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The Philippine Senate approved a proposal to repay loans owed by a private company to speed up the signing of a 13.2 billion dlr rescheduling agreement with foreign banks. It concerns a Barclays Bank managed loan to fertilizer company Planter Products Inc, said Teofisto Paterno, chairman of the foreign debt committee. President Corazon Aquino had accused some creditor banks of "non-too-subtle coercion" in threatening to refuse to sign the rescheduling accord until the loan problem was settled. Over 30 of Philippines' 483 creditor banks still have to sign the agreement before the November 15 deadline. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"20034"

"21402"

19-OCT-1987 10:23:29.35

PHILIPPINE SENATE ACTS TO SPEED DEBT PACT

Shr 57 cts Net 6,889,000 vs 10.7 mln Nine mths Shr 1.67 dlrs Net 20.1 mln vs 22.9 mln Assets 1.63 billion vs 1.47 billion Deposits 1.17 billion vs 1.19 billion Loans 1.25 billion vs 936.5 mln NOTE: 3rd qtr and nine mths 1986 per share figures not available because bank converted to stock form Nov 28, 1986. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20033"

"21403"

19-OCT-1987 10:23:17.49

HOME SAVINGS BANK <HMSB.O> 3RD QTR NET

FW Woolworth and Co said that 2,223,996 shares of Armel Inc's <AML> common stock were tendered to and accepted for payment by Woolworth, under the terms of the previosuly announced cash tender offer which expired at 2400 midnight EDT on October 16. In addition, Woolowrth said 137,367 Armel shares have been tendered subject to guaranteed delivery. Woolowrth said as a result of the tender offer and options which it has exercised to purchase Armel stock, FWW Acquisiton Corp, a Woolworth unit, today expects to own about 91.75 pct of Amrel's outstanding stock. Woolworth said the percent it owns does not include 583,650 Class A shares of Armel, which were tendered or will be purchased pursuant to the options. As previuosly announced, FWW will now proceed with the cash merger in which all shares of Armel, other than those held by FWW or Woolworth, will be entitled to receive 7.75 dlrs per share. Woolworth said it expects to consummate the deal later this year. Armel is a specialty retailer of a broad line of athletic and leisure footwear, accessories and other sportswear. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20032"

"21404"

19-OCT-1987 10:23:09.86

WOOLWORTH <Z> COMPLETING TENDER OFFER

Shr 15 cts vs 13 cts Net 1,352,000 vs 1,210,000 Revs 5,953,000 vs 3,309,000 Nine mths Shr 36 cts vs 27 cts Net 3,257,000 vs 2,416,000 Revs 16.6 mln vs 9,705,000 NOTE: If FASB adopts accounting changes, then 1987 3rd qtr per share results will be restated to 22 cts, and 54 cts a share for 1987 nine mths. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20031"

"21405"

19-OCT-1987 10:22:36.51

PLAINS PETROLEUM CO <PLP> 3RD QTR NET

Shr profit three cts vs loss two cts Net profit 107,000 vs 87,000 loss Revs 6,769,000 vs 4,992,000 Nine mths Shr profit 21 cts vs loss nine cts Net profit 778,000 vs loss 314,000 Revs 21.9 mln vs 13.9 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20030"

"21406"

19-OCT-1987 10:22:25.54

WELLS-GARDNER CORP <WGA> 3RD QTR NET

New York-based Prospect Group Inc <PROSZ.O> said it acquired 527,000 shares of Brinkmann Instruments Inc common stock, or 14.3 pct of the scientific instrument maker's common stock outstanding. In a filing with the Securities and Exchange Commission, Prospect Group said it bought the 527,000 Brinkmann shares in open market transactions between August 12 and October 16 at 9.62 dlrs to 11.50 dlrs, or a total of 5.69 mln dlrs. Prospect Group said it bought the stock "to establish a significant minority equity interest in the company," but does not intend to seek control of Brinkmann at the present time. Prospect Group said it will review its investment objectives regarding Brinkmann as warranted by market conditions, the company's performance, and other factors including discussions with Brinkmann management. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20028"

"21408"

19-OCT-1987 10:20:37.86

PROSPECT GROUP HAS 14.3 PCT OF BRINKMANN<BRIK.O>

"BRIEF"

"TEST"

"TRAINING-SET"

"20026"

"21410"

19-OCT-1987 10:19:14.69

IC INDUSTRIES SAYS IT WILL CONSIDER POSSIBLE SALE OF ITS AEROSPACE BUSINESS

Warner Communications Inc said its Warner Communications Investors Inc unit acquired stock and warrants representing 416,668 shares of Berkey Inc common stock, or the equivalent of 8.2 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, Warner Communications Investors said it paid about one mln dlrs to Berkey on September 23 to acquire 104,167 shares of Berkey Series B convertible preferred stock. The preferred stock is convertible into 208,334 Berkey common shares, and warrants to buy another 208,334 shares. Warner Communications and its subsidiary said the Berkey stock is held as an investment which they will review and evaluate from time to time. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20025"

"21411"

19-OCT-1987 10:17:52.03

WARNER <WCI> HAS 8.2 PCT BERKEY INC <BKY> STAKE

Oper shr 59 cts vs 49 cts Oper net 54.7 mln vs 44.8 mln Sales 1.04 billion vs 921.4 mln Nine mths Oper shr 2.22 dlrs vs 1.62 dlrs Oper net 203.8 mln vs 150.4 mln Sales 3.14 billion vs 2.87 billion Avg shrs 91.6 mln vs 93.1 mln NOTE: 1986 share data restated to reflect 100 pct stock dividend distributed June 12 1987 operating net in both periods excludes additional gain of 11.6 mln dlrs, or 13 cts a share, associated with 1985 sale of Formica Brand Products Group business 1987 nine month operating net includes pre-tax gain of 12.0 mln dlrs, equal to about 13 cts a share, from sale of Jacqueline Cochran businesses Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20024"

"21412"

19-OCT-1987 10:16:35.12

AMERICAN CYANAMID CO <ACY> 3RD QTR NET

Shr 71 cts vs 49 cts Net 64.3 mln vs 43.7 mln Revs 838.2 mln vs 742.6 mln Avg shrs 89.9 mln vs 89.9 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20023"

"21413"

19-OCT-1987 10:16:08.35

TANDY CORP <TAN> 1ST QTR SEPT 30 NET

Shr 1.62 dlrs vs 1.49 dlrs Net 321.8 mln vs 297.9 mln Revs 2.59 billion vs 2.49 billion Avg shrs 198.8 mln vs 199.5 mln Nine mths Shr 2.80 dlrs vs 4.48 dlrs Net 955.4 mln vs 895.2 mln Revs 7.70 billion vs 7.32 billion Avg shrs 199.0 mln vs 199.7 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20022"

"21414"

19-OCT-1987 10:15:55.43

BELL ATLANTIC CORP <BEL> 3RD QTR NET

Shr profit 14 cts vs loss 19 cts Net profit 22.5 mln vs loss 30.0 mln Revs 693.0 mln vs 597.9 mln Avg shrs 166.0 mln vs 154.2 mln NOTE: Prior year net includes five mln dlr tax credit. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20021"

"21415"

19-OCT-1987 10:14:54.00

WANG LABORATORIES INC <WANB> 1ST QTR SEPT 30

Shr 98 cts vs 70 cts Net 12.3 mln vs 8,699,000 Sales 284.7 mln vs 280.7 mln Nine mths Shr 2.83 dlrs vs 2.23 dlrs Net 35.3 mln vs 27.6 mln Sales 824.6 mln vs 818.4 mln NOTE: Share adjusted for December 1986 three-for-two split. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20020"

"21416"

19-OCT-1987 10:14:27.33

BROCKWAY INC <BRK> 3RD QTR NET

NUI Corp said it is studying the feasibility of spinning off nonutility subsidiaries to shareholders. The company said its propane disution, natural gas spot marketing, data processing, oil and natural gas exploration and production, natural gas gathering and underground pipe replacement businesses had sales for the year ended September 30 of about 74 mln dlrs, or about 25 pct of total company sales. NUI's major subsidiary is utility Elizabethtown Gas. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20019"

"21417"

19-OCT-1987 10:13:41.72

NUI <NUI> MAY SPIN OFF NONUTILITY OPERATIONS

Telex Corp said its board has directed management and financial advisor Drexel Burnham Lambert Inc to investigate possible alternatives to the tender offer of Asher Edelman's TLX Partners for all Telex shares that may include seeking other purchasers for Telex. The company said the board at an October 16 meeting decided to defer until a board meeting later this week a recommendation on the Edelman offer and said the board expects to make a recommendation by October 23. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20017"

"21419"

19-OCT-1987 10:13:03.47

TELEX <TC> MAY SEEK OTHER PURCHASERS

"BRIEF"

"TEST"

"TRAINING-SET"

"20015"

"21421"

19-OCT-1987 10:11:29.96

IBC ACQUISITION GETS 8,857,807 SHARES IN TENDER, TO BUY 90.9 PCT

Soviet Planning chief Nikolai Talyzin told the Supreme Soviet (parliament) industrial output is planned to rise by 4.5 pct in 1988, up from a planned 4.4 pct in 1987. In the first nine months of this year, industrial output rose by 3.6 pct. Talyzin said national income, the nearest Soviet equivalent to gross national product, is planned to rise by 4.3 pct against a planned 4.1 pct this year. He said grain production is planned at 235 mln tonnes in 1988, compared with a planned 232 mln this year. The Soviet Union produced 210 mln tonnes of grain in 1986 and the Soviet press has said heavy rain has affected the harvest this year. Talyzin said the 1988 Soviet plan stressed the engineering industry, which Kremlin leader Mikhail Gorbachev has described as a sector where rapid modernisation is essential if the Soviet Union is to compete effectively on world markets. "Certain difficulties have arisen this year in the machine-building industry. The economy is not receiving a considerable amount of the equipment that it requires," said Talyzin, who heads the state planning committee Gosplan. Soviet data show the machine-building industry, which makes machine tools, instruments and other engineering goods, increased output by 3.3 pct in the first nine months of this year against the same period of 1986. This is well below the 7.3 pct rise planned for the industry for all of 1988. Talyzin said the ruling Politburo concluded at a recent meeting that an improvement in economic performance depended to a large extent on conserving resources better. "Large-scale measures are planned to save resources," he said. Finance Minister Boris Gustev told the Supreme Soviet defence spending in 1988 would total 20.2 billion roubles, the same as announced last year. Talyzin said the Kremlin also had decided to increase spending next year on medical services, education, pensions and social insurance schemes He said state expenditures in these fields would reach 171 billion roubles in 1988, or 3.5 billion roubles more than had originally been envisaged in the 1986-1990 Five-Year Plan. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"20013"

"21423"

19-OCT-1987 10:04:35.30

SOVIET UNION SETS 4.5 PCT INDUSTRIAL OUTPUT GROWTH

"BRIEF"

"TEST"

"TRAINING-SET"

"20009"

"21427"

19-OCT-1987 09:56:07.10

IDC SERVICES AGREES TO BE ACQUIRED FOR 16 DLRS A SHARE BY APOLLO PARTNERS GROUP

Restaurant Associates Industries Inc said the management group led by chairman Martin Brody and president Max Pine through October 16 had received 1,796,727 Class A and 1,766,091 Class B shares in response to its tender offer for all shares at 18 dlrs each, giving thema majority of each class of shares. The company said the tender has been extended until November 6. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20007"

"21429"

19-OCT-1987 09:52:59.85

MANAGEMENT GROUP HAS RESTAURANT <RA> MAJORITY

Shr 13 cts vs 22 cts Net 5,452,000 vs 9,789,000 Sales 155.7 mln vs 135.1 mln NOTE: Prior year net includes gain 6,556,000 dlrs from sale of shares of Seagate Technology Corp <SGAT.O>. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20006"

"21430"

19-OCT-1987 09:52:19.08

XIDEX CORP <XIDX.O> 1ST QTR SEPT 30 NET

shr 1.99 dlrs vs 2.05 dlrs diluted shr 1.80 dlrs vs 1.75 dlrs net 50.0 mln vs 48.5 mln nine months shr 5.37 dlrs vs 5.69 dlrs diluted shr 4.87 dlrs vs 4.76 dlrs net 134.6 mln vs 129.6 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20005"

"21431"

19-OCT-1987 09:52:04.56

CALFED INC <CAL> 3RD QTR NET

Shr 1.16 dlrs vs 1.09 dlrs Net 128.1 mln vs 118.3 mln Avg Shrs 108.8 mln vs 105.7 mln Nine Months Shr 40 cts vs 3.12 dlrs Net 53.2 mln vs 335.1 mln Avg Shrs 108.0 mln vs 105.2 mln Note: Prior-period data have been restated to include on a pooling-of-interest basis the August 31, 1987, acquisition of Rainier Bancorporation. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20001"

"21435"

19-OCT-1987 09:46:57.37

SECURITY PACIFIC CORP <SPC> 3RD QTR NET

Shr 1.77 dlrs vs 60 cts Net 58.2 mln vs 19.4 mln Revs 377.4 mln vs 188.0 mln Nine mths Shr 3.10 dlrs vs 1.51 dlrs Net 100.3 mln vs 50.6 mln Revs 1.11 billion vs 639.7 mln NOTE: 3rd qtr 1987 net includes about 3,000,000 dlrs after-tax extraordinary gain on retirement of debt. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"20000"

"21436"

19-OCT-1987 09:46:51.89

PHELPS DODGE CORP <PD> 3RD QTR NET

Shr 70 cts vs 54 cts Net 16.7 mln vs 12.5 mln Revs 343.6 mln vs 323.1 mln Avg shrs 23.9 mln vs 24.8 mln Nine mths Shr 1.98 dlrs vs 1.23 dlrs Net 46.9 mln vs 27.8 mln Revs 960.5 mln vs 893.2 mln Avg shrs 24.2 mln vs 24.9 mln NOTE: 1986 figures reflect the adjustment for 3-for-2 split in May 1987. Net for nine mths 1987 includes a cumulative effect of a change in accounting for gain on pension assets reversion of 10.1 mln or 42 cts a shr. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19999"

"21437"

19-OCT-1987 09:46:37.75

CRANE CO <CR> 3RD QTR NET

"BRIEF"

"TEST"

"TRAINING-SET"

"19996"

"21440"

19-OCT-1987 09:43:30.16

TELEX CORP TO INVESTIGATE ALTERNATIVES TO TLX PARTNERS BID, MAY SEEK OTHER PURCHASERS

Shr 42 cts vs 21 cts Net 19.1 mln vs 9,528,000 Sales 101.2 mln vs 65.6 mln Avg shrs 46.0 mln vs 46.0 mln Nine mths Shr 1.08 dlrs vs 69 cts Net 49.1 mln vs 32.7 mln Sales 280.0 mln vs 201.0 mln Avg shrs 45.6 mln vs 47.4 mln NOTE: Share adjusted for February 1987 two-for-one split. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19995"

"21441"

19-OCT-1987 09:38:49.47

LOTUS DEVELOPMENT CORP <LOTS.O> 3RD QTR NET

Iran said U.S. Naval forces attacked two of its oil platforms in the southern Gulf on Monday afternoon, the Iranian news agency IRNA reported. IRNA, received in Nicosia, said an informed source at the Iranian oil ministry identified the two platforms as Resalat and Reshadat, about 60 miles from Iran's Lavan island oil storage site. Regional shipping sources earlier said three Iranian offshore oil sites at Sassan, Rostam and Rakhsh had been attacked at 7.00 A.M. (0300 GMT) on Monday by unidentified aircraft. In Washington, U.S. Defence Secretary Caspar Weinberger said four U.S. Destroyers attacked and destroyed an Iranian oil platform about 120 miles east of Bahrain. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19993"

"21443"

19-OCT-1987 09:36:20.16

IRAN SAYS U.S. NAVAL FORCES ATTACKED TWO PLATFORMS

Oper shr loss 82 cts vs profit 12 cts Oper net loss 4,134,000 vs profit 544,000 Avg shrs 5,030,000 vs 3,927,000 Nine mths Oper shr loss 80 cts vs profit 32 cts Oper net loss 3,615,000 vs profit 1,457,000 Avg shrs 4,557,000 vs 3,927,000 NOTE: 1986 net excludes tax loss carryforwards of 105,000 dlrs in quarter and 195,000 dlrs in nine mths. 1986 quarter net includes 212,000 dlr tax credit. 1987 net both periods includes 3,700,000 dlr addition to loan loss reserves due mostly to one out-of-state real estate transaction. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19989"

"21447"

19-OCT-1987 09:30:51.30

SOUTHWEST BANCORP <SWB> 3RD QTR LOSS

Shr 95 cts vs 36 cts Net 9,100,000 vs 3,300,000 Revs 143.7 mln vs 132.4 mln Avg shrs 9,884,000 vs 9,780,000 Nine mths Shr 2.77 dlrs vs 1.49 dlrs Net 26,600,000 vs 19,000,000 Revs 401.8 mln vs 385.2 mln Avg shrs 9,871,000 vs 12,565,000 NOTE: 1986 earnings include a loss from discontinued operations of 1,000,000 dlrs, or 10 cts a share in the quarter and a gain of 2,500,000 dlrs, or 19 cts a share for the nine months Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19988"

"21448"

19-OCT-1987 09:29:50.98

GATX CORP <GMT> 3RD QTR NET

Rising service payments on Kenya's three billion dlr external debt will absorb nearly all the 1.1 billion dlrs of foreign aid likely over the next four years, President Daniel arap Moi said. "While we expect to receive 18.3 billion Kenyan shillings in the form of external loans for our development programs in the next four years, we will be repaying more than 13.5 billion... By way of external debt servicing...," Moi told a conference of American businessmen in Nairobi. The president added that if developing countries continue to experience foreign exchange outflows on this scale, many will be unable to sustain a level of imports necessary to ensure economic growth. He called on the international community to ensure a real transfer of resources from the industrialised to the developing countries. Moi said Kenya had so far met all obligations regarding its foreign debt, which his government has never tried to reschedule. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19987"

"21449"

19-OCT-1987 09:29:34.86

KENYA DEBT SERVICING TO ABSORB MOST AID - MOI

Shr 38 cts vs 29 cts Net 21.3 mln vs 15.8 mln Revs 102.6 mln vs 66.8 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19985"

"21451"

19-OCT-1987 09:25:04.53

MICROSOFT CORP <MSFT.O> 1ST QTR NET

Shr 65 cts vs 10 cts Net 55,960,000 vs 8,785,000 Revs 588.2 mln vs 596.1 mln Avg shrs 85,710,000 vs 87,987,000 Nine mths Shr 1.24 dlrs vs 44 cts Net 106,738,000 vs 39,055,000 Revs 1.98 billion vs 2.24 billion Avg shrs 86,320,000 vs 88,007,000 NOTE: 1986 data restated for adoption of new accounting standard relating to pensions 1987 nine month earnings include 331 mln dlr after-tax writeoff in the 4th Qtr of 1985 of a portion of the assets of the company's Midland nuclear project Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19983"

"21453"

19-OCT-1987 09:20:24.63

CMS ENERGY CORP <CMS> 3RD QTR NET

Shamrock Capital LP said it has completed the sale of Cental Soya Co Inc to Ferruzzi Agricola Finanziaria the holding company for the Ferruzzi group of Ravenna, Italy. Shamrock Capital is a limited partnership led by Shamrock Holdings Inc, the Roy E. Disney family company. Under the agreement announced last month, Ferruzzi acquired all the equity and assumed subordinated term debt of about 195 mln dlrs in a transaction valued at about 370 mln dlrs. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19982"

"21454"

19-OCT-1987 09:19:42.53

SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI

Qtr ends Sept 25 Shr 75 cts vs 64 cts Net 2,794,000 vs 2,363,000 Revs 157.8 mln vs 138.4 mln NOTE: 1986 qtr figures exclude effect of 1986 tax reform act which retroactively reduced earnings from 64 cts to 56 cts per shr. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19981"

"21455"

19-OCT-1987 09:18:12.67

CURTICE BURNS FOODS INC <CBI> 1ST QTR NET

U.S. warships attacked and destroyed an Iranian oil platform on Monday in retaliation for Friday's Iranian attack damaging a U.S.-flagged ship, U.S. Defense Secretary Caspar Weinberger said. When asked how much was left of the oil platform, Weinberger said, "Nothing." "There was no Iranian reaction," he said. "... We consider this matter is now closed." Weinberger said four U.S. destroyers attacked the platform about 120 miles east of Bahrain in the central Gulf with fire at 0700 EDT, Weinberger said. "We chose a platform used by the Iranians to interfere with and be a source of potential attack on convoys...," Weinberger said at a Pentagon briefing. "We know it has been used indeed, to not only launch small boat attacks on shipping but to fire on U.S. helicopters... "It's removal will contribute significantly to the safety of U.S. forces in the future," Weinberger said of the U.S. Navy's operation to escort oil tankers through the Gulf. "We do not seek further confrontation with Iran but we will be prepared to meet any escalation of military actions by Iran with stronger countermeasures," Weinberger said. He said the 20 to 30 Iranian personnel on the oil platform were given a 20-minute warning to abandon the platform. "As far as we know they did abandon the site," he said. Weinberger was asked why the United States had chosen to attack an oil platform rather than Iranian Silkworm missile platforms blamed by Washington for Friday's attack. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19977"

"21459"

19-OCT-1987 09:13:47.65

U.S. NAVAL FORCES ATTACK IRANIAN OIL PLATFORM

Shr profit 10 cts vs profit eight cts Net profit 477,853 vs profit 348,384 Sales 17.7 mln vs 17.3 mln Nine mths Shr loss 35 cts vs profit 45 cts Net loss 1,639,216 vs profit 2,305,700 Sales 56.2 mln vs 57.1 mln Avg shrs 4,698,501 vs 5,075,717 NOTE: Earnings in the 2nd Qtr of 1987 were reduced by 3,262,000 dlrs, or 69 cts a share from a charge reflecting elimination or transfer of certain product lines and operations at the company's Racine, Wis. foundry Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19976"

"21460"

19-OCT-1987 09:13:19.45

LINDBERG CO <LIND.O> 3RD QTR NET

Shamrock Capital LP said it has completed the sale of Cental Soya Co Inc to Ferruzzi Agricola Finanziaria the holding company for the Ferruzzi group of Ravenna, Italy. Shamrock Capital is a limited partnership led by Shamrock Holdings Inc the Roy E. Disney family company. Under the agreement announced last month, Ferruzzi acquired all the equity and assumed subordinated term debt of about 195 mln dlrs in a trction valued at about 370 mln dlrs. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19974"

"21462"

19-OCT-1987 09:12:35.93

SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI

"BRIEF"

"TEST"

"TRAINING-SET"

"19971"

"21465"

19-OCT-1987 09:07:31.76

WEINBERGER SAYS U.S. FORCES ATTACKED IRANIAN OIL PLATFORM

Cable and Wireless Plc <CAWL.L> said its subsidiary <Hong Kong Telephone Co Ltd> would cease to be a listed company, following the restructure of the company's Hong Kong units. Earlier today the company announced that Hong Kong Telephone and Cable and Wireless Hong Kong, in which the territory's government has a 20 pct stake, would become subsidiaries of a newly formed holding company, Hong Kong Telecommunications. In exchange for the Cable and Wireless Hong Kong capital, Hong Kong Telecommunications will issue 4.18 billion new shares to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd. That subsidiary now holds the group's 80 pct stake in Cable and Wireless Hong Kong and about 22 pct of H.K. Telephone. It will issue an additional 1.05 billion shares to the goverment. That will leave the Cable and Wireless group with an 80 pct stake in Hong Kong Telecommunications, the government 11 pct and nine pct in public hands. But that will be reduced early next year after a placement of 11 pct of the issued shares of Hong Kong Telecommunications by both Cable and Wireless and the government. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19970"

"21466"

19-OCT-1987 09:07:27.98

CABLE AND WIRELESS RESTRUCTURES H.K. UNITS

"BRIEF"

"TEST"

"TRAINING-SET"

"19968"

"21468"

19-OCT-1987 09:04:17.33

Bank of France added money market liquidity at 7-3/4 pct - dealers

GAF Corp said the management group led by chairman Samuel J. Heyman intends to reconsider its proposal to acquire GAF. On September 8, the group offered 64.00 dlrs in cash and 2.50 dlrs principal amount of 15 pct junior subordinated debentures due 2007 for each GAF share. Heyman owns about 2,700,000 of GAF's 33.5 mln shares outstanding. In a letter to the committee of independent directors formed to consider the offer, Heyman said it will have to modify the terms of the offer if it is to continue the bid, due to rising interest rates and financial market conditions. Heyman said "In the considerable time that has elapsed since our original proposal was submitted, the credit and financial markets have experienced extraordinary and almost unprecedented deterioration. As of the present time, the average interest rate on the financing which we proposed to raise in connection with the acquisition has increased, since the original proposal, by approximately 150 basis points." He said the group intends to promptly review all available options, including the revision of its offer to reflect current market conditions. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19967"

"21469"

19-OCT-1987 09:03:44.72

GAF <GAF> GROUP RECONSIDERS BUYOUT BID

South Korea's national news agency, Yonhap, said this year's current account surplus will near 10 billion dlrs amid signs of continuing high world demand for the country's cheap cars and electronic goods. Bank of Korea officials would neither confirm nor deny the Yonhap forecast, saying only that the bank would issue its own figures later in the week. Yonhap said the January-September surplus in the current account, which covers trade in goods and services, totalled 7.03 billion dlrs. This already exceeds the seven billion dlr ceiling for the whole of 1987 that the government set in June during talks with the International Monetary Fund aimed at averting a too rapid revaluation of the won against the dollar. The agency said the September surplus was 1.4 billion dlrs, up from 468.1 mln in August and 899 mln a year earlier. "Exports in October could be relatively modest due to many public holidays, but by the end of this year the surplus will be well over nine billion dollars, close to ten," Yonhap said. The sharp rise in the September surplus came from a resumption of export deliveries delayed by strikes the previous month. More than 3,300 companies, including car manufacturers, electronic and electric firms, were hit by labour unrest between July and September. The South Korean government originally targeted a five billion dlr current account surplus this year, but had to raise this to seven billion to reflect a startling first-half export boom. If confirmed, the soaring 1987 current account surplus seemed certain to trigger tougher pressure from the United States which recorded a 7.4 billion dlr trade deficit with Seoul last year, government economists said. The U.S. Government, trying to stem protectionist pressure at home, has called on South Korea to open more markets to American goods and revalue the won faster. The won was fixed at 804.90 against the dollar on Monday, representing a 7.01 pct gain so far this year. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19963"

"21473"

19-OCT-1987 08:56:47.50

S.KOREA CURRENT A/C SURPLUS SEEN NEAR 10 BLN DLRS

Shr 30 cts vs 17 cts Shr diluted 30 cts vs 17 cts Net 3,454,000 vs 1,546,000 Sales 84.0 mln vs 59.2 mln Avg shrs 11.6 mln vs 8,917,000 Avg shrs diluted 11.7 mln vs 11.2 mln Nine mths Shr 91 cts vs 72 cts Shr diluted 90 cts vs 65 cts Net 10.5 mln vs 5,959,000 Sales 236.7 mln vs 168.9 mln Avg shrs 11.5 mln vs 8,227,000 Avg shrs diluted 11.6 mln vs 11.2 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19962"

"21474"

19-OCT-1987 08:55:53.77

PLY GEM INDUSTRIES INC <PGI> 3RD QTR NET

Unidentified jets attacked three Iranian oil rigs in the southern Gulf early on Monday, setting at least one of them ablaze, regional shipping sources said. Earlier today in Washington, U.S. Television networks had reported that American forces launched a retaliatory strike against Iran late Sunday, attacking two Iranian offshore oil drilling platforms and setting them ablaze. The shipping sources said Iran's Sassan, Rostam and Rakhsh offshore oilfields were attacked at 0700 local (0300 GMT) by a wave of jet fighter bombers. Smoke was seen spiralling up from the Rostam field soon after. At least one of the other two targets was also believed to be ablaze, the sources said. The Sassan and Rostam fields have been targets for Iraqi air strikes in the past, but Baghdad had not reported any southern Gulf missions prior to news of the latest attack. Shipping and military sources in the region have said Iran used its southern Gulf rigs as bases to launch helicopter and later speedboat attacks on neutral ships in the waterway. U.S. Officials had been meeting on a response since Friday when an attack on a Kuwaiti port severely damaged a U.S.-flagged ship. President Reagan said on Sunday he had already made a decision on the U.S. Response to Friday's Iran attack but would not say what the decision was. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19961"

"21475"

19-OCT-1987 08:55:04.13

AIRCRAFT ATTACK IRANIAN OIL RIGS IN SOUTHERN GULF

Deutsche Bank AG joint chief executive Friedrich Wilhelm Christians said he believed the Louvre accord on currency stability was still intact. Christians told a news conference he met U.S. Treasury Secretary James Baker in the last two weeks, after short term German interest rates had risen twice. "I am sure that with 1.7720 marks the dollar is still within the Louvre agreement. I do not see that the accord has been terminated," Christians said. He was responding to questions about comments by Baker, who said the Louvre accord was still operative but criticised rises in West German interest rates. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19959"

"21477"

19-OCT-1987 08:52:57.44

DEUTSCHE BANK CHIEF SAYS LOUVRE PACT STILL INTACT

"BRIEF"

"TEST"

"TRAINING-SET"

"19958"

"21478"

19-OCT-1987 08:52:09.29

GAF CORP SAID MANAGEMENT GROUP TO RECONSIDER ACQUISITION PROPOSAL

Shr 13 cts vs 12 cts Net 1,612,000 vs 1,571,000 Revs 28.8 mln vs 25.0 mln Avg shrs 12.8 mln vs 13.3 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19957"

"21479"

19-OCT-1987 08:49:29.04

EMULEX CORP <EMLX.O> 1ST QTR SEPT 27 NET

Shr 18 cts vs 13 cts Net 5,436,000 vs 3,888,000 Sales 43.9 mln vs 31.5 mln Avg shrs 30,145,000 vs 28,976,000 Nine mths Shr 51 cts vs 38 cts Net 15,320,000 vs 11,098,000 Sales 123.6 mln vs 91.2 mln Avg shrs 30,157,000 vs 29,046,000 NOTE: Earnings adjusted for three-for-two stock split paid June 20, 1986 Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19956"

"21480"

19-OCT-1987 08:49:10.75

LYPHOMED INC <LMED.O> 3RD QTR NET

Unidentified jets raided three Iranian oil rigs in the southern Gulf on Monday, setting at least one of them ablaze, regional shipping sources said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19954"

"21482"

19-OCT-1987 08:44:03.69

AIRCRAFT ATTACK IRANIAN OIL RIGS IN SOUTHERN GULF

"BRIEF"

"TEST"

"TRAINING-SET"

"19952"

"21484"

19-OCT-1987 08:37:03.64

SHIPPING SOURCES SAY UNIDENTIFIED JETS RAID IRANIAN OIL PLATFORMS IN SOUTHERN GULF

"BRIEF"

"TEST"

"TRAINING-SET"

"19951"

"21485"

19-OCT-1987 08:35:03.90

Unidentified jets raid Iranian oil platforms in southern Gulf - shipping sources

Saudi Arabia is likely to remain the key supplier of liquefied petroleum gas (LPG) to Japan for at least the next five years, oil industry sources said. Japan, while diversifying its supply sources of propane and butane for stable supplies, will continue to bank on Saudi Arabian LPG, the sources said. They said Saudi's supply capabilities of LPG, an associate of crude oil, is guaranteed by its crude output capacity. "Saudi is a reliable supplier in that sense," said one trader. Japan imports about 50 pct of its LPG from Saudi Arabia. No single nation could substitute for Saudi Arabia as an LPG supply source to Japan, the sources said. "Saudi Arabia has committed itself to Japanese LPG buyers, which has quelled fears that LPG supplies from the Mideast Gulf could easily be disrupted in the wake of heightened hostilities in that area," said another trader. Saudi Arabia cut LPG shipments to Japan and elsewhere by 20 pct in September after a fire put a major gas plant at Al-Juaimah out of operation. October shipments were back to contractual volumes as Saudi was able to boost exports from other ports. Attacks on Gulf shipping by Iran and Iraq centered on crude rather than products carriers, which has lulled fears of LPG supply disruptions, traders said. They said an Iranian blockade of the Strait of Hormuz was unlikely because it would block Iran's oil shipments. Industry sources said Japan's LPG imports will not greatly rise or fall as its domestic demand growth is estimated at a moderate 2.1 pct a year from 1986 through 1991. Japanese term buyers of Saudi LPG are expected to lift slightly lower volumes from January 1987, when imports from Indonesia are slated to increase, the sources said. The customers are unlikely to slash Saudi term purchases in large scale when Japan increases annual imports of Indonesian LPG to 1.95 mln tonnes in early 1989 from 319,000 tonnes in the year ended March 1987, the sources said. But when demand is sluggish in summer, they will phase down term purchases of Saudi LPG and secure lower-priced cargoes on the spot market, they said. Japan imports some 12 mln tonnes of LPG a year, of which 5.3 mln tonnes are supplied by Saudi Arabia, 3.3 mln under term contracts and two mln through spot purchases. Some 80 pct of Japan's LPG imports are from the Middle East. Saudi Arabia's state owned oil company Petromin has made some concessions on term prices to Japanese customers in the recent round of contract renewal talks, and it is likely the Japanese will accept the offer, the sources said. The Japanese term customers, however, have so far been unsuccessful in establishing a transparent price formula to replace the existing unilateral monthly price notice. Japanese buyers pay Saudi Arabia a price notified by Petromin each month. Most recently the FOB price was set at 87 pct of the 17.52 dlrs per barrel government selling price (GSP) of Arabian Light. Buyers reserve the right to phase down or out liftings should the monthly price be set at over 95 pct of Arabian Light's GSP. Petromin has offered to lower this rate to 90 pct from the 95 pct for contracts with Japanese customers from next January, the trade sources said. Petromin also suggested that a seller's option of supplying up to 20 pct more than the contractural volume be subject to seller-buyer agreement. Under the present contract, Petromin can automatically cut supplies up to 10 pct of the contractual volume. "If you want to import LPG from Saudi Arabia on a profitable basis, you have to set the price factor at 80 to 85 pct," said an official at a major importer. "Freight costs are higher for cargoes coming from the Gulf than Southeast Asia due to a longer haul and war risk insurance payments." Japanese customers will visit Saudi Arabia this month to finalise their separate contract talks, now focusing on contractual period and volume, which could be very similar to current levels, the sources said. "When we talk business, we would seek profitability and sometimes forget vulnerability of high dependence on a single supplier," said one. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19950"

"21486"

19-OCT-1987 08:34:27.31

SAUDI TO REMAIN AS KEY LPG SUPPLIER TO JAPAN

Shr loss nine cts vs loss 12 cts Net loss 649,000 vs loss 850,000 Revs 5,059,000 vs 4,084,000 Avg shrs 7,041,000 vs 6,900,000 NOTE: Current year net includes charge 152,000 dlrs from amortization of previously capitalized software costs. Capitalized product development costs 276,000 dlrs vs 640,000 dlrs. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19948"

"21488"

19-OCT-1987 08:25:58.86

INTELLICORP <INAI.O> 1ST QTR SEPT 30 LOSS

Shr 36 cts vs 36 cts Shr diluted 34 cts vs 31 cts Net 1,679,000 vs 1,418,000 Sales 147.2 mln vs 121.5 mln Avg shrs 4,608,000 vs 3,963,000 Avg shrs diluted 5,585,000 vs 5,463,000 Nine mths Shr 1.04 dlrs vs 86 cts Shr diluted 93 cts vs 77 cts Net 4,387,000 vs 3,393,000 Sales 420.3 mln vs 338.7 mln Avg shrs 4,233,000 vs 3,948,000 Avg shrs diluted 5,564,000 vs 5,468,000 Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19947"

"21489"

19-OCT-1987 08:25:27.06

OWENS AND MINOR INC <OBOD.O> 3RD QTR NET

Shr 52 cts vs 43 cts Net 17.7 mln vs 14.2 mln Sales 413.1 mln vs 361.6 mln Avg shrs 34.3 mln vs 30.3 mln Nine mths Oper shr 1.58 dlrs vs 66 cts Oper net 53.9 mln vs 26.7 mln Sales 1.22 billion vs 1.08 billion Avg shrs 33.5 mln vs 35.2 mln NOTE: 1986 nine mths net includes 20.6 mln dlr provision for restructuring but excludes 85.0 mln dlr gain on sale of discontinued glass business and 1,330,000 dlr gain from discontinued operations. Quarter orders 350.2 mln dlrs vs 296.7 mln dlrs. Backlog 507.6 mln dlrs vs 444.4 mln dlrs. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19946"

"21490"

19-OCT-1987 08:25:06.13

TRINOVA CORP <TNV> 3RD QTR NET

U.S. television networks said on Monday that U.S. forces launched a retaliatory strike against Iran late Sunday, apparently attacking two Iranian offshore oil drilling platforms. NBC News said it understood six Iranians had been pulled from the sea. It said cautiously that U.S. forces attacked late Sunday and that two Iranian oil platforms east of Bahrain were ablaze as a result, but CBS News and other networks said flatly that U.S. forces attacked the Iranian oil platforms. U.S. officials had been meeting on a response since Friday when an attack on a Kuwaiti port severely damaged a U.S.-flagged ship. President Reagan said on Sunday he had already made a decision on the U.S. response to Friday's Iran attack but would not say what the decision was. Defense Secretary Caspar Weinberger said on Saturday the attack on a U.S.-flagged ship in Kuwaiti waters on Friday was almost certainly by an Iran Silkworm missile. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19944"

"21492"

19-OCT-1987 08:21:26.28

NBC NEWS SAYS U.S. HAS RETALIATED AGAINST IRAN

Thai traders plan to establish a company to regulate maize forward trading, in what could be a first step towards a commodities futures exchange, maize dealers said. Traders and Internal Trade Department officials agreed last week to commission a study on a structure to regulate maize forward trading and to set up a company, Thailand Commodity Exchange Co Ltd, with 30 businesses as shareholders who will act as brokers in the futures market. Chanthong Pattamapong, a commodities trader asked to to draw up the study, said if the maize futures market succeeds it may be extended to other commodities, perhaps sugar and rubber. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19943"

"21493"

19-OCT-1987 08:20:05.62

THAI TRADERS PLAN MAIZE FUTURES MARKET

"BRIEF"

"TEST"

"TRAINING-SET"

"19940"

"21496"

19-OCT-1987 08:04:50.36

Bundesbank buys 11.7 mln dlrs as dollar fixed lower at 1.7740 marks

The Reserve Bank of India said it was tightening its credit policy for commercial banks by raising their cash reserve ratio by 0.5 pct to 10 pct, effective from October 24. The move, announced last weekend, is part of the bank's policy for the second half of fiscal 1987/88 ending March and is aimed at curbing excess bank liquidity. The central bank also put selective controls on bank advances to the oilseeds, vegetable oils and foodgrains trades. "The policy's main objective is to fully meet the credit requirements of agriculture, industry and exports, while preventing excessive monetary expansion," bank Governor R.N. Malhotra told an earlier meeting of chief executives of banks. Malhotra said the rate of monetary expansion must be kept under control in the second half of the current financial year. Bank deposits rose 75.40 billion rupees in the first six months of fiscal 1987/88 against 66.92 billion in the same period last year, according to the bank. Bankers said the bank's move to raise the cash reserve ratio by 0.5 pct will mean impounding about five billion rupees from the banking system. Banks' total deposits are estimated at around 1,000 billion rupees. They said banks are under pressure because of low returns on commercial lending and investments in government securities. "Already many banks are finding it difficult to maintain their statutory liquidity and cash reserve ratios and are resorting to heavy inter-bank borrowings," said one banker. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19939"

"21497"

19-OCT-1987 08:04:47.58

INDIAN RESERVE BANK TIGHTENS CREDIT POLICY

A U.S. Defense Department spokesman said he had no information on London oil and stock market rumors that the United States had launched a retaliatory strike against Iran for an attack on Friday that damaged a U.S. shi "I don't have anything," Major Randy Morger said. "I have no information at all." President Reagan said on Sunday he had already made a decision on the U.S. response to Friday's Iran attack but would not say what the decision was. Defense Secretary Caspar Weinberger said on Saturday the attack on a U.S.-flagged ship in Kuwaiti waters on Friday was almost certainly by an Iran Silkworm missile. Some of the rumors in the London markets were that the United States had launched an offshore strike against Iranian missile installations. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"19935"

"21501"

19-OCT-1987 07:55:51.33

PENTAGON HAS NO INFORMATION ON IRAN ATTACK RUMORS

South Yemen is planning a major oil pipeline system to be completed in 18-months time to start exports at a initial rate of 100,000 barrels per day, (bpd) the Middle East Economic Survey (MEES) said. MEES said government approval for the export pipeline followed a visit to Aden by a high ranking delegation from the Soviet Union, which will help South Yemen construct the line The engineering studies for the pipeline are nearly finished and construction is expected to start early next year, the industry newsletter said. The pipeline will run about 170-200 kms (105-125 miles) from Shabwa oilfields to a coastal terminal at Bir 'Ali on the Gulf of Aden, MEES said. MEES said the Soviet firm Technoexport, which is developing oilfileds for South Yemen, has substantially increased its initial reserve estimates and recommended a pipeline with an eventual 500,000 bpd capacity. The discovery of commercial quaotities of oil was confirmed by Technoexport earlier this year in three structures in the Shabwa region in the Northwestern part of the country, 200 kms east of North Yemen's Alif oilfield. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19934"

"21502"

19-OCT-1987 07:54:36.82

SOUTH YEMEN PLANS OIL EXPORT PIPELINE - MEES

Trafalgar House Plc <TRAF.L> said it has acquired the entire share capital of <Capital Homes Inc> of the U.S. For 20 mln dlrs in cash. Capital Homes builds single family homes in the Washington D.C. Area and is also active as a land developer both for its own use and for sale to other builders. In the financial year to end February, 1987, Capital recorded pre-tax profits of 3.7 mln dlrs on a turnover of 58 mln dlrs from the sale of 421 homes. Capital has a land bank of some 2,600 units and in the current year the company expects to sell 500 homes, Trafalgar House said. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19933"

"21503"

19-OCT-1987 07:47:05.18

TRAFALGAR HOUSE BUYS U.S. BUILDER FOR 20 MLN DLRS

Kuwait's oil exports have not been affected by the seven-year Iran-Iraq war, Kuwait Oil Tanker Company (KOTC) Chairman and Managing Director Abdul Fattah al-Bader told a Kuwaiti newspaper. "Kuwait has exploited all available opportunities to continue exporting its oil without any reduction," the Al-Anbaa newspaper quoted him as saying. He said KOTC made profits of more than two mln dinars (seven mln dlrs) in the fiscal year ending last June, but predicted lower profits this year due to higher costs for chartering and operating vessels. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19930"

"21506"

19-OCT-1987 07:31:26.17

KUWAITI OIL EXPORTS SAID NOT AFFECTED BY GULF WAR

Karl Otto Poehl, head of West Germany's central bank, and Finance Minister Gerhard Stoltenberg are normally so much in agreement that some foreigners doubt the central bank's independence. But a rare public row between the ebullient Poehl, president of the Bundesbank, and Stoltenberg, over a controversial investment tax proposal, has added to the woes of the country's already nervous financial markets, bankers said. Poehl told an investment symposium in Frankfurt last Thursday he feared the tax would raise borrowing costs and interest rates Stoltenberg quickly issued a statement rebutting Poehl's criticism, saying West Germany would remain an attractive place for foreign investors. "The obvious lack of coordination between the Bundesbank and Finance Ministry does not instil confidence in foreign investors," said one economist for a London broker, who asked not to be identified. Bankers here expressed confidence the two top financial policy-makers would quickly patch up their relationship to steer the economy through a particularly difficult time. "There are plenty of objective pressures which will result in things getting back to normal again after a period of ill feeling," said Commerzbank AG chief economist Juergen Pfister. News on October 9 that the government was planning a 10 pct withholding tax wiped billions of marks off shares and bonds in a market already reeling from rising interest rates at home and abroad. Bankers said the Bundesbank was angered by the way the finance ministry announced the plan -- without consulting the Bundesbank adequately, and allowing apparently conflicting details to dribble out into an unprepared and uncertain market. Both Poehl, 57, and Stoltenberg, 59, have been under extraordinary pressures lately. Poehl has had to switch to the hard line promoted by his deputy, Helmut Schlesinger, jacking up interest rates to fight inflationary fears and abandoning the pragmatic policies he had pursued so far this year to promote currency stability. In recent statements Poehl has sounded more like Schlesinger. For years the softly-spoken economist has been warning in speech after speech that excessive money supply growth would eventually lead to rising prices. Schlesinger now has a majority of support in the Bundesbank council, and since late summer Poehl has had to represent his views, bankers said. "Poehl is in a minority in his own house," said Commerzbank's Pfister. "Poehl is in a dilemma. He must follow a policy that is not entirely his own," said another economist. The dilemma is that if German interest rates rise too far, they will attract funds into the country, pushing up the mark and hurting West German exporters. The dollar has now shed some seven pfennigs since the Bundesbank's new tack became clear in early October. Since last Thursday, United States Treasury Secretary James Baker has criticized the Bundesbank rate increases. Bankers said this could foreshadow a revival of the 1986 war of words between the U.S. And West Germany, in which U.S. Officials talked down the dollar to force West Germany to stimulate its economy and thus suck in more U.S. Exports. One way West Germany agreed to do this was making a round of tax cuts worth 39 billion marks from 1990. But financing these tax cuts has proved more difficult for Stoltenberg than he had bargained for. The cool, unflappable northerner, who was regularly voted most popular government politician last year, had to face resistance from local barons in the government coalition parties and from trade unions to his planned subsidy cuts. The withholding tax was intended to plug one gap by raising 4.3 billion marks. But it has caused an outcry among bankers, who say it will push up borrowing costs. The extra amount this costs the government could wipe out the revenue the tax brings in. Meanwhile Stoltenberg is dealing with a local political row which has turned into the country's worst political scandal. Stoltenberg had to leave monetary talks in Washington last month early to sort out a row in the northern state of Schleswig-Holstein, where he heads the ruling CDU party. The state's CDU premier, Uwe Barschel, had to resign after allegations of a "dirty tricks" election campaign led to heavy losses for the CDU in state elections. Barschel was found dead in a hotel bath in Geneva last weekend. Police say the death appears to have been suicide. Cooperation between Poehl and Stoltenberg is all the more remarkable as Poehl is in the opposition Social Democrats, and was appointed by former chancellor Helmut Schmidt. When Poehl's contract came up for renewal earlier this year, Chancellor Helmut Kohl's CDU-led coalition government gave Poehl another eight-year term. Werner Chrobok, managing partner at Bethmann Bank, said he hoped the two men would soon be of one opinion again. But when Poehl criticized Stoltenberg's tax plans he was not only voicing what many bankers felt but demonstrating the Bundesbank's independence of government, Chrobok said. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19928"

"21508"

19-OCT-1987 07:25:22.85

GERMAN FINANCIAL POLICY MAKERS IN RARE DISSENSION

Venezuelan Central Bank President Hernan Anzola has submitted his resignation and asked President Jaime Lusinchi to transfer him to a post in the oil industry, two leading Venezuelan newspapers reported. The El Universal and El Nacional papers said Anzola would leave his position soon. Lusinchi already has decided on his successor, the El Nacional reported. Central Bank officials were not available for comment. Banking sources said Anzola differed with the Finance Ministry over economic policy, particularly over the direction of interest rates. He favoured raising the rates, which are currently well below the annual inflation rate of 33.2 pct. But the sources said he ran into opposition from Finance Ministry and government officials who thought an interest increase would fuel inflation. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19926"

"21510"

19-OCT-1987 07:24:26.16

PAPERS SAY VENEZUELAN CENTRAL BANK CHIEF TO RESIGN

"BRIEF"

"TEST"

"TRAINING-SET"

"19925"

"21511"

19-OCT-1987 07:20:44.69

Bundesbank adds money market liquidity at 3.70-3.80 pct -dealers

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

"NORM"

"TEST"

"TRAINING-SET"

"19924"

"21512"

19-OCT-1987 07:20:42.85

BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS

Iran warned the United States on Monday against exacerbating the Gulf crisis, saying it would endanger American interests. Tehran Radio, monitored by the British Broadcasting Corporation, said a spokesman for Iran's War Information Headquarters was responding "to U.S. Officials' remarks about taking military action against Iran." The radio also quoted an Iranian Foreign Ministry spokesman as saying Iran would respond decisively to any aggressive measure by the United States. The radio said the spokesman made the statement "following the attack on a Kuwaiti ship under the U.S. Flag and comments by American officials on carrying out retaliatory action against Iran." The spokesman said, "Any U.S. Military aggression against Iran will certainly be the beginning of an extensive clash in the Persian Gulf, and amidst this our principled policy is to confront any act which escalates tension." REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19919"

"21517"

19-OCT-1987 07:15:31.90

IRAN WARNS U.S. AGAINST RAISING TENSION IN GULF

Norway's current account showed a 9.9 billion crown deficit for the first seven months of 1987, against a 19.7 billion crown deficit for the same year-ago period, the Central Bureau of Statistics said. North Sea oil and gas revenues rose 3.4 pct to 32.6 billion crowns in the January to July period compared with 31.5 billion in the first seven months of 1986. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19917"

"21519"

19-OCT-1987 06:58:33.34

NORWAY'S CURRENT ACCOUNT IN DEFICIT

The West German Finance Ministry declined to comment on weekend criticism by U.S. Treasury Secretary James Baker of recent West German interest rate increases. Baker said the U.S. Would re-examine the February Louvre Accord to stabilise currencies reached by leading industrial democracies. The rise in West Germany short term interest rates was not in the spirit of an agreement by these nations in Washington, which reaffirmed the Louvre pact, he said. A Finance Ministry spokesman, asked for an official ministry reaction to Baker's remarks, said he could make no comment. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19915"

"21521"

19-OCT-1987 06:55:06.78

BONN MINISTRY HAS NO COMMENT ON BAKER REMARKS

The Cyprus vessel Fearless, 31,841 tonnes dw, which was on fire, grounded then towed to Yantai, China, in August, had all its cargo reloaded but the cargo in the no. 3 hold caught fire on October 15. The fire was put out with salt water and water from the no.4 hold has spread over most of the cargo. Some water is also in the no.5 hold. Bottom patching was reported complete but only the no.4 starboard wing tank has been pumped out and remains dry. The engine room is flooded to about three metres. The ship was originally loaded with 10,000 tonnes of animal feed. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19913"

"21523"

19-OCT-1987 06:54:34.09

ANIMAL FEED SHIP ON FIRE AGAIN AT CHINESE PORT

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

"NORM"

"TEST"

"TRAINING-SET"

"19911"

"21525"

19-OCT-1987 06:52:50.08

HIGHER SPENDING EXPECTED IN MALAYSIA'S 1988 BUDGET

Lloyds Shipping Intelligence service said the British bulk carrier Envoy, 75,453 tonnes dw, was grounded at Mile 190 in the Orinoco river on October 16. The vessel was on a voyage from Trombetas, Brazil, to Matanzas, Cuba, carrying 50,000 tonnes of bauxite. Its draught was 36 feet. Attempts to refloat the vessel with the help of six tugs have been unsuccessful. The owners are considering unloading part of the cargo onto barges. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19910"

"21526"

19-OCT-1987 06:51:30.20

BRITISH BAUXITE VESSEL GROUNDED IN ORINOCO RIVER

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

"NORM"

"TEST"

"TRAINING-SET"

"19906"

"21530"

19-OCT-1987 06:21:33.89

CHINA FORECASTS 397 MLN TONNES GRAIN HARVEST

The Philippine 1987 inflation rate will rise to 4.8 pct from 0.74 pct in 1986 if the government implements an employers' association recommendation for a 10 pct increase in the 54 peso minimum daily wage this month, Economic Planning Secretary Solita Monsod said. The government's own proposal for an across-the-board daily pay rise of six pesos for non-agricultural workers and eight pesos for agriculture workers, would push the full year average higher to 5.4 pct, she told the Senate last week. The 10 pct rise in the minimum wage is recommended by the Employers Confederation of the Philippines (ECOP). The ECOP proposal would push the year-on-year inflation rate to 11.6 pct in December compared with the predicted 14.4 pct if the government's recommendation is implemented, Solita said. Both were proposed last month. Annual inflation for 1987 was forecast at four to 4.5 pct by the National Economic and Development Authority early this month. In the first three months of the year, inflation was a negative 0.5, 0.6 and 0.7 pct respectively, rising to 1.0, 2.5 and 4.6 pct in April May and June, the National Statistics Office said. The annual inflation rate rose to 5.8 pct in June, 6.2 pct in July and 6.15 and 6.188 pct in August and September respectively, the National Statistics Office said. It attributed the acceleration to higher fuel and water prices. The government's six and eight peso wage increases would displace up to 20,000 workers, Monsod said, bringing the number of unemployed to 4.2 mln or 19.2 pct of the population. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19904"

"21532"

19-OCT-1987 06:13:16.68

PHILIPPINE INFLATION PREDICTED TO RISE

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

"NORM"

"TEST"

"TRAINING-SET"

"19901"

"21535"

19-OCT-1987 05:49:55.18

VOLKSKAS BANK SEES RAND HINGING ON INFLATION RATE

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

"NORM"

"TEST"

"TRAINING-SET"

"19900"

"21536"

19-OCT-1987 05:48:23.29

SOVIET SUGAR CONSUMPTION UP AS HOME BREWING GROWS

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

"NORM"

"TEST"

"TRAINING-SET"

"19898"

"21538"

19-OCT-1987 05:34:35.71

EQUITICORP HOLDING IN GUINNESS REACHES 59.93 PCT

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

"NORM"

"TEST"

"TRAINING-SET"

"19897"

"21539"

19-OCT-1987 05:26:17.45

BANKS EXTEND TRADING HALT IN LEBANESE POUND

Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL>, operator on Norway's North Sea Veslefrikk oil field, has placed field development contracts totalling 1.5 billion crowns with two domestic yards, the company said in a statement. Moss Rosenberg Verft, a subsidiary of Kvaerner Industrier A/S <KVIO.OL> won a 1.2 billion crown contract to convert Statoil's semisubmersible rig West Vision to a floating production platform and to build the deck for a separate, fixed well-head platform to be placed on the field, it said. Statoil said Aker Verdal, a unit of Aker Norcem A/S <AMVO.OL>, won a 300-mln crown contract to design and build the well-head platform's 10,000-tonne steel substructure, to stand in 150 metres of water next to the converted rig. Statoil said using a floating production unit rather than a fixed platform would cut construction time, enabling field partners to bring Veslefrikk on stream in late 1989 -- several months earlier than previously planned. Veslefrikk, with estimated recoverable reserves of 258 mln barrels oil and 140 billion cubic feet gas, is located 145 km west of Bergen. Statoil estimates the field's total development cost, including drilling, at 6.6 billion crowns. Planned daily output is 65,000 barrels oil and 35 mln cubic feet gas. Veslefrikk's oil will be landed via the nearby Oseberg field pipeline at the Sture crude terminal near Bergen. Its gas will be fed into the Statpipe line, which gathers gas from Norway's Statfjord, Gullfaks and Oseberg fields. Partners on the field are Statoil, the operator, with a 55 pct share, <Unocal Norge A/S> (18 pct), <Deminex (Norge) A/S> (13.5 pct), Norsk Hydro A/S <NHY.OL> (nine pct) and <Svenska Petroleum AB> (4.5 pct). REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19895"

"21541"

19-OCT-1987 05:15:24.35

STATOIL PLACES NORTH SEA VESLEFRIKK FIELD ORDERS

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

"NORM"

"TEST"

"TRAINING-SET"

"19894"

"21542"

19-OCT-1987 04:51:52.40

LOUVRE ACCORD STILL IN EFFECT, JAPAN OFFICIAL SAYS

"BRIEF"

"TEST"

"TRAINING-SET"

"19888"

"21548"

19-OCT-1987 04:22:10.12

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

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

"NORM"

"TEST"

"TRAINING-SET"

"19886"

"21550"

19-OCT-1987 04:15:29.90

CABLE AND WIRELESS DETAILS MERGER OF H.K. UNITS

Nine months ended August 31 Group shr 118.66 yen vs 100.89 yen Group shr per ADS 237.32 vs 201.78 Net 14.28 billion vs 12.14 billion Pretax 34.48 billion vs 29.45 billion Sales 288.08 billion vs 278.50 billion Company's full name is TDK Corp <TDK.T>. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19885"

"21551"

19-OCT-1987 04:09:25.77

TDK GROUP NET UP 17.6 PCT IN NINE MONTHS

Third quarter ended August 31 Group shr 34.92 yen vs 34.74 Group shr per ADS 69.84 vs 69.48 Net 4.20 billion vs 4.18 billion Pretax 10.30 billion vs 9.73 billion Sales 95.96 billion vs 92.59 billion Company's full name is TDK Corp <TDK.T> REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19883"

"21553"

19-OCT-1987 04:05:47.06

TDK GROUP NET UP 0.5 PCT IN THREE MONTHS TO AUGUST

"BRIEF"

"TEST"

"TRAINING-SET"

"19881"

"21555"

19-OCT-1987 03:59:38.96

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

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

"NORM"

"TEST"

"TRAINING-SET"

"19880"

"21556"

19-OCT-1987 03:57:42.34

BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS

International Rubber Organisation (INRO) buffer stock manager Aldo Hofmeister said tests had shown the quality of rubber in stock was acceptable, but acknowledged that some consumers were now wary of buying it. "We have said all along that the rubber is holding up well from a condition and quality standpoint...Rubber stored in proper conditions does not deteriorate," he told Reuters in a telephone interview. The quality of buffer stock rubber sold since he entered the market in September would be discussed at an INRO Council meeting which opened here today, he said. Tokyo traders said on Friday they had little interest in buying rubber from the INRO buffer stock because of possible poor quality. Hofmeister began selling rubber when prices exceeded the "may-sell' level of 232 cents per kg early last month. INRO's five-day moving average was quoted at 237.3 cents on October 16. He said the quality of five to six-year old rubber in stock was uppermost in consumers' minds. "We have received good interest for the rubber. I understand the Japanese concern. Many consumers want to try the rubber before they carry on buying," he said. Hofmeister said INRO rubber was stored in 28 different locations in producing and consuming nations, adding all warehouses used were suitable for long-term storage. Selling of buffer stock rubber had levelled off during the past week to 10 days and this could reflect a "wait and see attitude" by buyers, he said. "Consumers are holding back from buying additional amounts until they test out the rubber. If their tests are positiive, they are likely to buy more." Hofmeister said he could reduce the offer price of buffer stock rubber to stimulate interest but INRO did not want to depress prices artificially. Hofmeister declined to comment on Japanese trade estimates that he had sold around 30,000 to 32,000 tonnes in Kuala Lumpur and New York since September. But he said Japanese traders were in a position to have an idea of the quantity he had sold, noting that traders overall had put buffer stock sales at between 25,000 and 35,000 tonnes. The question of sales from the original 360,000 tonne buffer stock is expected to be the main topic of the Council meeting which is scheduled to end on Thursday. The current international rubber pact expires on October 22. The deadline for the new pact's start is January 1989 and Hofmeister has been mandated to continue selling rubber during the interim period. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19879"

"21557"

19-OCT-1987 03:50:41.47

RUBBER STOCK MANAGER SAYS QUALITY ACCEPTABLE

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

"NORM"

"TEST"

"TRAINING-SET"

"19875"

"21561"

19-OCT-1987 02:35:59.87

ECONOMIST URGES MORE TAXES TO LOWER N.Z. DOLLAR

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

"NORM"

"TEST"

"TRAINING-SET"

"19874"

"21562"

19-OCT-1987 02:30:11.36

PHILIPPINE TRADE GAP WIDENS IN JANUARY-AUGUST

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

"NORM"

"TEST"

"TRAINING-SET"

"19871"

"21565"

19-OCT-1987 02:12:21.49

NEW ZEALAND IMPOSES SANCTIONS AGAINST FIJI

Uganda plans to export roasted coffee to Europe by the end of 1988, a prominent local businessman said. A.R. Sendi said on Sunday that Uganda's Ministry of Industry supports his plan to build a factory to roast, grind and pack local coffee for export. Construction will start in December and the factory should be ready by next October. He said the Marketing Ministry has authorised the Coffee Marketing Board to supply his company <Unipack> with 24,000 tonnes of beans a year for processing and export. Sendi also told reporters he had negotiated a 69.7 mln French franc loan from the Banque Industrielle d'Afrique Oriental in Paris. Uganda is the world's fifth largest coffee producer, and expects to produce about 200,000 tonnes this year. Market sources say roasted coffee exports will benefit Uganda's economy as they will not be included in the 2.38 mln (60 kg) bag export quota assigned to the country under the latest International Coffee Agreement. In addition, the value of roasted coffee should be substantially higher than that of unroasted beans, they said. The U.S. Is the biggest buyer of Ugandan coffee, most of which is used to produce instant coffee. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19869"

"21567"

19-OCT-1987 01:54:58.65

UGANDA PLANS TO EXPORT ROASTED COFFEE TO EUROPE

The Soviet Union has agreed to supply Iran with refined oil products in exchange for 100,000 barrels per day of crude, Iran's national news agency, IRNA, said. IRNA, monitored in Nicosia, quoted Oil Minister Gholamreza Aqazadeh as saying on his return to Tehran from Moscow that the agreement was part of a protocol on economic cooperation signed during his visit. The amount of crude delivered to the Soviet Union might double to 200,000 bpd later, he said. Aqazadeh said the two sides agreed to conduct feasibility studies for a pipeline to take Iranian crude from fields in southern Iran to the Black Sea through the Soviet Union. Iran is pursuing the pipeline project to protect part of its oil exports from Iraqi air attacks in the Gulf. Irna made no mention of natural gas exports to the Soviet Union, which Aqazadeh had said would be discussed before he left for Moscow. Iran lost most of its refining capacity early in the Gulf war and now imports several hundred thousand bpd of refined products. Aqazadeh said Soviet refined products would be delivered at the Caspian Sea ports of Anzali and Nowshahr, at Neka, near the Caspian, and at Jolfa in north-west Iran. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19868"

"21568"

19-OCT-1987 01:51:51.69

IRAN, SOVIET UNION TO SWAP CRUDE, REFINED PRODUCTS

Thai rice exports rose to 72,987 tonnes in the week ended October 13 from 54,075 the previous week, the Commerce Ministry said. It said the government and private exporters shipped 26,272 and 46,715 tonnes respectively. Private exporters concluded advance weekly sales for 106,640 tonnes against 98,152 the previous week. The said it ministry expects at least 65,000 tonnes in exports next week. Thailand has shipped 3.43 mln tonnes of rice in the year to date, down from 3.68 mln a year ago. It has commitments to export another 388,390 tonnes this year. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19866"

"21570"

19-OCT-1987 01:38:14.08

THAI RICE EXPORTS RISE IN WEEK TO OCTOBER 13

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

"NORM"

"TEST"

"TRAINING-SET"

"19865"

"21571"

19-OCT-1987 01:35:27.64

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

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

"NORM"

"TEST"

"TRAINING-SET"

"19863"

"21573"

19-OCT-1987 00:59:58.56

TOKYO DEALERS SEE DOLLAR POISED TO BREACH 140 YEN

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

"NORM"

"TEST"

"TRAINING-SET"

"19862"

"21574"

19-OCT-1987 00:34:08.94

JAPAN/INDIA CONFERENCE CUTS GULF WAR RISK CHARGES

The Soviet Union's industrial output is growing at a slower pace in 1987 than in 1986 and foreign trade has fallen, Central Statistical Office figures show. Figures in the Communist Party newspaper Pravda show industrial production rose 3.6 pct in the first nine months of 1987 against 5.2 pct in the same 1986 period. Foreign trade in the same period fell 3.6 pct from the 1986 period as exports fell by 0.5 pct and imports dropped by 4.2 pct. Foreign trade in the nine months totalled 94.2 billion roubles. Separate import and export figures were not given. One factor affecting industrial growth was the introduction of a new quality control plan, Western economists said. Last year's calculations of industrial output included all goods, irrespective of quality. Under the new plan, introduced in line with Soviet leader Mikhail Gorbachev's drive to modernise the economy, special inspectors have the right to reject goods they consider below standard. Pravda said 42 mln roubles worth of defective goods were rejected in the nine-month period. The figures also showed that on October 1, there were more than 8,000 cooperative enterprises employing over 80,000 people. More than 200,000 were employed in the private sector, Pravda said, without giving comparative figures. The promotion of the cooperative and private sectors of the economy has been an important part of the modernisation campaign, with measures introduced recently to allow the setting up of small shops on a private basis. Labour productivity rose 3.7 pct in the first nine months against 4.8 pct growth in January to September 1986. But western economists said they treat Soviet productivity figures with caution, as they are more broadly based than in the West, which measures worker output over a given period. Pravda said there were 283.8 mln people in the Soviet Union as of October 1. In the January to September 1987 period 118.5 mln people were employed, a rise of 4.4 pct on the same period last year. Average earnings were 200 roubles a month against 194 roubles a year ago. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"19861"

"21575"

19-OCT-1987 00:18:22.79

SOVIET INDUSTRIAL GROWTH/TRADE SLOWER IN 1987

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

"NORM"

"TEST"

"TRAINING-SET"

"19860"

"21576"

19-OCT-1987 00:05:11.26

SIX KILLED IN SOUTH AFRICAN GOLD MINE ACCIDENT