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Mounting trade friction between the U.S. And Japan has raised fears among many of Asia's exporting nations that the row could inflict far-reaching economic damage, businessmen and officials said. They told Reuter correspondents in Asian capitals a U.S. Move against Japan might boost protectionist sentiment in the U.S. And lead to curbs on American imports of their products. But some exporters said that while the conflict would hurt them in the long-run, in the short-term Tokyo's loss might be their gain. The U.S. Has said it will impose 300 mln dlrs of tariffs on imports of Japanese electronics goods on April 17, in retaliation for Japan's alleged failure to stick to a pact not to sell semiconductors on world markets at below cost. Unofficial Japanese estimates put the impact of the tariffs at 10 billion dlrs and spokesmen for major electronics firms said they would virtually halt exports of products hit by the new taxes. "We wouldn't be able to do business," said a spokesman for leading Japanese electronics firm Matsushita Electric Industrial Co Ltd <MC.T>. "If the tariffs remain in place for any length of time beyond a few months it will mean the complete erosion of exports (of goods subject to tariffs) to the U.S.," said Tom Murtha, a stock analyst at the Tokyo office of broker <James Capel and Co>. In Taiwan, businessmen and officials are also worried. "We are aware of the seriousness of the U.S. Threat against Japan because it serves as a warning to us," said a senior Taiwanese trade official who asked not to be named. Taiwan had a trade trade surplus of 15.6 billion dlrs last year, 95 pct of it with the U.S. The surplus helped swell Taiwan's foreign exchange reserves to 53 billion dlrs, among the world's largest. "We must quickly open our markets, remove trade barriers and cut import tariffs to allow imports of U.S. Products, if we want to defuse problems from possible U.S. Retaliation," said Paul Sheen, chairman of textile exporters <Taiwan Safe Group>. A senior official of South Korea's trade promotion association said the trade dispute between the U.S. And Japan might also lead to pressure on South Korea, whose chief exports are similar to those of Japan. Last year South Korea had a trade surplus of 7.1 billion dlrs with the U.S., Up from 4.9 billion dlrs in 1985. In Malaysia, trade officers and businessmen said tough curbs against Japan might allow hard-hit producers of semiconductors in third countries to expand their sales to the U.S. In Hong Kong, where newspapers have alleged Japan has been selling below-cost semiconductors, some electronics manufacturers share that view. But other businessmen said such a short-term commercial advantage would be outweighed by further U.S. Pressure to block imports. "That is a very short-term view," said Lawrence Mills, director-general of the Federation of Hong Kong Industry. "If the whole purpose is to prevent imports, one day it will be extended to other sources. Much more serious for Hong Kong is the disadvantage of action restraining trade," he said. The U.S. Last year was Hong Kong's biggest export market, accounting for over 30 pct of domestically produced exports. The Australian government is awaiting the outcome of trade talks between the U.S. And Japan with interest and concern, Industry Minister John Button said in Canberra last Friday. "This kind of deterioration in trade relations between two countries which are major trading partners of ours is a very serious matter," Button said. He said Australia's concerns centred on coal and beef, Australia's two largest exports to Japan and also significant U.S. Exports to that country. Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the trade stand-off continue. Japan's ruling Liberal Democratic Party yesterday outlined a package of economic measures to boost the Japanese economy. The measures proposed include a large supplementary budget and record public works spending in the first half of the financial year. They also call for stepped-up spending as an emergency measure to stimulate the economy despite Prime Minister Yasuhiro Nakasone's avowed fiscal reform program. Deputy U.S. Trade Representative Michael Smith and Makoto Kuroda, Japan's deputy minister of International Trade and Industry (MITI), are due to meet in Washington this week in an effort to end the dispute. REUTER
"NORM"
[ "trade" ]
"TEST"
"TRAINING-SET"
"3809"
"14826"
[ "hong-kong", "usa", "japan", "taiwan", "malaysia", "south-korea", "australia" ]
[]
[]
[]
8-APR-1987 01:03:47.52
ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT
A survey of 19 provinces and seven cities showed vermin consume between seven and 12 pct of China's grain stocks, the China Daily said. It also said that each year 1.575 mln tonnes, or 25 pct, of China's fruit output are left to rot, and 2.1 mln tonnes, or up to 30 pct, of its vegetables. The paper blamed the waste on inadequate storage and bad preservation methods. It said the government had launched a national programme to reduce waste, calling for improved technology in storage and preservation, and greater production of additives. The paper gave no further details. REUTER
"NORM"
[ "grain" ]
"TEST"
"TRAINING-SET"
"3811"
"14828"
[ "china" ]
[]
[]
[]
8-APR-1987 01:19:17.29
CHINA DAILY SAYS VERMIN EAT 7-12 PCT GRAIN STOCKS
The Ministry of International Trade and Industry (MITI) will revise its long-term energy supply/demand outlook by August to meet a forecast downtrend in Japanese energy demand, ministry officials said. MITI is expected to lower the projection for primary energy supplies in the year 2000 to 550 mln kilolitres (kl) from 600 mln, they said. The decision follows the emergence of structural changes in Japanese industry following the rise in the value of the yen and a decline in domestic electric power demand. MITI is planning to work out a revised energy supply/demand outlook through deliberations of committee meetings of the Agency of Natural Resources and Energy, the officials said. They said MITI will also review the breakdown of energy supply sources, including oil, nuclear, coal and natural gas. Nuclear energy provided the bulk of Japan's electric power in the fiscal year ended March 31, supplying an estimated 27 pct on a kilowatt/hour basis, followed by oil (23 pct) and liquefied natural gas (21 pct), they noted. REUTER
"NORM"
[ "crude", "nat-gas" ]
"TEST"
"TRAINING-SET"
"4356"
"14829"
[ "japan" ]
[]
[]
[]
8-APR-1987 01:22:17.25
JAPAN TO REVISE LONG-TERM ENERGY DEMAND DOWNWARDS
Thailand's trade deficit widened to 4.5 billion baht in the first quarter of 1987 from 2.1 billion a year ago, the Business Economics Department said. It said Janunary/March imports rose to 65.1 billion baht from 58.7 billion. Thailand's improved business climate this year resulted in a 27 pct increase in imports of raw materials and semi-finished products. The country's oil import bill, however, fell 23 pct in the first quarter due to lower oil prices. The department said first quarter exports expanded to 60.6 billion baht from 56.6 billion. Export growth was smaller than expected due to lower earnings from many key commodities including rice whose earnings declined 18 pct, maize 66 pct, sugar 45 pct, tin 26 pct and canned pineapples seven pct. Products registering high export growth were jewellery up 64 pct, clothing 57 pct and rubber 35 pct. REUTER
"NORM"
[ "trade", "grain", "rice", "corn", "sugar", "tin", "rubber" ]
"TEST"
"TRAINING-SET"
"3815"
"14832"
[ "thailand" ]
[]
[]
[]
8-APR-1987 01:45:09.09
THAI TRADE DEFICIT WIDENS IN FIRST QUARTER
Indonesia expects crude palm oil (CPO) prices to rise sharply to between 450 and 550 dlrs a tonne FOB sometime this year because of better European demand and a fall in Malaysian output, Hasrul Harahap, junior minister for tree crops, told Indonesian reporters. Prices of Malaysian and Sumatran CPO are now around 332 dlrs a tonne CIF for delivery in Rotterdam, traders said. Harahap said Indonesia would maintain its exports, despite making recent palm oil purchases from Malaysia, so that it could possibly increase its international market share. Indonesia, the world's second largest producer of palm oil after Malaysia, has been forced to import palm oil to ensure supplies during the Moslem fasting month of Ramadan. Harahap said it was better to import to cover a temporary shortage than to lose export markets. Indonesian exports of CPO in calendar 1986 were 530,500 tonnes, against 468,500 in 1985, according to central bank figures. REUTER
"NORM"
[ "veg-oil", "palm-oil" ]
"TEST"
"TRAINING-SET"
"3816"
"14833"
[ "indonesia", "malaysia" ]
[]
[]
[]
8-APR-1987 01:48:20.11
INDONESIA SEES CPO PRICE RISING SHARPLY
"BRIEF"
[]
"TEST"
"TRAINING-SET"
"3818"
"14835"
[]
[]
[]
[]
8-APR-1987 02:11:57.43
Japan four-year note auction average yield record low 3.714 pct, stop 3.743 -official
Tug crews in New South Wales (NSW), Victoria and Western Australia yesterday lifted their ban on foreign-flag ships carrying containers but NSW ports are still being disrupted by a separate dispute, shipping sources said. The ban, imposed a week ago over a pay claim, had prevented the movement in or out of port of nearly 20 vessels, they said. The pay dispute went before a hearing of the Arbitration Commission today. Meanwhile, disruption began today to cargo handling in the ports of Sydney, Newcastle and Port Kembla, they said. The industrial action at the NSW ports is part of the week of action called by the NSW Trades and Labour Council to protest changes to the state's workers' compensation laws. The shipping sources said the various port unions appear to be taking it in turn to work for a short time at the start of each shift and then to walk off. Cargo handling in the ports has been disrupted, with container movements most affected, but has not stopped altogether, they said. They said they could not say how long the disruption will go on and what effect it will have on shipping movements. REUTER
"NORM"
[ "ship" ]
"TEST"
"TRAINING-SET"
"3822"
"14839"
[ "australia" ]
[]
[]
[]
8-APR-1987 02:42:14.86
AUSTRALIAN FOREIGN SHIP BAN ENDS BUT NSW PORTS HIT
The Indonesian Commodity Exchange is likely to start trading in at least one new commodity, and possibly two, during calendar 1987, exchange chairman Paian Nainggolan said. He told Reuters in a telephone interview that trading in palm oil, sawn timber, pepper or tobacco was being considered. Trading in either crude palm oil (CPO) or refined palm oil may also be introduced. But he said the question was still being considered by Trade Minister Rachmat Saleh and no decision on when to go ahead had been made. The fledgling exchange currently trades coffee and rubber physicals on an open outcry system four days a week. "Several factors make us move cautiously," Nainggolan said. "We want to move slowly and safely so that we do not make a mistake and undermine confidence in the exchange." Physical rubber trading was launched in 1985, with coffee added in January 1986. Rubber contracts are traded FOB, up to five months forward. Robusta coffee grades four and five are traded for prompt delivery and up to five months forward, exchange officials said. The trade ministry and exchange board are considering the introduction of futures trading later for rubber, but one official said a feasibility study was needed first. No decisions are likely until after Indonesia's elections on April 23, traders said. Trade Minister Saleh said on Monday that Indonesia, as the world's second largest producer of natural rubber, should expand its rubber marketing effort and he hoped development of the exchange would help this. Nainggolan said that the exchange was trying to boost overseas interest by building up contacts with end-users. He said teams had already been to South Korea and Taiwan to encourage direct use of the exchange, while a delegation would also visit Europe, Mexico and some Latin American states to encourage participation. Officials say the infant exchange has made a good start although trading in coffee has been disappointing. Transactions in rubber between the start of trading in April 1985 and December 1986 totalled 9,595 tonnes, worth 6.9 mln dlrs FOB, plus 184.3 mln rupiah for rubber delivered locally, the latest exchange report said. Trading in coffee in calendar 1986 amounted to only 1,905 tonnes in 381 lots, valued at 6.87 billion rupiah. Total membership of the exchange is now nine brokers and 44 traders. REUTER
"NORM"
[ "veg-oil", "palm-oil", "lumber", "coffee", "rubber" ]
"TEST"
"TRAINING-SET"
"4358"
"14840"
[ "indonesia", "south-korea", "taiwan" ]
[]
[]
[]
8-APR-1987 02:56:07.22
INDONESIAN COMMODITY EXCHANGE MAY EXPAND
Food Department officials said the U.S. Department of Agriculture approved the Continental Grain Co sale of 52,500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C and F from Pacific Northwest to Colombo. They said the shipment was for April 8 to 20 delivery. REUTER
"NORM"
[ "grain", "wheat" ]
"TEST"
"TRAINING-SET"
"3824"
"14841"
[ "sri-lanka", "usa" ]
[]
[]
[]
8-APR-1987 03:09:59.77
SRI LANKA GETS USDA APPROVAL FOR WHEAT PRICE
Western Mining Corp Holdings Ltd <WMNG.S> (WMC) said it will establish a new joint venture gold mine in the Northern Territory at a cost of about 21 mln dlrs. The mine, to be known as the Goodall project, will be owned 60 pct by WMC and 40 pct by a local W.R. Grace and Co <GRA> unit. It is located 30 kms east of the Adelaide River at Mt. Bundey, WMC said in a statement It said the open-pit mine, with a conventional leach treatment plant, is expected to produce about 50,000 ounces of gold in its first year of production from mid-1988. Annual ore capacity will be about 750,000 tonnes. REUTER
"NORM"
[ "gold" ]
"TEST"
"TRAINING-SET"
"3825"
"14842"
[ "australia" ]
[]
[]
[]
8-APR-1987 03:21:39.74
WESTERN MINING TO OPEN NEW GOLD MINE IN AUSTRALIA
Sumitomo Bank Ltd <SUMI.T> is certain to lose its status as Japan's most profitable bank as a result of its merger with the Heiwa Sogo Bank, financial analysts said. Osaka-based Sumitomo, with desposits of around 23.9 trillion yen, merged with Heiwa Sogo, a small, struggling bank with an estimated 1.29 billion dlrs in unrecoverable loans, in October. But despite the link-up, Sumitomo President Koh Komatsu told Reuters he is confident his bank can quickly regain its position. "We'll be back in position in first place within three years," Komatsu said in an interview. He said that while the merger will initially reduce Sumitomo's profitability and efficiency, it will vastly expand Sumitomo's branch network in the Tokyo metropolitan area where it has been relatively weak. But financial analysts are divided on whether and how quickly the gamble will pay off. Some said Sumitomo may have paid too much for Heiwa Sogo in view of the smaller bank's large debts. Others argue the merger was more cost effective than creating a comparable branch network from scratch. The analysts agreed the bank was aggressive. It has expanded overseas, entered the lucrative securities business and geared up for domestic competition, but they questioned the wisdom of some of those moves. "They've made bold moves to put everything in place. Now it's largely out of their hands," said Kleinwort Benson Ltd financial analyst Simon Smithson. Among Sumitomo's problems are limits placed on its move to enter U.S. Securities business by taking a share in American investment bank Goldman, Sachs and Co. Sumitomo last August agreed to pay 500 mln dlrs for a 12.5 pct limited partnership in the bank, but for the time being at least, the Federal Reserve Board has forbidden them to exchange personnel, or increase the business they do with each other. "The tie-up is widely looked on as a lame duck because the Fed was stricter than Sumitomo expected," said one analyst. But Komatsu said the move will pay off in time. "U.S. Regulations will change in the near future and if so, we can do various things. We only have to wait two or three years, not until the 21st century," Komatsu said. Komatsu is also willing to be patient about possible routes into the securities business at home. Article 65 of the Securities and Exchange Act, Japan's version of the U.S. Glass-Steagall Act, separates commercial from investment banking. But the walls between the two are crumbling and Komatsu said he hopes further deregulation will create new opportunities. "We need to find new business chances," Komatsu said. "In some cases these will be securities related, in some cases trust bank related. That's the kind of deregulation we want." Until such changes occur, Sumitomo will focus on such domestic securities business as profitable government bond dealing and strengthening relations with Meiko Securities Co Ltd, in which it holds a five pct share, Komatsu said. He said Sumitomo is cautiously optimistic about entering the securities business here through its Swiss universal bank subsidiary, Banca del Gottardo. The Finance Ministry is expected to grant licences to securities subsidiaries of U.S. Commercial banks soon, following a similar decision for subsidiaries of European universal banks in which the parent holds a less than 50 pct. But Komatsu is reluctant to push hard for a similar decision on a Gottardo subsidiary. "We don't want to make waves. We expect this will be allowed in two or three years," he said. Like other city banks, Sumitomo is also pushing to expand lending to individuals and small and medium businesses to replace disappearing demand from big business, he added. The analysts said Sumitomo will have to devote a lot of time to digesting its most recent initiatives, including the merger with ailing Heiwa Sogo. "It's (Sumitomo) been bold in its strategies," said Kleinwort's Smithson. "After that, it's a question of absorbing and juggling around. It will be the next decade before we see if the strategy is right or wrong." REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3826"
"14843"
[ "japan", "usa" ]
[]
[]
[]
8-APR-1987 03:29:34.51
SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER
Mines and Energy Minister Subroto confirmed Indonesian support for an extension of the sixth International Tin Agreement (ITA), but said a new pact was not necessary. Asked by Reuters to clarify his statement on Monday in which he said the pact should be allowed to lapse, Subroto said Indonesia was ready to back extension of the ITA. "We can support extension of the sixth agreement," he said. "But a seventh accord we believe to be unnecessary." The sixth ITA will expire at the end of June unless a two-thirds majority of members vote for an extension. REUTER
"NORM"
[ "tin" ]
"TEST"
"TRAINING-SET"
"3827"
"14844"
[ "indonesia" ]
[ "subroto" ]
[]
[]
8-APR-1987 03:45:20.53
SUBROTO SAYS INDONESIA SUPPORTS TIN PACT EXTENSION
The coupon on the 75 mln dlr, 15-year, convertible eurobond for Atari Corp has been set at 5-1/4 pct compared with indicated range of five to 5-1/4 pct, lead manager Paine Webber International said. The conversion price was set at 32-5/8 dlrs, representing a premium of 20.38 pct over yesterday's Atari share close of 27 dlrs. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3829"
"14846"
[ "uk" ]
[]
[]
[]
8-APR-1987 03:55:13.05
FINAL TERMS SET ON ATARI CORP CONVERTIBLE EUROBOND
The Bundesbank accepted bids for 6.1 billion marks at today's tender for a 28-day securities repurchase pact at a fixed rate of 3.80 pct, a central bank spokesman said. Banks, which bid for a total 12.2 billion marks liquidity, will be credited with the funds allocated today and must buy back securities pledged on May 6. Some 14.9 billion marks will drain from the market today as an earlier pact expires, so the Bundesbank is effectively withdrawing a net 8.1 billion marks from the market with today's allocation. A Bundesbank spokesman said in answer to enquiries that the withdrawal of funds did not reflect a tightening of credit policy, but was to be seen in the context of plentiful liquidity in the banking system. Banks held an average 59.3 billion marks at the Bundesbank over the first six days of the month, well clear of the likely April minimum reserve requirement of 51 billion marks. The Bundesbank spokesman noted that by bidding only 12.2 billion marks, below the outgoing 14.9 billion, banks themselves had shown they felt they had plenty of liquidity. Dealers said the Bundesbank is keen to prevent too much liquidity accruing in the market, as that would blunt the effectiveness of the security repurchase agreement, its main open-market instrument for steering market interest rates. Two further pacts are likely this month over the next two weeks. The Bundesbank is currently steering call money between 3.6 and 3.8 pct, although short-term fluctuations outside that range are possible, dealers said. REUTER
"NORM"
[ "money-fx", "interest" ]
"TEST"
"TRAINING-SET"
"4361"
"14849"
[]
[]
[]
[]
8-APR-1987 04:03:27.14
BUNDESBANK ALLOCATES 6.1 BILLION MARKS IN TENDER
The issue price of the European Investment Bank's 300 mln guilder 6.25 pct bullet bond due 1995, announced on April 1, has been set at par, lead manager Amro bank said. Subscriptions remain open until 1300 gmt tomorrow, April 9. Payment is due May 14 and coupon date is May 15. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3834"
"14851"
[ "netherlands" ]
[]
[]
[]
8-APR-1987 04:16:24.80
EIB 300 MLN GUILDER BULLET BOND PRICED AT PAR
Bond Corp Holdings Ltd <BONA.S> and Atlas Consolidated Mining and Development Corp <ATLC.MN> are still holding talks on a bail-out package for the troubled mining firm, an Atlas statement said. Atlas, the Philippines' biggest copper producer, said it had been hit by depressed world copper prices. It reported a net loss of 976.38 mln pesos in the year ending December 1986, compared with a net loss of 1.53 billion in 1985. The company said it had been able to cut its losses because its scaled-down copper operations in the central island of Cebu started in the second half of 1986. Atlas said negotiations were continuing on the acquisition by Bond of the company's existing bank loans and their restructuring into a gold loan. A memorandum of understanding signed by the two sides in October last year said Bond would acquire Atlas' total loans of 275 mln dlrs, to be repaid by the mining company in gold. Atlas said the two sides were also discussing equity infusion into Atlas and the creation of a development fund for further exploration and development of the company's gold properties in the central province of Masbate. Wilson Banks, general manager of <Bond Corp International Ltd> in Hong Kong, told Reuters the Atlas statement on the negotiations was "reasonably accurate." Banks said Bond Corp was seriously considering several investments in the Philippines but did not give details. In its statement, Atlas said development of the pre-World War Two underground mines in Masbate had been accelerated and the ore tonnage had increased, extending the operation's life at least until 1993. REUTER
"NORM"
[ "acq", "copper" ]
"TEST"
"TRAINING-SET"
"3835"
"14852"
[ "philippines" ]
[]
[]
[]
8-APR-1987 04:17:14.17
BOND CORP STILL CONSIDERING ATLAS MINING BAIL-OUT
China's industrial output rose 14.1 pct in the first quarter of 1987 against the same 1986 period, the People's Daily said. Its overseas edition said the growth rate, which compares with a target of seven pct for the whole of 1987, was "rather high" but the base in the first quarter of 1986 was on the low side. Industrial output grew 4.4 pct in the first quarter of 1986. It said China's industrial production this year has been normal but product quality and efficiency need further improvement. It gave no further details. REUTER
"NORM"
[ "ipi" ]
"TEST"
"TRAINING-SET"
"3837"
"14854"
[ "china" ]
[]
[]
[]
8-APR-1987 04:27:12.70
CHINA INDUSTRIAL OUTPUT RISES IN FIRST QUARTER
The Saitama Bank Ltd is issuing a 100 mln dlr convertible eurobond due March 31, 2002 paying an indicated two pct and priced at par, the bank's London office said. The issue is being lead managed by Saitama Bank (Europe) SA. The deal is available in denominations of 5,000 dlrs and will be listed in Luxembourg. Final terms will be set on April 15. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. The payment date is May 6 and there will be a short first coupon period. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3838"
"14855"
[]
[]
[]
[]
8-APR-1987 04:28:37.20
SAITAMA BANK ISSUES 100 MLN DLR CONVERTIBLE BOND
Westpac Banking Corporation is issuing a 50 mln Australian dlr eurobond due May 6, 1990 paying 14-1/2 pct and priced at 101-1/4 pct, lead manager Deutsche Bank Capital Markets said. The non-callable bond is available in denominations of 1,000 and 10,000 Australian dlrs and will be listed in Luxembourg. The selling concession is one pct, while management and underwriting combined pays 1/2 pct. The payment date is May 6. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3839"
"14856"
[ "uk" ]
[]
[]
[]
8-APR-1987 04:29:21.88
WESTPAC BANKING ISSUES 50 MLN AUSTRALIAN DLR BOND
Japan's Agriculture Ministry, angered by U.S. Demands that Japan open its farm products market, will tell U.S. Officials at talks later this month that liberalisation would harm existing U.S. Farm exports to Japan, a senior ministry official said. "Imports from the U.S. Would drop due to active sales drives by other suppliers," the official, who declined to be named, said. "Japan is the largest customer for U.S. Farm products and it is not reasonable for the U.S. To demand Japan liberalise its farm import market," he said. Agriculture Minister Mutsuki Kato has said if the U.S. Insists Japan open its protected rice market it will also open its wheat market, where volume and origin are regulated to protect local farmers. Australia and Canada could then increase their wheat exports as they are more competitive than the U.S., He said. End-users would also buy other origins, grain traders said. U.S. Agriculture Secretary Richard Lyng, who is due to visit Japan for talks between April 16-27, has said he will ask Japan to offer a share of its rice market to U.S. Suppliers and remove quotas on U.S. Beef and citrus imports. Other countries are already cutting into the U.S. Market share here. Australia, the largest beef supplier to Japan, has been trying to boost exports prior to the expiry of a four-year beef accord next March 31. Imports of U.S. Corn have fallen due to increased sales from China and South America, while Japanese soybean imports from Brazil are expected to rise sharply this year, although the U.S. Will remain the largest supplier. U.S. Feedgrain sales will also drop if Japan opens up its beef imports, since Japan depends almost entirely on feedgrain imports, mainly from the U.S., Japanese officials said. An indication of the U.S. Position came last December when Under Secretary of Agriculture Daniel Amstutz said Japan has the potential to provide one of the largest boosts to U.S. Agricultural exports, with the beef market alone representing some one billion dlrs in new business. The U.S. Has also asked the General Agreement on Tariffs and Trade to investigate the legality of Japanese import controls on 12 other farm products, including fruit juices, purees and pulp, tomato juice, ketchup and sauce, peanuts, prepared beef products and miscellaneous beans. To help calm heated trade relations with the U.S., Japan's top business group Keidanren has urged the government to remove residual import restrictions on agricultural products. But Agriculture Minister Kato has ruled out any emotional reaction, and the senior ministry official said the farm issue should not become a scapegoat for trade pressure in the industrial sector. "Japan is the largest buyer of U.S. Farm products, and these issues should not be discussed on the same table," the official said. REUTER
"NORM"
[ "trade", "rice", "livestock", "carcass", "grain", "corn", "oilseed", "soybean" ]
"TEST"
"TRAINING-SET"
"3841"
"14858"
[ "usa", "japan", "brazil", "china", "australia" ]
[ "lyng" ]
[]
[]
8-APR-1987 04:41:01.47
JAPAN MINISTRY SAYS OPEN FARM TRADE WOULD HIT U.S.
Amatil Ltd <AMAA.S> said it proposes to make a two-for-five bonus issue out of its revaluation reserve to shareholders registered May 26. Shareholders will be asked to approve the issue and an increase in authorised capital to 175 mln shares from 125 mln at a general meeting on May 1, it said in a statement. The new shares will rank for dividends declared after October 31. Amatil, in which B.A.T. Industries Plc <BTI.L> holds a 41 pct stake, said it does not expect to maintain its latest annual dividend rate of 29 cents a share on the enlarged capital. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3842"
"14859"
[ "australia" ]
[]
[]
[]
8-APR-1987 04:45:50.43
AMATIL PROPOSES TWO-FOR-FIVE BONUS SHARE ISSUE
Shr 27.7p vs 20.7p Div 6.0p vs 5.5p making 10.0p vs 9.25p Turnover 1.34 billion stg vs 1.29 billion Pretax profit 48.0 mln vs 32.4 mln Tax 14.4 mln vs 6.9 mln Company name is Bowater Industries Plc <BWTR.L> Trading profit 63.4 mln vs 45.1 mln Trading profit includes - Packaging and associated products 23.2 mln vs 14.2 mln Merchanting and services 18.4 mln vs 9.6 mln Tissue and timber products 9.0 mln vs 5.8 mln Interest debit 15.4 mln vs 12.7 mln Minority interests 7.0 mln debit vs 6.2 mln debit Extraordinary items 15.4 mln credit vs 11.9 mln debit REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3843"
"14860"
[ "uk" ]
[]
[]
[]
8-APR-1987 04:52:50.14
BOWATER 1986 PRETAX PROFITS RISE 15.6 MLN STG
The Bank of England said it forecast a shortage of around 250 mln stg in the money market today. Among the main factors affecting liquidity, bills maturing in official hands and the take-up of treasury bills will drain some 505 mln stg, while bills for repurchase by the market will remove around 194 mln. In addition, a rise in note circulation and bankers' balances below target will each drain around 110 mln stg. Partly offsetting these outflows, exchequer transactions will add some 690 mln stg to the system today. REUTER
"NORM"
[ "money-fx", "interest" ]
"TEST"
"TRAINING-SET"
"3844"
"14861"
[]
[]
[]
[]
8-APR-1987 05:06:23.11
U.K. MONEY MARKET DEFICIT FORECAST AT 250 MLN STG
South Korea's trade surplus is growing too fast and the government has started taking steps to slow it down, Deputy Prime Minister Kim Mahn-je said. He told a press conference the government planned to increase investment, speed up the opening of the local market to foreign imports and gradually adjust its currency to hold the surplus "at a proper level." But he said the government would not allow the won to appreciate too much in a short period of time. South Korea has been under pressure from Washington to revalue the won. The U.S. Wants South Korea to cut its trade surplus with the U.S., Which rose to 7.4 billion dlrs in 1986 from 4.3 billion dlrs in 1985. Kim, who is also economic planning minister, said prospects were bright for the South Korean economy, but the government would try to hold the current account surplus to around five billion dlrs a year for the next five years. "Our government projections of eight pct GNP growth, five billion dlrs of (current account) surplus and 12 pct growth in exports all seemed to be reasonable early this year. But now the surplus is growing faster than we expected," he said. Trade ministry officials said South Korea's exports rose 35 pct to 9.34 billion dlrs in the first three months of this year, while imports rose only 8.5 pct to 8.2 billion dlrs. Kim said the swing of South Korea's current account to a surplus of 4.65 billion dlrs in 1986 from an 890 mln dlr deficit in 1985 was very significant. The surplus enabled the country to reduce its foreign debt last year for the first time. South Korea's foreign debt, which fell to 44.5 billion dlrs in 1986 from 46.8 billion in 1985, is still among the largest in Asia. "This huge amount of our foreign debt has been one of the major constraints on our development... Last year was a major turning point for the Korean economy," Kim said. Kim said his government plannned to reduce the ratio of foreign debt to the country's GNP to about 20 pct in 1991, from about 50 pct in 1986. "The government, however, does not want to accelerate reducing the debt by making an excessive trade surplus," he said. Kim said a sudden rise in the surplus would cause inflation and lead to trade friction with Seoul's major trading partners, particularly the United States. "We need a surplus because we have to reduce our debt, but we are taking measures to hold the size of the surplus at a proper level," Kim said. REUTER
"NORM"
[ "trade", "bop" ]
"TEST"
"TRAINING-SET"
"3845"
"14862"
[ "south-korea", "usa" ]
[]
[]
[]
8-APR-1987 05:11:02.77
SOUTH KOREA MOVES TO SLOW GROWTH OF TRADE SURPLUS
Finland's national oil company Neste Oy <NEOY.HE> said in a statement it had agreed with Canadian firms to study the feasibility of building a plant in Edmonton, Canada, to produce a replacement for lead in petrol. The prospective plant would cost an estimated 270 mln Canadian dlrs and would produce methyl tertiary butyl ether (MTBE) from raw materials available locally, it said. The partners in the study are Neste Oy, Celanese Canada Inc, Hoechst Celanese Corporation and Trade Mountain Pipe Line Company Ltd, of Vancouver, B.C. The Edmonton site was suitable because of the raw materials availability, the proximity to pipeline transportation and the important capital and operating advantages gained by locating on an existing Celanese Canada site, the statement said. The partners would look into the feasibility of a plant producing 500,000 tonnes per annum of MTBE, an octane enhancer that can replace tetra ethyl lead. Most of the MTBE would be targeted for the United States where lead levels in gasoline are being lowered because of health concerns, the statement added. Canadian lead limits are currently 11 times as high as the U.S. Limit but lead is scheduled for virtual elimination in Canada by 1993, which should create a Canadian demand for MTBE, it said. Finland's Neste Oy, whose turnover last year was over five billion dlrs, has extensive experience with MTBE. It has a major investment in an MTBE plant in Saudi Arabia. The Edmonton, Alberta plant would be scheduled to go on stream in late 1989, the statement said. REUTER
"NORM"
[ "gas", "lead" ]
"TEST"
"TRAINING-SET"
"3846"
"14863"
[ "finland", "canada" ]
[]
[]
[]
8-APR-1987 05:11:12.63
FINNS AND CANADIANS TO STUDY MTBE PRODUCTION PLANT
<Whim Creek Consolidated NL> said the consortium it is leading will pay 76.55 mln dlrs for the acquisition of CRA Ltd's <CRAA.S> <Forrest Gold Pty Ltd> unit, reported yesterday. CRA and Whim Creek did not disclose the price yesterday. Whim Creek will hold 44 pct of the consortium, while <Austwhim Resources NL> will hold 27 pct and <Croesus Mining NL> 29 pct, it said in a statement. As reported, Forrest Gold owns two mines in Western Australia producing a combined 37,000 ounces of gold a year. It also owns an undeveloped gold project. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3848"
"14865"
[ "australia" ]
[]
[]
[]
8-APR-1987 05:17:41.72
CRA SOLD FORREST GOLD FOR 76 MLN DLRS - WHIM CREEK
Malaysia is launching a 100 mln Swiss franc 5-3/4 pct 10-year notes issue priced at 100.2 pct, lead manager Swiss Bank Corp said. Payment date is expected to be April 22. Early redemption is not allowed. Swiss Bank Corp said this is the first time Malaysia has tapped the Swiss capital market since it issued a bond here in July 1985. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3849"
"14866"
[ "switzerland", "malaysia" ]
[]
[]
[]
8-APR-1987 05:22:58.00
MALAYSIA SETS 100 MLN SWISS FRANC NOTES ISSUE
The number of workers employed in the West German industrial sector stagnated in the last quarter of 1986 as a 50,000 increase in overall employment benefited only the services branch, the DIW economic institute said. A DIW report added the general downturn in the economy since last Autumn had had a negative effect on the willingness of firms to take on workers. It referred to a marked downturn in the number of workers taken on in the capital goods sector. New orders for manufacturing industry goods have mostly fallen or stagnated in recent months, but data for February finally showed a reversal of the trend, with a 1.9 pct rise. REUTER
"NORM"
[ "jobs" ]
"TEST"
"TRAINING-SET"
"3850"
"14867"
[ "west-germany" ]
[]
[]
[]
8-APR-1987 05:34:49.60
GERMAN INDUSTRIAL EMPLOYMENT SEEN STAGNATING
Federal Realty Investment Trust is issuing a 75 mln dlr convertible eurobond due April 30, 2002 paying an indicated coupon of 5-1/4 to 5-1/2 pct and priced at par, lead manager Salomon Brothers International said. The issue has a put option after seven years which will be priced to give the investor a yield in line with current seven year U.S. Treasury bond. Final terms will be fixed on April 9. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. The issue is available in denominations of 1,000 and 10,000 dlrs. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3851"
"14868"
[ "uk" ]
[]
[]
[]
8-APR-1987 05:45:11.17
FEDERAL REALTY ISSUES 75 MLN DLR CONVERTIBLE BOND
The Province of Quebec is issuing a 30 billion yen eurobond due May 7, 1997 paying five pct and priced at 102-1/2 pct, lead manager Bank of Tokyo International Ltd said. The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/4 pct, while management and underwriting combined pays 3/4 pct. The payment date is May 7. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3854"
"14871"
[ "uk" ]
[]
[]
[]
8-APR-1987 05:54:40.02
QUEBEC ISSUES 30 BILLION YEN EUROBOND
Bowater Industries Plc <BWTR.L> 1986 pretax profits of 48.0 mln stg exceeded market expectations of around 40 mln and pushed the company's shares up sharply to a high of 491p from 468p last night, dealers said. The shares later eased back to 481p. Bowater reported a 32.4 mln stg profit in 1985. The company said in a statement accompanying the results that the underlying trend showed improvement and it intended to expand further by developing existing businesses and seeking new opportunities. It added that it had appointed David Lyon, currently managing director of Redland Plc <RDLD.L> as its new chief executive. Analysts noted that Bowater's profits of 18.9 mln stg from 13.2 mln previously had been given a boost by pension benefits of 4.5 mln stg. Profit from Australia and the Far East showed the greatest percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln, while the profit from U.K. Operations rose 30.7 pct to 24.7 mln, and Europe, 42.9 pct to 11.0 mln. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3855"
"14872"
[ "uk" ]
[]
[]
[]
8-APR-1987 05:59:42.64
BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS
Citibank A/S <CCI.N>, the Norwegian subsidiary of the U.S.-based bank, said it made a net loss of just over six mln crowns in 1986 -- although foreign bankers said they expect it to show 1987 profits after two lean years. Citibank's Oslo treasury head Bjoern Sejerstad told Reuters, Citibank, one of seven foreign bank subsidiaries operating in Norway, lost money because of restructuring for investment banking away from commercial banking and an economic slump in Norway following last year's plunge in oil prices. Foreign banks have been allowed to operate susbidiaries in Norway since 1985. Foreign banking analysts in Oslo said access to Norway's second-hand securities and equities markets, to be approved later this spring, and lower primary reserve requirements would make profit this year. Citibank lost 490,000 crowns in Norway in 1985, but Sejerstad said a profit was likely this year because of planned liberalisation and better economic performance, helped by a steadier oil price of around 18 dlrs a barrel. Earlier this year, Chase Manhattan Bank's <CMB.N> subsidiary decided to stop foreign exchange trading after heavy losses and focus instead on fee-based merchant banking. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"4371"
"14873"
[ "norway" ]
[]
[]
[]
8-APR-1987 06:02:39.54
CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986
A sharp fall in the dollar price of zinc and the depreciation of the U.S. Currency created unfavourable economic conditions for Vieille Montagne SA <VMNB.BR> in 1986. It said in a statement that the two factors led to a squeeze on refining margins and an 18.24 pct fall in sales and services income despite an unchanged level of activity. Vieille Montagne, which is actively pursuing a restructuring program, reported a 198 mln franc net loss, after 187 mln francs in provisions for the closure of an electrolysis plant, compared with a 250 mln franc net profit in 1985. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3858"
"14875"
[ "belgium" ]
[]
[]
[]
8-APR-1987 06:09:57.32
VIEILLE MONTAGNE SAYS 1986 CONDITIONS UNFAVOURABLE
1986 Year Net loss after exceptional charges 198 mln francs vs profit 250 mln Exceptional provisions for closure of Viviez electrolysis Plant 187 mln francs vs exceptional gain 22 mln Sales and services 16.51 billion francs vs 20.20 billion Proposed net dividend on ordinary shares nil vs 110 francs Company's full name is Vieille Montagne SA <VMNB.BR>. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3859"
"14876"
[ "belgium" ]
[]
[]
[]
8-APR-1987 06:10:25.20
VIEILLE MONTAGNE REPORTS LOSS, DIVIDEND NIL
European Community (EC) members of the International Tin Council, except Britain, have said they are prepared to back an extension of the International Tin Agreement, an EC spokesman said. He said at a meeting of EC states' representatives here yesterday, Britain undertook to communicate its own decision to its partners today. It said it was not ready yesterday to take a stand but did not say why. He added nine other EC states backed an extension. Spain and Portugal, which are not members of the International Tin Council, raised no objections to a common EC stance in favour. REUTER
"NORM"
[ "tin" ]
"TEST"
"TRAINING-SET"
"3860"
"14877"
[ "belgium", "uk", "spain", "portugal" ]
[]
[ "ec" ]
[]
8-APR-1987 06:12:46.17
EC MAINLY FOR TIN EXTENSION, NO U.K. STAND TAKEN
A top U.S. Official said Japan has little chance of convincing the U.S. To drop threatened trade sanctions, despite the efforts of a Japanese team that left for Washington today. Michael Armacost, Under Secretary of State for Political Affairs, was asked at a press conference whether Japan's moves to boost its domestic economy and open its markets could persuade the U.S. Not to impose tariffs on Japanese imports said, and replied: "...It is probably too early for the figures to demonstrate that the situation has turned around and to permit the result you have described." Armacost said the U.S. Hopes Japan will take steps to lift its domestic economy and reduce dependence on exports, remove barriers to imports and settle outstanding trade issues. "There are obvious problems at the moment in the trade area, but we do not wish those problems to divert attention from important areas of cooperation that continue to exist on security and political issues," he said. "The question is whether through cooperative actions between our governments we can reduce the (trade) imbalance or whether Congress takes action to reduce it through protectionist legislation," he said. REUTER
"NORM"
[ "trade" ]
"TEST"
"TRAINING-SET"
"3864"
"14881"
[ "japan", "usa" ]
[]
[]
[]
8-APR-1987 06:23:32.74
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
Thai zinc ingot exports fell to 882 tonnes in March from 1,764 in February and 3,008 in March 1986, the Mineral Resources Department said. A spokesman for Padaeng Industry Co Ltd, the country's sole exporter, attributed the decline to the company's lower stocks, which averaged 5,000 tonnes in the first quarter against 16,000 tonnes in late 1985 when it began exporting. The department said major buyers included China, Japan, the Philippines, South Korea, Singapore and Taiwan. Thailand exported 4,842 tonnes of zinc ingots during the first quarter, down from 14,937 a year ago. REUTER
"NORM"
[ "zinc" ]
"TEST"
"TRAINING-SET"
"3865"
"14882"
[ "thailand", "china", "japan", "philippines", "japan", "singapore", "south-korea", "taiwan" ]
[]
[]
[]
8-APR-1987 06:25:24.20
THAI ZINC EXPORTS FALL IN MARCH
Dansk Naturgas A/S is issuing a 10 billion yen eurobond due May 13, 1993 paying 4-5/8 pct and priced at 101-5/8 pct, lead manager IBJ International Ltd said. The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The issue is guaranteed by Denmark. The payment date is May 13. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3867"
"14884"
[ "uk" ]
[]
[]
[]
8-APR-1987 06:27:57.95
DANSK NATURGAS ISSUES 10 BILLION YEN EUROBOND
The outcome of today's European Community (EC) white sugar tender is extremely difficult to predict after last week's substantial award of 102,350 tonnes at the highest ever rebate of 46.864 European currency units (Ecus) per 100 kilos, traders said. Some said they believed the tonnage would probably be smaller, at around 60,000 tonnes, but declined to give a view on the likely restitution. Last week, the European Commission accepted 785,000 tonnes of sugar into intervention by operators protesting about low rebates. This might be a determining factor in today's result, they added. REUTER
"NORM"
[ "sugar" ]
"TEST"
"TRAINING-SET"
"3868"
"14885"
[ "uk" ]
[]
[ "ec" ]
[]
8-APR-1987 06:30:51.46
EC SUGAR TENDER HARD TO PREDICT - LONDON TRADE
North Yemen has called a buying tender for Saturday for the purchase of 30,000 tonnes of white sugar for arrival in June, traders said. REUTER
"NORM"
[ "sugar" ]
"TEST"
"TRAINING-SET"
"3869"
"14886"
[ "yemen-arab-republic" ]
[]
[]
[]
8-APR-1987 06:39:46.92
NORTH YEMEN CALLS SUGAR BUYING TENDER - TRADE
Anheuser-Busch Companies Inc <BUD.N> has joined several other foreign bidders for sequestered shares of the Philippines' largest food and beverage maker San Miguel Corp <SANM.MN>, the head of a government panel which controls the shares told Reuters. Ramon Diaz, Secretary of the Presidential Commission on Good Government (PCGG), said Anheuser-Busch had told the government it was interested in buying 14 mln "B" shares of San Miguel. He did not disclose the offered price. Diaz said Australian brewer Alan Bond's Bond Corp Holdings Ltd had offered 150 pesos per share for the "B" shares. Diaz said New York investment bank Allen and Co Inc had earlier said it was interested in buying all 38.1 mln sequestered shares. He told Reuters last month Elders IXL Ltd <ELXA.S>, the Melbourne-based brewing company, had also bid for the "B" shares. The Hong Kong Economic Journal last month quoted a spokesman of Australian stock broker Jacksons Ltd as saying that <Barwon Farmlands Ltd>, an Australian firm owned 30 pct by <Ariadne Australia Ltd>, was planning a Filipino branch in order to buy the entire block of 38.1 mln shares. Anheuser-Busch last year made a 150 mln dlr bid to buy <San Miguel Brewery Ltd>, a Hong Kong listed company which is 69.65 pct owned by <Neptunia Corp Ltd>, a San Miguel Corp subsidiary. The talks broke down last June after the two sides said they could not agree on the terms of the sale. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3871"
"14888"
[ "philippines" ]
[]
[]
[]
8-APR-1987 06:41:06.32
ANHEUSER-BUSCH JOINS BID FOR SAN MIGUEL
The People's Construction Bank of China is launching its first international borrowing by mandating four foreign banks for a 150 mln U.S. Dlr loan, one of the lead managers Banque Indosuez said. The other three lead managers are Bank of Tokyo, Citicorp International Ltd and the Industrial Bank of Japan Ltd. The 10 year loan has a 4-1/2 year grace period. Interest is set at 1/8 percentage point over London interbank offered rate for the first eight years, rising to 1/4 pct for the remaining two years. There is a 3/16 pct management fee and an unspecified, but very small, commitment fee. Syndication of the loan is expected to start soon and it should be signed in Shanghai next month. The Construction Bank, which is one of four specialist banks in China, focuses on infrastructure and heavy industrial projects. The funds raised will partly finance two ethylene factories near Shanghai. Construction of the plants, which are a major item in the current five year plan, will begin soon. The plants will cost more than 300 mln dlrs. The remainder of the funds will come from export credits and domestic borrowings. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"4378"
"14889"
[ "hong-kong", "china" ]
[]
[]
[]
8-APR-1987 06:43:56.65
CHINA CONSTRUCTION BANK MANDATES 150 MLN DLR LOAN
Australian markets are booming as foreign fund managers redirect capital away from the United States and other traditional markets, analysts said. High short-term interest rates, a bullish stock market and an increasingly stable currency reflect a massive inflow of fresh funds in the last two months, largely from Japanese and U.S. Investors, analysts polled by Reuters said. Fund managers want quality markets to park their cash in and have settled on Australia, Britain and Canada as they diversify from volatile U.S. Dollar instruments, they said. A one percentage point fall in key 10-year bonds rates in the past month, record share prices and a 10-month high for the currency of 0.71 U.S. Dlrs all illustrated the inflow. Official figures on the latest inflow of investment capital are not available, but brokers said they received almost daily inquiries from Japan and the United States. "These people have got trillions of dollars sloshing about and they don't know what to do with it. Some of that is ending up here with the attraction of high interest rates and reasonable currency stability," National Australia Bank Ltd economist Brian Hamley said. "There is a 'flight to quality'," Hamley said. "Australia may not be in the best (economic) position, but there aren't too many other countries where you'd want to put your money." The stronger Australian dollar was also attracting investors taking advantage of an appreciating currency against the volatility of the U.S. Unit, analysts said. "We're looking a more favoured market than perhaps the U.S. Where some people would be concerned about the value of the U.S. Dollar," Lloyds Bank NZA Ltd chief economist Will Buttrose said. "Why not put the money in Australia where entry is cheap and the currency looks stable?" But turning that capital into more permanent productive investment depends on government economic policy, he said. "It will only disappear if people lose confidence in the direction in the economy," Buttrose said, adding that offshore investors would carefully watch the government's promised tough economic statement on May 14. While happy to invest in bonds and other vehicles yielding interest unobtainable elsewhere, fund managers could just as easily reverse the flow -- particularly the Japanese, who were badly hurt in the past by rapid falls in the Australian dollar and hefty jumps in bond rates, analysts said. "It will remain very edgy money. If something was not to be delivered, if the statement wasn't considered tough enough, one might see a substantial outflow," Buttrose said. Offshore investors are eager to see Australia take tough economic decisions to curb its 100 billion dlr foreign debt and stubborn current account deficit, analysts said. "They are giving us the benefit of the doubt and I think they would like to leave the money here," Buttrose said. Reserve Bank policy has also reflected the increased interest in investment in Australia and the need to shield Japanese investors from rapid currency fluctuations. Reserve Governor Bob Johnston last week acknowledged an element of targeting the rate against the yen in currency policy when he said authorities could not take their "eyes off the yen" because of the crucial role of Japanese investors. Analysts said they believed the Reserve Bank had worked successfully in recent months to keep the Australian dollar within the range of 100 to 103 yen. Apart from its recovery against a weak U.S. Dollar, the Australian dollar has also risen almost three pct on a trade-weighted basis in the last three weeks. Offshore buying has also played a role in the booming Australian share market. It has followed Wall Street and other markets, but is also setting its own trend in response to the weight of both domestic and offshore funds pouring into equities, particularly in the gold sector. The key all ordinaries index rose to a record 1,758.3 today, nearly 20 pct above its level at the end of 1986, while the gold index has nearly doubled to a record 3,081.0 in the same period. The property sector is also sought after, with Japanese companies that have invested heavily in the United States in recent years turning their attention to undervalued real estate, particularly in the tourism field. Analysts pointed to the recent sale of Sydney's five-star Regent Hotel to Japanese interests for more than 145 mln dlrs as indicative of the type of property being sought. "They think they find good value real estate here which, with long term and fixed capital investment, is the kind of investment Australia needs," Buttrose added. REUTER
"NORM"
[ "interest", "money-fx" ]
"TEST"
"TRAINING-SET"
"3873"
"14890"
[ "australia", "uk", "canada", "usa", "japan" ]
[ "johnston" ]
[]
[]
8-APR-1987 06:44:11.87
ECONOMIC SPOTLIGHT - AUSTRALIAN MARKETS BOOMING
Kuwait's oil-reliant and debt-ridden economy has started to pull out of a nosedive but oil prices will determine the pace of recovery, bankers and economists say. Crucial will be the ability of the 13-member OPEC to hold oil prices around a new benchmark of 18 dlrs a barrel in the northern hemisphere summer when demand usually slackens. Bankers estimate the economy, measured in terms of gross domestic product (gdp), shrank 19 pct in real terms last year after contracting 8.1 pct the year before. This was after taking into account inflation in consumer prices of 1.5 pct in 1985, slowing to 1.0 pct in 1986. Factors depressing economic activity include the 6-1/2-year-old Iran-Iraq war on Kuwait's doorstep, which threatens the emirate's vital oil export lifeline through the Gulf and has sapped business confidence. But sentiment received a much-needed boost in September when, after a series of piecemeal steps to combat a debt crisis caused by the 1982 crash of local stock market, a comprehensive new debt settlement program was introduced. The share crash, result of a speculative spree in forward trading, left 95 billion dlrs of post-dated cheques in default. The cheques were also used as collateral for consumer spending, thus generating an informal credit system. Much of the debt has been watered down but big sums are still owed by individuals and companies. There was some 4.4 billion dinars (about 15.7 billion dlrs) in outstanding bank credit at the end of 1986, of which one-quarter to one-third was estimated by bankers to rank as bad or doubtful debt. But the government has repeatedly said it will not allow any banks to go under. The new debt settlement scheme entails a rescheduling of problem credit over 10 to 15 years, depending on whether debtors have regular cash flows or not. Banks' shareholders and depositors will have their rights guaranteed by the government -- an edict of vital significance in a country of only 1.7 mln people where the financial sector is the biggest after oil. Kuwait is better placed than any other OPEC country to ride out the oil glut, bankers and economists say. Kuwait has an OPEC quota of 948,000 barrels per day (bpd) compared with production capacity of 4.0 mln bpd mentioned last year by Oil Minister Sheikh Ali al-Khalifa al-Sabah. But strategic diversification into downstream operations in Europe several years ago and a hefty refining investment at home gives it guaranteed markets abroad and enables it to sell over one-half of its output as high-grade refined oil products. Oil industry sources say Kuwait is able to get an average 2.00 dlrs a barrel more by selling oil in the form of processed product such as gas oil, kerosene and naphtha, rather than as crude. Bankers say the rebound in oil prices is the major reason for cautious optimism. Other reasons are low domestic inflation, a bottoming out of the fall in imports in recent years and signs government spending on productive sectors will remain steady. External accounts are in good shape, with an estimated 1.8 billion dinar current account surplus in 1986, 16 pct below that for 1985, but still an achievement in the recession-hit Gulf. Kuwait's petrodollar reserves in mid-1986 were put officially at over 80 billion dlrs, earning investment income of the equivalent of about 3.65 billion dlrs a year. But for the first time since the end of the oil boom, these reserves may not be enough to prevent a "real" budget deficit for the 1986/87 fiscal year ending June 30, bankers say. In a budget portrayed by bankers as mildly contractionary, revenues for 1986/87 were cut 38.6 pct and spending 11 pct, doubling the nominal deficit to 1.33 billion dinars. This left out income from state reserves, usually excluded in official budget accounting, which are forecast by bankers at up to 1.0 billion dinars in 1986/87, resulting in some shortfall. Bankers say it is too early to venture a forecast for economic growth this year or next. "It depends on oil prices," one said. "This summer is important." Cabinet Affairs Minister Rashid al-Rashid said last Sunday the cabinet has ratified recommendations to rationalise state spending in favour of productive sectors and reactivate the economy. He gave no details but bankers say these are expected to be spelled out in the 1987/88 budget, possibly in June. REUTER
"NORM"
[ "gnp", "cpi" ]
"TEST"
"TRAINING-SET"
"4380"
"14891"
[ "kuwait" ]
[]
[]
[]
8-APR-1987 06:44:25.79
ECONOMIC SPOTLIGHT - KUWAITI ECONOMY
Malaysia is unlikely to meet its targeted output of five mln tonnes of oil palm in calendar 1987, oil palm growers told Reuters. Output in 1987 is expected to reach around 4.5 mln tonnes, unchanged from 1986, because of drought, low use of fertiliser and overstressed palms, they said. The growers were asked for their reaction to an Oil World newsletter report that Malaysia's oil palm output is likely to drop sharply this year. Palm oil now sells at around 700 ringgit a tonne, or about 115 ringgit less than soybean oil, but Malaysia must sell more palm oil to prevent a stock buildup that could damage the industry, a leading grower told Reuters. The country's palm oil stocks now total some 500,000 tonnes against about 800,000 last March, the growers said. The growers expect palm oil prices to ease later this year due to pressure from South American and U.S. Soybean output. The current South American oilseed harvest, mainly soybean, is likely to be around 25.7 mln tonnes against the previous 21.7 mln tonne crop, they said. In addition, new U.S. Soybean plantings are also expected to enter the market around November when Malaysian palm oil output peaks. They said new planting of palms is also likely to slow, with some 50,000 hectares expected to be planted with new trees against 100,000 in 1986, although the effects of this reduction will not be felt for about another three years. REUTER
"NORM"
[ "veg-oil", "palm-oil", "soy-oil", "oilseed", "soybean" ]
"TEST"
"TRAINING-SET"
"3875"
"14892"
[ "malaysia" ]
[]
[]
[]
8-APR-1987 06:50:05.68
MALAYSIA MAY NOT MEET 1987 OIL PALM TARGET
A Bank of Japan spokesman declined to comment on a press report that the central bank had decided to conduct closer scrutiny of the operations of financial institutions in the bond market. The JIJI Press news agency had quoted Bank of Japan sources as telling Japanese reporters the bank was deeply concerned over potential risk in yen bond trading because the market had risen too fast. However, JIJI quoted the sources as saying, the central bank would not take such actions as guiding interest rates higher. JIJI quoted the sources as saying that current bond market yields are similar to short-term interest rates due to excessive speculative operations. This was attributable to heavy redemptions of government bonds and unclear prospects for the dollar, which has sent many foreign bond market participants to the domestic market, the sources were quoted as saying. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"4384"
"14895"
[ "japan" ]
[]
[]
[]
8-APR-1987 06:54:25.93
BANK OF JAPAN HAS NO COMMENT ON YEN BOND REPORT
Mafina BV of Voorburg, a subsidiary of Petrofina SA <PETB.BR>, is issuing a minimum 200 mln franc seven year bond with warrants, paying two pct, lead manager Credit Suisse said. The issue is guaranteed by the Belgian parent. The warrant exercise period is from May 1, 1987 until May 20, 1991. Each 5,000 franc note carries nine warrannts, each of which entitles the holder to buy one share in the company at 10,800 Belgian francs each. Payment is due April 30. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3879"
"14896"
[ "switzerland" ]
[]
[]
[]
8-APR-1987 07:01:24.78
MAFINA ISSUES 200 MLN SFR BOND WITH WARRANTS
Hokuriku Electric Industry is issuing a 35 mln dlr equity warrant bond due May 7, 1992 paying an indicated coupon of 2-1/8 pct and priced at par, lead manager Nomura International Ltd said. The issue is guaranteed by Hokuriku Bank Ltd. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. Final terms are due April 16. The payment date is May 7 and the issue is available in denominations of 5,000 dlrs. Listing will be in Luxembourg. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3880"
"14897"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:02:06.47
HOKURIKU ELECTRIC ISSUES 35 MLN DLR WARRANT BOND
Saitama Bank Ltd is issuing 100 mln Swiss francs of convertible notes due September 30, 1992, paying an indicated 1-1/4 pct, lead manager Credit Suisse said. Terms will be set on April 15 with payment due May 6. The conversion period is from May 20, 1987 until September 18, 1992. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3881"
"14898"
[ "switzerland" ]
[]
[]
[]
8-APR-1987 07:03:10.79
SAITAMA BANK ISSUES 100 MLN SFR CONVERTIBLE
"BRIEF"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3882"
"14899"
[]
[]
[]
[]
8-APR-1987 07:03:13.29
JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING "B" SHARES
Diversified building materials group Monier Ltd <MNRA.S> said talks are taking place which may lead to Britain's Redland Plc <RDLD.L> making an offer for the Monier shares it does not already hold, chairman Bill Locke said. Redland already holds about 49 pct of Monier's 156.28 mln issued shares, he said in a brief notice to the Australian Stock Exchange. Locke said shareholders would be advised as soon as the discussions progressed and recommended that they keep their shares. Monier shares were trading at a 1987 high of 3.10 dlrs today, up from the previous peak of 2.80 at yesterday's close, and well above the 1987 low of 2.18 dlrs. Monier is the largest concrete roof tile manufacturer in Australia, the U.S. And New Zealand and the world's largest marketer of fly ash, according to its annual report for 1985/86 ended June 30. It recently reported first-half 1986/87 net fell to 15.02 mln dlrs from 17.09 mln a year earlier due to the Australian housing downturn, although foreign earnings rose. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3883"
"14900"
[ "australia", "uk" ]
[]
[]
[]
8-APR-1987 07:05:55.21
MONIER SAYS BRITAIN'S REDLAND MAY BID FOR IT
Federal Realty Investment Trust is issuing a 75 mln dlr convertible eurobond due April 30, 2002 paying an indicated coupon of 5-1/4 to 5-1/2 pct and priced at par, lead manager Salomon Brothers International said. The issue has a put option after seven years which will be priced to give the investor a yield in line with current seven year U.S. Treasury bond. Final terms will be fixed on April 9. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. The issue is available in denominations of 1,000 and 10,000 dlrs. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3884"
"14901"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:06:35.27
FEDERAL REALTY ISSUES 75 MLN DLR CONVERTIBLE BOND
The Province of Quebec is issuing a 30 billion yen eurobond due May 7, 1997 paying five pct and priced at 102-1/2 pct, lead manager Bank of Tokyo International Ltd said. The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/4 pct, while management and underwriting combined pays 3/4 pct. The payment date is May 7. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3885"
"14902"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:06:42.81
QUEBEC ISSUES 30 BILLION YEN EUROBOND
Isuzu Motor Ltd <ISUM.T> will pay no dividend for the first half year ending April 30, 1987, as the company is expected to mark a 12 billion yen parent company current loss in the first half due to slow exports caused by the yen's appreciation, a company spokesman said. The company has paid no dividend since the year ended October 31, 1983, when it paid five yen. It had a 4.44 billion yen current profit in the first half of 1985/86. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3886"
"14903"
[ "japan" ]
[]
[]
[]
8-APR-1987 07:06:51.04
ISUZU PLANS NO INTERIM DIVIDEND
Ministry of International Trade and Industry (MITI) Vice Minister Makoto Kuroda leaves for Washington today with data he hopes will refute U.S. Charges Japan has violated a pact on microchip trade. A three-man Japanese trade team is already in Washington laying the groundwork for talks between Kuroda and Deputy U.S. Trade Representative Michael Smith aimed at persuading the U.S. Not to impose tariffs on certain Japanese products. But Kuroda said he is taking no new proposals. "I have nothing in my briefcase except an explanation of the current situation," Kuroda told the daily newspaper Asahi Shimbun. Kuroda said the U.S. Decision was based on incorrect data and an exaggerated sense of MITI's power to control market forces. "The U.S. Has excessive expectations. To stabilise supply-demand relations which have been disrupted by excess inventories since 1985 will take some time," he said. Kuroda also laid part of the blame for low U.S. Chip sales in Japan on a lack of effort by American firms here. He said if he fails in talks tomorrow and Friday to forestall sanctions, he will seek further talks with U.S. Trade Representative Clayton Yeutter. U.S. Officials said this week's talks are unlikely to delay imposition of tariffs. REUTER
"NORM"
[ "trade" ]
"TEST"
"TRAINING-SET"
"4386"
"14904"
[ "usa", "japan" ]
[]
[]
[]
8-APR-1987 07:07:47.39
JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS
The Bell Group Ltd <BLLA.S> said it now holds 14.9 pct of the issued capital of Standard Chartered Plc <STCH.L> after acquiring further shares. The one-sentence statement from Bell's headquarters confirmed what its brokers Warburg Securities told Reuters in London yesterday. Bell previously held 10 pct of Standard. Bell chairman Robert Holmes a Court, who is also a director of Standard, was not available for comment on his company's intentions in boosting its holding and other company officials contacted here by Reuters declined to comment. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"4388"
"14907"
[ "australia" ]
[]
[]
[]
8-APR-1987 07:10:48.46
BELL GROUP CONFIRMS STANDARD CHARTERED STAKE
Nippon Steel Corp <NSTC.T> denied local newspaper reports that China has been seeking to buy steel plants from Japanese firms which plan to suspend output under the recently announced rationalisation program. The Mainichi Shimbun quoted Nippon Steel as saying that China's State Planning Commission and some Chinese firms have asked Japanese makers to sell them steel works and rolling mills to expand steelmaking cheaply. It named no sources. A Nippon Steel spokesman told Reuters that China has made no such official request, and the company was not considering such sales at the moment. But Mainichi quoted Nippon Steel officials as saying if prices are reasonable, they would export their used mills to China. The paper said China's crude steel output totalled 52 mln tonnes in calendar 1986 and that it plans to increase to 80 mln by 1996. Japan's steel industry rationalisation plan is aimed at cutting production capacity sharply over the next few years. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"4390"
"14909"
[ "japan", "china" ]
[]
[]
[]
8-APR-1987 07:11:17.34
NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS
Jardine Matheson Holdings Ltd <JARD.HK> said it will withdraw the previously announced four-for-one bonus issue of "B" shares and replace it by a two-for-five bonus issue of ordinary shares. A statement said the firm expects to pay total dividends for 1987 of not less than 40 cents a share on the expanded capital. Jardine Matheson decided to withdraw its issue because of a joint announcement earlier today by Ronald Li, chairman of the Stock Exchange of Hong Kong, and Securities Commissioner Ray Astin, that the listings of new "B" shares would be barred. The official announcement said this will include the proposal by Jardine Matheson. But the Jardine statement quoted chairman Simon Keswick as saying: "We continue to believe that the issuing of "B" shares would benefit shareholders, and regret that they will not be given the opportunity to vote on the matter at this stage." Keswick said the "B" share issue will benefit Jardine Matheson's shareholders by giving the firm flexibility to issue ordinary shares for expansion in future without diluting existing shareholders' voting rights. However, he added: "We certainly welcome (the Secretary for Monetary Affairs) David Nendick's referral of this very important matter to the Standing Committee on Company Law Reform and are hopeful that the process will lead to the development of general principles which can be embraced by all constituents of the Hong Kong market." REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3894"
"14911"
[ "hong-kong" ]
[]
[]
[]
8-APR-1987 07:13:30.28
JARDINE MATHESON REPLACES "B" SHARE BY BONUS ISSUE
A top U.S. Official said Japan has little chance of persuading the U.S. to drop threatened trade sanctions, despite the efforts of a Japanese team that left for Washington today. Michael Armacost, Under Secretary of State for Political Affairs, was asked at a press conference whether Japan's moves to boost its domestic economy and open its markets could persuade the U.S. Not to impose tariffs on Japanese imports said, and replied: "...It is probably too early for the figures to demonstrate that the situation has turned around and to permit the result you have described." Armacost said the U.S. Hopes Japan will take steps to lift its domestic economy and reduce dependence on exports, remove barriers to imports and settle outstanding trade issues. "There are obvious problems at the moment in the trade area, but we do not wish those problems to divert attention from important areas of cooperation that continue to exist on security and political issues," he said. "The question is whether through cooperative actions between our governments we can reduce the (trade) imbalance or whether Congress takes action to reduce it through protectionist legislation," he said. REUTER
"NORM"
[ "trade" ]
"TEST"
"TRAINING-SET"
"4392"
"14912"
[ "usa", "japan" ]
[]
[]
[]
8-APR-1987 07:16:32.29
JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
The Bank of Japan bought a small amount of dollars shortly after the opening at around 145.30 yen, dealers said. The central bank intervened as a medium-sized trading house sold dollars, putting pressure on the U.S. Currency, they said. The dollar was also supported by a major electrical consumer goods company, which was a speculative dollar buyer at around 145.25 yen, they added. The dollar opened at 145.33 yen against 145.60/70 in New York and 145.25 at the close here yesterday. REUTER
"NORM"
[ "money-fx", "dlr", "yen" ]
"TEST"
"TRAINING-SET"
"3896"
"14913"
[ "japan" ]
[]
[]
[]
8-APR-1987 07:18:02.86
BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING
Inflation was by 8.8 pct in Indonesia during fiscal 1986/87 to March 31, compared to 5.66 pct the previous year, Information Minister Harmoko said after a cabinet session to discuss the economic situation. REUTER
"NORM"
[ "cpi" ]
"TEST"
"TRAINING-SET"
"4396"
"14918"
[ "indonesia" ]
[]
[]
[]
8-APR-1987 07:25:36.50
INDONESIAN INFLATION RATE 8.8 PCT IN 1986/87
The Bank of England said it provided the money market with 53 mln stg assistance in the morning session. This compares with the bank's estimate of a shortage in the system of around 300 mln stg which it earlier revised up from 250 mln. The central bank made outright purchases of bank bills comprising 46 mln stg in band three at 9-3/4 pct and seven mln stg in band four at 9-11/16 pct. REUTER
"NORM"
[ "money-fx", "interest" ]
"TEST"
"TRAINING-SET"
"3902"
"14919"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:27:55.76
U.K. MONEY MARKET GIVEN 53 MLN STG ASSISTANCE
The coupon on the 25 mln dlr equity warrant eurobond for Keihanshin Real Estate Co Ltd has been set at 2-1/8 pct compared with the 2-1/4 pct indication, lead manager Daiwa Europe Ltd said. The exercise price has been set at 810 yen per share which represents a premium of 2.53 pct over today's closing price of 790 yen. The exchange rate was set 146.30 yen to the dollar. The five-year deal is priced at par and guaranteed by the Sumitomo Bank Ltd. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3903"
"14920"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:28:48.05
COUPON CUT ON KEIHANSHIN REAL ESTATE WARRANT BOND
A bid by San Miguel Corp (SMC) <SANM.MN> to buy back 38.1 mln sequestered shares from United Coconut Planters Bank (UCPB) has been hit by two new lawsuits, sources in the Philippine food and brewery company said. A Manila court yesterday issued an injunction barring UCPB from selling the shares, which represent 31 pct of SMC's outstanding capital stock of 121 mln shares, until hearings on April 21 on a petition filed by Eduardo Cojuangco, a former chairman of both SMC and UCPB. Cojuangco said the Coconut Industry Investment Fund (CIIF) and 1.4 mln farmers were the rightful owners of the shares. Cojuangco said the shares were held in trust by UCPB and represented a blue chip investment. His petition said UCPB's plans to sell the shares to SMC were "a serious breach of fiduciary duties." The SMC sources said the proposed share sale could also be held up by a second derivative suit filed before the Securities and Exchange Commission (SEC) by Eduardo de los Angeles, a government nominee on the company's board. De los Angeles, who represents SMC's minority stockholders, asked the SEC to block the transaction, approved last week by the company's board. On April 2 the board sanctioned the repurchase of the sequestered shares for 4.79 billion pesos at 126 pesos per share. De los Angeles told the SEC the company's retained earnings of 1.33 billion pesos would be wiped out by the purchase of the shares and would prevent the declaration of dividends. De los Angeles said the share purchase would also violate an SMC agreement with its creditors to maintain a 2.2-to-1 debt to equity ratio. He quoted SMC's chief financial director Ramon del Rosario as telling the board that the transaction would boost the ratio to 2.5-to-1. In petitioning the SEC, de los Angeles amended an earlier suit two weeks ago in which he charged SMC Chairman Andres Soriano III and nine other directors of violating their duties. De los Angeles' earlier complaint related to SMC assuming last December a 26.5 mln dlr loan contracted by SMC's Hong Kong subsidiary <Neptunia Corp> for a down payment on the shares. The loan assumption was again ratified by last week's board meeting. An arbitration panel set up by President Corazon Aquino to resolve the ownership issue is expected to submit its report by April 15. "The amended suit filed by Eduardo de los Angeles is part of a continuing attempt by certain elements, in complete disregard of the facts and with questionable motives, to delay an early disposition of the sequestered shares," San Miguel Corp said in a statement. "Coming as it does, when San Miguel Corp and UCPB have reached agreement on the price of the shares and the method of payment, this suit is in direct contravention of the government's expressed desire to reach an amicable settlement of the controversy by April 15," the statement added. A San Miguel spokesman said he had no comment on Cojuangco's court petition, adding: "Any statement coming from us might be interpreted as adversarial." Meanwhile, Ramon Diaz, the head of a government panel which sequestered the shares last year, said Soriano was not eligible to buy the major portion of the shares because he was a United States citizen. The sequestered shares are split into 24 mln "A" shares, which can only be owned by Filipinos, and 14 mln "B" shares which are available to foreign buyers. SMC sources said Soriano personally was not among prospective buyers. They said the shares would be purchased by the <A.Soriano> group of companies, SMC, Neptunia and unnamed institutional investors. Soriano was named as one of the buyers in a bid in March 1986 for 33 mln shares controlled by UCPB. The sale was aborted when Diaz's Presidential Commission on Good Government sequestered the shares on suspicion they were owned by Cojuangco, a close associate of former President Ferdinand Marcos. Cojuangco lives in self-imposed exile in the U.S.. The shares grew to 38.1 mln after a 15 pct stock dividend announced last June. "We have no objection to Soriano buying the "B" shares," Diaz told Reuters. "But everything is on hold now." The SMC spokesman said he did not know if the controversy would be resolved before the company's annual stockholders' meeting, scheduled for May 14. San Miguel Corp reported sales revenue of 12.2 billion pesos in 1986, 11 pct above its 10.9 billion peso sales in 1985. It said unaudited net profit was in the neighbourhood of 700 mln pesos, an increase of about 50 pct over 1985. REUTER
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3904"
"14921"
[ "philippines" ]
[]
[]
[]
8-APR-1987 07:30:57.45
SAN MIGUEL DEAL HIT BY MORE LAWSUITS
Good rains of one to four inches in the past 10 days have boosted moisture-stressed sugar cane crops in the Mackay-Burdekin region of Queensland's central coast, an Australian Sugar Producers' Association spokesman said. As previously reported, the region has been undergoing a severe dry spell, partly relieved by scattered rainfall, since December, following the virtual failure of the summer wet season. Mills in the area have been reporting that their crops are beginning to look healthy and greener and are putting on growth since the rains began, the spokesman said from Brisbane. Although the Mackay-Burdekin crop outlook is much better than it was, there will be some cane losses, the spokesman said. But is too early to say what they will be and more rain is needed to restore sub-soil moisture. Elsewhere, in far north Queensland, the Bundaberg region and southern Queensland, the cane is in excellent condition and some mills are forecasting record crops, he said. Initial 1987 crop estimates will probably be compiled towards the end of May, he said. The cane crush normally runs from June to December. REUTER
"NORM"
[ "sugar" ]
"TEST"
"TRAINING-SET"
"4398"
"14922"
[ "australia" ]
[]
[]
[]
8-APR-1987 07:31:06.12
RAIN BOOSTS CENTRAL QUEENSLAND SUGAR CANE CROP
The European Community (EC) is expected to award export licences at today's weekly tender for above 60,000 and possibly up to 100,000 tonnes of white sugar after last week's award for 102,350 tonnes, traders here said. They expected a maximum rebate of between 46.40 and 46.50 Ecus per 100 kilos, compared to last week's 46.864. Earlier, traders in London said the outcome of the tender was very hard to predict after last week's substantial award and the placing of 785,000 tonnes of sugar into intervention. They said they believed the tonnage would be around 60,000 but declined to give a rebate figure. REUTER
"NORM"
[ "sugar" ]
"TEST"
"TRAINING-SET"
"3906"
"14923"
[ "france" ]
[]
[ "ec" ]
[]
8-APR-1987 07:33:56.20
FRENCH TRADERS FORECAST EC SUGAR TENDER
Italian insurer La Fondiaria Spa <LFDI.MI> said it expects to report consolidated group profit in 1986 significantly higher than the 60 billion lire reported in 1985. The company said in a statement that parent company net profit last year will rise from the 72 billion lire reported in 1985. Consolidated group premiums totaled 1,700 billion lire in 1986 compared with 1,490 billion the previous year. Iniziativa Meta <INZI.MI>, the financial services unit of Montedison Spa <MONI.MI>, controls the largest single stake in Florence-based Fondiaria with 49.9 pct. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3909"
"14926"
[ "italy" ]
[]
[]
[]
8-APR-1987 07:39:54.45
ITALY'S LA FONDIARIA TO REPORT HIGHER 1986 PROFITS
National Bank Mortgage Corp is issuing a 100 mln Canadian dlr eurobond due May 18, 1992 with a nine pct coupon and priced at 101-3/4 pct, McLeod Young Weir International Ltd said as lead manager. The non-callable bonds will be guaranteed by the National Bank of Canada. They will be issued in denominations of 1,000 and 10,000 dlrs and listed in Luxembourg. Gross fees of 1-7/8 pct comprise 1-1/4 pct for selling and 5/8 pct for management and underwriting combined. Pay date is May 18. There will be two co-leads. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3910"
"14927"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:55:13.72
NATIONAL BANK MORTGAGE ISSUES CANADIAN DLR BOND
Nickel prices are unlikely to rise significantly from current levels unless further steps are taken to reduce production, Shearson Lehman Brothers said in its quarterly nickel market report. The market had recovered slightly to around 1.72 dlrs a lb yesterday from its four year low of 1.55 dlrs in early January, due to the absence of Soviet nickel cathode deliveries, but Shearson sees Soviet shipments soon returning to last year's buoyant levels, which should ease current tightness. Output reductions by producers will take effect later this year but are likely to be offset by increases elsewhere. Shearson said the nickel market will be virtually in balance during 1987, with total non-Socialist world demand at 556,000 tonnes, compared with an estimated 544,000 tonnes in 1986, production at 505,000 tonnes (504,000) and imports from Socialist countries at 47,000 tonnes (50,000). It forecast prices will edge higher during the year from a first quarter average of 1.67 dlrs a lb up to 1.77 dlrs in the last quarter. The year's average will be around 1.72 dlrs a lb compared with 1.76 dlrs in 1986, using London Metal Exchange cash metal prices in dollar terms and assuming an average 1987 sterling exchange rate of 1.55 dlrs. REUTER
"NORM"
[ "nickel" ]
"TEST"
"TRAINING-SET"
"4399"
"14928"
[ "uk" ]
[]
[]
[]
8-APR-1987 07:55:59.02
NICKEL PRICES UNLIKELY TO RISE MUCH - SHEARSON
The government will provide new guarantees for up to three billion H.K. Dlrs in financing instruments to be issued by the government owned <Mass Transport Railway Corp>, bringing the total to 9.1 billion dlrs, Financial Secretary Piers Jacobs said. He told the Legislative Council the instruments would replace existing longer term government guaranteed export credit debt obligations. A total of 1.5 billion dlrs in government guaranteed export credit debt obligations are due to mature in two years. REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3912"
"14929"
[ "hong-kong" ]
[]
[]
[]
8-APR-1987 07:56:30.30
HONG KONG PROVIDES NEW GUARANTEE FOR MTRC DEBTS
The fully state-owned Dutch chemical firm NV DSM <DSMN.AS> said its 1986 net profit rose to 412 mln guilders from 402 mln in 1985, while turnover fell to 17.7 billion guilders in 1986 from 24.1 billion in 1985. The company said 1986 dividend, which will be paid to the Dutch state in its capacity of the firm's sole shareholder, would be raised to 98 mln guilders from 70 mln guilders in 1985. In an initial comment on its 1986 results, DSM said the drop in 1986 turnover had been caused mainly by losses in the company's fertilizer division. REUTER
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3913"
"14930"
[ "netherlands" ]
[]
[]
[]
8-APR-1987 08:08:28.27
HIGHER 1986 PROFIT FOR DUTCH CHEMICAL FIRM DSM
Bundesbank President Karl Otto Poehl said a weaker dollar would be risky and a further appreciation of the mark would damage prospects for sustained West German economic growth. In a speech to the Institute of Contempory German Affairs here, Poehl said "It would be an extremely risky policy to aim for a further substantial decline in the value of the dollar to correct the trade deficit." He said the United States could face a vicious circle of depreciation, inflation and more depreciation if it took that route. Poehl noted West Germany had already taken steps to meet U.S. Demands for greater stimulation of its domestic economy, accelerating tax cuts, cutting interest rates and tolerating above-target money supply growth. He said he would have been happy to have brought forward five billion marks of tax cuts now planned for January 1988 to the beginning of this year, but he said the government faced political constraints getting such measures through the upper house of the West German parliament. But there were also limits to the impact West Germany could accept on exports from a rising mark, he said. Poehl said West Germany relied on exports for about one-third of its gross national product, so a substantial erosion of export markets could not be offset by increasing demand at home. "A further appreciation of the mark could even be an obstacle to further growth," he said. Poehl said the Bundesbank had tolerated rapid money supply growth last year because the country enjoyed low inflation and because external factors, including low oil prices and favourable terms of trade, had given some extra leeway. But Poehl said West Germany now faced a difficult dilemma over monetary policy. The underlying rate of inflation was now two pct, not the reported negative inflation rates last year, and West Germany was affected more than before by exchange rate developments. "For the time being, we will have to focus our policy more on the external side, and we can live with a more expansionary money supply. But we must be very careful," he said. He said he shared some of the U.S. Concern about Japan's trade surpluses, which affected European countries as well as the United States. Poehl welcomed the so-called Louvre accord of monetary officials of major industrialized countries, saying the importance of the February 22 agreement to stabilize exchange rates had been underestimated. All partners had agreed that the dollar was at about the right level, and that further changes would damage growth, he said. "This was a remarkable change in attitude, especially on the part of our American colleagues," he said. But he said there was still a danger that the correction of the dollar's value could overshoot. REUTER
"NORM"
[ "money-fx", "dlr" ]
"TEST"
"TRAINING-SET"
"4400"
"14931"
[ "usa", "west-germany" ]
[ "poehl" ]
[]
[]
8-APR-1987 08:14:52.55
POEHL WARNS AGAINST FURTHER DOLLAR FALL
Cincinnati Bell Inc said it has started its previously-announced 15.75 dlr per share tender offer for all shares of Auxton Computer Enterprises Inc. In a newspaper advertisement, the company said the tender and withdrawal rights will expire May Five unless extended. The offer, which has been approved by the Auxton board and is to be followed by a merger at the same price, is conditioned on receipt of a majority of Auxton's voting stock on a fully diluted basis. Reuter
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3915"
"14932"
[ "usa" ]
[]
[]
[]
8-APR-1987 08:17:38.91
CINCINNATI BELL <CSN> STARTS AUXTON <AUXT> BID
California Biotechnology Inc said it expects to report a loss of 1,300,000 dlrs to 1,600,000 dlrs for the first quarter due to increased investment in research and manufacturing and a scaleup of production. The company said research spending is running 50 to 60 pct above a year ago as it tries to commercialize its products as quickly as possible, and increased expenditures are expected to continue for several more quarters. It said operating results will fluctuate quarter to quarter, depending on the timing of significant payments from commercial partners. In the first three months of 1986, the company lost 150,000 dlrs. The company changed its fiscal year in 1986 to a calendar year from a year ending November 30. For the first quarter of last year, ended February 28, California Biotech earned 114,000 dlrs. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3916"
"14933"
[ "usa" ]
[]
[]
[]
8-APR-1987 08:17:52.33
CALIFORNIA BIOTECH <CBIO> SEES 1ST QTR LOSS
Qtly div 8-1/2 cts vs 8-1/2 cts prior Pay May One Record April 20 Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3917"
"14934"
[ "usa" ]
[]
[]
[]
8-APR-1987 08:18:26.72
PALL CORP <PLL> SETS QUARTERLY DIVIDEND
Unilever Plc and NV <UN.AS> has issued a prospectus through investment bankers Goldman Sachs and Co seeking a buyer for <Stauffer Chemical Co> of the U.S., Which it acquired with the recent takeover of <Chesebrough-Pond's Inc>, a Unilever spokesman said. He noted Unilever has been indicating plans to dispose of Stauffer, plus some smaller assets of Chesebrough, since the bid was made in December. The Stauffer sale prospectus has been sent in recent weeks to a number of companies expressing interest. The Unilever spokesman declined to say how much the group expected to receive for Stauffer. Chesebrough's footwear and tennis racket businesses are also likely to be disposed of, he added. Immediately available financial information on Stauffer, which is wholly-owned, was limited, he added. Nine month sales to September 1986 were about 1.2 billion dlrs. Unilever aquired Chesebrough for 3.2 billion dlrs in order to benefit from its well-known toiletry brands and food products. Reuter
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3924"
"14941"
[ "uk", "usa" ]
[]
[]
[]
8-APR-1987 08:33:47.51
UNILEVER SEEKS BUYER FOR STAUFFER CHEMICAL
"BRIEF"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3926"
"14943"
[]
[]
[]
[]
8-APR-1987 08:36:23.95
CONRAC CORP SAID IT HAS ENTERED TALKS ON ITS ACQUISITION WITH SEVERAL PARTIES
Conrac Corp sait has started negotiations with several interested parties on its possible acquisition. It said there can be no assurance that any transaction will result from the talks. It gave no further details. Mark IV Industries Inc <IV> started tendering for all Conrac shares at 25 dlrs each on March 24 and owned 9.9 pct of Conrac before starting the bid. Conrac is a producer and marketer of computer-related information display and communications equipment which also produces special purpose architectural and industrial products. It owns Code-A-Phone Corp, a producer of telephone answering machines. For 1986, the company reported profits of 7.8 mln dlrs, or 1.16 dlrs a share, on sales of 153.9 mln dlrs. It has nearly 6.8 mln shares outstanding. Reuter
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3932"
"14949"
[ "usa" ]
[]
[]
[]
8-APR-1987 08:46:29.25
CONRAC <CAX> IN MERGER TALKS WITH SEVERAL
China's foreign debt is very low given its export capability, the size of its economy and its growth potential and the country is politically stable, Jean-Maxime Leveque, chairman of Credit Lyonnais, told reporters. Leveque, who has met the heads of most of China's banks including the president of its central bank during a visit here, said the Chinese authorities are very attentive to its foreign debt and have the matter under control. Official figures show China's foreign debt at a post-1949 record 16 billion dlrs at end-1986. Asked if he had advised China to borrow more francs and U.S. Dollars and less yen, Leveque said he had not offered any advice, but added: "The yen and the dollar are not stable, but the ECU is stable." Asked if his bank has lost any confidence in China after the resignation of Communist Party chief Hu Yaobang in January, he said: "We have total confidence in the political stability in China. The policies of the open door and economic development outlined in 1979 will not change, although there may be fluctuations in speed." REUTER
"NORM"
[]
"TEST"
"TRAINING-SET"
"3933"
"14950"
[ "china", "france" ]
[]
[]
[]
8-APR-1987 08:47:18.17
TOP FRENCH BANKER SEES CHINA FOREIGN DEBT VERY LOW
The ruling Liberal Democratic Party (LDP) has proposed expanding imports of 12 farm products named in a U.S. Complaint against Japan to the General Agreement on Tariffs and Trade last year, an LDP official said. The products include fruit juices, purees and pulp, some tomato products, peanuts, prepared beef products and beans. The proposal will be used as the basis for a more detailed LDP economic package to cut the trade surplus with the U.S. The party is expected to formalise the package before April 19, when LDP General Council Chairman Shintaro Abe visits Washington. Reuter
"NORM"
[ "groundnut" ]
"TEST"
"TRAINING-SET"
"3934"
"14951"
[ "japan", "usa" ]
[]
[]
[]
8-APR-1987 08:48:10.60
JAPAN'S LDP URGES MORE IMPORTS OF 12 FARM ITEMS
Shr 14 cts vs nine cts Net 217,572 vs 153,454 Revs 2,530,273 vs 2,558,924 1st half Shr 19 cts vs 11 cts Net 299,838 vs 174,739 Revs 4,865,249 vs 4,495,021 Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3937"
"14954"
[ "usa" ]
[]
[]
[]
8-APR-1987 08:59:55.04
COMPUTER RESEARCH INC <CORE> 2ND QTR FEB 28 NET
Tug crews in New South Wales (NSW), Victoria and Western Australia yesterday lifted their ban on foreign-flag ships carrying containers but NSW ports are still being disrupted by a separate dispute, shipping sources said. The ban, imposed a week ago over a pay claim, had prevented the movement in or out of port of nearly 20 vessels, they said. The pay dispute went before a hearing of the Arbitration Commission today. Meanwhile, disruption began today to cargo handling in the ports of Sydney, Newcastle and Port Kembla, they said. The industrial action at the NSW ports is part of the week of action called by the NSW Trades and Labour Council to protest changes to the state's workers' compensation laws. Reuter
"NORM"
[ "ship" ]
"TEST"
"TRAINING-SET"
"3940"
"14957"
[ "australia" ]
[]
[]
[]
8-APR-1987 09:05:42.63
AUSTRALIAN FOREIGN SHIP BAN ENDS
"BRIEF"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3941"
"14958"
[]
[]
[]
[]
8-APR-1987 09:08:15.32
RUBBERMAID INC 1ST QTR SHR 28 CTS VS 22 CTS
The two sides in the Rotterdam port general cargo dispute have agreed to appoint an independent chairman, Han Lammers, to preside over future meetings, employers' spokesman Gerard Zeebregts said. Lammers, Queen's Commissioner for the province of Flevoland, will not act as a mediator but will draw up an agenda and procedures for meetings between the employers and unions on a work-practice agreement and proposed redundancies. Two months of strikes in the sector began on January 19 in protest at employers' proposals for 350 redundancies from the 4,000-strong workforce this year. The strikes were called off by the main port union FNV on March 13 following an Amsterdam court's interim injunction against the redundancies on procedural grounds. The court is due to make a final ruling on May 7 but Zeebregts said he expected the judgment to go against the employers and they were therefore very likely to restart the complicated legal redundancy procedures in the near future. Meanwhile, the dispute over a new work-practice agreement in the port's grain sector continued, with 30 maintenance workers on strike, although loading was not affected, a spokesman for Graan Elevator Mij, the largest employer in the sector, said. The employers have written to the union asking it to reconsider its position and a meeting of union members has been called for tomorrow. Reuter
"NORM"
[ "ship" ]
"TEST"
"TRAINING-SET"
"4411"
"14959"
[ "netherlands" ]
[]
[]
[]
8-APR-1987 09:09:18.73
INDEPENDENT CHAIRMAN FOR DUTCH CARGO DISPUTE
Shr 20 cts vs 32 cts Net 1,358,000 vs 2,476,000 Revs 27.1 mln vs 26.2 mln Avg shrs 6,852,000 vs 7,764,000 Nine mths Shr 68 cts vs 1.05 dlrs Net 4,957,000 vs 8,129,000 Revs 82.6 mln vs 78.8 mln Avg shrs 7,316,000 vs 7,754,000 Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3943"
"14960"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:09:38.48
ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET
Shr 28 cts vs 22 cts Net 20.6 mln vs 16.1 mln Sales 238.0 mln vs 188.8 mln Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3945"
"14962"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:11:17.50
RUBBERMAID INC <RBD> 1ST QTR NET
Shr profit 13 cts vs loss 33 cts Net profit 1,149,000 vs loss 2,833,000 Rev 51.8 mln vs 47.8 mln Year Shr profit 24 cts vs loss 18 cts Net profit 2,050,000 vs loss 1,551,000 Rev 200.6 mln vs 180.1 mln Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3946"
"14963"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:13:16.01
WTC INTERNATIONAL INC <WAF> 4TH QTR FEB 28 NET
The Bank of England said it provided the market with further help totalling 166 mln stg during the afternoon. In band one, it bought 31 mln stg of treasury bills and three mln stg of bank bills at 9-7/8 pct, while in band two it bought 69 mln stg of bank bills at 9-13/16 pct. In addition, it bought 63 mln stg of band three bank bills at 9-3/4 pct. This brings the total assistance by the Bank so far today to 219 mln stg against a liquidity shortage it has estimated at around 300 mln stg. REUTER
"NORM"
[ "money-fx", "interest" ]
"TEST"
"TRAINING-SET"
"3947"
"14964"
[ "uk" ]
[]
[]
[]
8-APR-1987 09:19:05.97
U.K. MONEY MARKET GIVEN FURTHER 166 MLN STG HELP
"BRIEF"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3948"
"14965"
[]
[]
[]
[]
8-APR-1987 09:19:31.47
MEAD CORP 1ST QTR OPER SHR 1.09 DLRS VS 67 CTS
Rubbermaid Inc said its incoming order rates continue strong and it expects to continue recording favorable year to year comparisons in each remaining quarter of 1987. Today the company reported first quarter earnings of 20.6 mln dlrs on sales of 238.0 mln dlrs, up from earnings of 16.1 mln dlrs on sales of 188.8 mln dlrs. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3950"
"14967"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:20:11.40
RUBBERMAID <RBD> SEES CONTINUED IMPROVEMENT
Shr 55 cts vs 41 cts Net 494,000 vs 204,000 Avg shrs 896,655 vs 494,155 Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3951"
"14968"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:20:21.35
CAYUGA SAVINGS BANK <CAYB> 1ST QTR NET
Shr 33 cts vs not given Net 642,484 vs 362,883 NOTE: Company went public in October 1986. Net includes pretax loan loss provisions of 90,000 dlrs vs 56,250 dlrs and gain on sale of securities of 113,432 dlrs vs 88,946 dlrs. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3952"
"14969"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:20:38.65
JOHNSTOWN SAVINGS BANK FSB <JSBK> 1ST QTR NET
2nd qtr March 31 Shr 57 cts vs not given Net 790,874 vs 628,020 1st half Shr 1.15 dlrs vs not given Net 1,588,985 vs 1,073,163 NOTE: Company recently went public. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3953"
"14970"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:20:51.77
HOME SAVINGS AND LOAN ASSOCIATION INC <HSLD>
Shr 21 cts vs 20 cts Net 596,000 vs 594,000 Revs 8,693,000 vs 8,164,000 Nine mths Shr 61 cts vs 58 cts Net 1,784,000 vs 1,653,000 Revs 26.3 mln vs 23.0 mln Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3954"
"14971"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:21:09.93
GEODYNAMICS CORP <GDYN> 3RD QTR FEB 27 NET
Swedish unemployment was steady at 2.2 pct of the workforce in March compared with the previous month, the Central Bureau of Statistics said. In March 1986, the figure stood at 2.4 pct. REUTER
"NORM"
[ "jobs" ]
"TEST"
"TRAINING-SET"
"3957"
"14974"
[ "sweden" ]
[]
[]
[]
8-APR-1987 09:28:20.75
SWEDISH UNEMPLOYMENT STEADY IN MARCH
Compaq Computer Corp said it expects sales and earnings for the first quarter of 1987 to be higher than analysts expectations due to strong demand for its products. Rod Canion, president and chief executive officer of Compaq, said he expects sales of over 200 mln dlrs for the period ending March 31, above analysts' estimates of 165-185 mln dlrs. He added that earnings per share would exceed analysts estimates of as high as 42 cts a share. Compaq reported earnings of 8.3 mln dlrs, or 30 cts a share, and sales of 144 mln dlrs for the first quarter 1986. The company said demand for its DESKPRO 386, PORTABLE III and the new COMPAQ DESKPRO 286 will contribute to the sales increase. "The initial demand for the recently introduced COMPAQ PORTABLE III and the new models of the COMPAQ DESKPRO 286 exceeds that of any other Compaq personal computers," Canion said. "We saw continued demand for our personal computers across the quarter, with March (1987) being a particularly strong month. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"4412"
"14975"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:29:12.30
COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET
I.U. International Co said it reached a preliminary agreement to sell the Hawaiian Insurance Cos to Hawaiian Electric Industries Inc. <HE>. Terms of the transaction were not disclosed, the company said. The transaction is subject to the execution of definitive agreements, certain governmental approvals and approvals by the boards of directors involved, I.U. International said. Hawaiian Electric said the planned purchase was part of its strategy to increase the company's investment in selected service industries in Hawaii, including financial services. Reuter
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3961"
"14978"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:43:29.66
I.U. INTERNATIONAL <IU> TO SELL INSURANCE UNITS
Shr nil vs nil Net 215,000 vs 16,000 Revs 2,800,000 vs 1,100,000 Nine mths Shr one ct vs nil Net 620,000 vs 231,000 Revs 8,100,000 vs 2,100,000 Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3964"
"14981"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:43:53.51
CXR TELCOM CORP <CXRL> 3RD QTR MARCH 31 NET
Senate Banking Committee Chairman William Proxmire (D-Wis) said he planned to introduce legislation shortly to require greater public disclosure of corporate takeovers and fairer treatment for all shareholders. Speaking to the National Association of Manufacturers, Proxmire said recent insider trading stock scandals increased the chance that Congress will act to curb abuses. "We are proposing legislation that would provide for more disclosure, would be fairer to all shareholders, and would insure that takeovers are properly financed," he said. Among the provisions, the bill would reduce the threshold for notifying the Securities and Exchange Commission that a investor or group has acquired a percentage of stock in a company to three pct from the current five pct threshold within 10 days, Proxmire said. In addition, there would be a pre-notificaton requirement that an investor intended to aquire three pct that would have to filed with the SEC. Proxmire said the pre-notification requirement was meant to prevent arbitragers from having a jump on the general public in knowing about coming takeover attempts. Proxmire said he would call for extending the period that a tender offer must be kept open under the Williams Act to 60 business days from the current 20 business days. His bill would provide for private suits if the acquiring company violated the time period on the tender offer. To correct abuses in the financing of takeovers, Proxmire said the legislation would aim at insuring current margin requirments are properly enforced. The Federal Reserve Board has a 50 pct margin requirement for purchasing stock, but Proxmire said it is not generally enforced in hostile takeovers. Rather, the groups or individuals leading a takeover declare that they can raise the capital for a takeover without actually putting any of their own money, Proxmire said. He said his bill would allow private suits for damages for failure to meet the Federal Reserve's 50 pct margin requirements. The bill also would require more disclose when several investors form an alliance in a hostile takeover. "When Pickens and Icahn get together we want people to know about it," Proxmire said. Proxmire said he favored the approach used in Britain towards two-tiered tender offers that insures that all shareholders recieve equal treatment. He said he expected amendments to the bill also would cover defensive mechanisms such as green mail and poison pills. Proxmire said he intended to introduce his bill later this month and predicted the Senate committee would act this spring. He said he was hopeful Congress could pass a bill this year. Reuter
"NORM"
[ "acq" ]
"TEST"
"TRAINING-SET"
"3965"
"14982"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:44:13.42
PROXMIRE OUTLINES INSIDER TRADING LEGISLATION
Shr 17 cts vs 13 cts Net 598,000 vs 392,000 Sales 10.2 mln vs 7,474,000 Avg shrs 3,432,000 vs 3,045,000 Year Oper shr profit 1.05 dlrs vs loss 47 cts Oper net profit 3,498,000 vs loss 1,427,000 Sales 52.2 mln vs 40.8 mln Avg shrs 3,320,000 vs 3,060,000 NOTE: Latest year net excludes 782,000 dlr tax credit. Reuter
"NORM"
[ "earn" ]
"TEST"
"TRAINING-SET"
"3966"
"14983"
[ "usa" ]
[]
[]
[]
8-APR-1987 09:44:27.84
HELEN OF TROY CORP <HELE> 4TH QTR FEB 28 NET

Dataset Card for "reuters21578"

Dataset Summary

The Reuters-21578 dataset is one of the most widely used data collections for text categorization research. It is collected from the Reuters financial newswire service in 1987.

Supported Tasks and Leaderboards

More Information Needed

Languages

More Information Needed

Dataset Structure

Data Instances

ModApte

  • Size of downloaded dataset files: 8.15 MB
  • Size of the generated dataset: 13.05 MB
  • Total amount of disk used: 21.21 MB

An example of 'train' looks as follows.

This example was too long and was cropped:

{
    "cgis_split": "\"TRAINING-SET\"",
    "date": "19-MAR-1987 06:17:22.36",
    "exchanges": [],
    "lewis_split": "\"TRAIN\"",
    "new_id": "\"7001\"",
    "old_id": "\"11914\"",
    "orgs": [],
    "people": [],
    "places": ["australia"],
    "text": "\"Media group John Fairfax Ltd <FFXA.S>\\nsaid that its flat first half net profit partly reflected the\\nimpact of changes in t...",
    "title": "FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS",
    "topics": ["earn"]
}

ModHayes

  • Size of downloaded dataset files: 8.15 MB
  • Size of the generated dataset: 19.79 MB
  • Total amount of disk used: 27.93 MB

An example of 'train' looks as follows.

This example was too long and was cropped:

{
    "cgis_split": "\"TRAINING-SET\"",
    "date": "19-OCT-1987 23:49:31.45",
    "exchanges": [],
    "lewis_split": "\"TEST\"",
    "new_id": "\"20001\"",
    "old_id": "\"20596\"",
    "orgs": [],
    "people": [],
    "places": ["japan", "usa"],
    "text": "\"If the dollar goes the way of Wall Street,\\nJapanese will finally move out of dollar investments in a\\nserious way, Japan inves...",
    "title": "IF DOLLAR FOLLOWS WALL STREET JAPANESE WILL DIVEST",
    "topics": ["money-fx"]
}

ModLewis

  • Size of downloaded dataset files: 8.15 MB
  • Size of the generated dataset: 19.38 MB
  • Total amount of disk used: 27.54 MB

An example of 'train' looks as follows.

This example was too long and was cropped:

{
    "cgis_split": "\"TRAINING-SET\"",
    "date": "19-MAR-1987 06:17:22.36",
    "exchanges": [],
    "lewis_split": "\"TRAIN\"",
    "new_id": "\"7001\"",
    "old_id": "\"11914\"",
    "orgs": [],
    "people": [],
    "places": ["australia"],
    "text": "\"Media group John Fairfax Ltd <FFXA.S>\\nsaid that its flat first half net profit partly reflected the\\nimpact of changes in t...",
    "title": "FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS",
    "topics": ["earn"]
}

Data Fields

The data fields are the same among all splits.

ModApte

  • text: a string feature.
  • topics: a list of string features.
  • lewis_split: a string feature.
  • cgis_split: a string feature.
  • old_id: a string feature.
  • new_id: a string feature.
  • places: a list of string features.
  • people: a list of string features.
  • orgs: a list of string features.
  • exchanges: a list of string features.
  • date: a string feature.
  • title: a string feature.

ModHayes

  • text: a string feature.
  • topics: a list of string features.
  • lewis_split: a string feature.
  • cgis_split: a string feature.
  • old_id: a string feature.
  • new_id: a string feature.
  • places: a list of string features.
  • people: a list of string features.
  • orgs: a list of string features.
  • exchanges: a list of string features.
  • date: a string feature.
  • title: a string feature.

ModLewis

  • text: a string feature.
  • topics: a list of string features.
  • lewis_split: a string feature.
  • cgis_split: a string feature.
  • old_id: a string feature.
  • new_id: a string feature.
  • places: a list of string features.
  • people: a list of string features.
  • orgs: a list of string features.
  • exchanges: a list of string features.
  • date: a string feature.
  • title: a string feature.

Data Splits

ModApte

train unused test
ModApte 8762 720 3009

ModHayes

train test
ModHayes 18323 720

ModLewis

train unused test
ModLewis 12449 720 5458

Dataset Creation

Curation Rationale

More Information Needed

Source Data

Initial Data Collection and Normalization

More Information Needed

Who are the source language producers?

More Information Needed

Annotations

Annotation process

More Information Needed

Who are the annotators?

More Information Needed

Personal and Sensitive Information

More Information Needed

Considerations for Using the Data

Social Impact of Dataset

More Information Needed

Discussion of Biases

More Information Needed

Other Known Limitations

More Information Needed

Additional Information

Dataset Curators

More Information Needed

Licensing Information

According to the dataset website (https://archive.ics.uci.edu/dataset/137/reuters+21578+text+categorization+collection), this dataset is licensed under Creative Commons Attribution 4.0 International (C BY 4.0) license.

However, the source data file contains a README.txt file with the following information under the Copyright & Notification section:

The copyright for the text of newswire articles and Reuters annotations in the Reuters-21578 collection resides with Reuters Ltd. Reuters Ltd. and Carnegie Group, Inc. have agreed to allow the free distribution of this data for research purposes only. If you publish results based on this data set, please acknowledge its use, refer to the data set by the name "Reuters-21578, Distribution 1.0", and inform your readers of the current location of the data set (see "Availability & Questions").

Citation Information

@article{APTE94,
author = {Chidanand Apt{'{e}} and Fred Damerau and Sholom M. Weiss},
title = {Automated Learning of Decision Rules for Text Categorization},
journal = {ACM Transactions on Information Systems},
year = {1994},
note = {To appear.}
}

@inproceedings{APTE94b,
author = {Chidanand Apt{'{e}} and Fred Damerau and Sholom M. Weiss},
title = {Toward Language Independent Automated Learning of Text Categorization Models},
booktitle = {sigir94},
year = {1994},
note = {To appear.}
}

@inproceedings{HAYES8},
author = {Philip J. Hayes and Peggy M. Anderson and Irene B. Nirenburg and
Linda M. Schmandt},
title = {{TCS}: A Shell for Content-Based Text Categorization},
booktitle = {IEEE Conference on Artificial Intelligence Applications},
year = {1990}
}

@inproceedings{HAYES90b,
author = {Philip J. Hayes and Steven P. Weinstein},
title = {{CONSTRUE/TIS:} A System for Content-Based Indexing of a
Database of News Stories},
booktitle = {Second Annual Conference on Innovative Applications of
Artificial Intelligence},
year = {1990}
}

@incollection{HAYES92 ,
author = {Philip J. Hayes},
title = {Intelligent High-Volume Text Processing using Shallow,
Domain-Specific Techniques},
booktitle = {Text-Based Intelligent Systems},
publisher = {Lawrence Erlbaum},
address =  {Hillsdale, NJ},
year = {1992},
editor = {Paul S. Jacobs}
}

@inproceedings{LEWIS91c ,
author = {David D. Lewis},
title = {Evaluating Text Categorization},
booktitle = {Proceedings of Speech and Natural Language Workshop},
year = {1991},
month = {feb},
organization = {Defense Advanced Research Projects Agency},
publisher = {Morgan Kaufmann},
pages = {312--318}

}

@phdthesis{LEWIS91d,
author = {David Dolan Lewis},
title = {Representation and Learning in Information Retrieval},
school = {Computer Science Dept.; Univ. of Massachusetts; Amherst, MA 01003},
year = 1992},
note = {Technical Report 91--93.}
}

@inproceedings{LEWIS91e,
author = {David D. Lewis},
title = {Data Extraction as Text Categorization: An Experiment with
the {MUC-3} Corpus},
booktitle = {Proceedings of the Third Message Understanding Evaluation
and Conference},
year = {1991},
month = {may},
organization = {Defense Advanced Research Projects Agency},
publisher = {Morgan Kaufmann},
address = {Los Altos, CA}

}

@inproceedings{LEWIS92b,
author = {David D. Lewis},
title = {An Evaluation of Phrasal and Clustered Representations on a Text
Categorization Task},
booktitle = {Fifteenth Annual International ACM SIGIR Conference on
Research and Development in Information Retrieval},
year = {1992},
pages = {37--50}
}

@inproceedings{LEWIS92d ,
author = {David D. Lewis and Richard M. Tong},
title = {Text Filtering in {MUC-3} and {MUC-4}},
booktitle = {Proceedings of the Fourth Message Understanding Conference ({MUC-4})},
year = {1992},
month = {jun},
organization = {Defense Advanced Research Projects Agency},
publisher = {Morgan Kaufmann},
address = {Los Altos, CA}
}

@inproceedings{LEWIS92e,
author = {David D. Lewis},
title = {Feature Selection and Feature Extraction for Text Categorization},
booktitle = {Proceedings of Speech and Natural Language Workshop},
year = {1992},
month = {feb} ,
organization = {Defense Advanced Research Projects Agency},
publisher = {Morgan Kaufmann},
pages = {212--217}
}

@inproceedings{LEWIS94b,
author = {David D. Lewis and Marc Ringuette},
title = {A Comparison of Two Learning Algorithms for Text Categorization},
booktitle = {Symposium on Document Analysis and Information Retrieval},
year = {1994},
organization = {ISRI; Univ. of Nevada, Las Vegas},
address = {Las Vegas, NV},
month = {apr},
pages = {81--93}
}

@article{LEWIS94d,
author = {David D. Lewis and Philip J. Hayes},
title = {Guest Editorial},
journal = {ACM Transactions on Information Systems},
year = {1994},
volume  = {12},
number  = {3},
pages = {231},
month = {jul}
}

@article{SPARCKJONES76,
author = {K. {Sparck Jones} and  C. J. {van Rijsbergen}},
title =  {Information Retrieval Test Collections},
journal = {Journal of Documentation},
year = {1976},
volume = {32},
number = {1},
pages = {59--75}
}

@book{WEISS91,
author = {Sholom M. Weiss and Casimir A. Kulikowski},
title = {Computer Systems That Learn},
publisher = {Morgan Kaufmann},
year = {1991},
address = {San Mateo, CA}
}

Contributions

Thanks to @jplu, @jbragg, @thomwolf, @mariamabarham, @lhoestq for adding this dataset.

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