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The Cyprus vessel Fearless 31841 tonnes dw which was on fire grounded then towed to Yantai China in August had all its cargo reloaded but the cargo in the no. 3 hold caught fire on October 15. The fire was put out with salt water and water from the no.4 hold has spread over most of the cargo. Some water is also in the no.5 hold. Bottom patching was reported complete but only the no.4 starboard wing tank has been pumped out and remains dry. The engine room is flooded to about three metres. The ship was originally loaded with 10000 tonnes of animal feed. REUTER

ANIMAL FEED SHIP ON FIRE AGAIN AT CHINESE PORT

The Finnish State launched two bonds totalling one billion markka with loan periods of 10 years and five years and annual interest rates of 7.75 and 7.25 pct respectively. The bonds sell concurrently until the total is reached and nominal values are 25000 markka 10000 markka 5000 markka and 1000 markka the Finance Ministry said. It was decided with the banks the rates should be 0.25 pct less than the eight and 7.5 pct rates respectively of 10-year and five-year bonds launched by the State on August 17 a Ministry statement said. REUTER

FINNISH STATE LAUNCHES BONDS FOR BILLION MARKKA

Malaysias recovery from the worst recession in 20 years should receive a boost on Friday when the government announces a reflationary budget for calendar 1988 after seven years of austerity economists said. Our country is walking on one leg now said Ismail Salleh an economist with the Institute of Strategic and International Studies. It has to depend on public sector investment for faster growth if the private sector is not moving. Gross domestic product grew one pct in 1986 after shrinking one pct in 1985. The fiscal year ends December 31. The government has said it expects 1987 growth to be under two pct but some analysts believe it will be nearer three pct because prices for commodity exports have risen sharply. Malaysia is a leading exporter of rubber palm oil tin and semiconductors and a major producer of cocoa timber and oil. The government slashed development spending to 9.8 billion ringgit this year from 14.5 billion in 1986. Economists said unemployment is expected to exceed 10 pct in 1988 against about 9.5 pct this year. Local investment also has stagnated with businessmen blaming inconsistent economic policies and lack of incentives. One businessman said too many politicians give the impression that Malaysia was unstable. If we can take care of investment confidence the potential to recover strongly is great a banker said. Malaysias 1987 current account is expected to be in the black with the Central Bank projecting a 500 mln ringgit surplus compared with last years 1.2 billion ringgit deficit. The government has said its fiscal policies will balance the budget by 1989. The deficit in 1986 was 952 mln ringgit. The government will also repay some of its external debt which stood at 51 billion ringgit at the end of 1986. Political leaders have said the budget will not hurt ordinary people as taxes on basic food and other essential goods are unlikely to change. Businessmen said they hope the government also will cut the corporate tax now between 45 and 48 pct to enable Malaysia to compete for investors with neighbouring states. REUTER

HIGHER SPENDING EXPECTED IN MALAYSIA'S 1988 BUDGET

Lloyds Shipping Intelligence service said the British bulk carrier Envoy 75453 tonnes dw was grounded at Mile 190 in the Orinoco river on October 16. The vessel was on a voyage from Trombetas Brazil to Matanzas Cuba carrying 50000 tonnes of bauxite. Its draught was 36 feet. Attempts to refloat the vessel with the help of six tugs have been unsuccessful. The owners are considering unloading part of the cargo onto barges. REUTER

BRITISH BAUXITE VESSEL GROUNDED IN ORINOCO RIVER

Amsterdam all-share index seven pct below Friday's close at 1015 GMT - official

London's FTSE 100 share index below 2,100 for first time since May

Swedish Export Credit Corp (SEK) is raising 300 mln Luxembourg francs through a three year private placement lead manager Banque Generale du Luxembourg SA said. The bullet non-callable issue carries a coupon of 7-1/2 pct and is priced at 100-1/4. Payment date is October 28 and coupon date is October 29. REUTER

SWEDISH EXPORT CREDIT TO RAISE 300 MLN LUX FRANCS

China expects its 1987 grain harvest to be 397 mln tonnes eight mln tonnes short of its target the New China News Agency quoted a State Statistical Bureau spokesman as saying. The harvest will be Chinas second highest in history but poor weather and low incentives for grain-producing farmers have kept yields down earlier Chinese press reports said. Industry sources expect China to import at least 10 mln tonnes of grain this year because of the harvest shortfall. Chinese customs figures showed grain imports of 9.59 mln tonnes in the first eight months of 1987 compared with 6.09 mln in the same 1986 period. Agriculture Minister He Kang said last month state prices for grain purchase from growers were to be adjusted to increase the incentive for grain production. China could not afford to become a major food importer he said. The State Statistics Bureau spokesman also said Chinas 1987 cotton output was expected to rise 10 pct over 1986 to 390 mln tonnes. REUTER

CHINA FORECASTS 397 MLN TONNES GRAIN HARVEST

Swiss stock index drops six pct or 69.3 points at opening to 1,089.3 - official

The Philippine 1987 inflation rate will rise to 4.8 pct from 0.74 pct in 1986 if the government implements an employers association recommendation for a 10 pct increase in the 54 peso minimum daily wage this month Economic Planning Secretary Solita Monsod said. The governments own proposal for an across-the-board daily pay rise of six pesos for non-agricultural workers and eight pesos for agriculture workers would push the full year average higher to 5.4 pct she told the Senate last week. The 10 pct rise in the minimum wage is recommended by the Employers Confederation of the Philippines (ECOP). The ECOP proposal would push the year-on-year inflation rate to 11.6 pct in December compared with the predicted 14.4 pct if the governments recommendation is implemented Solita said. Both were proposed last month. Annual inflation for 1987 was forecast at four to 4.5 pct by the National Economic and Development Authority early this month. In the first three months of the year inflation was a negative 0.5 0.6 and 0.7 pct respectively rising to 1.0 2.5 and 4.6 pct in April May and June the National Statistics Office said. The annual inflation rate rose to 5.8 pct in June 6.2 pct in July and 6.15 and 6.188 pct in August and September respectively the National Statistics Office said. It attributed the acceleration to higher fuel and water prices. The governments six and eight peso wage increases would displace up to 20000 workers Monsod said bringing the number of unemployed to 4.2 mln or 19.2 pct of the population. REUTER

PHILIPPINE INFLATION PREDICTED TO RISE

Electricite de France is issuing a 15 billion yen bond due November 1994 paying interest at 1/16 over the six month London Interbank Offered Rate said IBJ Capital Markets Ltd as lead manager. The bonds which are priced at par will be listed on the Luxembourg Stock Exchange. Payment is set for November 20 and they are callable in May 1989. The bonds are guaranteed by the Republic of France. Fees are 12 basis points for management and underwriting and 13 basis points as a selling concession. There is a three basis point praecipuum. REUTER

ELECTRICTE DE FRANCE ISSUES 15 BILLION YEN BOND

British Printing and Communication Corporation Plc <BPCL.L> has proposed the cancellation of all its preference shares in return for cash payments totalling 14.8 mln stg. BPCC said in a statement In view of the enlarged ordinary share capital and the improved financial position of the company the Board considers that the relatively small amount of preference share capital now represents capital in excess of the companys wants. Shareholder approval will be sought at a meeeting on November 10.If granted court confirmation will be required. REUTER

BPCC PROPOSES CANCELLATION OF PREFERENCE SHARES

South Africa must drive down its inflation rate to much lower levels to prevent a further decline in the rand said Volkskas Bank in its monthly economic review. The bank said that without a major drop in the inflation rate the rand was bound to eventually decrease even more regardless of a sharp rise in the gold price. Inflation is running at an annual rate of some 17 pct and the rand is around 49.53 U.S. Cents. Most economists estimate continued high inflation. Volkskas predicted the rand will remain fairly steady for the rest of 1987 and then ease slightly next year. REUTER

VOLKSKAS BANK SEES RAND HINGING ON INFLATION RATE

A sharp rise in Soviet sugar consumption since the start of the Kremlins anti-alcohol drive indicates home brewing is costing the state 20 billion roubles in lost vodka sales Pravda said. The Communist Party newspaper said sugar sales had increased by one mln tonnes a year enough to be turned into two billion bottles of moonshine. At current vodka prices of 10 roubles a bottle it said this meant illicit alcohol consumption had reached the equivalent of 20 billion roubles a year or annual revenues from vodka sales before the May 1985 anti-alchohol decree. Official statistics show a reduction in consumption of vodka but this is a deceptive statistic -- it does not count home-brew Pravda said. The epidemic first engulfed the villages and has now also firmly settled into cities where the availability of natural gas running water and privacy has made it much easier. Kremlin leader Mikhail Gorbachev launched the anti-alcohol campaign shortly after taking office in March 1985 as a first step to improving Soviet economic performance which had been seriously hurt by drunkenness among the working population. REUTER

SOVIET SUGAR CONSUMPTION UP AS HOME BREWING GROWS

LONDON GOLD 1030 FIX - OCT 19 - 479.50 DLRS

Equiticorp Holdings Ltd <EQUW.WE> now owns or has received acceptances representing 59.93 pct of the issued ordinary share capital of Guinness Peat Group Plc <GNSP.L> Equiticorp said in a statement. Equiticorps offer for Guinness Peat became unconditional on October 3 when it had 50.6 pct and closed on October 17. REUTER

EQUITICORP HOLDING IN GUINNESS REACHES 59.93 PCT

Lebanons Bankers Association said it extended its suspension of trading in the Lebanese pound for two more working days to study ways to stem the currencys collapse. The Central Bank did not post the rate of the pound to the dollar and other currencies on Monday. The pound closed on Thursday at 407.00/412.00 to the dollar compared with Wednesdays close of 384.00/386.00. Association sources told Reuters Fridays suspension of trading for two working days was continued on Monday for two more days so as to study proposals to reinforce the pound. The Association which comprises 106 commercial banks in east and west Beirut halted trading on Friday in a chaotic market after the pound crashed to four record lows in the week. The pound hit by the inability of Lebanons religiously and ideologically divided government to end 12 years of civil war has lost more than 80 pct of its international value this year. REUTER

BANKS EXTEND TRADING HALT IN LEBANESE POUND

FRENCH MATIF SUSPENDS QUOTATIONS FOR ONE HOUR UNTIL 1000 GMT -- OFFICIAL

Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL> operator on Norways North Sea Veslefrikk oil field has placed field development contracts totalling 1.5 billion crowns with two domestic yards the company said in a statement. Moss Rosenberg Verft a subsidiary of Kvaerner Industrier A/S <KVIO.OL> won a 1.2 billion crown contract to convert Statoils semisubmersible rig West Vision to a floating production platform and to build the deck for a separate fixed well-head platform to be placed on the field it said. Statoil said Aker Verdal a unit of Aker Norcem A/S <AMVO.OL> won a 300-mln crown contract to design and build the well-head platforms 10000-tonne steel substructure to stand in 150 metres of water next to the converted rig. Statoil said using a floating production unit rather than a fixed platform would cut construction time enabling field partners to bring Veslefrikk on stream in late 1989 -- several months earlier than previously planned. Veslefrikk with estimated recoverable reserves of 258 mln barrels oil and 140 billion cubic feet gas is located 145 km west of Bergen. Statoil estimates the fields total development cost including drilling at 6.6 billion crowns. Planned daily output is 65000 barrels oil and 35 mln cubic feet gas. Veslefrikks oil will be landed via the nearby Oseberg field pipeline at the Sture crude terminal near Bergen. Its gas will be fed into the Statpipe line which gathers gas from Norways Statfjord Gullfaks and Oseberg fields. Partners on the field are Statoil the operator with a 55 pct share <Unocal Norge A/S> (18 pct) <Deminex (Norge) A/S> (13.5 pct) Norsk Hydro A/S <NHY.OL> (nine pct) and <Svenska Petroleum AB> (4.5 pct). REUTER

STATOIL PLACES NORTH SEA VESLEFRIKK FIELD ORDERS

The Group of Seven (G-7) industrial nations still comply with last Februarys Louvre accord to stabilize currencies a senior Bank of Japan official said. And U.S. Treasury Secretary James Bakers remarks at the weekend indicating the need to revise it do not herald a lower range for the dollar other senior officials from the Bank of Japan and Finance Ministry agreed in interviews. The exchange market is apparently reacting too much and anyone who sold the dollar on the Baker comment will regret it later on the Bank of Japan official told Reuters. The Bank official said Baker did not mean to talk the dollar down. A lower dollar would harm the U.S. Economy he noted. A Finance Ministry official who was directly involved in monetary talks with other nations also said the U.S. Would never attempt to lower the reference range for the dollar against the mark or the yen. The market assumes the dollar reference range to be between 140-150 yen and between 1.70 and 1.90 marks. The dollar closed in Tokyo today at 1.7730/35 marks and 141.35 yen. Behind Bakers remark was U.S. Frustration over higher interest rates abroad especially in West Germany but this does not represent its readiness to scrap the basic framework of the Louvre accord the Finance Ministry official said. He said that on the contrary Baker wanted to avoid any further rise in U.S. Interest rates because it would not only hurt the U.S. Economy but aggravate the Third World debt problem. Higher U.S. Interest rates would merely raise their interest payment burden and depress U.S. Stock and bond markets further the monetary officials said. Both the ministry and central bank officials who declined to be named noted the U.S. No longer wants to see a further decline of the dollar because that could also fan inflationary expectations in the U.S. Thats why Baker did not fail to add that the Louvre agreement is still operative the senior ministry official said. Baker said in a U.S. Television interview on Sunday that Washington would reexamine the Louvre accord because of West Germanys increase in short-term interest rates. The market at first interpreted this as indicating the U.S. Would be ready to scrap the Louvre accord and let the dollar decline further unless surplus countries notably West Germany try harder to stimulate their economies as pledged in the accord foreign exchange dealers said. But the market on reflection also noted Bakers additional statement that the Louvre agreement is still operative and this caused some dollar short-covering in Tokyo today the dealers said. Uncertainty however remained the flavour of the day in Tokyo currency markets. The Japanese monetary officials said Bakers undisguised pressure on West Germany to refrain from guiding interest rates higher may be part of a process of multilateral surveillance or international economic policy coordination. The G-7 comprising the U.S. Japan West Germany Britain France Italy and Canada have agreed to monitor each others economic policies and from time to time apply peer pressure to persuade others to change their policies to a desired course they noted. Without such a basic agreement of multilateral surveillance Baker would never have criticized the West German policy so openly the ministry official said. The U.S.-West German squabble over Bonns monetary policy should thus be regarded as a process of healthy policy coordination and not as any indication of a possible collapse of the Louvre agreement the official said. He also said Japan has not received any specific request from the U.S. On its monetary policy although its short-term money rates have been edging higher. This is because we unlike the Germans are not taking policy to guide interest rates higher and the marginal rate rise in recent days is primarily for seasonal reasons he added. REUTER

LOUVRE ACCORD STILL IN EFFECT, JAPAN OFFICIAL SAYS

LOUVRE ACCORD STILL IN EFFECT, SENIOR BANK OF JAPAN OFFICIAL SAYS

First share quotations on Paris bourse more than 3.5 pct lower - dealers

The Bank of Japan will sell 800 billion yen in bills from its holdings on Tuesday to help absorb a projected money market surplus of 470 billion yen and recycle 400 billion in bills maturing then money market traders said. Of the total 400 billion yen will yield 3.8512 pct on sales from money houses to banks and securities houses through 29-day repurchase agreements maturing on November 17. These are aimed at meeting a projected cash shortage on that day when the government floats 1.95 mln shares in Nippon Telegraph and Telephone Corp. The other 400 billion will yield 3.9006 pct through 44-day repurchase accords maturing on December 2. The operation will bring the supply of bills outstanding to about 3200 billion yen. REUTER

BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS

Norwegian computer company Norsk Data A/S <NORK.OL> said weak sales outside of Europe have forced it to lower its 1987 pre-tax profit forecast by 100 mln crowns and its expected 1987 sales figure by about 150 mln crowns. Norsk Data said in August it expected to show a pre-tax profit of between 550 and 600 mln crowns this year. The sales figure was lowered after it became clear sales in North America and India would not match earlier predictions the company said in a statement adding: It is ... Doubtful that this discrepancy can be compensated by a corresponding extra increase in its European business. The company said its sales in Europe remained strong however and were expected to grow by 25 to 35 pct in 1987. Norsk Data in August dropped a planned issue of new non-voting shares in the United States Norway and other countries because of unfavourable market conditions. The move was seen by Oslo and London securities analysts as a sign the companys rapid growth years might be over. Norsk Data showed a 177.9 mln crown pre-tax profit for the first six months of 1987 up six pct from the year-ago figure of 168 mln. Its 1986 pre-tax profit before year-end allocations was 475 mln crowns against 364 mln in 1985. REUTER

NORSK DATA A/S SEES LOWER 1987 PROFITS

No clear indication has emerged of the victor in the race to succeed Prime Minister Yasuhiro Nakasone but political analysts said it was becoming more likely that former foreign minister Shintaro Abe would be chosen. A decision on which of the three contenders would be picked was expected late today or early on Tuesday they said. Japanese political leaders held a flurry of closed-door meetings today and the three candidates called on Nakasone who is due to step down late this month to mediate to break the deadlock. The other candidates are Finance Minister Kiichi Miyazawa and former Finance Minister Noboru Takeshita. They are vying for the post of president of the ruling Liberal Democratic Party (LDP) who is automatically prime minister by virtue of the partys parliamentary majority. The new LDP president will be named formally at a party convention on October 30 and elected prime minister by parliament probably on November 6 LDP sources said. Nakasone 69 is due to retire on October 31 after five years in the post an exceptionally long term by Japanese standards. Takeshita who is head of the partys largest faction had steadfastly opposed the idea of seeking Nakasones help but he told reporters: It is possible Nakasone will be given carte blanche (for selection of his successor). One political analyst who declined to be identified said Nakasone despite a personal preference for Miyazawa is likely to choose Abe as the best candidate for steering Japan through its international problems and maintaining party unity. Abe also would also accept Nakasones influence he said. Analysts said one of Nakasones prime aims is to retain as much power as possible following his retirement. Takeshita the early favorite because of the size of his faction is viewed by many politicians and analysts as being unsuitable for the post of prime minister because of his lack of international experience. The analysts said Nakasone also was very unlikely to support Takeshitas bid because of the differences in their political styles. REUTER

ABE TIPPED TO BE NEXT JAPANESE PRIME MINISTER

Norsk Data lowers 1987 pre-tax profit forecast by 100 mln crowns

TDK Corp <TDK.T> said its sales rose 3.6 pct in the three months ended August 31 due to better sales of electronic materials and components which grew 9.2 pct compared with the same period of 1986. Net profit gained only 0.5 pct due to lower interest income and exchange losses which depressed non-operating income it said. It earlier reported net up to 4.20 billion from 4.18 billion in the year earlier period after sales up to 95.96 billion from 92.59 billion. The proportion of overseas sales to total sales fell to 45.2 pct from 45.6 pct a year earlier due to lower tape sales to North America. REUTER

TDK SALES RISE ON ELECTRONIC PARTS SALES

Cable and Wireless Plc <CAWL.L> said it will merge its Hong Kong Telephone Co Ltd <TELH.HK> and <Cable and Wireless (Hong Kong) Ltd> units into a new holding firm to be called <Hong Kong Telecommunications Ltd>. Under the merger H.K. Telephone shareholders will receive two H.K. Telecommunication shares at a par value of 50 H.K. Cents for each H.K. Telephone share at par of one dlr. H.K. Telephone shareholders other than the Cable and Wireless group will receive warrants on a one-for-five basis entitling them to acquire from Cable and Wireless Plc within five years one H.K. Telecom share at 10 dlrs each. The Cable and Wireless Plc group now holds some 70 pct of H.K. Telephone. It also owns 80 pct of Cable and Wireless (Hong Kong) while the Hong Kong government holds the balance. Trading in H.K. Telephone shares was suspended on October 15. The shares last traded at 19.30 dlrs. REUTER

CABLE AND WIRELESS DETAILS MERGER OF H.K. UNITS

Nine months ended August 31 Group shr 118.66 yen vs 100.89 yen Group shr per ADS 237.32 vs 201.78 Net 14.28 billion vs 12.14 billion Pretax 34.48 billion vs 29.45 billion Sales 288.08 billion vs 278.50 billion Companys full name is TDK Corp <TDK.T>. REUTER

TDK GROUP NET UP 17.6 PCT IN NINE MONTHS

FTSE 100 share index opens 136.9 points down at 2,165 - London Stock Exchange

Third quarter ended August 31 Group shr 34.92 yen vs 34.74 Group shr per ADS 69.84 vs 69.48 Net 4.20 billion vs 4.18 billion Pretax 10.30 billion vs 9.73 billion Sales 95.96 billion vs 92.59 billion Companys full name is TDK Corp <TDK.T> REUTER

TDK GROUP NET UP 0.5 PCT IN THREE MONTHS TO AUGUST

FTSE 100 share index opens 136.9 points down at 2,165 - London Stock Exchange

CABLE AND WIRELESS TO MERGE TWO H.K. UNITS INTO NEW TELECOMMUNICATION OPERATION

French Finance Minister Edouard Balladur issued a firm call for the continued faithful application of the Louvre accords on currency stability by all major industrial countries. Balladur responding to weekend remarks by U.S. Treasury Secretary James Baker that the U.S. Would take another look at the accords said I firmly desire a faithfull and firm adherence by all the major industrial countries to the Louvre accords -- in both their letter and spirit. On Sunday Baker said last weeks rise in short-term West German interest rates was not in keeping with the accords. The Louvre accords agreed in Paris last February called for stability among the major currencies after a prolonged dollar slide. The accords were reaffirmed by the Group of Seven Finance Ministers in Washington last month. But Baker said at the weekend that the West German rate rise was not in keeping with the spirit of what we agreed to. What Im really saying is that they should not expect us to simply sit back here and accept increased tightening on their part on the assumption that somehow we are going to follow them he added. REUTER

BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS

International Rubber Organisation (INRO) buffer stock manager Aldo Hofmeister said tests had shown the quality of rubber in stock was acceptable but acknowledged that some consumers were now wary of buying it. We have said all along that the rubber is holding up well from a condition and quality standpoint...Rubber stored in proper conditions does not deteriorate he told Reuters in a telephone interview. The quality of buffer stock rubber sold since he entered the market in September would be discussed at an INRO Council meeting which opened here today he said. Tokyo traders said on Friday they had little interest in buying rubber from the INRO buffer stock because of possible poor quality. Hofmeister began selling rubber when prices exceeded the may-sell level of 232 cents per kg early last month. INROs five-day moving average was quoted at 237.3 cents on October 16. He said the quality of five to six-year old rubber in stock was uppermost in consumers minds. We have received good interest for the rubber. I understand the Japanese concern. Many consumers want to try the rubber before they carry on buying he said. Hofmeister said INRO rubber was stored in 28 different locations in producing and consuming nations adding all warehouses used were suitable for long-term storage. Selling of buffer stock rubber had levelled off during the past week to 10 days and this could reflect a wait and see attitude by buyers he said. Consumers are holding back from buying additional amounts until they test out the rubber. If their tests are positiive they are likely to buy more. Hofmeister said he could reduce the offer price of buffer stock rubber to stimulate interest but INRO did not want to depress prices artificially. Hofmeister declined to comment on Japanese trade estimates that he had sold around 30000 to 32000 tonnes in Kuala Lumpur and New York since September. But he said Japanese traders were in a position to have an idea of the quantity he had sold noting that traders overall had put buffer stock sales at between 25000 and 35000 tonnes. The question of sales from the original 360000 tonne buffer stock is expected to be the main topic of the Council meeting which is scheduled to end on Thursday. The current international rubber pact expires on October 22. The deadline for the new pacts start is January 1989 and Hofmeister has been mandated to continue selling rubber during the interim period. REUTER

RUBBER STOCK MANAGER SAYS QUALITY ACCEPTABLE

Continental Airlines Inc said Frontier Airlines which it bought last year has sought approval from the U.S. Bankruptcy court here to pay up to 1.9 mln dlrs in employee medical dental and other benefit claims on an expedited basis. Continental is itself owned by Texas Air Corp <TEX>. Some 1.2 mln dlrs of the claims would be paid directly to former Frontier employees for medical expenses incurred prior to and immediately after Fronter filed for bankrupcty and ceased operations in August last year. REUTER

FRONTIER AIRLINES SEEKS FASTER CLAIM SETTLEMENT

HONG KONG'S HANG SENG STOCK INDEX LOSES 400 POINTS IN LATE AFTERNOON

Nippon Shinpan Co Ltd <NSHT.T> has agreed with <Mastercard International> to issue a new credit card called Nippon Shinpan-Master Joint Card for use in Japan and abroad a Nippon Shinpan spokesman said. The card to be issued within the year will be honoured at Mastercard-affiliated outlets in 160 countries and at locations accepting the Nippon Shinpan card he said. Nippon Shinpan reached a similar agreement with <Visa International> on September 29. REUTER

NIPPON SHINPAN TO ISSUE CREDIT CARD WITH MASTERCARD

An income tax surcharge and capital gains tax could bring about an urgently needed depreciation of the N.Z. Dollar independent economist Len Bayliss said. Bayliss a former economist with the Reserve Bank and the Bank of New Zealand said a major depreciation is needed to restore export competitiveness even if inflation is cut by current government policies. The taxes would help cut the budget deficit which in turn would lower the value of the N.Z. Dollar he said in a speech. He added that the deficit for the year ending March 1988 could be much higher than the governments 1.3 billion dlr forecast. Since the government was unlikely to cut expenditure as a percentage of gross domestic product a major tax increase was probably unavoidable Bayliss said. He would have preferred an increase in the 10 pct value-added goods and services tax introduced in October 1986 but that would have had a short-term inflationary impact. Import tariffs should be lowered to minimise the inflationary impact of a currency depreciation. The government had failed to bring inflation down despite lower oil prices and an appreciation in the currency he added. New Zealands inflation rate was 16.9 pct in the year to end-September against 18.9 pct in the year to end June. The major deficiency in the governments anti-inflation policies was reliance on high interest and exchange rates and insufficient emphasis on reducing the budget deficit Bayliss said. The government had also failed to reduce overseas debt and debt ratios and cut the balance of payments deficit. The widespread belief that (New Zealands) problems are going to take much longer to solve than was originally thought is soundly based -- primarily because the governments macro-economic policies have been unsuccessful Bayliss said. REUTER

ECONOMIST URGES MORE TAXES TO LOWER N.Z. DOLLAR

The Philippines trade deficit widened to 542 mln dlrs in the eight months to end-August from 159 mln dlrs in the same 1986 period the National Statistics Office said. It said exports in the eight-month period rose to 3.58 billion dlrs from 3.18 billion in 1986 while imports rose to 4.12 billion dlrs from 3.34 billion a year earlier. The countrys trade deficit totalled 202 mln dlrs in 1986. REUTER

PHILIPPINE TRADE GAP WIDENS IN JANUARY-AUGUST

Iranian President Ali Khamenei said he doubted the U.S. Was in position to take violent action against Iran in the Gulf Tehran Radio reported. The U.S. Government is in a very difficult situation now and it is not clear if it has the necessary elements for a violent action the radio quoted him as saying in an interview with the English language daily Tehran Times. In Washington President Ronald Reagan said he had decided on a response to Iran which the Americans blame for two missile attacks on U.S.-related tankers in Kuwaiti waters last week but declined to say what the response was. Khamenei said the U.S. Government had to take some action to demonstrate its authority but on the other hand any violent act in the Persian Gulf will greatly harm long-term U.S. Interests the radio monitored in Nicosia reported. On efforts for a ceasefire in the Iran-Iraq war Khamenei said: Declaration of the aggressor and a ceasefire should be concurrent. Formation of a panel to determine the aggressor necessarily preceeds the ceasefire. He also rejected a peace-keeping committee or a buffer force as instruments to implement a July 20 U.N. Security Council order for a ceasefire in the seven-year-old Gulf war. REUTER

IRAN PRESIDENT DOUBTS U.S. ACTION AGAINST IRAN

Tokyo - Stock index closes 620.18 points lower at 25,746.56

New Zealand has imposed sanctions against Fiji in response to that countrys change of status to a republic acting prime minister Geoffrey Palmer said. The sanctions will end all military cooperation and cut economic aid. New Zealand will also not renew an agreement which supports the price of Fijian sugar when it expires in March. The loss of aid and sugar supports will cost Fiji about 10 mln dlrs a year. Palmer told reporters after a cabinet meeting that the government had asked High Commissioner Rod Gates to return from Suva for discussions about other possible measures. We wont be reacting further until these discussions with the High Commissioner and the Prime Minister have been held Palmer said. The sanctions were approved by the cabinet soon after Colonel Sitivene Rabuka staged his second coup on September 25. Implementation was postponed in the hope that Rabuka might turn back from declaring a republic. Palmer said the cabinet was happy with the statement from Commonwealth leaders in Vancouver that Fijis membership of the Commonwealth had lapsed. Prime Minister David Lange is in Hawaii on his way home from Vancouver. REUTER

NEW ZEALAND IMPOSES SANCTIONS AGAINST FIJI

The Ministry of Finance has started to consider the coupon rate of the 10-year government bond issue for November a Ministry official said. The underwriting syndicate may want a rise in the coupon rate by nearly one point from the current 4.9 pct he said. But bond traders see a rise to about 5.6 pct as most likely. Ministry officials will try to keep the rate low to meet U.S. Requests for maintenance of the interest rate differential between the U.S. And Japan the Ministry official told Reuters. Plans for an October issue were cancelled when the Ministry and the bond underwriting syndicate failed to reach agreement on terms. The underwriting syndicate will start negotiating with the Finance Ministry on the terms of the November issue after any changes in the prime rate for November are decided which should be by the end of this week an underwriting source said. Cancellation of the November bond issue is not out of the question he said adding that negotiations are expected to be difficult. REUTER

JAPAN STARTS CONSIDERING NOVEMBER BOND COUPON

Uganda plans to export roasted coffee to Europe by the end of 1988 a prominent local businessman said. A.R. Sendi said on Sunday that Ugandas Ministry of Industry supports his plan to build a factory to roast grind and pack local coffee for export. Construction will start in December and the factory should be ready by next October. He said the Marketing Ministry has authorised the Coffee Marketing Board to supply his company <Unipack> with 24000 tonnes of beans a year for processing and export. Sendi also told reporters he had negotiated a 69.7 mln French franc loan from the Banque Industrielle dAfrique Oriental in Paris. Uganda is the worlds fifth largest coffee producer and expects to produce about 200000 tonnes this year. Market sources say roasted coffee exports will benefit Ugandas economy as they will not be included in the 2.38 mln (60 kg) bag export quota assigned to the country under the latest International Coffee Agreement. In addition the value of roasted coffee should be substantially higher than that of unroasted beans they said. The U.S. Is the biggest buyer of Ugandan coffee most of which is used to produce instant coffee. REUTER

UGANDA PLANS TO EXPORT ROASTED COFFEE TO EUROPE

The Soviet Union has agreed to supply Iran with refined oil products in exchange for 100000 barrels per day of crude Irans national news agency IRNA said. IRNA monitored in Nicosia quoted Oil Minister Gholamreza Aqazadeh as saying on his return to Tehran from Moscow that the agreement was part of a protocol on economic cooperation signed during his visit. The amount of crude delivered to the Soviet Union might double to 200000 bpd later he said. Aqazadeh said the two sides agreed to conduct feasibility studies for a pipeline to take Iranian crude from fields in southern Iran to the Black Sea through the Soviet Union. Iran is pursuing the pipeline project to protect part of its oil exports from Iraqi air attacks in the Gulf. Irna made no mention of natural gas exports to the Soviet Union which Aqazadeh had said would be discussed before he left for Moscow. Iran lost most of its refining capacity early in the Gulf war and now imports several hundred thousand bpd of refined products. Aqazadeh said Soviet refined products would be delivered at the Caspian Sea ports of Anzali and Nowshahr at Neka near the Caspian and at Jolfa in north-west Iran. REUTER

IRAN, SOVIET UNION TO SWAP CRUDE, REFINED PRODUCTS

Orders for non-fuel imports placed in August rose a seasonally adjusted 14.9 pct compared with a 1.0 pct rise in July and a 3.1 pct rise in August 1986 according to a regular monthly restricted survey of private importers the Statistics Department said. The Department said significant increases were shown in orders for crude materials (up an unadjusted 83.9 pct in August) iron steel and non-ferrous metals (21.1 pct) and machinery and electrical equipment (19.3 pct). Only the food and beverages group showed a significant decrease with an 18.3 pct fall in August it said. The Statistics Department said mineral fuel orders rose 29.6 pct in August compared with a 28.1 pct fall in July and a 14.9 pct fall in August 1986. The monthly survey covers about 40 pct of total merchandise imports on average. REUTER

NEW ZEALAND NON-FUEL IMPORT ORDERS RISE IN AUGUST

Thai rice exports rose to 72987 tonnes in the week ended October 13 from 54075 the previous week the Commerce Ministry said. It said the government and private exporters shipped 26272 and 46715 tonnes respectively. Private exporters concluded advance weekly sales for 106640 tonnes against 98152 the previous week. The said it ministry expects at least 65000 tonnes in exports next week. Thailand has shipped 3.43 mln tonnes of rice in the year to date down from 3.68 mln a year ago. It has commitments to export another 388390 tonnes this year. REUTER

THAI RICE EXPORTS RISE IN WEEK TO OCTOBER 13

Chase Corp Ltd <CHCA.WE> said it will make an offer for all fully-paid shares and options of <Entregrowth International Ltd> it does not already own. Chase a property investment firm said it holds 48 pct of Entregrowth its vehicle for expansion in North America. It said agreements are being concluded to give it a beneficial 72.4 pct interest. The offer for the remaining shares is one Chase share for every three Entregrowth shares and one Chase option for every four Entregrowth options. Chase shares closed on Friday at 4.41 dlrs and the options at 2.38. Entregrowth closed at 1.35 dlrs and options at 55 cents. Chase said the offer for the remaining 27.6 pct of Entregrowth worth 34.2 mln dlrs involved the issue of 5.80 mln Chase shares and 3.10 mln Chase options. Chase chairman Colin Reynolds said the takeover would allow Entregrowth to concentrate on North American operations with access to Chases international funding base and a stronger executive team. He said there also would be benefits from integrating New Zealand investment activities. Chase said the offer is conditional it receiving accptances for at least 90 pct of the shares and options. REUTER

N.Z.'S CHASE CORP MAKES OFFER FOR ENTREGROWTH

An announcement by Alliant Computer Systems Inc <ALNT> of a new low-end near-supercomputer and <ETA Systems Inc>s unveiling of a high-end machine in the same category show competition is stiff in this market industry analysts said. Consultants said Alliants new FX computer aimed mainly at scientists and researchers will be priced between 100000 and 200000 dlrs and will be faster than anything else in that price range. But they said Alliant is trying to bring prices in line with discounts it now gives many of its customers. (The new FX) is significant to the extent that it represents Alliants recognition of the reality of the marketplace said a source who was briefed by Alliant on the new computer. The list price is more in line with what they are seeing anyway. Near-supercomputers often called mini-supercomputers resemble the massive supercomputers favoured by scientists but are much less expensive and a quarter as powerful. Supercomputers cost well over one mln dlrs but mini-supercomputers are generally priced between 200000 dlrs and one mln dlrs. Most near-supercomputers use a new computer architecture called parallel processing in which a problem is broken up into segments and each segment assigned to a different processor. General-purpose mainframe computers have just one processor that works on one segment of a problem at a time making them too slow for complex scientific problems. Near-supercomputers have been in existence for only about five years and the two leading manufacturers Alliant and Convex Computer Corp (CNVX) held two of the most successful initial public offerings last year. But Alliant and Convex a Texas company are also facing some 15 companies competing for between 200 and 250 mln dlrs in sales this year and the result has been lower prices and shrinking profit margins. Heavy discounting slow acceptance outside the scientific market lack of software and too many competitors also have made analysts reassess prospects for near-supercomputers. Jeffrey Canin computer analyst with Hambrecht and Quist said he just added a year to his original growth estimates for the industry. He now expects sales to reach 1.1 billion dlrs in 1991 instead of 1990. In recent weeks both Alliant and Convex have said their third quarter earnings would be reduced by competitive pricing pressures. Alliant said profits for the period will be about five cents a share against eight cents last year although revenues for the period rose to 14.2 mln dlrs from 8.6 mln. Convex said third quarter earnings will be less than the second quarters 12 cents a share while revenues will rise almost eight mln dlrs over the 1986 third quarter to between 18 and 18.5 mln dlrs. Until now most of the price discounting occurred at the bottom of the product line in near-supercomputers but ETA Systems announcement could start squeezing Convex and Alliant from the top analysts said. ETA a subsidiary of Control Data Corp <CDC> introduced two machines that are really full-blown supercomputers similar to those sold by Cray Research Inc the worlds biggest supercomputer maker but at half the price of Crays cheapest model. The ETA-10 Model P costs 995000 dlrs and the Model Q is 1.2 mln dlrs. ETA officials told a news conference the new machines may be classified as supercomputers but they are aimed directly at the upper end of the product lines from Alliant and Convex. Acceptance of ETAs product could be hampered by lack of software analysts said noting this is an issue that faces all parallel processor makers to some degree. Because parallel processing is a new architecture that has yet to be widely used third party software vendors have been slow to write programs for the near-supercomputers. ETA however offers a low priced entry into supercomputers for some customers one consultant said. Canin cautioned that the price pressures will continue for some time and estimated that five percentage points have been knocked off the gross profit margins of both Convex and Alliant this year by price discounting. Next year he said the two companies will face a new set of problems as they both introduce their second generation of products. I am always cautious about the first major product transition. REUTER

COMPETITION TOUGHENS FOR NEAR-SUPERCOMPUTERS

Tokyos foreign exchange market is watching nervously to see if the U.S. Dollar will drop below the significant 140.00 yen level dealers said. The 140 yen level is key for the dollar because it is considered to be the lower end of the reference range. If the currency breaks through this level it may decline sharply said Hirozumi Tanaka assistant general manager at Dai-ichi Kangyo Bank Ltds international treasury division. The dollar was at 141.10 yen at midday against Friday closes of 142.35/45 in New York and 141.35 here. The dollar opened at 140.95 yen and fell to a low of 140.40. It was 1.7733/38 marks against 1.7975/85 in New York and 1.8008/13 here on Friday after an opening 1.7700/10. The currencys decline was due to remarks on Sunday by U.S. Treasury Secretary James Baker dealers said. The dollar fell over the weekend on increased bearish sentiment after Bakers comments said Dai-ichis Tanaka. He said this stemmed from mounting concern that cooperation among the group of seven (G-7) industrial nations to implement the Louvre accord to stabilise currencies might be fraying. The dollars fall was also prompted by a record one-day drop in the Dow Jones industrial average on Friday and weakness in U.S. Bond prices dealers said. Baker said the Louvre accord was still operative but he strongly criticised West German moves to raise key interest rates. Operators took Bakers comment to indicate impatience with some G-7 members for failing to stick to the Louvre accord due to their fears of increasing inflation. Rises in interest rates aimed at dampening inflationary pressures also slow domestic demand. West Germany and Japan had both pledged at G-7 meetings to boost domestic demand to help narrow the huge U.S. Trade deficit Tanaka said. U.S. August trade data showed the U.S. Deficit at a still massive 15.68 billion dlrs. But if West Germany raises interest rates this would run counter to the pledge he said. Operators are now waiting to see if the G-7 nations coordinate dollar buying intervention said Soichi Hirabayashi deputy general manager of Fuju Bank Ltds foreign exchange department. The target range set by the Louvre accord is generally considered to be 140.00 to 160.00 yen dealers said. The market is likely to try the 140 yen level in the near future and at that time if operators see the G-7 nations failing to coordinate intervention they would see the Louvre accord as abandoned and push the dollar down aggressively Hirabayashi said. He said the U.S. Currency could fall as low as 135 yen soon. REUTER

TOKYO DEALERS SEE DOLLAR POISED TO BREACH 140 YEN

The Japan/India-Pakistan-Gulf/Japan shipping conference said it would cut the extra risk insurance surcharges on shipments to Iranian and Iraqi ports to a minimum three pct from 4.5 pct on October 25. It said surcharges on shipments of all break-bulk cargoes to non-Iraqi Arab ports would be reduced to 3.0 pct from 4.5. A conference spokesman declined to say why the move was taken at a time of heightened tension in the Gulf. REUTER

JAPAN/INDIA CONFERENCE CUTS GULF WAR RISK CHARGES

The Soviet Unions industrial output is growing at a slower pace in 1987 than in 1986 and foreign trade has fallen Central Statistical Office figures show. Figures in the Communist Party newspaper Pravda show industrial production rose 3.6 pct in the first nine months of 1987 against 5.2 pct in the same 1986 period. Foreign trade in the same period fell 3.6 pct from the 1986 period as exports fell by 0.5 pct and imports dropped by 4.2 pct. Foreign trade in the nine months totalled 94.2 billion roubles. Separate import and export figures were not given. One factor affecting industrial growth was the introduction of a new quality control plan Western economists said. Last years calculations of industrial output included all goods irrespective of quality. Under the new plan introduced in line with Soviet leader Mikhail Gorbachevs drive to modernise the economy special inspectors have the right to reject goods they consider below standard. Pravda said 42 mln roubles worth of defective goods were rejected in the nine-month period. The figures also showed that on October 1 there were more than 8000 cooperative enterprises employing over 80000 people. More than 200000 were employed in the private sector Pravda said without giving comparative figures. The promotion of the cooperative and private sectors of the economy has been an important part of the modernisation campaign with measures introduced recently to allow the setting up of small shops on a private basis. Labour productivity rose 3.7 pct in the first nine months against 4.8 pct growth in January to September 1986. But western economists said they treat Soviet productivity figures with caution as they are more broadly based than in the West which measures worker output over a given period. Pravda said there were 283.8 mln people in the Soviet Union as of October 1. In the January to September 1987 period 118.5 mln people were employed a rise of 4.4 pct on the same period last year. Average earnings were 200 roubles a month against 194 roubles a year ago. REUTER

SOVIET INDUSTRIAL GROWTH/TRADE SLOWER IN 1987

Six black miners have been killed and two injured in a rock fall three km underground at a South African gold mine the owners said on Sunday. <Rand Mines Properties Ltd> one of South Africas big six mining companies said in a statement that the accident occurred on Saturday morning at the <East Rand Proprietary Mines Ltd> mine at Boksburg 25 km east of Johannesburg. A company spokesman could not elaborate on the short statement. REUTER

SIX KILLED IN SOUTH AFRICAN GOLD MINE ACCIDENT

The prospect of a dominant alliance of socialists and environmentalists ended as the Social Democrats became the biggest losers in Swiss parliamentary elections. Projections by Swiss radio show the ruling centre-right alliance of Radical Democrats Christian Democrats Social Democrats and the People Party will likely hold on to power. Less than 48 pct of voters cast a ballot a record low turnout. The moderate left-of-centre Social Democrats lost six of its previous 47 seats. The Green Party of Switzerland won 11 seats in the 200-seat lower house a rise of eight. But the Green Alliance and other green groupings lost one seat. The Radical Democrats Christian Democrats Social Democrats and People Party are forecast to hold 159 seats down seven from the last election in 1983 and 42 of the 46 seats in the upper house down one. The projections showed the centre-right Radical Democrats dropping four seats to 50 in the lower house although they would remain the largest party. The conservative Christian Democrats were seen losing one seat to 41 while the right-wing Peoples Party despite forecast losses added four to their previous 23 seats. REUTER

PROJECTIONS SHOW SWISS VOTERS WANT TRIED PARTIES

The American Stock Exchange said it has introduced options with expirations of up to three years on the Institutional Index. With the ticker symbol <XII> the index is a guage of the core equity holdings of the nations largest institutions the exchange explained. The new listings represent the first long-term options to be traded by the Amex it added. It said the long-term Institutional Index options began trading Monday with expirations of December 1988 <XIV> and December 1989 <XIX>. The Amex said a third long-term option with an expiration of December 1990 will begin trading following the December 1987 expiration. It said strike prices on the long-term options have been set at 50 point intervals with initial strikes of 250 300 and 350. To avoid conflicting strike price codes the 350 stike prices will carry the ticker symbols <XVV> for the option expiring in December 1988 and <XVX> for the option expiring in December 1989. Reuter

AMERICAN EXCHANGE INTRODUCES INSTITUTIONAL INDEX