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National Distillers and Chemical Corp said it signed a definitive agreement to sell its spirits division for 545 mln dlrs to James Beam Distilling Co, a unit of American Brands Inc <AMB>. The sale of the spirits division was made under the company's previously announced plan to sell its spirits and wines businesses, it said. The wine business was sold last month for 128 mln dlrs to Heublein Inc, part of Grand Metropolitan PLC, National Distillers said. The purchase price will be paid in cash, a National Distillers spokeswoman said. The sale permits National to focus on its core businesses, chemicals and propane marketing. Proceeds from the sale will be used to repay debt and for other corporate purposes, the company said. In a separate statement, American Brands said the sale would be for 545 mln dlrs plus the assumption of liabilities. The sale would be subject to compliance with the Hart-Scott-Rodino Antitrust Improvements Act and other regulatory approvals, the company said. National's distilled spirits business has sales of about 580 mln dlrs, American Brands said. National's spirits brands include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor Supreme Canadian Whisky. Reuter

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8-APR-1987 16:27:15.48

NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT

Management Science America Inc, clarifying statements made earlier today, said its loss for the first quarter could exceed 20 cts a share because of non-recurring expenses associated with the acquisition of several companies, including Comserv Inc. Earlier today, the company told a meeting of investors here that the first quarter loss would be 20 cts a share. Reuter

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8-APR-1987 16:28:05.17

MANAGEMENT SCIENCE <MSAI> LOSS MAY TOP 20 CTS

The Federal Reserve will promote lower interest rates this year to sustain world economic growth, First Boston Corp managing director Albert Wojnilower said. As much as the Fed would like to take a tough line against inflation, it cannot act to slow the growth of credit without subverting national U.S. economic policy. "On selected occasions when the dollar seems steady, and, because the trade deficit is not responding, the United States decided to push Germany and Japan harder to meet their commitments to economic growth, the Federal Reserve will do its part by moving rates down," Wojnilower said in a report. "Justifiably not anticipating either a recession or seriously higher interest rates, securities market participants have seen little to fear," Wojnilower said. He said last week's "hiccup" in money and currency rates and bond and stock prices was probably caused by Japanese window dressing for March 31 end-of-fiscal-year accounts. Wojnilower said the U.S. probably enjoyed above-average economic growth in the first quarter. However, the pick-up seems to reflect an unsustainable pace of inventory building and the prospect for the full year is still for real gross national product growth of about 2-1/2 pct, he said. Reuter

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8-APR-1987 16:28:42.20

WOJNILOWER SEES DROP IN U.S. INTEREST RATES

Raytech Corp said it acquired <Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs. Raybestos, with manufacturing facilities in Radevormwald, West Germany, produces friction materials for use in clutch and braking applications. Reuter

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8-APR-1987 16:28:47.36

RAYTECH <RAY> BUYS WEST GERMAN COMPANY

Intercare Inc said it expects to report a substantial loss for its fourth quarter ended January 31 because of a writeoff of expenses associated with its recently terminated debt and equity offering. The company also said the write off includes expenses associated with the acquisition of U.S. Medical Enterprises Inc, and with the restructuring of certain partnerships. Intercare also said it increased its reserve against accounts receivable. Executives at the company were not immediately available to provide additional details. Intercare also said it has implemented a workforce reduction, closed two medical centers and is considering additional closings as a means of reducing a working capital deficit. Reuter

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8-APR-1987 16:30:37.77

INTERCARE <CARE> TO POST 4TH QTR LOSS

Canada plans to monitor steel shipments flowing in and out of the country in an attempt to appease concerns in the U.S. over the high level of Canadian steel exports, Trade Minister Pat Carney said. "To help maintain our open access to the U.S. steel market, the government is taking further action to ensure we have more accurate data on exports and imports and that Canada is not used as a backdoor to the U.S. market by offshore suppliers," Carney said. Carney also said Canadian companies were being asked to exercise prudence in the U.S. market and both countries were considering establishing a joint commission to study the growing steel problem. Carney told the House of Commons she will soon announce an amendment to the Exports and Imports Permits Act to set up the monitoring program. Canadian steel shipments to the U.S. have risen to 5.7 pct cent of the U.S. market in recent months, almost double the level just two years ago, Canadian trade officials said. The increase in Canadian shipments comes at a time of growing anger in the U.S. over rising steel imports from several countries in the face of a decline in the domestic steel industry. Some U.S. lawmakers have proposed Canada's share of the American market be limited to 2.4 pct. Reuter

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8-APR-1987 16:32:59.87

CANADA TO MONITOR STEEL IMPORTS, EXPORTS

United Technologies Corp said the decision by an international consortium not to develop a new engine would have no impact on 1987 or 1988 earnings. <International Aero Engines>, IAE, 30 pct owned by United Technologies' Pratt and Whitney division, has decided not to launch a superfan version of its V2500 engine. "We've told analysts that IAE's decision not to launch a full development program of the IAE superfan for certification in 1991 will have no short term impact on earnings," a United Technologies spokesman told Reuters. Short term refers to 1987 and 1988, the spokesman said. He declined to elaborate. IAE's other owners are Rolls Royce PLC, <Japanese Aero Engines Corp>, Fiat SPA and <MTU> of West Germany. Analysts are estimating United Technologies will earn 3.75 dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36 cts a share in 1986, which included two large writeoffs. Reuter

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"15314"

8-APR-1987 16:34:25.90

UNITED TECH <UTX> SEES NO EARNINGS IMPACT

Shr profit 72 cts vs profit 14 cts Net profit 3,309,000 vs profit 609,000 Revs 72 mln vs 65 mln Year Shr nil vs loss 4.13 dlrs Net profit 1,000 vs loss 19 mln Revs 249 mln vs 269 mln NOTE: Full name Stewart and Stevenson Services Inc. Reuter

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8-APR-1987 16:34:55.69

STEWART AND STEVENSON <SSSS> 4TH QTR NET

Canada plans to offer a three-part bond issue Tuesday, April 14, which will be dated and delivered May 1, the finance department said. The issue will have a mid-term bond, a bond due in about 10 years and a long term bond. Further details, including the amount being offered, will be announced Monday. The deparment said 650 mln dlrs of government bonds mature May 1, 1987. Reuter

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8-APR-1987 16:35:12.79

CANADA PLANS NEW BOND ISSUE APRIL 14

Shr 98 cts vs 63 cts Net 2,602,000 vs 1,571,000 Loans 834.8 mln vs 729.0 mln Deposits 1.04 billion vs 942.1 mln Assets 1.15 billion vs 1.02 billion Reuter

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"15321"

8-APR-1987 16:41:59.49

WESTAMERICA BANCORP <WAB> 1ST QTR NET

The Senate unanimously approved legislation to lift a ban on new construction of natural gas-fired power plants and other large industrial gas-burning plants. The bill, sponsored by Senate Energy Committee chairman Bennett Johnston, also repeals mandatory incremental pricing of natural gas which was designed to protect residential consumers from major price increases by forcing some industrial users to pay higher than market prices. "This legislation will open up new natural gas markets," the Lousiana Democrat said. The gas restrictions were enacted in 1978 in response to a shortage of natural gas and predictions of higher prices. "Now both oil and gas prices are severely depressed," Johnston said. In a compromise with coal producers, the bill requires new baseload electric powerplants be designed to accomodate modifications necessary to burning coal or another alternate fuel. Reuter

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8-APR-1987 16:42:35.70

U.S.SENATE LIFTS SOME BANS ON NATURAL GAS

Following the lead of other major banks, Southeast Banking Corp told the Securities and Exchange Commission it would place 54.2 mln dlrs of medium- and long-term Brazilian debt on non-accrual or cash status. Based on current interest rates, it estimated in a filing that the move will reduce net income by about 800,000 dlrs in the first quarter and 3.2 mln dlrs for all of 1987. The company also said it did not believe the Brazilian debt situation would have a "material adverse" effect on it. It also said it would issue 1,080,000 common shares in connection with its acquisition of Popular Bancshares Corp. Reuter

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8-APR-1987 16:45:07.89

SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT

Williams Cos said it expected oil and fertilizer transportation volumes to be flat in 1987 but said operating profits from the pipeline unit should improve from 49.4 mln dlrs earned last year when a seven mln dlr special charge was incurred. Williams Pipeline Co took the charge against earnings in 1986 for the removal of more than 500 miles of old pipeline from service and for casualty losses. Companywide, Williams had a net loss of 134 mln dlrs on total revenues of 1.85 billion dlrs, a decline from profits of 32 mln dlrs on sales of 2.46 billion in 1985. In its annual report, Williams said its Northwest Pipeline Corp and Williams Natural Gas Co had natural gas costs that are among the lowest in the nation, averaging 2.04 dlrs and 2.07 dlrs per mcf, respectively, last year. Total natural gas reserves for both units declined to 10,010 billion cubic feet in 1986 from 11,334 billion cubic feet the previous year. The company said its Williams Natural Gas unit, which has less take-or-pay exposure than most major pipelines, should show improvement in its 1987 operating results because of changes tariff and federal tax rates. The company's gas marketing business is expected to have somewhat lower earnings in 1987 because of competition in its operating region, the annual report said. The gas marketing unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year. Williams also said it expected a substantial decline in its debt to equity ratio this year because of more than 250 mln dlrs received in cash from the sale of Agrico Chemical Co and proceeds from the sale and leaseback of Williams Telecommunications Co. The telecommunications business, a 2,000-mile fiber optic system for long distance use, will not be profitable until late 1988, Williams said. Reuter

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8-APR-1987 16:46:06.48

WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987

Shr 38 cts vs 25 cts Net 28,339,000 vs 18,650,000 Sales 2.27 billion vs 1.97 billion Avg shrs 74,485,000 vs 74,270,000 Year Shr 1.20 dlrs vs 1.23 dlrs Net 89,301,000 vs 91,247,000 Sales 9.07 billion vs 7.91 billion Avg shrs 74,387,000 vs 74,184,000 NOTE: 1986 period ended February 22, 1986 1986 earnings include net loss of unconsolidated subsidiary of 162,000 dlrs in the quarter and 702,000 dlrs for the year Reuter

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8-APR-1987 16:47:06.57

SUPER VALU STORES INC <SVU> 4TH QTR FEB 28 NET

Shr loss 70 cts vs loss 57 cts Net loss 20,616,000 vs loss 16,854,000 Revs 23.1 mln vs 60.1 mln Six mths Shr loss 1.38 dlrs vs loss 1.02 dlrs Net loss 40,780,000 vs loss 29,996,000 Revs 61.0 mln vs 114.9 mln Reuter

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8-APR-1987 16:47:37.85

PARKER DRILLING CO <PKD> 2ND QTR FEB 28 LOSS

Ministers from the Group of 24 developing coutries said that the debt crisis was entering a new and dangerous phase and called for the formation of a ministerial committee to examine solutions to the problem. In a statement following a meeting of the ministers, they said that the "existing (debt) strategy offers no prospect for a lasting solution to the debt problem." The statement said that there should be a new attitude and approach in respect of the existing stock of debt and called for current flows and future credits to be examined by governments, multilateral and banking institutions. The statement also said that the prospects of the least developed countries continue to deteriorate and "will improve only if commensurate financing on concessional terms is made available." Reuter

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8-APR-1987 16:52:28.85

G-24 SAYS DEBT CRISIS ENTERING NEW PHASE

International coffee prices could drop to between 70 and 80 cents a lb by next October if no agreement is reached to support the market, Jorge Cardenas, manager of Colombia's National Coffee Growers' Federation said. Speaking at a forum for industrialists, he said one of the reasons was that the market was already saturated and that producers will have excess production and stockpiles of 39 mln (60-kg) bags in 1987. Today, May futures in New York settled at 107.90 cents a lb. Reuter

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8-APR-1987 16:56:39.84

COFFEE COULD DROP TO 70/80 CTS, CARDENAS SAYS

Standard and Poor's Corp said it is keeping 230 mln dlrs of debt of Caesars World Inc and Caesars World Finance Corp on creditwatch with negative implications. S and P cited Caesars World's proposed recapitalization plan that calls for incurring one billion dlrs of bank and other debt to finance a 25 dlr per share special dividend and the repayment of about 222.5 mln dlrs of existing debt. It said the plan's terms would violate dividend convenants in the rated debt's indentures and likely force refinancing of those issues. Caesars was placed on creditwatch for a possible downgrade March nine following investor Martin Sosnoff's bid. Sosnoff bid 28 dlrs per share, or 725.2 mln dlrs, for the 86.4 pct of Caesars World stock he does not already own, Standard and Poor's noted. The rating agency said an increase in Sosnoff's offer is possible. If successful, the stock bid would markedly raise Caesars World's financial risk and lead to a large drop in net income and cash flow, S and P said. Caesars World currently carries BB senior debt and B-plus subordinated debt. The finance unit's subordinated debt, which is guaranteed by the parent, is rated B-plus. Reuter

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8-APR-1987 16:58:03.88

CAESARS WORLD <CAW> STAYS ON S/P WATCH, NEGATIVE

HBO and Co said it sent a letter of strongly urging shareholders not to sign any proxy cards sent by Andover Group. ON March 30, Andover Group, a two-man general partnership which owns about seven pct of HBO's stock, filed preliminary proxy materials with the Securities and Exchange Commission seeking to nominate an alternative slate of directors at the company's April 30 annual meeting. Andover had expressed an interest to acquire the company in September 1986 but HBO has never received an offer from them, it said. In addition, HBO said its financial condition is improving rapidly as the result of a significant restructuring implemented in 1986. It expects the company to report net income of about 40 cts per share in 1987 and a very significant increase in 1988. For the year ended December 1986, the company reported a loss of 3.6 mln dlrs, or 16 cts per share. Reuter

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8-APR-1987 17:05:08.40

HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER

Shr 51 cts vs 56 cts Net 5,645,000 vs 6,153,000 Revs 45.9 mln vs 45.3 mln Reuter

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"15336"

8-APR-1987 17:07:09.32

(CFCF INC) SIX MTHS FEB 28 NET

<UAP Inc> said it has acquired Slater Auto Electric Ltd, with two Ontario stores, and United Diesel Engine Parts Ltd, of Dartmouth, Nova Scotia, for undisclosed terms. It said the transactions, together with acquisitions earlier this year, will increase its annual sales by about 4.5 mln dlrs. Reuter

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8-APR-1987 17:08:22.58

UAP MAKES ACQUISITIONS

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8-APR-1987 17:09:52.64

EIA SAYS DISTILLATE STOCKS UNCHANGED, GASOLINE OFF 200,000, CRUDE UP 6.3 MLN

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: First Interstate Bancorp <I> - Shelf offering of up to 112 mln dlrs of debt securities, including notes and debentures, on terms to be determined at the time of the sale. Pacificorp Credit Inc, subsidiary of Pacificorp <PPW> - Shelf offering of up to 250 mln dlrs of debt securities, including notes and debentures, at prices and on terms to be determined at the time of the sale. Reuter

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8-APR-1987 17:11:44.62

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The U.S. Agriculture Department is currently discussing an amendment to a PL 480 agreement signed with Morocco on January 22, but the mix of commodities under the amendment has not been determined, a U.S. Agriculture Department official said. The official noted the agreement signed in January provided for the supply of about 55,000 tonnes of vegetable oil, 55,000 tonnes of corn and 126,000 tonnes of wheat, all for delivery during the current fiscal year, ending this September 30. No purchase authorizations for the commodities provided in the January agreement have been announced by the department. Reuter

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8-APR-1987 17:13:41.05

USDA DISCUSSING PL 480 AGREEMENT WITH MOROCCO

Distillate fuel stocks held in primary storage were unchanged in the week ended April three at 106.9 mln barrels, the Energy Information Administration (EIA) said. In its weekly petroleum status report, the Department of Energy agency said gasoline stocks were off 200,000 barrels in the week to 248.1 mln barrels and refinery crude oil stocks rose 6.3 mln barrels to 335.8 mln. The EIA said residual fuel stocks fell 100,000 barrels to 38.1 mln barrels and crude oil stocks in the Strategic Petroleum Reserve (SPR) rose 1.1 mln barrels to 520.0 mln. The total of all crude, refined product and SPR stocks rose 9.4 mln barrels to 1,561.1, it said. Reuter

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8-APR-1987 17:18:29.56

EIA SAYS DISTILLATE STOCKS UNCHANGED IN WEEK

Hawkeye Bancorp's 1986 annual financial results were qualified by its auditors, according to the annual report. "...there are conditions which may indicate that the company will be unable to continue as a going concern," auditors Deloitte Haskins and Sells said in Hawkeye's annual report to shareholders. Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing an increase in its loan loss provision to 34.7 mln dlrs and restructuring costs of 27 mln dlrs. However, Hawkeye, with assets of 1.09 billion dlrs at 1986 year end, said it expects "to have sufficient cash to meet its obligations for the next 12-month period." Last July the bank holding company reached a debt restructuring agreement which identifed 17 bank subsidiaries and five non-bank operations for disposition. "The restructuring has improved Hawkeye's financial condition, but it does not assure that Hawkeye will be able to survive as a going concern," the report said. Hawkeye's survival will depend on its ability to comply with provisions of the debt restructuring and regulatory agreements and on its ability to return to profitable operations, it said. There can be no assurance that Hawkeye will be able to meet these requirements. However, the company "believes it will be able to do so," Hawkeye said. Reuter

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8-APR-1987 17:20:02.95

HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED

Standard and Poor's Corp said that corporate credit quality stabilized in the first quarter of the year, even though downgrades outpaced upgrades. S and P said it reduced 79 debt ratings, affecting 63 billion dlrs of debt securities, and raised 28 ratings, affecting 12 billion dlrs of debt. However, the rating agency pointed out that last quarter's number of downgrades was the lowest since first quarter 1986. It also said the upgrades were the fewest since early 1986. It said rating changes quieted in the oil and insurance sectors, while utilities provided a positive influence. Standard and Poor's said its major downgrades last quarter were of Denmark, USX Corp <X>, Chase Manhattan Corp <CMB> and Manufacturers Hanover Corp <MHC>. It said the most negative influence on rating changes occurred in the financial institution sector, where there were 22 downgrades versus five upgrades. Notably, ratings were reduced for several of the largest U.S. bank holding companies, reflecting lower asset quality and weaknesses that were specific to those firms, S/P said. Among industrials, S and P cut 43 ratings and raised 10. Lower ratings prevailed in steel and health care, it said. Reuter

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8-APR-1987 17:23:54.12

S/P SEES STABLE CREDIT QUALITY IN FIRST QUARTER

Shr 33 cts vs 37 cts Net 2,051,000 vs 1.8 mln Assets 1.7 billion vs 1.5 billion Deposits 1.4 billion vs 1.2 billion Loans 1.1 billion vs 900 mln Note: Year-ago results restated to reflect merger with Colson Inc. Reuter

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8-APR-1987 17:27:34.32

<WASHINGTON BANCORPORATION> 1ST QTR NET

Dome Petroleum Ltd's proposal to restructure debt of more than 6.10 billion Canadian dlrs includes provisions that may force the company to sell its 42 pct stake in <Encor Energy Corp Inc>, Dome said in a U.S. Securities and Exchange Commission filing. Dome said in the filing that its debt plan proposes making payments under a five year income debenture to the lender whose debt is secured by Dome's Encor shares. After the five years are up, "under certain circumstances the shares of Encor may be required to be disposed," the company said. Dome has pledged its 42.5 mln Encor shares as security for part of its debt to <Canadian Imperial Bank of Commerce>, estimated last year at 947 mln dlrs. Analysts have said Commerce Bank was pressing Dome to sell the stock to pay down its debt. Dome's Encor shares had a market value of 313 mln dlrs on March 17, 1987, the company's filing said. As previously reported, Dome is seeking approval in principle for the debt restructuring plan. Dome said in the filing it proposed lenders sign a letter of understanding in early April, with implementation to be effective July 1, 1987. Dome Petroleum reiterated in the SEC filing that its existence as a going concern is dependent on continuing the interim debt plan, due to expire on June 30, and winning agreement for its proposed restructuring plan. "The company believes that the negotiation and implementation of the proposed debt restructuring plan is realistic and achievable," Dome said. "However, the final outcome of the negotiations cannot be predicted at this time," it said. Reuter

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8-APR-1987 17:29:49.36

DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE

U.S. oil demand as measured by products supplied fell 2.6 pct in the four weeks ended April three to 15.73 mln barrels per day (bpd) from 16.16 mln in the same period a year ago, the Energy Information Administration (EIA) said. In its weekly petroleum status report, the Energy Department agency said distillate demand was off 7.9 pct in the period to 2.90 mln bpd from 3.15 mln a year earlier. Gasoline demand averaged 6.76 mln bpd, off 3.1 pct from 6.98 mln last year, while residual fuel demand was 1.15 mln bpd, off 16.9 pct from 1.39 mln, the EIA said. So far this year, distillate demand fell 2.3 pct to 3.20 mln bpd from 3.28 mln in 1986, gasoline demand was 6.63 mln bpd, off 0.3 pct from 6.65 mln, and residual fuel demand fell 4.9 pct to 1.35 mln bpd from 1.42 mln, the EIA said. Year-to-date domestic crude output was estimated at 8.40 mln bpd, off 7.6 pct from 9.09 mln a year ago, while gross crude imports averaged 3.92 mln bpd, up 27.1 pct from 3.08 mln, it said. Reuter

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8-APR-1987 17:36:41.71

RECENT U.S. OIL DEMAND OFF 2.6 PCT FROM YEAR AGO

Financial analysts say they are pleased with congressional moves to trim next year's federal budget deficit but believe the actions will do little to help improve the U.S. trade deficit or buoy the economy. The House of Representatives is expected to vote tomorrow to approve a trillion-dollar budget blueprint for the coming fiscal year that reduces the deficit by 38 billion dlrs. Similarly, the Senate Budget Committee has approved a plan that would cut federal red ink by about 37 billion dlrs next year. "In terms of the economy, 37-38 billion dlrs is infinitesimal, so cuts of this magnitude will have little impact on the economy and the trade deficit," said Stanley Collander, a Touche Ross federal budget policy analyst. "At best, it will have a small positive effect," Collander said in an interview. Federal Reserve Board Chairman Paul Volcker has repeatedly told Congress that cutting federal red ink would go a long way to help reduce the massive trade deficit and also help ease some of the downward pressure on the value of the dollar. The U.S. government has attempted to remedy the trade imbalance by driving down the value of the dollar. But Volcker has warned that a further fall in the dollar's value is fraught with danger. Such a decline, he has said, could refuel inflation as imported goods become more expensive and chase away foreign capital needed to finance the federal budget deficit. In addition, in February, U.S. officials meeting with other major industrialized nations in Paris agreed that the value of the dollar had dropped enough and that world exchange rates should be stabilized at around current levels. As part of that agreement, Japan and West Germany agreed to take steps to stimulate their economies and the United States agreed to cut its budget deficit. The alternative to driving down the dollar any further as a way to deal with the trade deficit, Volcker said recently, is to reduce U.S. consumption, particularly federal spending. "If you don't deal with the budget deficit, everything else you do is going to be counterproductive," Volcker said in recent testimony before the Senate Banking Committee. Volcker also said he would prefer to further tighten the government's purse strings than have the Fed tighten the credit supply if action was needed to fight inflationary pressures or to assure the continued flow of foreign capital into the United States. Analysts say that Fed tightening now could choke off the current modest economic expansion and threaten a recession. Kemper Financial Services economist John Silvia stressed that any deficit reduction was better than none. But he said the size of the cuts under consideration were not enough to give the Federal Reserve Board the flexibility it needs to steer the economy or to keep the value of the dollar from plunging further in world exchange markets. "There's no doubt that some deficit reduction helps, but if your objective is to stabilize the dollar and perserve the Fed's flexibility to conduct monetary policy, then the answer is, it's not enough," Silvia told Reuters. The U.S. trade deficit has become one of the government's most vexing and persistent problems. The 1986 deficit was 169.8 billion dlrs and there is as yet little indication that this year's figure will be any lower, though administration officials have predicted it will drop by about 20 to 30 billion dlrs by year's end. In the past, Volcker has joked that he never lost sleep worrying whether Congress would cut too much fat from the federal budget. On the other hand, he also has made it clear he is not attached to the gradually declining deficit ceilings set for the 1986-1991 period by last year's Gramm-Rudman balanced budget law. While the new law set a ceiling of 108 billion dlrs for next year's federal deficit, both the House and Senate Budget Committees have conceded that their budget plans would fall short of the deficit reduction goal by about 25 billion dlrs. "For political reasons, 35 to 40 billion dlrs is about the most you're going to get" out of Congress at the present time, said Touche Ross's Collander. "To do something more than that would be extraordinary, remarkable and very, very difficult." Collander said the real danger for Congress was to end up short of the deficit reduction goal set by its Budget panels. "To an extent, this has become the minimum acceptable reduction level," he explained. "Anything less than that will now look like a failure to Wall Street." The budget plan now under debate on the House floor would lower an estimated 171 billion dlr deficit for the year beginning on October one to about 133 billion dlrs by cutting defense and domestic programs by 38 billion dlrs from their anticipated spending levels for next year. The Senate Budget Committee has called for a deficit of nearly 134 billion dlrs with about 18.5 billion dlrs in new taxes and about the same amount in spending cuts. Reuter

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8-APR-1987 17:37:24.16

DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT

4th qtr ended Jan 31. Shr profit 72 cts vs profit 14 cts Net profit 3,309,000 vs 609,000 Revs 72 mln vs 65 mln Year Shr profit nil vs loss 4.13 dlrs Net profit 1,000 vs loss 19 mln Revs 245 mln vs 269.1 mln Reuter

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"15354"

8-APR-1987 17:39:45.07

STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR

Shr 98 cts vs 63 cts Net 2,602,000 vs 1,571,000 Assets 1.15 billion vs 1.02 billion Deposits 1.04 billion vs 942.1 mln Loans 834.8 mln vs 729.0 mln Return on avg assets 0.92 pct vs 0.63 pct Reuter

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"4339"

"15356"

8-APR-1987 17:41:26.27

WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET

Colombia's coffee export registrations remain open and there are no plans to close them since a new marketing policy means an unlimited amount can be registered, Gilberto Arango, president of the private exporters' association said. "The philosophy of the new policy is not to close registrations. Nobody so far said may would be closed," he told Reuters. On March 13, Colombia opened registrations for April and May for an unlimited amount. Without giving breakdowns, Arango said private exporters had registered 1,322,804 bags this calendar year up to April 6, or roughly 440,000 bags per month, slightly lower than the average in recent years. He estimated the amount of bags registered by the national coffee growers' federation at about the same, meaning a total of about 900,000 bags registered and sold per month by Colombia. "The only change that could happen is, because of the volume, we would be told that from such a date, registrations would be for June shipment, etc" Arango said. Reuter

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8-APR-1987 17:41:35.66

COLOMBIA COFFEE REGISTRATIONS REMAIN OPEN

<Alberta Energy Co Ltd> said it filed a preliminary prospectus for an issue of convertible debentures, which may total 100 mln dlrs depending on market conditions. It said it had not yet determined the interest rate, conversion terms, maturity date or size of the issue. Reuter

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"15358"

8-APR-1987 17:43:54.05

ALBERTA ENERGY PLANS DEBENTURE ISSUE

Shr 32 cts vs 34 cts Net 902,178 vs 662,647 Deposits 174.7 mln vs 134.4 mln NOTE: Per share amounts adjusted to reflect 10-for-one stock split effective Sept 16, 1986. Reuter

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"15359"

8-APR-1987 17:45:41.34

GATEWAY BANCORP INC <GBAN> 1ST QTR NET

Brazilian Finance Minister Dilson Funaro, who suspended interest payments to creditor banks two months ago, said creditors had to trust him when he said Brazil would achieve a trade surplus large enough to continue servicing its debt. Speaking to reporters at the Brazilian Embassy, Funaro said he would not seek approval of Brazil's economic program outside his country, but added, "At the same time we show credibility, you (the banks) are going to have to trust us." Asked if creditor banks would accept Brazil's refinancing needs based on a new economic program not endorsed by the International Monetary Fund, Funaro said, "What other options do they have?...They have to try to see our program." Funaro, who is in Washington to attend the Interim Committee and Development Committee meetings of the World Bank and IMF, said he unveiled his refinancing proposals to the major creditor banks in New York yesterday. According to Funaro, the creditor banks "agreed on the need to find a solution to the crisis." He did not elaborate. Funaro said the commercial banks agreed on Brazil's need for economic growth and added that creditors were aware that Brazil cannot continue to export the 24 billion dlrs in net capital that it transferred over the past three years. He also said that he told bankers about Brazil's needs to ensure a seven pct average growth and eight billion to 11 billion dlr trade surplus until 1991. Administration officials familiar with the negotiations said Brazil's new economic measures did not make much sense based on current conditions in that country, and added that they saw long and difficult negotiations ahead. Lewis Preston, chairman of J.P. Morgan and Co. Inc., told Reuters he remains hopeful that Brazil and its foreign bank creditors will reach a debt rescheduling agreement before the end of the year. But Preston, who did not attend the meeting between Funaro and creditor banks yesterday, added the onus is still on Brazil to put its economic house in order first. "They haven't even come up with a plan yet," Preston said after Morgan's annual meeting in New York today. Funaro, however, said most creditor banks had representatives in Brazil who were well aware of Brazil's new economic measures, designed to curb a surge in inflation and spending and a sharp drop in exports. Funaro called Brazil's program very responsible and very strong, adding that "it is very different from other years, there has been a tremendous change." Based on Brazil's current economic situation - suspension of interest payments on 67 billion dlrs owed to banks, 200 pct inflation and the need of four billion dlrs in new loans every year until 1991 - he said he was faced with two options. REUTER...

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"4540"

"15362"

8-APR-1987 17:57:03.82

FUNARO SAYS BRAZIL'S CREDITORS MUST TRUST HIM

American Brands Inc's 545 mln dlrs acquisition of National Distillers and Chemical Corp's liquor business is expected to be one of a series of acquisitions by the tobacco company, analysts said. "They were very frustrated with their inability to get Chesebrough. They said they were looking for an acquisition. It doesn't surprise me that they came up with another one," said Allan Kaplan of Merrill Lynch and Co. American Brands failed late last year in its 2.9 billion dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to buy the company. But since then, Wall Street has been speculating that American Brands would find another candidate to help reduce its earnings exposure to tobacco. "This is just typical," said George Thompson of Prudential-Bache securities. "There's going to be more to come here. American Brands had to make an acquisition because tobacco is still a significant part of earnings. Their position is a little less favorable than Philip Morris and RJ Reynolds," he said. cash flow from its low growth tobacco, but the tobacco business does require great amounts of capital expenditures. It can therefore use its funds to make acquisitions. Analysts said the National Distillers' spirits company, which makes Gilbey's gin and vodka, Old Grandad and Old Crow whiskey, is not quite the type of acquisition they envisioned. "The distilled spirits business has been in a steady gradual decline for sometime, as has the tobacco business," said Thompson. REUTER...

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8-APR-1987 17:59:37.63

MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN

Bundesbank board member Claus Koehler called on central banks of major industrialised nations to cooperate closely on exchange and interest rate policies. In a lecture at the University of Surrey, pre-released here, Koehler said that the only alternative to cooperation was protectionism and control on capital movements. "Central banks have sufficient experience of exchange market transactions to steer exchange rates where they want to have them," he said. He added that West German growth forecasts would have to be revised downward because of the recent dollar drop to 1.80 marks from above two marks at the start of 1987. Koehler said that transactions on foreign exchange markets had parted company with transactions in goods, services and investments. It was the scale of speculative transactions that determined market trends. Speculative inflows could cause monetary aggregates to grow. To reverse such a rise in the money stock, interest rates would have to be lowered to allow funds to drain off. "In other words, the monetary policy measures required are different from -- and sometimes diametrically opposed to -- those needed when the money stock is increasing as a result of mounting economic activity," Koehler said. The dollar fall was one means of reducing the massive U.S. Current account deficit. But attempts to keep the depreciation going by talking the dollar down posed problems. The sharp drop of the dollar had led to an immediate steep rise in the cost of U.S. Imports and a sharp fall in the cost of European imports. But the volume effect of falling imports to the U.S. And rising imports to Europe would take time to make itself felt compared with the price effect. "Hence the depreciation of the dollar may well be going further than would be necessary to adjust the current account over the medium term," Koehler said. A reduction in the U.S. Current account deficit would occur only if the growth rate of GNP was higher than domestic demand. In Japan and West Germany by contrast, domestic demand should rise faster than GNP. "In Germany this did indeed happen in 1986," Koehler said. If a further appreciation of the dollar was to be prevented, the U.S. Current account deficit could be offset by an inflow of foreign funds into the U.S.. But only if there was an appropriate interest rate differential would Europe and Japan look for financial investment in the U.S. When selecting monetary policy instruments, a central bank had to pay greater heed than in the past to the impact its measures might have on expectations and consequent decisions. Koehler said the Bundesbank was changing money market rates by operating on the open market rather than adjusting leading interest rates because of the signal this gives to the market and its substantial impact on exchange rates. It was not only important to achieve the domestic goals of price stability, economic growth and full employment but also to tackle international problems like the exchange rate problem, the debt problem and the current account problem. A strategy had to be designed that helped "the safeguarding of non-inflationary economic growth in an international monetary system largely free of disruptions," Koehler said. Given the system of floating exchange rates, it was necessary for central banks to agree to intervene. It sufficed to tell the market where central banks saw exchange rates over the next few years and intervention points should not be set, because they were only testing points for the market, he said. In order to keep the international monetary system free of disruptions central banks should not only intervene jointly but also cooperate on interest rate policies, Koehler said. REUTER

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"15364"

8-APR-1987 18:00:34.46

BUNDESBANK CALLS FOR CENTRAL BANK COOPERATION

Australia's seasonally adjusted unemployment rate rose to 8.4 pct of the estimated workforce in March from 8.2 pct in February and 7.9 pct a year earlier, the Statistics Bureau said. The number of jobless rose to 650,700 from 631,900 in February and 593,200 a year earlier, the Bureau said. Unadjusted, the number of unemployed rose to 702,600 from 699,600 in February but the rate eased to 9.0 pct from 9.1, reflecting a slight increase in the estimated workforce. In March 1986, 640,400 persons, or 8.5 pct of the workforce, were out of work. REUTER

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"15365"

8-APR-1987 22:06:03.67

AUSTRALIAN UNEMPLOYMENT RISES IN MARCH

CSR Ltd <CSRA.S> said its sale of <Delhi Petroleum Pty Ltd> will not affect the other oil and gas interests it manages or operates. CSR sold Delhi, which holds an average 25 pct in the Santos Ltd <STOS.S>-led Cooper-Eromanga Basin onshore gas and liquids joint ventures, to an Exxon Corp <XON> unit for 985 mln dlrs on April 1. In a statement to clarify the position, CSR said it will retain its Roma Gas unit, the associated Roma-Brisbane gas pipeline and the Bula oilfield on Seram, Indonesia, plus exploration interests in Queensland and Hainan Island, China. REUTER

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"15366"

8-APR-1987 22:23:34.87

CSR SAYS IT IS RETAINING NON-DELHI GAS-OIL STAKES

The Agriculture Ministry declined comment on a local newspaper report that Japan had agreed to hold talks on its closed rice market in the new GATT round. "We have no idea about the report and cannot comment," a spokesman told Reuters. Nihon Keizai Shinbun, quoting unnamed government sources, said Japan would tell U.S. Agriculture Secretary Richard Lyng and U.S. Trade Representative Clayton Yeutter of its intentions. The two are due to visit Japan later this month for farm talks. The U.S. Has been pressing Japan to discuss the rice issue at the new round of General Agreement on Tariffs and Trade talks. But Japan has said GATT is not the right forum. Imports of rice to Japan are banned under the Foodstuff Control Act. Nihon Keizai said Japan's plan resulted from worries about mounting trade tension with the U.S. At the GATT talks, Japan will try to persuade the U.S. That its rice policy is justified, it said. The 93-nation world trade body began the Uruguay trade round last September. It will take four years to negotiate. REUTER

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"4543"

"15367"

8-APR-1987 23:23:26.44

JAPAN MINISTRY HAS NO COMMENT ON RICE TALKS REPORT

<Showa Denko Ltd> said it is exporting aluminium billet casting equipment and technology to countries that have recently begun aluminium smelting. A company official said it won a 500 mln yen order to deliver 10 sets of casting equipment to Venezuela's Venalum by end-1987. He said it received an order for one set from Aluminium Bahrain B.S.C. Last year and expects further orders from the Bahrain smelter. Showa Denko withdrew from smelting last year but expects to increase its sales of equipment and technology, he said. REUTER

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"15368"

8-APR-1987 23:28:21.56

SHOWA DENKO EXPORTS ALUMINIUM CASTING EQUIPMENT

<Goodman Fielder Ltd>, an Australian food products and supermarket firm, is planning a 100 mln U.S. Dlr multi-option note issuance facility, lead manager BT Asia Ltd said. Under the three-year "evergreen" facility, which can be extended annually, notes will be issued by its subsidiaries <Goodman Fielder New Zealand Ltd> and <Goodman Fielder Industries Ltd> and guaranteed by the parent company. The facility is underwritten up to 75 mln dlrs at a maximum of 17.5 basis points over the London interbank offered rate. The underwriting fee is 10 basis points, BT Asia said. The facility will allow the issuers to opt for notes not exceeding 50 mln Australian dlrs and 50 mln New Zealand dlrs on a non-underwritten basis, but the outstanding total is limited to 100 mln U.S. Dlrs, BT Asia said. The notes, in denominations of 100,000 U.S. Or Australian or New Zealand dlrs, will have maturities of one to 12 months. The borrower has a further option to issue, also on a non-underwritten basis, medium term notes with maturities of one to three years, it added. The management fee was not disclosed and syndication is expected to close tomorrow. REUTER

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"4545"

"15371"

9-APR-1987 00:04:07.28

GOODMAN FIELDER PLANS 100 MLN DLR NOTE FACILITY

Japan's little-known Ministry of Posts and Telecommunications (MPT) has emerged as an international force to be reckoned with, political analysts said. MPT, thrust into the spotlight by trade rows with the U.S. And Britain, is in a position of strength due to its control of a lucrative industry and its ties with important politicians, they said. "The ministry is standing athwart the regulatory control of a key industrial sector, telecommunications and information," said one diplomatic source. "They are a potent political force," the diplomatic source said. But MPT is finding domestic political prowess does not always help when it comes to trade friction diplomacy, analysts said. "The ministry was a minor ministry and its people were not so internationalized," said Waseda University professor Mitsuru Uchida. "Suddenly they're standing at the centre of the world community and in that sense, they're at a loss (as to) how to face the situation." Most recently the ministry has been embroiled in a row with London over efforts by Britain's Cable and Wireless Plc to keep a major stake in one of two consortia trying to compete in Japan's lucrative overseas telephone business. The ministry has favoured the merger of the two rival groups, arguing the market cannot support more than one competitor to Kokusai Denshin Denwa Co Ltd, which now monopolizes the business. It has also opposed a major management role in the planned merger for any non-Japanese overseas telecommunications firm on the grounds that no such international precedent exists. The ministry's stance has outraged both London, which has threatened to retaliate, and Washington, which says the merger plan is evidence of Japan's failure to honour pledges to open its telecommunications market. Washington is also angry over other ministry moves which it says have limited access for U.S. Firms to Japan's car telephone and satellite communications market. Much of MPT's new prominence stems from the growth of the sector it regulates. "What has been happening is an important shift in the economy which makes the ministry a very important place," said James Abegglen, head of the consulting firm Asia Advisory Service Inc. A decision to open the telecommunications industry to competition under a new set of laws passed in 1985 has boosted rather than lessened MPT's authority, analysts said. "With the legal framework eased, they became the de facto legal framework," said Bache Securities (Japan) analyst Darrell Whitten. Close links with the powerful political faction of the ruling Liberal Democratic Party (LDP) nurtured by former Prime Minister Kakuei Tanaka are another key to MPT's influence, the analysts said. "Other factions ignored MPT (in the 1970s), but the Tanaka faction was forward looking and ... Recognized the importance of MPT," Uchida said. Many former bureaucrats became members of the influential political group, he added. The ministry also has power in the financial sector due to the more than 100,000 billion yen worth of deposits in the Postal Savings System, analysts said. MPT has helped block Finance Ministry plans to deregulate interest rates on small deposits, a key element in financial liberalisation, since the change would remove the Postal Savings System's ability to offer slightly higher rates than banks, they said. Diplomatic sources, frustrated with what they see as MPT's obstructionist and protectionist posture, have characterized the ministry as feudal. Critics charge MPT with protecting its own turf, limiting competition and sheltering the former monopolies under its wing. Providing consumers with the best service at the lowest price takes a back seat to such considerations, they said. But many of the ministry's actions are not unlike those of its bureaucratic counterparts in much of the Western world including Britain, several analysts said. "The United States is really the odd man out," Abegglen said. "For a government to take the view that it wants to keep order in utilities markets is not an unusual and/or unreasonable view," he said. REUTER

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"4546"

"15372"

9-APR-1987 01:28:42.04

ECONOMIC SPOTLIGHT - TELECOM IS KEY JAPAN MINISTRY

Following is the text of a statement by the Group of Seven -- the U.S., Japan, West Germany, France, Britain, Italy and Canada -- issued after a Washington meeting yesterday. 1. The finance ministers and central bank governors of seven major industrial countries met today. They continued the process of multilateral surveillance of their economies pursuant to the arrangements for strengthened economic policy coordination agreed at the 1986 Tokyo summit of their heads of state or government. The managing director of the International Monetary Fund also participated in the meeting. 2. The ministers and governors reaffirmed the commitment to the cooperative approach agreed at the recent Paris meeting, and noted the progress achieved in implementing the undertakings embodied in the Louvre Agreement. They agreed, however, that further actions will be essential to resist rising protectionist pressures, sustain global economic expansion, and reduce trade imbalances. In this connection they welcomed the proposals just announced by the governing Liberal Democratic Party in Japan for extraordinary and urgent measures to stimulate Japan's economy through early implementation of a large supplementary budget exceeding those of previous years, as well as unprecedented front-end loading of public works expenditures. The government of Japan reaffirmed its intention to further open up its domestic markets to foreign goods and services. 3. The ministers and governors reaffirmed the view that around current levels their currencies are within ranges broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting. In that connection they welcomed the strong implementation of the Louvre Agreement. They concluded that present and prospective progress in implementing the policy undertakings at the Louvre and in this statement provided a basis for continuing close cooperation to foster the stability of exchange rates. REUTER

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"15375"

9-APR-1987 02:18:23.02

G-7 ISSUES STATEMENT AFTER MEETING

British Airways Plc <BAB.L> is issuing a 100 mln stg eurobond due May 6, 1997, paying 9-1/2 pct and priced at 101-1/2, lead manager Union Bank of Switzerland said. The non-callable bond is available in denominations of 1,000 and 10,000 stg and will be listed in London. The selling concession is 1-1/4 pct while management and underwriting combined pays 3/4 pct. Payment date is May 6. REUTER

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"4550"

"15377"

9-APR-1987 03:16:30.18

BRITISH AIRWAYS ISSUES 100 MLN STG EUROBOND

The Bank of France said it has invited offers of first category paper today for a money market intervention tender. Money market operators were divided over whether the Bank of France will use to occasion to cut its intervention rate, which has stood at 7-3/4 pct since March 9. Some thought a price cut unlikely while others said there was room for a further 1/4 point cut by the bank. REUTER

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"15378"

9-APR-1987 03:28:44.13

BANK OF FRANCE TO HOLD MONEY MARKET TENDER TODAY

"BRIEF"

"TEST"

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"5272"

"15379"

9-APR-1987 03:35:29.34

RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg vs 614.4 mln

Year to December 31, 1986 SHR 78.91p vs 83.05p DIV 16.5p making 23.5p vs 22p PRETAX PROFIT 601.7 mln stg vs 614.4 mln NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln TURNOVER 3.34 billion stg vs 3.09 billion Note - Accounts have been restated Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L> Group operating profit 529.4 mln stg vs 470.7 mln Operating costs 2.81 billion stg 2.63 billion Share of profit less losses of related companies 104.4 mln stg vs 165.0 mln Interest receivable/other income 41.5 mln stg vs 47.4 mln Interest payable 73.6 mln stg vs 68.7 mln Tax 274.8 mln stg vs 277.1 mln Leaving 326.9 mln stg vs 337.3 mln RTZ' investment in Australian associate CRA has been equity accounted for 1986 and 1985 figures restated on the same basis after the reduction of RTZ's interest to 49 pct in October 1986. REUTER

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"4553"

"15380"

9-APR-1987 03:52:22.39

RIO TINTO-ZINC NET ATTRIBUTABLE PROFIT LOWER

"BRIEF"

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"4556"

"15383"

9-APR-1987 04:24:40.70

Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.

Remarks by two leading central bankers sparked renewed speculation in financial markets that a cut in the West German three pct discount rate may be under discussion, currency dealers said. Bundesbank board member Claus Koehler said in a speech that monetary growth resulting from speculative capital inflows required cuts in interest rates. Separately, West Berlin state central bank president Dieter Hiss told journalists that the discount rate could fall below its lowest ever point of 2.75 pct. He made clear that he was not making a forecast on interest rates, however. Currency dealers here and in the Far East said the dollar gained slight background support from the speculation. But German dealers noted that the Bundesbank kept the 3.80 pct rate unchanged at which it offered liquidity to the money market this week, dashing some expectations that it may either offer lower fixed rate money or offer a reduced minimum rate and let the strength of banks' demands set the allocation rate. It allocated 6.1 billion marks in new liquidity, much less than the 14.9 billion leaving the market as a prior pact expired. This further weakened sentiment the Bundesbank could move to a more accommodative monetary stance, dealers said. Koehler said in a speech in Surrey, England, speculative capital inflows may cause monetary growth, regardless of whether central banks intervened or exchange rates fell. "In other words, the monetary policy measures required are different from -- and sometimes diametrically opposed to -- those needed when the money stock is increasing as a result of mounting economic activity." Though Koehler was known to be the most liberal of the generally monetarist Bundesbank board, his comments marked the first time cuts in rates had been concretely suggested as a counterpoint to overly strong monetary growth, dealers said. REUTER^M

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"5277"

"15384"

9-APR-1987 04:27:34.27

GERMAN BANKERS' REMARKS REVIVE TALK OF RATE CUT

XYVision Inc is issuing a 25 mln dlr convertible eurobond due May 5, 2002 paying an indicated coupon of between 5-3/4 and six pct and priced at par, lead manager Credit Suisse First Boston Ltd said. The issue is callable after 30 days at 106 pct declining by one pct per annum to par thereafter. It is not callable for three years unless the conversion price exceeds the stock price by 130 pct. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. Final terms will be set on, or before, April 15. The issue is available in bearer and registered form in denominations of 5,000 dlrs. It will be listed in Luxembourg while the payment date is May 5. REUTER

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"15385"

9-APR-1987 04:29:53.11

XYVISION ISSUES CONVERTIBLE EUROBOND

The Soviet trade deficit with the West almost quadrupled last year, reaching 2.72 billion roubles compared with 713 mln in 1985, official figures showed. Statistics published by the monthly journal Foreign Trade showed Soviet trade turnover for 1986 fell to 130.9 billion roubles from 142.1 billion the previous year, a drop of 7.8 pct. Moscow's trade surplus with East Bloc countries continued to grow in 1986. Western analysts attributed the deficit rise with the West to the world oil price slump, which hit Moscow's main export and cut hard currency earnings needed for purchases in the West. REUTER

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"15386"

9-APR-1987 04:38:31.54

SOVIET TRADE DEFICIT WITH WEST SOARS IN 1986

Year 1986 Shr 33.54p vs 34.2p. Final div 9.5p, making 14p vs 12.75p. Pre-tax profit 105.9 mln stg vs 79.6 mln. Net profit before minorities 56 mln vs 52.1 mln. Turnover net of duties 1.32 billion stg vs 1.46 billion. Minorities 800,000 stg vs same. Extraordinary debit 20.4 mln vs 28.2 mln. NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L> REUTER^M

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9-APR-1987 04:41:53.16

BURMAH OIL PROFIT CLIMBS TO 105.9 MLN STG

Pests and disease, which destroyed 1.1 mln tonnes of wheat in China in 1986, are threatening crops on 11.64 mln hectares this year, the China Daily said. About 14.54 mln hectares of wheat were affected in 1986. The paper said abnormal weather conditions had encouraged the spread of wheat midges in 2.47 mln hectares in Shanxi, Henan, Sichuan, Anhui, Hebei and Jiangsu. In Henan, Shandong and Hebei wheat aphids are affecting 4.67 mln hectares, wheat red mite 2.8 mln hectares and wheat powdery mildew 1.7 mln hectares. REUTER

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"15388"

9-APR-1987 04:47:07.57

CHINA'S WHEAT CROP THREATENED BY PESTS, DISEASE

Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ, said the predicted rise in industrial production in the U.S. And Europe should boost its 1987 performance. Consumption of some base metals and their dlr prices are showing signs of improvement, although iron ore markets have weakened. The oil price in U.S. Dlrs is above the 1986 average, and if sustained, should improve energy earnings. The company was commenting in a statement on its 1986 results which, on a restated basis, showed net attributable profits lower at 245 mln stg after 257 mln the previous year. Pretax profits also dipped to 601.7 mln stg after 614.4 mln. RTZ said the excellent performance of its expanding range of industrial businesses in 1986 was offset by the collapse in oil prices. Industrial businesses contributed 202 mln stg to net profit, a 40 pct increase from 144 mln in 1985, and 60 pct of the total. Trading performance improved at wholly-owned subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd and RTZ Pillar Ltd. First time contributions from recent investment and acquisitions mainly in speciality chemicals and minerals also aided performance. Metals activities contributed 83 mln stg to net profit.

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"5287"

"15389"

9-APR-1987 05:05:05.57

RTZ SEES RISING U.S. OUTPUT AIDING 1987 RESULTS

Group shr 35.99 yen vs 38.28 Net 21.01 billion vs 21.08 billion Current 47.73 billion vs 48.06 billion Operating 55.04 billion vs 54.99 billion Sales 792.71 billion vs 864.28 billion NOTE - Company forecast for current year is group shr 37.70 yen, net 22 billion, current 52 billion and sales 800 billion. REUTER

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"15391"

9-APR-1987 05:19:33.22

BRIDGESTONE CORP <BRIT.T> YEAR TO DECEMBER 31

The state-owned People's Construction Bank of China is making its first foreign borrowing, 300 mln dlrs to finance a large ethylene plant in Shanghai, the People's Daily said. The newspaper's overseas edition said the plant will produce 300,000 tonnes of ethylene a year. It said the bank last year started foreign exchange services for the first time on an experimental basis in Shenzhen, Zhuhai and Xiamen, but it gave no more details. REUTER

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9-APR-1987 05:27:06.20

CHINESE BANK TO MAKE FIRST FOREIGN BORROWING

<Equiticorp Hongkong Ltd> is planning a 30 mln U.S. Dlr transferrable loan facility to raise working capital, lead managers <Manufacturers Hanover Asia Ltd> and <Manufacturers Hanover Ltd>, said. The two year loan with bullet repayment carries interest at 5/8 of a percentage point over the London interbank offered rate. It will be guaranteed by parent company <Equiticorp Holdings Ltd> of New Zealand, the managers said. Syndication is proceeding and managers and participants are being invited to participate at four levels with management fees ranging from 15 to 30 basis points, it said. REUTER

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9-APR-1987 05:28:59.40

EQUITICORP H.K. UNIT TO RAISE 30 MLN U.S. DLRS

The maximum export rebate granted at yesterday's EC sugar tender marked no change in policy over producer complaints that they are not obtaining the EC intervention price in exporting sugar outside the Community, EC Commission sources said. The maximum rebate was 46.496 Ecus per 100 kilos for 118,350 tonnes of sugar, down from 46.864 Ecus the previous week, but the change is explained by world market conditions. Producers claim the rebate was short of the level needed to obtain a price equivalent to the intervention price by over one Ecu per 100 kilos, and was 0.87 Ecu short the previous week, the sources said. They said this was despite the fact that the Commission had to accept 785,000 tonnes of sugar into intervention from operators protesting that rebates are too low. Operators have now until early May to withdraw this sugar. But they have not given any sign of planned withdrawals unless the Commission reviews its export policy, they said. REUTER

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9-APR-1987 05:42:58.89

EC SUGAR TENDER SEEN MARKING NO CHANGE IN POLICY

CIBC Australia Ltd is issuing a zero coupon eurobond with a total redemption amount of 125 mln Australian dlrs due May 15, 1992 priced at 54 pct, sole lead manager CIBC Ltd said. The issue is available in denominations of 1,000 and 10,000 Australian dlrs and is guaranteed Canadian Imperial Bank of Commerce. The selling concession is 3/4 pct, while management and underwriting combined pays 5/8 pct. The payment date is May 15. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5293"

"15395"

9-APR-1987 05:46:27.86

CIBC UNIT ISSUES AUSTRALIAN DLR ZERO COUPON BOND

The current year has opened well, with trading prospects remaining favourable, Burmah Oil Co Plc <BURM.L> said in a statement with its 1986 results. The company plans to maintain a steady rate of investment in its marketing operations and to obtain improved profit margins on its liquified natural gas, LNG, project. Burmah has the financial capacity to continue making acquisitions within its business sectors, it added. The rationalisation programme, including sale of the Bahamas oil terminal and all peripheral activities, is now complete. Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6 mln. REUTER^M

"NORM"

"TEST"

"TRAINING-SET"

"5294"

"15396"

9-APR-1987 05:48:00.52

BURMAH OIL PROSPECTS REMAIN FAVOURABLE

Year 1986 Consolidated net profit 67 mln Swiss francs vs 42 mln. Dividend 100 francs per registered share vs 80 francs and 10 francs per participation certificate vs eight. Consolidated turnover 4.55 billion francs vs 4.54 billion. Parent company net profit 38.2 mln francs vs 26.4 mln. Parent company turnover 2.20 billion francs vs 2.29 billion. Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z> REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4575"

"15397"

9-APR-1987 05:56:00.41

GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT

Mitsubishi Corp <MITT.T> said it will issue a 50 billion yen unsecured seven-year convertible bond and a 30 billion yen unsecured nine-year convertible bond on the domestic capital market through public placement with Nikko Securities Co Ltd as lead manager. Coupon and conversion price for both par-priced bonds will be set at a board meeting to be held later this month and payment is due on May 14, Mitsubishi said in a statement. The seven-year bond matures on September 30, 1994, and the nine-year bond on September 30, 1996. Mitsubishi's share price fell 30 yen to 1,200 on the Tokyo Stock Exchange today. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5296"

"15398"

9-APR-1987 05:56:17.51

MITSUBISHI TO ISSUE TWO CONVERTIBLE BONDS

The British Civil Aviation Authority (CAA) has granted licenses for two airlines, <Brymon Airways> and <Eurocity Express>, to fly three lucrative European routes from the 20 mln stg London docklands airport. Brymon plans to offer five flights a day from the London City Airport to Paris, and three to Amsterdam and Brussels. Eurocity will also operate flights to Duesseldorf and Rotterdam. The airport is due to open in October, and is only a 20-minute taxi ride from the capital's financial district, the City, compared to an hour to get from the City to the nearest existing airport, Heathrow. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5297"

"15399"

9-APR-1987 05:59:31.95

NEW LONDON AIRPORT WILL OFFER FLIGHTS TO EUROPE

The leaders of two of Japan's top business groups said in separate statements the Group of Seven (G-7) accord reached in Washington yesterday is of deep concern to Japan because it shows the major industrial nations regard the yen's current level as appropriate. Eishiro Saito, chairman of the Federation of Economic Organizations (Keidanren), said the yen's present rate is well above adequate levels. He did not elaborate. Takashi Ishihara, chairman of the Japan Committee for Economic Development, said the accord will not prevent the yen from rising further. "We do not understand why the G-7 approved present rates as the yen has risen excessively since the Paris accord," Ishihara said. G-7 members Britain, Canada, France, Italy, Japan, the U.S. And West Germany said in a statement they consider their currencies are now within ranges broadly consistent with economic fundamentals. Saito called on each G-7 member nation to prepare to intervene in the market strongly enough to ensure exchange rates are stabilised at appropriate levels. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5298"

"15400"

9-APR-1987 06:02:39.02

JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING

<Kowloon Electricity Supply Co Ltd>, a joint venture of China Light and Power Co Ltd <CLPH.HK> and Exxon Corp <XON>, has renewed and increased an existing commercial paper program, arranger <Schroders Asia Ltd> said. The fully underwritten program, which expires this month, has been extended to December 1990 and increased to 540 mln H.K. Dlrs from the original 500 mln dlrs, it said. The underwriting fee is 1/8 of a percentage point over the Hong Kong interbank offered rate. Commercial paper in tenures of one to three months will be issued in denominations of one mln dlrs, it said. The program offers a U.S. Dlr option whereby commercial paper in denominations of 100,000 U.S. Dlrs will be issued subject to the same underwriting margin. Joining Schroders as underwriters are Barclays Bank Plc, Citicorp International Ltd, Paribas Asia Ltd, Sanwa International Finance Ltd and Sumitomo Finance (Asia) Ltd. The six underwriters will be joined by 11 other financial institutions in the tender panel. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5299"

"15401"

9-APR-1987 06:04:32.12

CHINA LIGHT UNIT RENEWS COMMERCIAL PAPER FACILITY

Sankei Building Co Ltd is issuing a 60 mln dlr equity warrant eurobond 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 Sumitomo Bank Ltd and is available in denominations of 5,000 dlrs. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The payment date is May 7 and listing will be in Luxembourg. Final terms will be fixed on April 15. The warrants are exercisable from May 21, 1987 until April 23, 1992. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4580"

"15402"

9-APR-1987 06:18:41.18

SANKEI BUILDING ISSUES EQUITY WARRANT EUROBOND

<Pergamon Holdings Ltd> and its associate companies said that they had sold 30 mln ordinary shares in the British Printing and Communication Corp Plc <BPCL.L> and 10.5 mln in <Hollis Plc> together with other securities. No total price was given but the company said the proceeds of the sales would be used to fund Pergamon's expansion programme and worldwide acquisition stategy. The company said that following these sales Pergamon's ordinary shareholdings in both BPCC and Hollis remained above 51 pct. It said it had no intention of further reducing its holdings in either company. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4582"

"15404"

9-APR-1987 06:24:36.53

PERGAMON HOLDINGS REDUCES BPCC AND HOLLIS STAKES

Year 1986 Net profit 635.5 mln guilders vs 603.4 mln. Revenues 17.35 billion guilders vs 17.27 billion. Net profit per nominal 2.50 guilder share 5.79 guilders vs 5.67, corrected for capital increase. (1985 uncorrected figure 5.73). Dividend 2.50 guilders vs 2.38, corrected. (2.40 uncorrected.) Note - Full name is Nationale Nederlanden NV <NTNN.AS> REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5304"

"15406"

9-APR-1987 06:29:36.97

NATIONALE NEDERLANDEN PROFITS, SALES STEADY

<Bond Corp International Ltd> said it has sold a residential block at Hong Kong's mid-levels to a joint venture between Sun Hung Kai Properties Ltd <SHKP.HK> and <New Town (N.T.) Properties Ltd> for 138 mln H.K. Dlrs. Bond International, a subsidiary of the Australia based Bond Corp Holdings Ltd <BONA.S>, will receive net profits of about 16 mln dlrs from the deal. The firm bought the building, which has total floor spaces of 110,580 sq ft and is now fully let, as part of a parcel of properties which it acquired from Hongkong Land Co Ltd <HKLD.HK> for 1.43 billion dlrs late last year. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5305"

"15407"

9-APR-1987 06:30:48.23

BOND INTERNATIONAL SELLS H.K. RESIDENTIAL BUILDING

Ta Chung Hua Rubber Factory of Shanghai will raise a 30 to 35 mln U.S. Dlr loan to expand and modernise its plant, arranger CCIC Finance Ltd said. The loan, to be lead managed by the Bank of China, is expected to mature in eight to nine years, but terms have not been finalized. The money will be used to import manufacturing equipment including technology transfer for the production of truck radial tyres. Part of the output will be exported. The expansion program is expected to cost a total 54 mln dlrs. The shortfall will be financed domestically. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4587"

"15409"

9-APR-1987 06:32:16.02

SHANGHAI TYREb FACTORY TO RAISE 30 MLN U.S. DLRS

Saudi riyal interest rates rose as Bahrain-based banks scrambled to cover short positions, dealers said. Several Bahrain banks had been lending in the fixed periods and borrowing in the short dates, but today they found the day-to-day money in short supply, dealers said. "Everybody's stuck in the spot-next," one trader said. Spot-next rose to as high as 6-1/4, six pct from 5-1/4, five pct yesterday, and the borrowing interest spilled over into the periods, with one month rising to around 6-3/16, 5-15/16 pct from 5-15/16, 7/8 pct yesterday. Three months edged up to around 6-9/16, 5/16 pct from 6-7/16, 1/4 pct, while six months was quoted a touch firmer by some banks at seven, 6-3/4 pct. Commercial banks quoted the spot riyal at 3.7500/04 to the dollar after 3.7507/09 yesterday. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4588"

"15410"

9-APR-1987 06:33:28.29

SAUDI RATES RISE AS BAHRAIN BANKS CAUGHT SHORT

Belgium plans to issue Swiss franc warrants to buy gold, with Credit Suisse as lead manager, market sources said. No confirmation or further details were immediately available. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4589"

"15411"

9-APR-1987 06:35:14.06

BELGIUM TO ISSUE GOLD WARRANTS, SOURCES SAY

Tabuchi Electric Co is launching 30 mln Swiss francs of five-year straight notes with a 4-3/4 pct coupon and par issue price, lead mananger Swiss Bank Corp said. Payment is due April 22. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5310"

"15412"

9-APR-1987 06:38:14.84

TABUCHI ELECTRIC ISSUES 30 MLN SWISS FRANC NOTES

The Philippine Long Distance Telephone Co <PLDT.MN> is planning a two-for-one stock split and a 20 pct stock dividend later this year to reduce excess market buoyancy, Vice-President Sennen Lazo told Reuters. Lazo said the stock split would reduce the par value of the company's common stock from 10 to five pesos. He said the stock split would apply to holders of about 18 mln common shares of stock on the record date of September 15 1987. "The exercise should make our stock more marketable," Lazo said. "Now it is beyond the reach of many small investors." PLDT common stock surged from a low of 37 pesos in February 1986 to 367.50 at close of trading yesterday on the Manila Stock Exchange. Lazo said the 20 pct stock dividend, payable on October 15, would also apply to stockholders on record as of September 15. PLDT reported 1986 net income of 1.89 billion pesos, up 68 pct from 778.9 mln pesos in 1985, on operating revenues of six billion pesos, up from 4.7 billion pesos in 1985. At end December 1986 the company had 417,100 stockholders. A PLDT spokesman said the company's profits are likely to be substantial since the government raised its franchise tax to three pct from two and to impose a 35 pct corporate income tax from which it was previously exempt. The government has not so far ordered the implementation of the tax decision. PLDT is the largest of 58 telephone companies in the Philippines. On December 31 1986 the company had 856,014 telephones in operation, representing 94 pct of all instruments in the country. In Manila item "Philippine Telephone firm plans stock split" please read in page 3, first para, "the company's profits are likely to be substantially cut" (inserting dropped word). This replaces "the company's profits are likely to be substantial"

"NORM"

"TEST"

"TRAINING-SET"

"4591"

"15413"

9-APR-1987 06:40:22.52

PHILIPPINE TELEPHONE FIRM PLANS STOCK SPLIT

The coupon on the Bank of Tokyo Ltd's 100 mln Swiss franc convertible has been cut to 7/8 pct from the indicated 1-1/4 pct, lead manager Swiss Bank Corp said. The conversion price has been set at 1,590 yen, the same as today's close. The exchange rate has been set at 96.84 yen to the franc. Payment is due April 30. The conversion period is from May 20, 1987 until September 20, 1992. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4592"

"15414"

9-APR-1987 06:42:44.71

COUPON CUT ON BANK OF TOKYO SWISS FRANC ISSUE

London-based trader Cargill (U.K.) Ltd confirmed it sold one cargo of white sugar to India for shipment April 15/May 15 at yesterday's tender. Price details were not immediately available but some traders suggested business had been done around 220 dlrs a tonne cif. India tendered for one or two cargoes of white sugar. There was no specific requirement on shipping period. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4593"

"15415"

9-APR-1987 06:42:58.51

CARGILL CONFIRMS WHITE SUGAR SALE TO INDIA

Malaysia has asked Japan for a 42 billion yen 25-year loan to finance the construction of gas pipelines from eastern Trengganu to southern Johor, the Overseas Economic Cooperation Fund (OECF) said. OECF's chief representative, Takashi Matsuya, told reporters the Japanese Government is appraising the loan. Another OECF official told Reuters Japan is likely to approve the loan because "it is technically and economically viable." If approved, the loan would carry a coupon rate of four pct, a grace period of seven years, Matsuya said. It would be disbursed over three years, he added. The pipeline contruction is the second phase of the Peninsular Gas Utilisation Project by Petronas, Malaysia's national oil company. The first phase was the supply of gas to households in and around the eastern oil town of Kertih. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5314"

"15416"

9-APR-1987 06:45:38.33

MALAYSIA SEEKS 42 BILLION YEN PIPELINE LOAN

Credit Commercial de France <CCFP.PA> reported a parent company net profit up 34.8 pct to 140.1 mln francs from 103.9 mln francs a few weeks before its denationalisation around the end of this month. Official sources said the bank, France's sixth largest in terms of its deposits and seventh in terms of its assets, planned a share split to increase the number of shares on offer ahead of the sale of 40 pct of its ordinary share capital to the public, of 10 pct to staff and 20 pct abroad. Previously one of France's biggest private banks, it was nationalised by the Socialists in 1982. The sources said it was too early to give details of the planned split or of the share price, but cited April 27 as a likely date for the flotation launch. So far 30 pct of the group's capital, currently at 10.33 mln shares of 100 francs nominal, has been offered for sale to large private investors to constitute a solid core of eight to ten shareholders before the flotation. The private tender offer closes on April 16, while a 12 mln franc advertising campaign for the flotation begins on Sunday. "The privatisation will be a way of attracting extra clients," CCF deputy director-general Rene de la Serre told Reuters. Market sources put the total value of CCF's privatisation at between four and five billion francs. De la Serre said the bank was likely to attract at least the same number of investors as <Sogenal>, another recently privatised bank in which 850,000 people bought shares. The government's sweeping privatisation programme has also included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere de Paribas <PARI.PA>. The sale of <Banque du Batiment et des Travaux Publics> and <Banque Industrielle et Mobiliere Privee> should be completed this month, while third largest French bank Societe Generale <SGEN.PA> will be privatised later this year. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4595"

"15417"

9-APR-1987 06:48:58.11

CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN

The European Investment Bank (EIB) is issuing a 40 billion yen eurobond due May 6, 1994 paying 4-5/8 pct and priced at 101-1/2, lead Nomura 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 1-1/8 pct while management and underwriting combined pays 1/2 pct. The payment date is May 6. There is a mandatory purchase fund operating in years one and two, except for the first month after the payment date, whereby the EIB can purchase up to five pct of the issue each year if it is trading below par. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4596"

"15418"

9-APR-1987 06:55:10.54

EIB ISSUES 40 BILLION YEN EUROBOND

The International Development Association (IDA) is lending 18.6 mln dlrs to Sri Lanka for agricultural research and development, the World Bank said in a statement. The loan is part of a 26.5 mln dlr project to improve production of commodities, mainly rice, and raise farmer incomes. Other financing for the project will come from Sri Lanka (7.1 mln dlrs) and West Germany (800,000 dlrs). The IDA credit is interest-free and for 50 years. It includes a 10-year grace period but has annual charges of 0.5 pct on the undisbursed balance, and 0.75 pct on the disbursed balance, the Bank statement said. The project envisages the creation of a Council of Agricultural Research to formulate a national agricultural strategy and introduce a contract research programme to finance research activities, the Bank said. The Washington-based IDA is the World Bank's affiliate for concessionary lending. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5317"

"15419"

9-APR-1987 07:00:08.37

IDA GIVES 18.6 MLN DLR LOAN TO SRI LANKA

Johnson Matthey today issued the following Platinum group base prices (unfabricated), all U.S. Dlrs per troy ounce. Previous prices in parentheses. PLATINUM - 562 (567) PALLADIUM - 130 (130) IRIDIUM - 400 (400) RHODIUM 1,230 (1,230) RUTHENIUM - 80 (80)

"NORM"

"TEST"

"TRAINING-SET"

"4598"

"15420"

9-APR-1987 07:02:48.95

JOHNSON MATTHEY'S PLATINUM GROUP PRICES

Lex Service Plc <LEXL.L> said it had acquired <Sears Motor Group Ltd>, the retail motor distribution arm of Sears Plc < SEHL.L>, and an 11.9 mln stg loan note payable by Sears Motor for 33.4 mln stg. The purchase will be through 1.4 mln stg in cash and the issue to Sears Plc of 8.0 mln new Lex ordinary shares. The company said in a statement that immediately following the acquisition of the motor group, its car and commercial vehicle contract hire fleet of some 3,000 vehicles was sold to <Lex Vehicle Leasing Ltd> for 14.3 mln stg in cash, a sum equal to the net book value of the vehicles transferred. Lex Vehicle is owned equally by Lex Services and <Lombard North Central Plc>. Lex said the shares involved in the transaction were today being placed for Sears Plc with institutions at 400p. These shares will not qualify for the final Lex dividend on 10 April. Lex said in a statement that its acquisition of Sears Motor Group represents a major development for its automotive activities. The enlarged retailing operations of the Lex Automotive group now have a turnover of 530 mln stg. Lex's existing automotive interests include Volvo Concessionaires, the sole importer of Volvo cars and parts into the U.K. Lex said the turnover for Sears Motor Group in the year to 31 December 1986 was 242 mln stg and that at the date of the acquisition the group had about 50 mln stg in external borrowings. Lex shares fell on the announcement to trade around 409p from a 419p close yesterday. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4599"

"15421"

9-APR-1987 07:03:11.64

LEX SERVICE BUYS SEARS MOTOR GROUP

The Japan Development Bank is issuing a 150 mln dlr eurobond due May 20, 1994 paying eight pct and priced at 101-1/8 pct, lead manager Bank of Tokyo International Ltd said. The non-callable bond is guaranteed by Japan and is available in denominations of 5,000 dlrs. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is May 20. Listing will be in London. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4601"

"15423"

9-APR-1987 07:08:40.41

JAPAN DEVELOPMENT BANK ISSUES 150 MLN DLR EUROBOND

Officials from Indonesia, Malaysia, Singapore and, perhaps, Thailand will meet here tomorrow to discuss increased regional cooperation on rubber marketing and ways to raise rubber prices, industry sources said. The officials will discuss linking rubber markets in the four countries to improve price transparency, the sources said. This is the first time Indonesia is attending such a meeting, they said, but representatives from Thailand may not be able to attend because of their tight schedule. Malaysia, Indonesia and Thailand account for 90 pct of world rubber exports and Singapore is a major regional rubber trading centre. The Malaysian Rubber Futures market, freighting and contracts for rubber are among other issues expected to be discussed. Last month, rubber importing and exporting countries adopted a new International Natural Rubber Agreement in Geneva. The new pact is more responsive to market trends than its predecessor, the sources said, and earlier provisions allowing the buffer stock to borrow from banks have been eliminated. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4602"

"15424"

9-APR-1987 07:10:53.05

MAJOR RUBBER PRODUCERS TO MEET IN SINGAPORE

MEPC Plc <MEPC.L> said that its offer for <Oldham Estates Ltd> would remain open until further notice. On February 26 MEPC made an agreed bid for Oldham based on a formula reflecting its asset value at 30 September 1986. A year earlier Oldham's net asset value was put at 531.4 mln stg. As of 1 April the valuation used under the formula had still to be agreed so Oldham had yet to give a firm recommendation to its shareholders regarding the value of the the offer. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4603"

"15425"

9-APR-1987 07:11:07.87

MEPC EXTENDS OFFER FOR OLDHAM

Toronto Dominion Bank, Nassau Branch, has increased its eurobond offering to 50 mln Australian <dlrs from 40 mln, lead manager Hambros Bank Ltd said. All other terms remain the same. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5324"

"15426"

9-APR-1987 07:13:52.76

TORONTO DOMINION AUSTRALIA DOLLAR BOND INCREASED

Year to December 31, 1986. Shr 18.35p vs 14.95p Div 3.75p vs 2.9p making 4.75p vs 3.75p Pretax profit 66.5 mln stg vs 46.9 mln Tax 14.6 mln stg vs 4.5 mln Net profit 51.9 mln stg vs 42.4 mln Turnover 1.44 billion stg vs 1.58 billion Note - Full name of company is George Wimpey Plc <WMPY.L>. Operating profit before exceptional items 88.9 mln stg vs 80.5 mln Exceptional debits 3.0 mln stg vs 11.6 mln Operating profit 85.9 mln stg vs 68.9 mln Share of profits less losses of associated companies 1.4 mln stg vs 2.4 mln loss Interest - net payable 20.8 mln stg vs 19.6 mln Attributable minority profits debits 0.2 mln stg vs 0.3 mln Extraordinary items debit 3.4 mln stg vs 4.3 mln credit Net borrowings 195.1 mln stg vs 193.5 mln REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5325"

"15427"

9-APR-1987 07:17:12.50

GEORGE WIMPEY PROFITS UP 42 PCT TO 66.5 MLN STG

"BRIEF"

"TEST"

"TRAINING-SET"

"5326"

"15428"

9-APR-1987 07:20:29.48

CANADA FEBRUARY TRADE SURPLUS 1.25 BILLION DLRS AFTER JANUARY 623 MLN DLRS SURPLUS

Net profit 327.1 mln guilders vs 307.5. Total revenue 7.97 billion guilders vs 8.7 billion. Net profit per five guilder nominal share 9.33 guilder vs 9.25 (corrected for capital increase). Final dividend 1.30 guilders and 2.4 pct stock vs 1.30 guilders and 2.2 pct in stock. Interim dividend already paid was 1.30 guilders. Note : full name of company is AEGON NV <AEGN.AS> REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4607"

"15429"

9-APR-1987 07:21:35.45

AEGON 1986 NET PROFIT RISES 6.4 PCT

Canada had a trade surplus of 1.25 billion dlrs in February compared with an upward revised 623 mln dlrs surplus in January, Statistics Canada said. The January surplus originally was reported at 533 mln dlrs. The February surplus last year was 189 mln dlrs. February exports, seasonally adjusted, were 10.44 billion dlrs against 9.85 billion in January and 10.05 billion in February, 1986. February imports were 9.19 billion dlrs against 9.23 billion in January and 9.86 billion in February, 1986. Reuter

"NORM"

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"TRAINING-SET"

"5328"

"15430"

9-APR-1987 07:21:50.13

CANADA FEBRUARY TRADE SURPLUS 1.2 BILLION DLRS

The Bank of Japan bought a modest amount of dollars at around 145.10 yen just after the market here opened, dealers said. Just before the opening, the dollar dropped swiftly as speculators concluded the Group of Seven (G-7) comminuique issued in Washington contained nothing basically new, they said. It fell about a half yen, to around 145. The G-7 reaffirmed that their currencies around current levels reflect economic fundamentals. One dealer said the Bank of Japan probably intervened in Australia before the opening here, but could not confirm this. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4609"

"15431"

9-APR-1987 07:24:18.75

BANK OF JAPAN BUYS DOLLARS IN TOKYO, DEALERS SAY

Japanese Finance Minister Kiichi Miyazawa said the strengthening of the yen against the dollar that has occurred since the Paris Agreement was within the range agreed on in the Louvre discussions. "I would say that what has happened (to the yen) in the past several weeks was not outside the range we agreed to in the discussions in Paris," Miyazawa told a press conference following the Group of Seven meeting here. He added that the current discussions were a "reaffirmation" of that agreement, indicating that the "solidarity" that occurred in Paris was still in place. reuter

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"TRAINING-SET"

"5330"

"15432"

9-APR-1987 07:24:49.99

MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE

The coupon on the 100 mln dlr, 15-year, convertible eurobond for the Bank of Tokyo Ltd has been cut to 1-3/4 pct from the two pct initially indicated, lead manager Bank of Tokyo International Ltd said. The foreign exchange rate has been set at 146.40 yen to the dollar but details of the conversion price were not immediately available. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4613"

"15435"

9-APR-1987 07:27:20.94

COUPON CUT ON BANK OF TOKYO DOLLAR CONVERTIBLE

The Bank of England said it operated in the money market this morning, buying 103 mln stg bank bills. The central bank bought in band one 60 mln stg at 9-7/8, in band two eight mln at 9-13/16, in band three 26 mln at 9-3/4 and in band four nine mln stg at 9-11/16 pct. This compares with the bank's forecast of a 400 mln stg shortfall today. REUTER

"NORM"

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"TRAINING-SET"

"4614"

"15436"

9-APR-1987 07:27:42.32

U.K. MONEY MARKET GETS 103 MLN STG HELP

The Netherlands' largest insurer Nationale Nederlanden NV <NTTN.AS> (NatNed) said it expected at least unchanged results in 1987 after reporting 1986 net profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in 1985, Revenues increased by 0.5 pct to 17.35 billion guilders after 17.27 billion the previous year, and the dividend was raised to 2.50 guilders per share from 2.38 guilders in 1985, corrected on a capital increase. The company said guilder revenue and profit were pressured by falls in exchange rates, particularly in the US and Australian dollar and sterling. Without these currency fluctuations, net profit would have been 30.7 mln guilders higher and revenue 1.97 billion higher, NatNed said. The international share in turnover was 50 pct in 1986 compared with 52 pct in 1985. The company's life insurance result fell to 365.7 mln guilders after 428.4 mln in 1985 due to currency influences, tighter interest margins and increased investment. Claim payouts fell to 9.9 mln guilders after 66.6 mln the previous year. The company's total assets reached 69.87 billion guilders in 1986 against 67 billion the year before. Assets per share equalled 65.68 guilders against 65.53. Without these currency fluctuations, net profit would have been 30.7 mln guilders higher and revenue 1.97 billion higher, NatNed said. The international share in turnover was 50 pct in 1986 compared with 52 pct in 1985. The company's life insurance result fell to 365.7 mln guilders aft INTERRUPTED

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9-APR-1987 07:33:57.54

NATNED FORECASTS 1987 RESULTS IN LINE WITH 1986

Shares of Continental Gummi-Werke AG <CONG.F> opened eight marks stronger in an otherwise mixed Frankfurt market and dealers attributed the trend to favourable press reports about a new tyre system the company is developing. The shares later eased to 344.50. A spokesman for the West German Automobile Association, ADAC, said the ADAC magazine in a recent edition described advantages of the new tyre. REUTER

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9-APR-1987 07:36:07.24

CONTI SHARES OPEN HIGHER ON GOOD NEW TYRE REVIEWS

 BANK OF FRANCE RETURN - APR 9 Week end Apr 2 (in mln francs) Gold reserves 218,316 (unch) Convertible Currency Reserves 119,518 (116,728) Ecus 62,008 (62,020) Special Operations (advances to Exchanges stabilisation fund) nil (nil) Special Drawing Rights 6,866 (unch) Notes In Circulation 209,260 (207,517) Foreign Liabilities 3,101 (3,082) 

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9-APR-1987 07:38:18.81