contribution:1 recent:1 investment:1 acquisition:1 mainly:1 speciality:1 chemical:1 mineral:1 aid:1 activity:1 83:1 | RTZ SEES RISING U.S. OUTPUT AIDING 1987 RESULTS
Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ,
said the predicted rise in industrial production in the U.S.
And Europe should boost its 1987 performance.
Consumption of some base metals and their dlr prices are
showing signs of improvement, although iron ore markets have
weakened. The oil price in U.S. Dlrs is above the 1986 average,
and if sustained, should improve energy earnings.
The company was commenting in a statement on its 1986
results which, on a restated basis, showed net attributable
profits lower at 245 mln stg after 257 mln the previous year.
Pretax profits also dipped to 601.7 mln stg after 614.4 mln.
RTZ said the excellent performance of its expanding range
of industrial businesses in 1986 was offset by the collapse in
oil prices.
Industrial businesses contributed 202 mln stg to net
profit, a 40 pct increase from 144 mln in 1985, and 60 pct of
the total. Trading performance improved at wholly-owned
subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd
and RTZ Pillar Ltd. First time contributions from recent
investment and acquisitions mainly in speciality chemicals and
minerals also aided performance.
Metals activities contributed 83 mln stg to net profit.
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test/15391 | test/15391 |@title bridgestone:1 corp:1 brit:1 year:1 december:1 31:1 |@word group:2 shr:2 35:1 99:2 yen:2 vs:5 38:1 28:2 net:2 21:2 01:1 billion:11 08:1 current:3 47:1 73:1 48:1 06:1 operate:1 55:1 04:1 54:1 sale:2 792:1 71:1 864:1 note:1 company:1 forecast:1 year:1 37:1 70:1 22:1 52:1 800:1 | BRIDGESTONE CORP <BRIT.T> YEAR TO DECEMBER 31
Group shr 35.99 yen vs 38.28
Net 21.01 billion vs 21.08 billion
Current 47.73 billion vs 48.06 billion
Operating 55.04 billion vs 54.99 billion
Sales 792.71 billion vs 864.28 billion
NOTE - Company forecast for current year is group shr 37.70
yen, net 22 billion, current 52 billion and sales 800 billion.
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test/15394 | test/15394 |@title ec:1 sugar:1 tender:1 see:1 mark:1 change:1 policy:1 |@word maximum:2 export:3 rebate:4 grant:1 yesterday:1 ec:3 sugar:5 tender:1 mark:1 change:2 policy:2 producer:2 complaint:1 obtain:2 intervention:3 price:3 outside:1 community:1 commission:3 source:2 say:4 46:2 496:1 ecus:2 per:2 100:2 kilo:2 118:1 350:1 tonne:2 864:1 previous:2 week:2 explain:1 world:1 market:1 condition:1 claim:1 short:2 level:1 need:1 equivalent:1 one:1 ecu:2 0:1 87:1 despite:1 fact:1 accept:1 785:1 000:1 operator:2 protest:1 low:1 early:1 may:1 withdraw:1 give:1 sign:1 plan:1 withdrawal:1 unless:1 review:1 | EC SUGAR TENDER SEEN MARKING NO CHANGE IN POLICY
The maximum export rebate granted at
yesterday's EC sugar tender marked no change in policy over
producer complaints that they are not obtaining the EC
intervention price in exporting sugar outside the Community, EC
Commission sources said.
The maximum rebate was 46.496 Ecus per 100 kilos for
118,350 tonnes of sugar, down from 46.864 Ecus the previous
week, but the change is explained by world market conditions.
Producers claim the rebate was short of the level needed to
obtain a price equivalent to the intervention price by over one
Ecu per 100 kilos, and was 0.87 Ecu short the previous week,
the sources said.
They said this was despite the fact that the Commission had
to accept 785,000 tonnes of sugar into intervention from
operators protesting that rebates are too low.
Operators have now until early May to withdraw this sugar.
But they have not given any sign of planned withdrawals unless
the Commission reviews its export policy, they said.
|
test/15396 | test/15396 |@title burmah:1 oil:1 prospect:1 remain:1 favourable:1 |@word current:1 year:1 open:1 well:1 trading:1 prospect:1 remain:1 favourable:1 burmah:2 oil:2 co:1 plc:1 burm:1 l:1 say:1 statement:1 1986:2 result:1 company:1 plan:1 maintain:1 steady:1 rate:1 investment:1 marketing:1 operation:1 obtain:1 improved:1 profit:2 margin:1 liquified:1 natural:1 gas:1 lng:1 project:1 financial:1 capacity:1 continue:1 make:1 acquisition:1 within:1 business:1 sector:1 add:1 rationalisation:1 programme:1 include:1 sale:1 bahamas:1 terminal:1 peripheral:1 activity:1 complete:1 pre:1 tax:1 rise:1 105:1 9:1 mln:2 stg:1 79:1 6:1 reuter:1 | BURMAH OIL PROSPECTS REMAIN FAVOURABLE
The current year has opened well, with
trading prospects remaining favourable, Burmah Oil Co Plc
<BURM.L> said in a statement with its 1986 results.
The company plans to maintain a steady rate of investment
in its marketing operations and to obtain improved profit
margins on its liquified natural gas, LNG, project.
Burmah has the financial capacity to continue making
acquisitions within its business sectors, it added. The
rationalisation programme, including sale of the Bahamas oil
terminal and all peripheral activities, is now complete.
Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6
mln.
REUTER^M
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test/15397 | test/15397 |@title gebrueder:1 sulzer:1 1986:1 profit:1 almost:1 60:1 pct:1 |@word year:1 1986:1 consolidate:1 net:2 profit:2 67:1 mln:4 swiss:1 franc:7 vs:6 42:1 dividend:1 100:1 per:2 register:1 share:1 80:1 10:1 participation:1 certificate:1 eight:1 consolidated:1 turnover:2 4:3 55:1 billion:4 54:1 parent:2 company:3 38:1 2:3 26:1 20:1 29:1 note:1 full:1 name:1 gebrueder:1 sulzer:1 ag:1 sulz:1 z:1 | GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT
Year 1986
Consolidated net profit 67 mln Swiss francs vs 42 mln.
Dividend 100 francs per registered share vs 80 francs and
10 francs per participation certificate vs eight.
Consolidated turnover 4.55 billion francs vs 4.54 billion.
Parent company net profit 38.2 mln francs vs 26.4 mln.
Parent company turnover 2.20 billion francs vs 2.29
billion.
Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z>
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test/15400 | test/15400 |@title japan:1 business:1 leader:1 say:1 g:1 7:1 accord:1 worry:1 |@word leader:1 two:1 japan:4 top:1 business:1 group:2 say:5 separate:1 statement:2 seven:1 g:4 7:4 accord:3 reach:1 washington:1 yesterday:1 deep:1 concern:1 show:1 major:1 industrial:1 nation:2 regard:1 yen:4 current:1 level:3 appropriate:2 eishiro:1 saito:2 chairman:2 federation:1 economic:3 organization:1 keidanren:1 present:2 rate:3 well:1 adequate:1 elaborate:1 takashi:1 ishihara:2 committee:1 development:1 prevent:1 rise:2 understand:1 approve:1 excessively:1 since:1 paris:1 member:2 britain:1 canada:1 france:1 italy:1 u:1 west:1 germany:1 consider:1 currency:1 within:1 range:1 broadly:1 consistent:1 fundamental:1 call:1 prepare:1 intervene:1 market:1 strongly:1 enough:1 ensure:1 exchange:1 stabilise:1 | JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING
The leaders of two of Japan's top business
groups said in separate statements the Group of Seven (G-7)
accord reached in Washington yesterday is of deep concern to
Japan because it shows the major industrial nations regard the
yen's current level as appropriate.
Eishiro Saito, chairman of the Federation of Economic
Organizations (Keidanren), said the yen's present rate is well
above adequate levels. He did not elaborate.
Takashi Ishihara, chairman of the Japan Committee for
Economic Development, said the accord will not prevent the yen
from rising further.
'We do not understand why the G-7 approved present rates as
the yen has risen excessively since the Paris accord,' Ishihara
said.
G-7 members Britain, Canada, France, Italy, Japan, the U.S.
And West Germany said in a statement they consider their
currencies are now within ranges broadly consistent with
economic fundamentals.
Saito called on each G-7 member nation to prepare to
intervene in the market strongly enough to ensure exchange
rates are stabilised at appropriate levels.
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