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European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Dealers in Frankfurt and Zurich saw the dollar remaining broadly entrenched in its current trading range. "The dollar is likely to stay within a range of 1.80 to 1.84 marks," said Gisela Steinhaeuser, senior dealer at Chase Bank AG. She said there was some resistance to further climbs. However, she said the dollar could break out of the range with major surprises such as a worse-than-expected U.S. Merchandise trade deficit, due next Tuesday. Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd in Zurich, said he expects the dollar to hold steady against the mark and Swiss franc but to weaken further against the yen, possibly to 140 yen. A Milan banker shared Stadelmann's view, saying he expects a dollar-yen range of 140-150 in the short term. London traders said the G-7 communique failed to curb underlying bearishness toward the dollar but this negative sentiment was not yet strong enough to tempt interbank operators to test the downside. Concern that finance ministers and officials still in Washington could issue more concrete statements in favour of currency stabilisation kept players sidelined, along with worries about provoking fresh central bank intervention in the near term, the traders said. Most Paris dealers expressed disappointment at the communique, saying nothing has changed to reverse the dollar's downward trend. Traders in several centres said the market would look for fresh opportunities to test the willingness of central banks to defend current ranges, which the communique said were "broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting." Dave Jouhin, senior dealer at Midland Bank in London, said "They're going to put somebody's resolve to the test soon." The U.S. February trade data may provide the trigger, dealers said. However, some dealers said London-based operators would be unlikely to open major positions next week ahead of the long Easter weekend. They saw near-term technical support at 1.825 marks and 145 yen and resistance about 1.83 marks and 146 yen. Chase Bank's Steinhaeuser and other Frankfurt dealers said the G-7 communique guaranteed a relatively calm and stable market for the foreseeable future compared with the extreme volatility seen in the first few months of this year. One dealer at a German bank said the wording of the communique made clear the leading nations did not want a further dollar drop, and this was supporting the dollar. The German dealer saw the dollar gradually appreciating to 1.87 marks, broadly seen as its upper limit within the Louvre accord's supposed currency target range. A Swiss bank economist said he believed the markets were ready for a period of "mainly sideways movement." But Milan dealers were sceptical about the communique contributing to greater stability. "Nothing has changed substantially to give the dollar a big boost," said one dealer, while another Italian banker said he expects the dollar to trade between 1.77 and 1.87 German marks in the next three months. A Swiss monetary source, who asked not to be named, said the communique had been in line with realistic expectations and should not have produced disappointment. "The problem is that the changes needed in fiscal and trade policies to redress current imbalances are of a different timescale than currency markets operate on," the source told Reuters, "This is a political process which takes time." Alois Schwietert, chief economist at Swiss Bank Corp in Basle, also questioned the tone of disappointment evident on currency markets today. "Did people really expect a patent remedy?" he asked. Bank economists in Paris noted yesterday's meeting was only the first in a series and said the market would watch carefully in the next few weeks for any changes in positions. A senior economist with Banque Indosuez said the focus was now on trade and growth rather than interest rates. Any move by Japan and West Germany to boost their economic growth could lead to a quick change in the U.S. Position. Dealers in all centres agreed that markets would be wary in pushing the dollar too far too quickly in the coming months while central banks appear resolved to use their muscle to support the Paris accord. REUTER

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9-APR-1987 07:42:31.51

EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE

Remarks by central bankers raised some hopes the Bundesbank will cut rates on securities repurchase pacts, but operators remained divided on the likelihood of a move in the near term, money market dealers said. Comments by Bundesbank board member Claus Koehler yesterday that rate cuts were needed to curb money supply growth from speculative capital inflows, and by West Berlin state central bank president Dieter Hiss that there was no natural lower limit to the discount rate had, however, no immediate impact. Call money declined to 3.65/75 pct from 3.75/85 pct but the drop was tied to extra liquidity in the market, dealers said. Dealers said the Bundesbank's latest liquidity allotment this week dashed some hopes of lower rates. The Bundesbank allotted only 6.1 billion marks yesterday in new liquidity in a repurchase pact at an unchanged rate of 3.80 pct, thus subtracting some 8.8 billion marks from the market, as an outgoing 14.9 billion pact expired. But some dealers said the smaller volume awarded by the pact was in line with present liquid money market conditions, and did not exlude a cut in the repurchase pact rate soon to 3.70 pct if money market rates continue at present levels. The next opportunity for the Bundesbank to lower rates on repurchase pacts will be in a tender expected next Tuesday. Bundesbank officials have already said they favour more discreet rate adjustments through repurchase pacts, rather than the more public adjustment of leading rates. The Bundesbank may either set a fixed allocation rate and allow banks to tender for the volume, as has been the case since it lowered its discount rate January 22, or else it may allow banks to tender for the rate and set the volume itself. Dealers expect volume of the tender to be lower than the 15.2 billion marks flowing out, to offset other incoming funds. Some seven billion marks is expected to flow in next week. This should then flow back into the market as it is deposited with banks. Banks were well supplied with liquidity, holding 61.5 billion marks in reserves at the Bundesbank on Tuesday. Holdings of average daily reserves over the first seven days of April stood at 59.6 billion marks, still above the estimated 51 billion required for all of April. REUTER

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9-APR-1987 07:46:21.65

GERMAN MONEY MARKET SPLIT ON LOWER RATE PROSPECTS

Swedish drug firm AB Astra <ASTS.ST> shares rose 48 crowns to 690 in the first two hours of trading on the Stockholm Bourse, amid hopes its research into anti-viral drugs may have promising results in the treatment of Acquired Immune Deficiency Syndrome (AIDS). Stockbrokers said the shares, which climbed amid heavy institutional buying, also rose in reaction to an optimistic assessment of future products in the firm's annual report which was released this week. Brokers Enskilda Fondkommission said in a report this month that Astra was a world leader in anti-viral drugs. Although Enskilda said Astra had not made any breakthrough in developing a specific drug to treat the Acquired Immune Deficiency Syndrome it noted that investors were only now discovering that the firm's approach in the area was promising. "It is clear that Astra has a tradition in anti-viral research which should prove valuable in fighting this disease," the report by Enskilda, the investment banking unit of Skandinaviska Enskilda Banken <SEBS.ST>, said. Company officials could not be reached for comment on the causes of today's share rise. REUTER

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9-APR-1987 07:53:14.75

SWEDISH DRUG FIRM ASTRA RISE ON AIDS HOPES

Thailand is to negotiate tomorrow with selected trade houses for renewal of long term raw sugar sales contracts, to cover the next five years at a rate of 60,000 tonnes annually, traders said. They also reported vague talk Algeria may be seeking 50,000 tonnes of raws tomorrow but details are unclear. REUTER

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9-APR-1987 07:58:41.55

THAILAND TO RENEW LONG TERM SUGAR CONTRACTS -TRADE

The European Community launched an investigation into allegations of dumping by Japanese semiconductor makers in a move which diplomats said could mark an intensification of world trade strains. Tokyo already faces a deadline of April 17 from Washington for the imposition of 300 mln dlrs worth of tariffs on chips it imports into the U.S. The EC Executive Commission said today the European Electrical Component Manufacturers Association complained that Japanese firms were selling high capacity EPROM type (erasable programmable read only memory) chips at unfairly low prices. Japan last year took 78 pct of the 170 mln dlr EC EPROM market, up from 60 pct in 1984. The EC firms said they had been forced to offer their products at a discount of up to 30 pct in order to compete with the Japanese. The Commission said it believed the Association had given sufficient elements of proof for dumping to warrant an investigation, which could lead it to impose duties if it found the complaints were justified. The Commission claims last year's accord between the U.S. And Japan on microchip pricing gives U.S. Firms privileged access to the Japanese market. REUTER

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9-APR-1987 08:02:59.91

EC LAUNCHES ANTI-DUMPING PROBE ON JAPANESE CHIPS

The Swiss Federal Government will launch a new series of three month money market certificates totalling around 150 mln Swiss francs, the National Bank said. Subscriptions close April 14 and payment date is April 16. The last series of three month paper issued in March raised 147.3 mln francs at an issue price of 99.142 pct, giving an average annual yield of 3.501 pct. REUTER

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9-APR-1987 08:04:26.16

SWISS TO LAUNCH NEW SERIES OF MONEY MARKET PAPER

European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Frankfurt and Zurich dealers saw the dollar staying broadly entrenched in its current trading range. REUTER

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9-APR-1987 08:07:31.95

EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE

Finance ministers from seven major industrialized nations agreed on the need to stabilize currencies at current levels but said more action was needed to reduce trade imbalances and sustain economic growth. In a communique issued after a four-hour meeting at the U.S. Treasury that ended last night, the ministers said the value of the dollar and other currencies was basically correct now, and they welcomed new measures planned by the Japanese to boost their economy. West German Finance Minister Gerhard Stoltenberg called it a "good meeting" and in brief remarks exchanged with reporters other ministers seemed pleased with its outcome. Shortly after the communique was issued and just as foreign exchange trading opened in Tokyo, the Bank of Japan intervened again to prevent the yen rising too quickly. The communique said, "The ministers and governors reaffirmed the commitment to the cooperative approach agreed at the recent Paris meeting. They agreed, however, that further actions will be essential to resist rising protectionist pressures, sustain global economic expansion and reduce trade imbalances." It welcomed the plans set this week by the Japan's ruling Liberal Democratic Party to stimulate its economy with what the communique termed "extraordinary and urgent measures" including an "unprecedented front-end loading of public works expenditures." The meeting of the so-called Group of Seven brought together ministers and central bank governors of the seven major industrial democracies, the United States, Japan, West Germany, France, Britain, Italy and Canada. The communique said the ministers reaffirmed the commitment on cooperation reached in a meeting on February 22 in Paris when they had agreed to stabilize foreign exchange rates at the then-current levels. In the weeks that followed, the dollar continued to fall against the Japanese yen despite massive dollar purchases by the Bank of Japan and other central banks and is now trading at around postwar lows. Japan has come under growing criticism from both the United States and European countries for its only modest efforts to open its markets to outside competition and to reduce its exports. The communique said Japan affirmed its intention to open domestic markets to foreign goods and services but did not elaborate. It said the officials "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." Reuter

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9-APR-1987 08:09:03.08

FINANCE MINISTERS AGREE ON NEED FOR STABILITY

Dutch insurer AEGON NV <AEGN.AS> reported a 6.4 pct increase in 1986 net profits to 327.1 mln guilders and said it expected a moderate increase in profits for 1987. Total revenue was eight pct lower in 1986 at 7.97 billion guilders vs 8.7 billion guilders in 1985. The company said its revenues were down due to lower foreign exchange rates and a change in accounting practice. It added that revenues would have risen by about seven pct had those changes not occurred. Revenue from Dutch operations rose five pct in 1986, mainly due to its life insurance business. Health insurance revenues in the Netherlands also rose despite a notable shift to insurances with lower premiums and higher personal risks. Damage insurances made losses, mainly due to car damage insurances. AEGON did not specify the loss. In the United States, revenue in guilders from health and life insurance was lower. AEGON said this was due to a change in accounting for U.S. Annuities. AEGON said annuities are subject to such strong personal investment influences that it should be accounted differently from the more traditional insurances. This change in accounting practice and another change to account for profits made on fixed interest investments, resulted in an incidental rise in net profits of 31 mln guilders. AEGON said incidental negative influences on net profits were slightly higher, being the lower dollar rate, high initial costs for new products, and the cost of new headquarters in The Hague. In 1986, a large number of new insurance products emerged in the Netherlands and the U.S., AEGON said. Large initial costs for these products have depressed net profits somewhat. Monumental Corp, a U.S. Insurer which merged with AEGON in May 1986, saw its profits almost completely eroded by these costs and made only a small contribution to the group's profits. AEGON said it has written-off 657 mln guilders in goodwill for Monumental Corp. AEGON's net equity was 2.71 billion guilders in December 1986, against 3.46 billion the year before. REUTER

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9-APR-1987 08:13:36.88

AEGON EXPECTS MODERATE RISE IN 1987 PROFITS

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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9-APR-1987 08:14:40.16

G-7 ISSUES STATEMENT AFTER MEETING

Japanese Finance Minister Kiichi Miyazawa said the Group of Seven (G-7) countries reaffirmed their Paris accord on stabilising currencies to convince the market of their resolve. At a news conference after today's G-7 meeting, Miyazawa said the ministers and central bank governors did not believe a totally new statement was needed. The speculative selling did not reflect economic fundamentals, and since the fundamentals had not changed only a reaffirmation of the goals of the Paris accord was needed, he said. He also noted that this test of the G-7 nations resolve had concentrated on the yen, while other currencies, especially the mark, had remained stable. Miyazawa said any change in economic conditions since the Paris accord was not worth being called fundamental. "As I said at a time of Louvre (agreement), the expression of 'current level' is rather vague idea," he said. The yen's movement in the past several weeks is within the range agreed in Paris in Febraury, he said. It was better to give a vague expression than pin-pointing a level, which could have an adverse impact on the market, Miyazawa said. Asked why only Japan was committed to fresh measures in the statement, he said Japan was exceptional among the seven because the yen appreciated against the dollar while other major currencies largely have been stable. He also said Japan's ruling Liberal Democratic Party has justed adoped a package to reflate the economy while other nations are not supposed to produce new measures in a short period since the Paris agreement. Miyazawa also said the U.S. sanctions against Japanese semiconductor products was not discussed through the G-7 meeting and did not affect the currency talks. The seven nations discussed the debt problems of developing countries and ways to proceed in line with the debt initiative outlined by U.S. Treasury Secretary James Baker 18 months ago. REUTER

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9-APR-1987 08:16:39.57

G-7 WANTS TO SHOW MARKETS ITS RESOLVE - MIYAZAWA

The yen is likely to start another uneven rise against the dollar and other major currencies because the Group of Seven communique contained nothing new, currency and bond analysts here said. "Is that it? I was expecting something more than that," said one trader at a major Wall Street securities company. Marc Cohen of Republic National Bank of New York said: "The market now has the impetus to drive the dollar lower again." The dollar hovered between 145.50 and 147 yen in the days just before the talks. Dealers restrained their underlying bearishness and squared positions ahead of Wednesday's meeting of the finance ministers and central bankers of the top seven industrialized nations in Washington. After more than four hours of talks, the G-7 issued a communique which merely reaffirmed the recent Paris agreement's view that prevailing currency levels were broadly consistent with economic fundamentals and that exchange rate stability should be fostered around these levels. The dollar sank to 144.75 yen in early Tokyo trading. "They said that the dollar/yen rate was broadly in line with fundamentals when it was 154. Now they are saying it's in line when it's at 146. Will this still be so at 138 or 130?," asked Republic's Cohen. Japanese Finance Minister Kiichi Miyazawa fuelled speculation about the amount of fluctuation the authorities are prepared to tolerate by saying that the current yen level is still inside the range agreed on in Paris in late February. Official statements in recent weeks had indicated that the key psychological level of 150 yen was at the lower end of the authorities' permissible range. Dealers and analysts warned that the dollar's decline would probably be uneven. They anticipated a concerted effort to prop up the dollar and restrain the yen via a mixture of open market intervention and public comments. Shortly after the Tokyo market opened today the Bank of Japan was detected by local dealers buying moderate amounts of dollars. The dollar rebounded to about 145.20 yen. The sources said the market may also be wary of agressively selling dollars for yen before Tuesday's February U.S. Trade data. The figures are expected to show a deficit of 13 billion dlrs, from a provisional 14.8 billion in January.

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9-APR-1987 08:19:00.37

YEN SEEN RISING AFTER G-7 COMMUNIQUE

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

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9-APR-1987 08:22:48.35

JAPAN BUSINESS LEADERS SAY G-7 ACCORD IS WORRYING

Qtly div five cts vs five cts prior Pay July One Record June 17 Reuter

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9-APR-1987 08:26:30.02

UNIFIRST CORP <UNF> SETS QUARTERLY

Arus Corp said it has received a letter of intent from Winston Financial Corp for the purchase of over 5,200,000 dlrs in telephone diagnostic testing equipment. It said it expects to negotiate a firm order in May. The company said the total value of the order is at least 5,200,000 dlrs and could be more, depending on circuit configurations required. Reuter

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9-APR-1987 08:26:38.46

ARUS <ARSCC> GETS 5.2 MLN DLR ORDER

Net profit 2,529,000 vs loss 1,066,000 Revs 59.0 mln vs 52.6 mln Year Net profit 15.4 mln vs profit 865,000 Revs 247.0 mln vs 231.1 mln NOTE: Company became wholly owned and operated by Donald Trump in May 1986, when he acquired 50 pct interest that had been owned by former operator Holiday Corp <HIA>. Reuter

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9-APR-1987 08:26:46.70

<TRUMP PLAZA> 4TH QTR NET

European currency markets reacted quietly to the G-7 communique, with comments from bankers and dealers ranging from disappointment that it was not more concrete to surprise that the markets should have expected so much. The dollar opened lower against virtually all currencies and traded in a narrow range after the communique, which reaffirmed support for the Paris accord on currency stabilisation but contained no moves to strengthen it. Dealers in Frankfurt and Zurich saw the dollar remaining broadly entrenched in its current trading range. "The dollar is likely to stay within a range of 1.80 to 1.84 marks," said Gisela Steinhaeuser, senior dealer at Chase Bank AG. She said there was some resistance to further climbs. However, she said the dollar could break out of the range with major surprises such as a worse-than-expected U.S. Merchandise trade deficit, due next Tuesday. Theodor Stadelmann, dealer with Bank Julius Baer and Co Ltd in Zurich, said he expects the dollar to hold steady against the mark and Swiss franc but to weaken further against the yen, possibly to 140 yen. A Milan banker shared Stadelmann's view, saying he expects a dollar-yen range of 140-150 in the short term. London traders said the G-7 communique failed to curb underlying bearishness toward the dollar but this negative sentiment was not yet strong enough to tempt interbank operators to test the downside. Concern that finance ministers and officials still in Washington could issue more concrete statements in favour of currency stabilisation kept players sidelined, along with worries about provoking fresh central bank intervention in the long term, the traders said. Most Paris dealers expressed disappointment at the communique, saying nothing has changed to reverse the dollar's downward trend. Traders in several centres said the market would look for fresh opportunities to test the willingness of central banks to defend current ranges, which the communique said were "broadly consistent with economic fundamentals and the basic policy intentions outlined at the Louvre meeting." Dave Jouhin, senior dealer at Midland Bank in London, said "They're going to put somebody's resolve to the test soon." The U.S. February trade data may provide the trigger, dealers said. However, some dealers said London-based operators would be unlikely to open major positions next week ahead of the long Easter weekend. They saw near-term technical support at 1.825 marks and 145 yen and resistance about 1.83 marks and 146 yen. Chase Bank's Steinhaeuser and other Frankfurt dealers said the G-7 communique guaranteed a relatively calm and stable market for the foreseeable future compared with the extreme volatility seen in the first few months of this year. One dealer at a German bank said the wording of the communique made clear the leading nations did not want a further dollar drop, and this was supporting the dollar. The German dealer saw the dollar gradually appreciating to 1.87 marks, broadly seen as its upper limit within the Louvre accord's supposed currency target range. A Swiss bank economist said he believed the markets were ready for a period of "mainly sideways movement." But Milan dealers were sceptical about the communique contributing to greater stability. "Nothing has changed substantially to give the dollar a big boost," said one dealer, while another Italian banker said he expects the dollar to trade between 1.77 and 1.87 German marks in the next three months. Reuter

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9-APR-1987 08:26:57.49

EUROPEAN MARKETS REACT QUIETLY TO G-7 COMMUNIQUE

Unseasonal cold weather has delayed sugar beet plantings in West Germany by up to three weeks, the agriculture ministry said. A ministry spokesman said in some central areas, especially in the Rhineland, farmers have taken advantage of warmer weather and started plantings in the past two days. West German planting intentions this year are put at 381,000 hectares, down from 390,500 ha last year, he said, adding that the 1980/1985 average was 405,000 ha. REUTER

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9-APR-1987 08:27:30.72

WEST GERMAN BEET PLANTINGS DELAYED THREE WEEKS

Step-Saver Data Systems Inc said Bergen-Richards Corp has exercised a warrant to buy 450,000 Step-Saver shares at two dlrs each. It said warrants issued to the underwriter in its initial public offering were exercised in March for an aggregate of 169,200 dlrs. Reuter

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9-APR-1987 08:27:43.07

STEP-SAVER <CODA> SAYS WARRANT EXERCISED

Galaxy Oil Co said its common stock and nine pct convertible subordinated debentures due 1994 are being delisted from the <American Stock Exchange> because the company no longer meets listing criteria. Galaxy filed Chapter 11 bankruptcy on April Six. The company said trading in both issues will be suspended by the Amex at the close on May One but is expected to start elsewhere on May Four. Reuter

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9-APR-1987 08:27:51.00

GALAXY OIL <GOX> BEING DELISTED BY AMEX

TransCapital Financial Corp's TRANSOHIO Savings Bank subsidiary said it plans to close 11 offices in the Cleveland area and one in Columbus, Ohio, reducing its total number of offices to 81 statewide. The company said accounts will be moved into other TRANSOHIO offices. Four closings are set for May 23 and four for June 20 and the rest are tentatively set for September 19. It said it is closing branches were overlaps exist following its August 1986 acquisitions of Citizens Federal Savings and Loan Association of Cleveland and Dollar Savings Bank of Columbus or where efficiencies could be improved. Reuter

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9-APR-1987 08:27:59.63

TRANSCAPITAL <TFC> UNIT CLOSING 12 OFFICES

Coast Savings and Loan Association said it is in talks with the Federal Savings and Loan Insurance Corp on the acquisition of Central Savings and Loan Association of San Diego. Central, which operates 46 branches, has been under management guidance of the FSLIC since May 1985. Coast said the acquisition would give it an entry into the San Joaquin Valley market besides strengthening its presence in the San Diego, Los Angeles and Orange Counties areas. Reuter

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9-APR-1987 08:28:52.32

COAST SAVINGS <CSA> IN TALKS ON BUYING BANK

<C.D. Bramall Plc> said in a statement accompanying its annual results that it proposed to acquire Gelco U.K. For some 26.3 mln dlrs. Part of the cost will be met by the issue of 2.14 mln new ordinary Bramall shares which are being placed at 265p each. The acquisition will be satisfied by an initial payment of some 25.3 mln dlrs in cash with further payments of 500,000 dlrs up to a maximum 26.3 mln dlrs. These further payments will only be made if profits achieved by Gelco for the year ending July 31, 1987 reach a certain level. Bramall shares were trading 6p lower at 278p. REUTER

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9-APR-1987 08:29:14.57

BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS

The Kingdom of Belgium is launching 100 mln Swiss francs of seven year notes with warrants attached to buy gold, lead mananger Credit Suisse said. The notes themselves have a 3-3/8 pct coupon and are priced at par. Payment is due April 30, 1987 and final maturity April 30, 1994. Each 50,000 franc note carries 15 warrants. Two warrants are required to allow the holder to buy 100 grammes of gold at a price of 2,450 francs, during the entire life of the bond. The latest gold price in Zurich was 2,045/2,070 francs per 100 grammes. REUTER

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9-APR-1987 08:37:11.99

BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS

The U.N. Food and Agriculture Organisation (FAO) said global wheat and coarse grain output was likely to fall in 1987 but supplies would remain adequate to meet demand. FAO said in its monthly food outlook bulletin total world grain output was expected to fall 38 mln tonnes to 1,353 mln in 1987, due mainly to unusually high winter losses in the Soviet Union, drought in China and reduced plantings in North America. World cereal stocks at the end of 1986/87 were forecast to rise 47 mln tonnes to a record 452 mln tonnes, softening the impact of reduced production. But stocks are unevenly distributed, with about 50 pct held by the U.S. "Thus the food security prospects in 1987/88 for many developing countries, particularly in Africa, depend crucially on the outcome of this year's harvests," FAO said. FAO said world cereal supplies in 1986/87 were estimated at a record 2,113 mln tonnes, about five pct higher than last season and due mainly to large stocks and a record 1986 harvest, estimated at 1,865 mln tonnes. FAO's forecast of 1986/87 world cereals trade was revised upwards by eight mln tonnes to 179 mln due to the likelihood of substantial buying by China and the Soviet Union. REUTER

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9-APR-1987 08:39:11.06

FAO SEES LOWER GLOBAL WHEAT, GRAIN OUTPUT IN 1987

Shr 27 cts vs 24 cts Net 5,223,000 vs 4,682,000 Avg shrs 19.7 mln vs 19.4 mln NOTE: Results reflected pooled acquisition of First Community Bancshares Inc on March 31, 1987 and include Camden Bancorp from January 31, 1987 purchase. Reuter

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"15476"

9-APR-1987 08:41:00.63

CB AND T BANCSHARES INC <CBTB> 1ST QTR NET

Shr profit five cts vs loss 16 cts Net profit 689,000 vs loss 1,910,000 Revs 12.3 mln vs 9,432,000 NOTE: 1987 net includes 276,000 dlr tax credit. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4655"

"15477"

9-APR-1987 08:41:05.32

XICOR INC <XICO> 1ST QTR MARCH 22 NET

George Wimpey Plc <WMPY.L> said the outlook for 1987 looked encouraging as the company realised the continuing benefits of restructuring. It said its overall financial position showed further improvement in 1986 and the reshaping of its U.K. Business into clearly defined and activity related divisions had been successfully achieved. Wimpey was commenting in a statement on its 1986 results which showed pretax profits up 42 pct to 66.5 mln stg. The group had a good overall year in North America, the company said in a statement. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5376"

"15478"

9-APR-1987 08:42:37.20

GEORGE WIMPEY SAYS BENEFITS OF RESTRUCTURING SEEN

C.O.M.B. Co said it has acquired the principal assets of National Tech Industries Inc and Telkom Corp, which are engaged in the sale and telemarketing of consumer electronic merchandise and do business as House of Imports and N.L. Industries respectively. The company said it paid a total of 8,700,000 dlrs, including the assumption of liabilities. National Tech had sales of about 23 mln dlrs for 1986, it said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5377"

"15479"

9-APR-1987 08:43:30.98

C.O.M.B. <CMCO> MAKES ACQUISITION

The Kingdom of Belgium is launching 100 mln Swiss francs of seven year notes with warrants attached to buy gold, lead manager Credit Suisse said. The notes themselves have a 3-3/8 pct coupon and are priced at par. Payment is due April 30, 1987, and final maturity April 30, 1994. Each 50,000 franc note carries 15 warrants. Two warrants are required to allow the holder to buy 100 grammes of gold at a price of 2,450 francs, during the entire life of the bond. The latest gold price in Zurich was 2,045/2,070 francs per 100 grammes. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4659"

"15481"

9-APR-1987 08:51:09.49

BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS

Shr profit nil vs profit nil Net profit 27,622 vs profit 5,556 Sales 1,031,306 vs 840,906 Nine mths Shr loss one ct vs loss two cts Net loss 195,095 vs loss 445,379 Sales 2,702,085 vs 2,219,961 Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4660"

"15482"

9-APR-1987 08:51:14.35

DATATRAK INC <DTRK> 3RD QTR FEB 28 NET

Japanese Finance Minister Kiichi Miyazawa said the strengthening of the yen against the dollar since the Paris Agreement was within the range agreed 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 said the current discussions were a "reaffirmation" of that agreement, saying the "solidarity" that occurred in Paris was still in place. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4661"

"15483"

9-APR-1987 09:00:01.33

MIYAZAWA SAYS YEN STILL INSIDE PARIS RANGE

Todd Shipyards Corp said production workers represented by the multi-union Pacific Coast Metal Trades District Council at its San Francisco division struck on April Six. It said negotiations are expected to resume at the end of this month. Todd also said the collective bargaining division in effect at its Galveston Division expires April 17, and negotiations with the Galveston Metal Trades Council are continuing. The company said results of balloting on a new collective bargaining agreement proposal in its Seattle Division are expected to be tabulated at the close of business tomorrow. The Pacific Coast Council has recommended acceptance of that proposal by membership, Todd said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5382"

"15484"

9-APR-1987 09:00:40.27

TODD SHIPYARDS <TOD> STRUCK ON WEST COAST

New applications for unemployment insurance benefits fell to a seasonally adjusted 338,000 in the week ended March 28 from 355,000 in the prior week, the Labor Department said. The number of people actually receiving benefits under regular state programs totaled 2,436,000 in the week ended March 21, the latest period for which that figure was available. That was down from 2,480,000 the previous week. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4663"

"15485"

9-APR-1987 09:01:41.95

U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK

"BRIEF"

"TEST"

"TRAINING-SET"

"5385"

"15487"

9-APR-1987 09:04:41.23

CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50 DLRS A SHARE TO BUY COMPANY

India's private businessmen say they have been placed on an unequal footing in raising money from the capital market because government companies are wooing investors by issuing more attractive tax-free bonds. Stock brokers and bankers polled by Reuters said although equity shares or debenture issues floated by private firms provide a higher return and shorter maturity, they are fast losing their popular appeal as they are liable to both wealth and income taxes. Brokers said many investors are transferring funds into government company bonds because of their tax-free status and easy transferability. About 100 private companies have postponed plans to issue equity shares and debentures in the first quarter of fiscal 1987/88 partly on account of fierce competition from public sector bonds, a merchant banker said. They included equity shares and rights issue worth one billion rupees planned to be issued this month by Tata Fertilisers Ltd, he said, adding the issue has been postponed indefinitely. "The government bonds are making serious inroads on the private sector companies' resources," said R. P. Goenka, president of the Federation of Indian Chambers of Commerce and Industry. "The discriminatory tax treatment should be done away with and equal facilities be provided to the two sectors to mobilise resources from the market which is common to both," Goenka said. A senior Finance Ministry official said government and private firms were free to compete to raise resources, adding it was not correct that public sector-issued bonds were preventing private firms from raising money on the stock market. "Debentures and equity shares floated by private companies still account for at least 60 pct of total capital raised in stock exchanges," the ministry official said. A spokesman at Bombay stock brokers Batliwala and Karani said government bonds were valued at about 20 billion rupees or about 40 pct of 50 billion rupees raised by both government and non-government firms in the domestic capital market in 1986/87. The share was 35 to 40 pct of about 36.95 billion rupees mobilised in 1985/86, he said. "To save taxes, commercial banks, mainly foreign banks, and some private companies, are investing their surplus funds in the tax free bonds," he said. "Individuals who are very well off are also investing in the bonds to gain tax benefits while only small investors are going for equities or debentures floated by private companies on a selective basis," the spokesman said. The maturity period of government company bonds varies between seven and 10 years. No wealth or income taxes are payable on nine pct seven-year bonds but those carrying 13 pct interest on 10-year bonds are subjected to income tax if interest amount^M exceeds 7,000 rupees a year. Equity shares, the 14 pct non-convertible debentures and 12.5 to 14 pct convertible debentures issued by private companies are not exempted from either the wealth tax or from the tax on income earned from them. The government bonds are listed as securities but traded on India's four major stock exchanges. They can be sold freely on the stock market by simple endorsement while debentures can only be sold to the company after one year, brokers said. Government companies are trying to capitalise on a boom in the stock market since 1984/85 sparked by liberal tax concessions and reforms in exchange operations, brokers said. The National Thermal Power Corp, NTPC, was the first government company to issue the bonds to raise one billion rupees in January last year, breaking the monopoly of private companies on the capital market. The seven-year NTPC bond was oversubscribed three times, brokers said. Official figures show bonds floated by government companies have been heavily oversubscribed. More state companies have sought the Ministry's permission to issue them in coming months. NTPC's second bond issue at the end of 1986 raised 4.51 billion rupees against 1.2 billion originally permitted by the Finance Ministry. The Mahanagar Telephone Nigam mobilised 3.83 billion rupees last year against authorised 1.5 billion and last month the Indian Railway Finance Corporation's record susbcription totalled 5.5 billion rupees against authorised 2.5 billion. In most cases, the government has allowed the companies to maintain the oversubscribed amount, brokers said. Goenka said that government bonds are making it increasingly difficult for private companies to launch new equity or debenture issues. He said the government could at least "fix a suitable limit on the funds to be raised through such bonds by the public sector." Merchant bankers said the government is pressing state companies to borrow from the public by reducing financial support to them. To ease its internal debt burden, the government has reduced the budgetary support to development investment in about 120 public sector companies to 69.92 billion rupees in 1987/88 from 77.92 billion a year earlier, official figures show. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5386"

"15488"

9-APR-1987 09:07:36.45

INDIAN STATE COMPANY BONDS PROVOKE COMPLAINTS

Shr 54 cts vs 49 cts Net 70.2 mln vs 64.0 mln NOTE: Share adjusted for two-for-one split in July 1986. Results restated for pooled acquisition of Third NAtional Corp in December 1986. Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs. Assets 25.8 billion dlrs, up 7.2 pct from a year earlier, deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs, up 17.2 pct. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5387"

"15489"

9-APR-1987 09:10:51.76

SUNTRUST BANKS INC <STI> 1ST QTR NET

Ropak corp said it has formed a new Tokyo-based subsidiary called Ropak Nippon Ltd to market its North American products in Japan. It said the new unit has started importing plastic pans and other products for the packaging of seafood and will also market rigid-plastic shipping pails for a variety of packaging uses. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5389"

"15491"

9-APR-1987 09:11:03.45

ROPAK <ROPK> FORMS JAPANESE UNIT

Burlington Industries Inc is raising 75 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/4 pct coupon and par pricing, said lead manager Kidder, Peabody and Co Inc. The debentures are convertible into the company's common stock at 63.50 dlrs per share, representing a premium of 18.1 pct over the stock price when terms on the debt were set. Non-callable for three years, the issue is rated Ba-2 by Moody's Investors Service Inc and BBB by Standard and Poor's Corp. Merrill Lynch Capital Markets and Salomon Brothers Inc co-managed the deal. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5390"

"15492"

9-APR-1987 09:11:13.48

BURLINGTON INDUSTRIES <BUR> SELLS CONVERTIBLES

The Pacific Stock Exchange said it will start options trading on Baker Hughes Inc today. Expirations will be January, May, July and October. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5391"

"15493"

9-APR-1987 09:11:22.89

PSE TO START OPTION TRADE ON BAKER HUGHES <BHI>

<International Thomson Organisation Ltd> said it will report financial results in U.S. funds rather than sterling, beginning from Jan 1, 1987. It said the change will not be applied retroactively to prior financial periods. The company said as a result of recent investments, most of its assets now are located in the United States. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5392"

"15494"

9-APR-1987 09:11:38.99

INTERNATIONAL THOMSON TO REPORT IN U.S. FUNDS

Shr three cts vs 18 cts Net 220,000 vs 1,250,000 Revs 11.8 mln vs 9,430,000 Year Shr 45 cts vs 69 cts Net 3,400,000 vs 4,037,274 Revs 45.1 mln vs 34.3 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5393"

"15495"

9-APR-1987 09:11:45.51

PHILIP CROSBY ASSOCIATES INC <PCRO> 4TH QTR NET

Shr 52 cts vs 40 cts Qtly div 18 cts vs 15 cts prior Net 793,740 vs 603,661 NOTE: Share adjusted for 10 pct stock dividend in November 1986. Dividend pay May One, record April 25. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5394"

"15496"

9-APR-1987 09:11:52.34

COLONIAL AMERICAN BANKSHARES CORP <CABK> 1ST QTR

Chicago Pacific Corp is raising 150 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/2 pct coupon and par pricing, said lead manager Goldman, Sachs and Co. The debentures are convertible into the company's common stock at 62.50 dlrs per share, representing a premium of 25.63 pct over the stock price when terms on the debt were set. Non-callable for two years, the issue is rated B-1 by Moody's Investors Service Inc and B by Standard and Poor's Corp. First Boston Corp and Lazard Freres and Co co-managed the deal. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5396"

"15498"

9-APR-1987 09:13:39.27

CHICAGO PACIFIC <CPAC> SELLS CONVERTIBLE DEBT

The Argentine Grain Board adjusted minimum export prices of grain and oilseed products in dlrs per tonne FOB, previous in brackets, as follows: Sorghum 64 (63), sunflowerseed cake and expellers 103 (102) , pellets 101 (100), meal 99 (98), linseed oil 274 (264), groundnutseed oil 450 (445), soybean oil 300 (290), rapeseed oil 290 (280). Sunflowerseed oil for shipment through May 323 (313) and june onwards 330 (320). The board also adjusted export prices at which export taxes are levied in dlrs per tonne FOB, previous in brackets, as follows: Bran pollard wheat 40 (42), pellets 42 (44). REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4678"

"15500"

9-APR-1987 09:15:27.47

RPT - ARGENTINE GRAIN/OILSEED EXPORT PRICES ADJUSTED

Clevite Industries Inc said it received a written proposal from J.P. Industries Inc <JPI> seeking to buy all of its outstanding shares for 13.50 dlrs a share. Clevite's stock was trading on NASDAQ at 13-1/4. J.P. Industries recently completed the acquisition of Clevite's Engine Parts Division. J.P. Industries said its proposed transaction would be financed through borrowings under its available bank lines and a bridge financing facility which Donaldson Lufkin and Jenrette Securities Corp agreed to arrange. To expedite the transaction, J.P. Industries said it would be willing to start a cash tender for Clevite's shares within five days after agreeing upon a definitive merger and confirmation of Clevite's financial results and condition. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5399"

"15501"

9-APR-1987 09:16:13.82

CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER

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. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5401"

"15503"

9-APR-1987 09:18:22.11

JAPAN BUSINESS LEADERS SAY G-7 ACCORD WORRYING

ABOUT 3,314 HEAD OF CATTLE WERE AUCTIONED IN LINIERS CATTLE MARKET, AGAINST 13,952 ON WEDNESDAY AND 9,217 LAST THURSDAY, TRADE SOURCES SAID. MAXIMUN PRICES, IN AUSTRALES PER KILO, WITH DOLLAR EQUIVALENT IN BRACKETS, INCLUDED: TODAY WEDNESDAY STEERS OVER 480 KILOS 1.02(0.658) 1.015(0.654) STEERS 460 TO 480 KILOS 1.05(0.677) 1.032(0.665) COWS FOR CANNING 0.56(0.361) 0.56 (0.361) REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5402"

"15504"

9-APR-1987 09:18:53.44

ARGENTINE CATTLE MARKET REPORT

<Thesing-Verwaltungsgesellschaft GmbH> of Coesfeld, West Germany, is issuing a 10 mln Swiss franc eight year bond with an indicated 6-3/8 pct coupon and par issue price, joint lead managers Fintrelex SA and E.Gutzwiller und Cie, Banquiers said. Subscription is from May 7 until May 13. The issue is guaranteed by Schallplattentruhe A. Thesing GmbH und Co Kommanditgesellschaft, Martin Thesing Handelsgesellschaft. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4683"

"15505"

9-APR-1987 09:24:50.38

WEST GERMANY'S THESING ISSUES 10 MLN SFR BOND

Mercantile Stores Co Inc said sales for the five weeks ended April four were up 0.5 pct to 184.7 mln dlrs from 183.7 mln dlrs a year earlier, with same-store sales off 1.7 pct. Mercantile said sales for the first nine weeks of its fiscal year were up 2.9 pct to 297.9 mln dlrs from 289.6 mln dlrs a year before, with same-store sales up 0.5 pct to 288.6 mln dlrs from 287.3 mln dlrs. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5404"

"15506"

9-APR-1987 09:25:33.37

MERCANTILE STORES <MST> MARCH SALES UP 0.5 PCT

American Woodmark Corp said it plans to build a 100,000 square foot kitchen cabinet component plant in Toccoa, Ga., with completion expected in the spring of 1988. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5406"

"15508"

9-APR-1987 09:25:59.29

AMERICAN WOODMARK <AMWD> TO BUILD PLANT

K mart Corp said its sales for the five weeks ended April One rose 4.6 pct to 2.18 billion dlrs from 2.08 billion dlrs a year earlier. On a comparable store basis, sales rose one-tenth of one pct. It said year-to-date sales increased 7.9 pct to 3.64 billion dlrs from 3.37 billion dlrs in the same 1986 period. On a comparable store basis, the increase was 3.2 pct. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5407"

"15509"

9-APR-1987 09:26:35.71

K MART <KM> MARCH SALES SHOW INCREASE

The Bank of England said it has revised its estimate of today's shortfall to 350 mln stg from 400 mln, before taking account of 103 mln stg morning assistance. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5408"

"15510"

9-APR-1987 09:27:09.44

U.K. MONEY MARKET DEFICIT REVISED DOWNWARD

Physio Technology Inc said it expects to have a third quarter, ended March 31, loss of about 200,000 dlrs and is in default on its bank loan because of the resignation of chairman and chief executive officer. The company said the loss followed four quarters of modest profits. In the year ago quarter it earned 11,000 dlrs, or one cent a share. For the first half of fiscal 1987, it reported a profit of 42,000 dlrs, or two cts a share, compared to a year earlier loss of 294,000 dlrs, or 17 cts a share. It said President Michael R. Hall will assume the duties of chief executive officer. Physio Technology said the resignation of Chairman James C. Lane can constitute non-compliance with its Series A convertible subordinated debentures due 1996 and a default under its agreement with the Merchants Bank of Kansas City. It explained a declaration of non-compliance under the debentures would create a a default under the loan agreements requiring immediate payment of 1.8 mln dlrs of debentures and about 450,000 dlrs outstanding under the bank credit line. The company said the debenture holders intend to waive the non-compliance, but reserve the right to withdraw the waiver at the end of any 30 day period. Physio Technology said it is changing its field sales force to independent representatives and dealers from employees to "significantly reduce its fixed overhead." Its statement did not indicate how many employees would be affected by the move. The company said Lane will become an independent dealter for the company in certain midwestern states. He will continue to serve as a director, it added. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4689"

"15511"

9-APR-1987 09:27:51.36

PHYSIO TECHNOLOGY <PHYT> SEES LOSS, IN DEFAULT

Texas International Co said it has retired 2,700,000 dlrs of its 10 pct third delayed convertible snior subordinated notes of 1993 Series A and B. As a result, it said it has eliminated the scheduled May 1987 conversions of 1,300,000 dlrs of Series A notes and 1,400,000 dlrs of Series B notes. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5410"

"15512"

9-APR-1987 09:28:31.13

TEXAS INTERNATIONAL <TEI> RETIRES SOME NOTES

Qtr ends March 31 Shr one dlr vs 76 cts Net 11.9 mln vs 8,929,000 Six mths Shr 1.92 dlrs vs 1.43 dlrs Net 22.8 mln vs 16.8 mln NOTE: full name of bank is washington federal savings and loan association. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4693"

"15515"

9-APR-1987 09:29:14.71

WASHINGTON FEDERAL SAVINGS <WFSL> 2ND QTR NET

Cominco Ltd said it is forming a new publicly held company, Cominco Resources International Ltd, to continue exploration and development of its mineral holdings outside Canada, Alaska and Australia. Cominco will maintain a majority position in the company, but the remaining interest will be sold in offerings led by Wood Gundy Inc and First Marathon Securities Ltd in Canada, and S.G. Warburg Securities and Wood Gundy Inc internationally. Cominco said it is filing a preliminary prospectus with securities regulators in all Canadian provinces. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5414"

"15516"

9-APR-1987 09:29:32.54

COMINCO <CLT> TO FORM EXPLORATION UNIT

Sekisui Chemical Co Ltd is issuing a 200 mln dlr equity warrant bond due May 7, 1992 paying an indicated coupon of two pct and priced at par, lead manager Yamaichi International (Europe) Ltd said. The issue is guaranteed by Sanwa 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 while listing will be in Luxembourg. Final terms will be fixed on April 15. The warrants are exercisable from May 20, 1987 until April 20, 1992. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5416"

"15518"

9-APR-1987 09:30:50.29

SEKISUI CHEMICAL ISSUES EQUITY WARRANT EUROBOND

Traders expect U.S. energy futures will open unchanged to slightly lower this morning with support near yesterday's lows. Crude futures are called unchanged to five cts weaker tracking unchanged domestic crudes and North Sea Brent crude, which traded at 18.01 dlrs a barrel today, about ten cts below yesterday's New York close. Traders said the supply squeeze in 15-day forward April Brent appears to have ended. Product futures, which fell sharply yesterday, are due to open unchanged to 0.25 cent lower, traders said. Traders expect some followthrough selling in products but said gasoil futures in London will probably lend some support since they are trading as expected. May gasoil futures were off 1.50 dlrs a tonne this morning while June was down 1.25 dlrs in thin conditions. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5418"

"15520"

9-APR-1987 09:32:17.28

U.S. ENERGY FUTURES CALLED UNCHANGED TO LOWER

Shr 63 cts vs 89 cts Net 3,425,216 vs 3,370,682 Avg shrs 5,421,330 vs 3,803,425 NOTE: net for both qtrs reflects gains on sales of securities of 1,755,137, or 51 pct of net, in 1987; and 3,001,222, or 89 pct of net in 1986. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5419"

"15521"

9-APR-1987 09:33:49.16

PONCE FEDERAL BANK F.S.B. <PFBS> 1ST QTR NET

"BRIEF"

"TEST"

"TRAINING-SET"

"5420"

"15522"

9-APR-1987 09:33:58.88

BUNDESBANK SEES NO REASON TO CHANGE MONETARY COURSE - VICE-PRESIDENT SCHLESINGER

The Bank of England said it has satisfied its revised estimate of today's shortfall in the money market, providing 261 mln stg assistance in afternoon operations. The Bank bought in band one, 60 mln stg bank bills at 9-7/8 pct and in band two 200 mln stg bank bills and one mln stg treasury bills at 9-13/16 pct. This brings the total help so far today to 364 mln stg, compared with its deficit estimate of 350 mln stg. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4701"

"15523"

9-APR-1987 09:35:20.08

U.K. MONEY MARKET DEFICIT REMOVED

Stop and Shop Cos Inc said its Bradlees Discount Department Stores Division's sales for the five weeks ended April four were up six pct to 156 mln dlrs from 147 mln dlrs a year before, with same-store sales up one pct. The company said sales for the first nine weeks of the year were up six pct to 259 mln dlrs from 245 mln dlrs a year before, with same-store sales up two pct. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5422"

"15524"

9-APR-1987 09:35:36.61

STOP AND SHOP'S <SHP> BRADLEES MARCH SALES RISE

Wang Laboratories said it signed an agreement with <Desk Top Financial Solutions Inc> giving Wang the right to market the Desk Top Financial Planning System for Wang's Office Information Systems (OIS) product line. Wang said the Desk Top Financial Planning System for its OIS comes in two basic packages -- the Advanced Planning System, priced at 2,995 dlrs, and the Budget Reporting System, priced at 1,995 dlrs. Both are avialable on eight inch and 5-1/4 inch diskettes, Wang said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5424"

"15526"

9-APR-1987 09:37:15.50

WANG <WAN> SIGNS MARKETING AGREEMENT

The Lebanese Pound fell sharply against the U.S. Dollar again today with dealers attributing the decline to continued political uncertainty. The pound closed at 118.25/118.75 against the dollar compared to yesterday's close of 115.60/115.80. "Political deadlock is reflected in the pound's position. There was more demand and less on offer in the market," one dealer told Reuters. The pound, which was at 18 to the dollar in January, 1986, has lost more than 30 pct of its international value over the past three months. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4705"

"15527"

9-APR-1987 09:37:38.62

LEBANESE POUND FALLS SHARPLY AGAINST DOLLAR

Dividend on 1986 business 12 marks per share vs seven marks. (Company is a subsidiary of Switzerland's BBC AG Brown Boveri und Cie <BBCZ.Z>). Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5426"

"15528"

9-APR-1987 09:37:52.03

BROWN BOVERI UND CIE AG LIFTS 1986 DIVIDEND

Moderately active grain fixing was reported out of the U.S. But none of the business involved the significant voyages to the Continent or Japan, ship brokers said. A steady 13.50 dlrs was paid from the U.S. Gulf to Morocco and 23.25 dlrs was paid for 27,000 long tons from the Gulf to Taiwan. A vessel carrying 13,500 long tons of bagged wheat flour from the Gulf to Aqaba received a lump sum of 472,500 dlrs. Grain from the Great Lakes to Algeria made 28 dlrs against 27.75 paid for similar fixing towards the end of March. Market talk suggested a Federal Commerce vessel had been booked to move grain from the Great Lakes to Morocco on Comanav account at about 22 dlrs and 15.50 had been paid for a cargo of oilseeds from British Columbia to Japan, but no confirmation was obtainable. On the Continent, shippers agreed 19 dlrs for wheat from La Pallice to Buenaventura and 10.75 dlrs for grain from Ghent to Naples/Venice range. Elsewhere, maize from East London to Japan paid 22 dlrs. Soviet charterers reappeared in the timecharter sector and secured a 30,000 tonner from Savona for a trans-Atlantic round trip at 4,450 dlrs daily and a 31,000 tonner from Antwerp-Hamburg for a similar voyage at 4,250 dlrs daily. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5429"

"15531"

9-APR-1987 09:40:15.27

LONDON FREIGHT MARKET FEATURES GRAIN OUT OF U.S.

Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating today's hog slaughter at about 287,000 to 295,000 head versus 292,000 week ago and 322,000 a year ago. Cattle slaughter is guesstimated at about 124,000 to 128,000 head versus 129,000 week ago and 134,000 a year ago. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4710"

"15532"

9-APR-1987 09:40:43.83

HOG AND CATTLE SLAUGHTER GUESSTIMATES

"BRIEF"

"TEST"

"TRAINING-SET"

"5433"

"15535"

9-APR-1987 09:46:09.57

WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS

THE FOLLOWING RAINFALL WAS RECORDED IN THE 24 HOURS UP TO (1200) GMT TODAY PARANA STATE: CASCAVEL NIL, PONTA GROSSA NIL,CAMPO MOURAO NIL, LONDRINA NIL, MARINGA NIL. RIO GRANDO DO SUL STATE: PASSO FUNDO NIL, SANTA MARIA 7.0 MILLIMETRES, CRUZ ALTA 8.5 MM, SAO LUIZ GONZAGA 4.4 MM. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4714"

"15536"

9-APR-1987 09:48:18.40

BRAZILIAN SOY RAINFALL

The Bundesbank sees no current reason to change monetary course, vice-president Helmut Schlesinger told Reuters in a telephone interview. Schlesinger was responding to questions following remarks yesterday by Bundesbank board member Claus Koehler and West Berlin state central bank president Dieter Hiss, which, dealers said, revived some speculation that German interest rate cuts may once again be under discussion. Schlesinger said he had no comment on the remarks of his two central bank council colleagues. But he added that the last central bank council meeting on April 2 had discussed the economic situation with a mood of "subdued optimism," particularly influenced by the news brought by several state central bank presidents. "Much is going better than the impression gained by the public from the January figures, which have been in the meantime superseded," he said. German January industrial output fell 3.0 pct after a decline of 0.9 pct in December. New industry orders fell 1.9 pct after they had been unchanged in December. Bank economists said that the two together showed the economy would either stagnate or contract in the first quarter of 1987. Aside from the economic developments, Schlesinger added, a steady monetary course was important to hold the dollar/mark rate around current levels as Bundesbank president Karl Otto Poehl had said while attending the Washington World Bank/IMF meeting. Asked, however, if the Bundesbank could move to cut rates on repurchase agreements at the setting of the next repurchase tender, due next Tuesday, Schlesinger said, "Since the central bank council gives its opinion on this theme only every 14 days, this is hardly probable." Responding to the question whether the Bundesbank had moved away from a policy of targetting monetary growth toward one of targetting currency rates, Schlesinger said he could have no comment on the subject while negotiations were still in progress in Washington. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4715"

"15539"

9-APR-1987 09:51:52.33

BUNDESBANK SEES NO CHANGE IN MONETARY COURSE

THE FOLLOWING RAINFALL WAS RECORDED IN THE AREAS OVER THE PAST 24 HOURS PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL, MARINGA NIL. SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL, FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL. MINAS GERAIS STATE: GUAXUPE NIL, TRES PONTAS NIL. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5438"

"15540"

9-APR-1987 10:02:08.32

BRAZILIAN COFFEE RAINFALL

The coupon on the 100 mln dlr, 15-year, convertible eurobond for Hokkaido Takushoku Bank Ltd has been set at 1-3/4 pct compared with the indicated two pct, joint-lead bookrunner Yamaichi International (Europe) Ltd said. The conversion price was set at 1,052 yen, while the foreign exchange rate was fixed at 146.20 yen per dollar. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5439"

"15541"

9-APR-1987 10:02:42.53

HOKKAIDO TAKUSHOKU CONVERTIBLE EUROBOND COUPON CUT

"BRIEF"

"TEST"

"TRAINING-SET"

"5440"

"15542"

9-APR-1987 10:02:59.09

E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION FOR PUROLATOR COURIER EXPIRED

The World Bank will support Sri Lanka's development program provided the country reduces its budget and current account deficits, the Ministry of Finance said. It said Bank President Barber Conable at a meeting with Sri Lanka's Finance Minister Ronnie de Mel in Washington also emphasised the need for structural adjustment and reform to the economy, battered by five years of separatist disturbances. Officials said Sri Lanka's budget deficit this year is expected to surpass the projected 28.7 billion rupees while defence spending, already up by two billion rupees from a targetted 10 billion, is also likely grow. The Ministry said de Mel asked the World Bank to give Sri Lanka 6.5 billion rupees balance of payments support. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4721"

"15543"

9-APR-1987 10:03:09.95

WORLD BANK TO SUPPORT SRI LANKA IF DEFICITS CUT

"BRIEF"

"TEST"

"TRAINING-SET"

"5442"

"15544"

9-APR-1987 10:07:10.41

E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT WITH PUROLATOR COURIER

Holding company <Gemina Spa> said it had no comment on an Italian press report today that it has acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>. Italian daily La Repubblica said that Gemina paid 205 billion lire for the shareholding from several Italian banks. A Gemina spokeswoman told Reuters, "We have nothing to say about the report." A spokeswoman for Milan-based Ambrosiano said, "We have no information at this time." In February, Ambrosiano chairman Giovanni Bazoli said foreign and domestic firms have expressed interest in buying stakes in the bank. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4723"

"15545"

9-APR-1987 10:07:23.01

GEMINA HAS NO COMMENT ON AMBROSIANO REPORT

Sears, Roebuck and Co said retail sales of its Merchandise Group in March rose 4.2 pct to 2.62 billion dlrs from 2.51 billion dlrs a year ago. For the nine weeks ended April Four, Sears Merchandise Group sales rose 4.5 pct to 4.46 billion dlrs from 4.27 billion dlrs in the same 1986 period. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5444"

"15546"

9-APR-1987 10:07:37.41

SEARS, ROEBUCK <S> MARCH RETAIL SALES UP

Dividend on 1986 business unchanged at 10 marks per ordinary share. Company also set dividend of 11 marks for new preference shares, which were issued last year. (Note: Company has said profit will match 1985 level, despite provisions of 480 mln marks connected with alleged currency fraud. Group net profit in 1985 was 596 mln marks, parent company net was 477 mln marks. Company's full name is Volkswagen AG <VOWG.F>). REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5445"

"15547"

9-APR-1987 10:07:47.65

VOLKSWAGEN DIVIDEND UNCHANGED ON 1986

Shr 66 cts vs 67 cts Net 48,700,000 vs 49,300,000 Sales 961.0 mln vs 870.6 mln Avg shrs 74,123,837 vs 73,374,398 Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4726"

"15548"

9-APR-1987 10:08:25.44

WHIRLPOOL CORP <WHR> 1ST QTR NET

The United States, which has long sought Japanese action to stimulate its economy, appears to be satisfied Tokyo's latest package is a major development and allows leading industrial nations to reaffirm their agreement to stabilize currencies. Monetary sources said they believed that U.S. Treasury Secretary James Baker considered Tokyo's package, announced yesterday, to be a major stimulation of the Japanese economy. But yesterday's statement by seven leading industrial powers endorses the yen's rise from around 153 to the dollar, the level at the February 22 Paris Accord, to about 145 today. And the initial reaction of currency markets in the Far East demonstrates that financial markets are unconvinced that currencies yet reflect economic fundamentals, even though the countries appear to do so. The yen sank below 145 at one point despite intervention by the Bank of Japan. Kiichi Miyazawa, Japan's Finance Minister, said the movement since Paris was consistent with currency trading ranges the nations agreed to defend in the February talks. "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 said yesterday. The supplementary budget worth about 34.48 billion dlrs was announced by the ruling Liberal Democratic Party on the eve of Miyazawa's departure for Washington, to attend yesterday's meetings of leading industrial nations. In a strongly worded statement terming the Japanese action "extraordinary and urgent", the meeting reaffirmed the Paris Accord by noting that current exchange rates are within ranges broadly consistent with fundamentals, or economic reality. The Group of Seven -- the United States, Japan, West Germany, France, Britain, Italy and Canada -- therefore repeated their willingness to continue close cooperation to foster exchange rate stability. The cooperation agreement has resulted in concerted central bank intervention of 8 billion to 9 billion dlrs to halt the dollar's fall. While relatively unsuccessful, the scale of intervention between so many nations is unprecedented in recent years. Monetary sources also said they understood that Secretary Baker considered the meeting to be extremely successful in the light of the Japanese announcement. They also said there was a growing feeling among the finance ministers and central bankers that cooperation over medium-term policies has replaced the bickering over short-term differences in past meetings. West Germany, whose currency has not risen anything like the yen since the Paris Agreement, appears from the face of yesterday's statement to have won acceptance from other countries that its exchange rate is acceptable. Bonn's finance minister Gerhard Stoltenberg argues that major currency shifts needed to remedy the huge imbalance between West Germany and Japan's trade surpluses and America's trade deficit have already taken place. No mention was made, however, of the U.S. commitment to cut the budget deficit even though it is implied in the reafffirmation of Paris. European nations and Japan believe deficit cuts are essential to curbing the record U.S. trade shortfall that reached nearly 170 billion dlrs last year. A similar argument was made on Capitol Hill earlier this week by Federal Reserve Board chairman Paul Volcker. A further sharp fall to redress trade imbalances would "clearly pose substantial risks of renewed inflationary momentum and could undermine confidence in future financial stability," he said. Volcker warned a further dollar fall might force the politically independent Fed to drive up interest rates. Monetary sources said that, privately, West Germany welcomed the rise in the yen against the dollar while its own currency remained relatively stable against the U.S. unit. Bonn and other European nations worry that once the weak dollar blunts Tokyo's export drive to the United States, the Japanese monolith will concentrate on European markets. The ministers, meanwhile, also continued talks on making their policy coordination more binding and one, Canadian Finance Minister Michael Wilson, said good progress was made. Wilson said they will meet before the June Economic Summit to prepare a report for the leaders of the seven nations. The United States and France, backed by the International Monetary Fund, want the seven to agree on ranges or "norms" for a limited number of economic objectives such as growth, inflation, monetary conditions, trade balances and current account balances. Sharp deviations from these guidelines would result in consultations between the countries on whether corrective action should be required. But the inclusion of currencies as one of the objectives has Bonn and London worried, monetary sources say, because it implies Washington is moving in the direction of target zones. The sources said the Reagan administration unsuccessfully sounded out its allies on a system of target zones to limit currency fluctuations just before the February meeting. The concept is a much more rigid one than the secret ranges of the Paris Accord and would mark a sharp departure from the relatively free currency markets of recent years. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5447"

"15549"

9-APR-1987 10:10:03.25

U.S. SAID TO VIEW G-7 MEETING AS MAJOR SUCCESS

The Bank of France said it left its intervention rate unchanged at 7-3/4 pct when it injected funds in the market against first category paper in today's money market intervention tender. Money market dealers had earlier expressed mixed views on the possibility of quarter point cut. The rate was last adjusted on March 9, when it was cut to 7-3/4 pct from the eight pct rate set in January. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"5448"

"15550"

9-APR-1987 10:10:58.67

BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED

The global economy is expected to weaken this year, adding new worries to an already serious poverty outlook, economic analysts said. For finance ministers and central bankers attending this week's semi-annual meetings of the International Monetary Fund and World Bank, the new figures released by the IMF add an additional concern. The Fund estimated world output would only grow by 2.7 pct this year, versus 2.9 pct last year, and 3.1 pct in 1985. In the industrial countries, Gross National Product, a measure of all goods and services, was expected to decline to 2.3 pct this year, compared with 2.4 pct in 1986, the IMF said. For the developing countries, the Gross Domestic Product, another measure of economic growth, was expected to fall to 3.0 pct from 3.5 pct last year. The new figures are considered a major disappointment to the poorest countries. They had hoped that new vitality in the industrial countries brought on by a sharp decline in oil prices would assist their economic recovery and help them cope with growing mounds of debt. IMF officials, discussing their outlook, said they believed the industrial country economies would move up to an annual growth rate of three pct by the end of the decade. Economic analysts and the IMF have been saying for some time that the ability to keep the debt crisis from turning into an economic rout rests on sustained economic growth. Since the debtor countries must look to the wealthier states for markets for their products as well as financial assistance, economic weakness in the developed nations' economies poses fundamental worries. Debtor countries, including the very poorest states, have only a few avenues open to them for earning foreign exchange, including the key one of exports. The U.S. economy, which is in its fifth year of expansion, has served as a mainstay for developing country exports, but it too is seen as being rather feeble this year, growing by only 2.3 pct, according to the IMF. For this reason and because of a high trade deficit, the United States has been pressuring Japan and West Germany to ignite their economies but with little apparent success. The IMF study also examines the course of the dollar and the curious lack of impact it has had on the U.S. trade deficit. Reagan administration officials have been saying that the impact is now beginning to show up, although it has been much slower than expected. The IMF observed in its World Economic Outlook that "it has to be recognized that exchange rate adjustments take time to work through to payments flows -- probably at least three years to get a resonably complete effect." The report added, however, "the adjustments may take even more time on this occasion." REUTER^M

"NORM"

"TEST"

"TRAINING-SET"

"5449"

"15551"

9-APR-1987 10:13:27.77

GLOBAL ECONOMIC SLOWDOWN RAISES NEW DEBT FEARS

The head of Spain's employers' federation, Jose Maria Cuevas, said employers were worried about the government's monetary policies because high real interest rates were hampering investment. He told a news conference wage pacts signed so far this year were not endangering the government's five pct inflation target. The government's perceived need to control inflation by keeping a tight rein on credit was unnecessary, he said. High real interest rates were attracting an influx of speculative foreign capital which was undercutting the government's target for monetary growth, Cuevas said. Spain's most closely-watched measure of money supply, liquid assets in public hands, grew at an annualised rate of 17 pct in March, against 11.4 pct in December last year and a target range of 6.5 to 9.5 pct for 1987. To combat this, the Bank of Spain has raised its call money rate 14 times so far this year, to 14.5 pct at present from 11.8 at end-1986. Cuevas said employers were heeding the government's call to hold wage increases to its five pct inflation target this year, with increases from salary reviews awarded last year and new wage pacts averaging 5.6 pct in the first quarter of 1987. These agreements covered less than 40 pct of Spanish workers, Cuevas said, with the rest still in wage negotiations. He said Spain's current wave of strikes mainly affected the state sector, where the government is trying to impose its five pct wage ceiling. Cuevas said employers were also worried about the trend in Spain's foreign trade balance. The trade deficit in the first two months of 1987 totalled 233 billion pesetas, a 68 pct increase over the corresponding period last year. However, employers did not favour a devaluation of the peseta to correct the imbalance. REUTER

"NORM"

"TEST"

"TRAINING-SET"

"4730"

"15552"

9-APR-1987 10:15:55.48

SPANISH EMPLOYERS WORRIED BY HIGH INTEREST RATES

Showboat Inc said its board declared a two-for-one stock split, payable to shareholders of record on May 15. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4731"

"15553"

9-APR-1987 10:17:10.28

SHOWBOAT <SBO> DECLARES STOCK SPLIT

Lead prices have risen this week against a background of a finely balanced physical sector, traders said. Further gains are possible if the USSR steps up its buying or if labour problems develop in North America, they added. London Metal Exchange (LME) prices are unusually buoyant at a time of year when seasonal demand is normally slackening and prices tending to drift lower. This buoyancy is generally attributed by traders to the low level of LME stocks and steady, if unspectacular, physical demand in the Northern Hemisphere finding supplies curtailed. The supply problems are not new but are beginning to be felt by a market in which, as peak winter demand tails off, stocks usually build fast and availability increases, traders said. The lower supply levels result from a number of different factors around the globe. Delayed shipments from Peru to Mediterranean countries because of production and transport problems, lack of Spanish exports since the closure last year of Cia La Cruz's smelter at Linares and lower output in Morocco and Greece have all meant additional demand being directed to merchants who in turn have been drawing on LME stocks. In addition Broken Hill Associated Smelters' Port Pirie, South Australia, smelter is halting production for five weeks for maintenance. Although the company said it would meet commitments, this will put further pressure on stocks. And the U.S. Company Doe Run has kept its 140,000 tonnes per year Boss, Montana smelter closed. This cut producer stocks and contributed to a closer supply/demand balance within the U.S. Market, for many years depressed by surplus production and a regular supplier to the world market. Mexican supplies, which have sometimes swelled LME stocks, have been normal but are finding ready buyers, traders said. On the demand side, winter battery manufacture has held up quite well and some U.S. Buying of lead sheet has been reported in the U.K. Soviet lead buying, notably absent in Europe in the first two months of the year, was resumed when a large buying order was filled by merchants in March. Merchant demand has fuelled the rise in LME lead prices this week and has seen cash metal move above 320 stg and establish a premium of around 10 stg over three months delivery. Specific demand has been directed towards metal in Gothenburg and Trieste warehouses. Gothenburg material is often a target for merchants shipping to the USSR, traders said. On stocks, the popular LME Continental warehouses, Antwerp and Rotterdam, have little more than 3,000 tonnes of lead each, and this is believed to be in strong hands. Out of a total 22,125 tonnes in LME stocks, the lowest level since June 1980, just over half is in U.K. Warehouses which are not popular with merchants putting together shipments. But even U.K. Stocks have dropped around 6,000 tonnes since the start of the year. Traders said this is partly due to secondary smelters buying ingots to supplement feed supplies affected by environmental controls, which put restrictions on the transport of used batteries. Labour negotiations in North America will play an important part in determining the direction of prices, with contracts expiring end-April at Cominco's Trail and Kimberley, B.C., Mine/smelter and at Doe Run's Herculaneum, Mo, smelter. Noranda's New Brunswick mine/smelter also has a contract expiry in July which may cause some nervousness in view of strikes by its zinc and copper workers over recent months. Traders said LME three months delivery, already attracting speculative buying, could rise to 320/330 stg on current firmness, while nearby tightness could widen the cash premium to 20 from four. Three months was quoted at 313 stg at midsession. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5454"

"15556"

9-APR-1987 10:18:18.64

LEAD PRICES RISE ON FINELY BALANCED PHYSICALS

F. W. Woolworth Co said sales for the five weeks ended april 4 rose 0.2 pct to 591 mln dlrs from 590 mln dlrs. Domestic sales decreased 4.4 pct to 355 mln dlrs from 371 mln dlrs and foreign sales, expressed in U.S. dlrs, rose 7.9 pct, the company said. If foreign exchange rates had remained constant, foreign sales would have decreased 4.0 pct and total sales 4.2 pct, it said. For the nine weeks, total sales rose 4.3 pct to 1.01 billion from 964 mln dlrs. Domestic sales of 604 mln dlrs were unchanged and foreign sales, expressed in dlrs, increased 11.4 pct from the year earlier period. If foreign exchange rates were constant, foreign sales would have decreased 1.0 pct and total sales 0.4 pct, the company said. "As anticipated, March sales were lackluster in our seasonally sensitive businesses due to Easter's being three weeks later this year than last," the company said in a statement. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5455"

"15557"

9-APR-1987 10:18:31.61

F. W. WOOLWORTH <Z> MARCH SALES UP 0.2 PCT

Shr 70 cts vs 42 cts Net 2,918,000 vs 1,746,000 Sales 68.3 mln vs 53.5 mln NOTE: 1987 net includes pretax gain 400,000 dlrs from change in pension accounting. 1987 results include Production Graphics Corp and Systems Technology and Weapons System Test Divisions of NEw Technology Inc, acquired December 30, 1986. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4736"

"15558"

9-APR-1987 10:19:41.72

REXHAM CORP <RXH> 1ST QTR NET

Shr 50 cts vs 47 cts Net 3,445,000 vs 3,193,000 NOTE: Share adjusted for two-for-one stock split in January 1987. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4737"

"15559"

9-APR-1987 10:21:05.94

FIRST EASTERN CORP <FEBC> 1ST QTR NET

The Federal Home Loan Bank Board adjusted the rates on its short-term discount notes as follows: MATURITY NEW RATE OLD RATE MATURITY 30-174 days 5.00 pct 5.00 pct 30-87 days 175-190 days 5.85 pct 5.82 pct 88-103 days 191-270 days 5.00 pct 5.00 pct 104-179 days 271-288 days 5.92 pct 5.85 pct 180-205 days 289-360 days 5.00 pct 5.00 pct 206-360 days Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4738"

"15560"

9-APR-1987 10:21:12.37

FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES

Anchor Financial Corp said it has agreed to acquire Waccamaw State Bank of Surfside Beach, S.C., in an exchange of 1.435 Anchor shares for each Waccamaw share, subject to regulatory and shareholder approvals. Waccamaw had assets of 22.8 mln dlrs as of March 31. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5459"

"15561"

9-APR-1987 10:21:36.16

ANCHOR FINANCIAL <AFCX> TO MAKE ACQUISITION

West German Finance Minister Gerhard Stoltenberg said he was not surprised by the overnight decline of the dollar in foreign exchange markets. Speaking briefly with reporters before entering a meeting of the International Monetary Fund he said, "These minor movements don't really affect us." The dollar declined in the initial reaction to a statement by the Group of Seven industrial countries reaffirming their Paris agreement in February to maintain their currencies around current levels. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5460"

"15562"

9-APR-1987 10:22:53.01

STOLTENBERG NOT SURPRISED BY DOLLAR REACTION

Asarco Inc said it is increasing its base spot sales price for refined lead by one-half cent to 26.50 cents a lb, FOB, delivered in carload lots, effective immediately. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"5461"

"15563"

9-APR-1987 10:23:50.87

ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 26.50 CTS

E.F. Hutton LBO Inc said the tender offer by its wholly owned unit, PC Acquisition Inc, for Purolator Courier Corp <PCC> expired at 2400 EDT yesterday without the purchase of any Purolator common stock. Hutton added that PC Acquisition also terminated its merger agreement with Purolator. Hutton said the offer, which had been conditioned upon the tender of at least 5,116,892 Purolator shares, or about two-thirds of the outstanding shares, was terminated because the minimum number of shares was not tendered. Purolator had entered into a definitive agreement with PC Acquisition, part-owned by E.F. Hutton LBO Inc, a unit of E.F. Hutton, and some officers of Purolator's U.S. courier division, in which PC offered to purchase 6,332,471 Purolator common stock shares for 35 dlrs a share. Following that move, PC Acquisition planned to merge a subsidiary into Purolator, converting all outstanding Purolator common it did not own into an aggregate 46 mln dlrs principal amount of 12 pct guaranteed debentures due 2002 and warrants to purchase 15 pct of a Purolator unit comprised of Purolator's U.S courier operations. Hutton said as of 2400 EDT yesterday about 181,000 shares of Purolator common stock, or about 2.4 pct of the outstanding shares, had been validly tendered and not withdrawn. PC Acquisition has instructed its depository for the offer to return promptly the Purolator stock deposited by, or on behalf of, tendering shareholders, Hutton said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4743"

"15565"

9-APR-1987 10:25:12.80

E.F. HUTTON <EFH> UNIT'S PUROLATOR OFFER EXPIRES

"BRIEF"

"TEST"

"TRAINING-SET"

"5464"

"15566"

9-APR-1987 10:25:21.51

ABBOTT LABORATORIES 1ST QTR NET SHR 62 CTS VS 52 CTS

India's national foodgrain target has been fixed at 160 mln tonnes in 1987/88 (Apr-Mar), unchanged from the 1986/87 target, the Agriculture Ministry said in its annual report for 1986/87. Actual output was estimated at 151 mln tonnes in 1986/87 due to failure of monsoon rains in 15 out of 35 meterological sub-divisions of the country. The report gave the targets for various crops with estimated harvested crops in 1986/87 in brackets as following, in mln tonnes - rice 65 (60), wheat 49 (49), coarse grains including sorghum and millets 32 (29) and pulses 14 (13). Despite failure of monsoon rains in recent years, it was possible to maintain higher foodgrain production, signifying growing resilience in agricultural sector, the report said. The strategy for increasing irrigation potential along with greater use of high yielding seed varieites and improvement in fertiliser efficiency is yielding results, it said, adding total foodgrain output in 1985/86, 1984/85 and 1983/84 respectively was 150.5 mln tonnes, 145.5 mln and a record 152.4 mln. India has targeted to produce between 178 and 183 mln tonnes of foodgrains by the last year of the seventh five-year development plan ending March 31, 1990. Taking the midpoint of 180 mln tonnes as the target and the 1986/87 estimated production of around 151 mln tonnes, the gap of 29 mln tonnes has to be made up during the remaining three years of the plan by increasing grain output annually by more than nine mln tonnes. But the target can be achieved only with good weather, the report said. "The major thrust programme will, therefore, be better water (irrigation) management. Simultaneously, efforts for spread of improved technology including timely use of inputs (farm materials like fertilisers) in adequate quantities have to be vigrously pursued," it said. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4745"

"15567"

9-APR-1987 10:27:33.19

INDIA FOODGRAIN TARGET 160 MLN TONNES IN 1987/88

Certificated cotton stocks deliverable on the New York Cotton Exchange No 2 cotton futures contract as of April 8 were reported at 34,661 bales, down 421 bales from the previous day's figure. There were no bales awaiting review and 1,218 bales awaiting decertification. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4746"

"15568"

9-APR-1987 10:27:43.96

CERTIFICATED COTTON STOCKS

Reichhold Chemical Inc said its board adopted a warrant dividend plan in which one preferred stock purchase right will be distributed as a dividend on each common share outstanding. The company said its warrant dividend plan is designed to protect its shareholders against unsolicted, coercive attempts to aquire control without making an adequate offer for all shares. Reichhold said the adoption is not a response to any specific takeover attempt. Reichhold said each right will entitle shareholders to buy one one-hundreth of a share of a newly created series of preferred stock at an initial exercise price of 120 dlrs, with dividend and voting rights approximately equal to those of one share of the company's common stock. The rights will be exercisable only if, without Reichhold's prior consent, a person or group a acquires 20 pct or more of the voting power or announces a tender offer which would result in 20 pct ownership, the company said. Reichhold said it is entitled to redeem the rights at five cts apiece before a 20 pct position has been acquired, or before an existing 20 pct shareholder buys an additional two pct or more of the voting power of the company, or in connection with certain transactions afterward. The tax-free distribution will become effective May 1, 1987, and will expire 10 years later, the company said. Details of the plan are outlined in a letter to be mailed to stockholders. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4747"

"15569"

9-APR-1987 10:28:23.58

REICHHOLD CHEMICAL <RCI> SETS ANTI-TAKEOVER PLAN

Shr 62 cts vs 52 cts Net 142.0 mln vs 123.0 mln Sales 1.00 billion vs 865.0 mln Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4748"

"15570"

9-APR-1987 10:28:40.30

ABBOTT LABORATORIES INC <ABT> 1ST QTR NET

International Proteins Corp said it has agreed to sell in a private placement 330,000 common shares at 11.75 dlrs a share to a U.S. subsidiary of Hanson Trust Plc. In addition, David Clarke the president of another Hanson Trust subsidiary, Hanson Industries, will be named chairman of International Proteins's executive committee upon his election to the board at the annual meeting. International Proteins recently acquired Clarke's family business, Great South Beach Sales Co, for 900,000 restricted common shares of which 350,000 have been issued to date. International Proteins said its agreement with Hanson Trust is subject to stockholder approval at the annual meeting which is expected to be held in June. The company said Hanson Trust is purchasing the stock for investment purposes, adding the agreement includes restrictions on purchase or sale of the company by Hanson for the next five years. International Proteins said it will use the proceeds to expand domestic operations. The company has about 2.1 mln shares outstanding. Reuter

"NORM"

"TEST"

"TRAINING-SET"

"4749"

"15571"

9-APR-1987 10:29:46.26

HANSON <HAN> TO BUY INT'L PROTEIN <PRO> STOCK