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<Bank of Nova Scotia> said it raised its U.S. dlr base lending rate in Canada to 8-1/4 pct from eight pct, effective immediately. Reuter

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2-APR-1987 15:12:06.64

BANK OF NOVA SCOTIA RAISES U.S. DLR BASE RATE

The Soviet Union has added 50,000 tonnes to its previous purchases of U.S. corn purchases, the U.S. Agriculture Department said. In its Export Sales Report covering transactions in the week ended March 26, the department said changes in destinations of 250,000 tonnes of corn to the Soviet Union were reported. However, 200,000 tonnes of the transaction was reported under the daily reporting system. Total corn commitments for delivery in the fourth year of the U.S.-USSR Grain Supply Agreement amount to 2,650,000 tonnes. Reuter

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2-APR-1987 15:13:35.43

USSR ADDS CORN TO PURCHASES -- USDA

There is little scope for a substantial increase in U.S. interest rates during 1987, said Federal National Mortgage Association chairman David Maxwell. Speaking to the New York Financial Writers' Association, Maxwell said he viewed this week's rise in U.S. banks' prime rates to 7-3/4 pct from 7-1/2 pct as a temporary phenomenon. "I don't see a substantial rise in rates this year. If anything, the Federal Reserve is more likely to ease than to tighten (monetary policy) because so many sectors of the economy are showing weakness," Maxwell said. Fannie Mae buys mortgages from lenders and issues mortgage-backed securities. Maxwell said restructuring of Fannie Mae over the last two years had limited its exposure to interest rate fluctuations. A one pct rise in rates in 1987 would cost shareholders about 18 cts a share versus one dlr a share in 1981, he said. Maxwell also questioned the view that housing crowds out other sectors of the economy from obtaining needed capital. "There's no evidence that housing is crowding firms out of the long-term debt market," he said. Both home mortgage debt and long-term corporate debt grew at about equal annual rates of about 13 pct in 1986 -- a year when mortgage originations of 442 billion dlrs needed record housing capital, he said. Reuter

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2-APR-1987 15:13:50.77

LITTLE SCOPE FOR U.S. RATE RISE - FANNIE MAE<FNM>

Corning Glass Works and Hazleton Laboratories Corp jointly said they completed a merger of the two companies in a deal valued at about 120 mln dlrs. A joint statement said Hazleton stockholders will receive .5165 shares of Corning common for each Hazleton share. Hazleton, a supplier of biological and chemical services and products, will operate as a Corning subsidiary under its current management team, the statement said. Reuter

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2-APR-1987 15:14:21.12

CORNING <GLW>, HAZLETON <HLC> COMPLETE MERGER

Lane Co said its baord unanimously reaffirmed its support for a proposed merger with Interco Inc, following a Lane board meeting. Lane said its board recommends that shareholders vote for adoption of the merger at a special meeting of shareholders on April 13. Reuter

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2-APR-1987 15:18:47.74

LANE <LANE> BOARD SUPPORTS INTERCO <ISS> MERGER

Pay 'N Pak Stores, which previously announced plans to explore all alternatives for maximizing shareholder values, said it intends to consider investor Paul Bilzerian's offer for the company in due course as part of that process. Pay 'N Pak has already retained Salomon Brothers Inc to assist it in exploring its alternatives. Retail analysts have stated that Pay' N Pak's alternatives could include downsizing its operations, a leveraged buyout or a combination with a friendly merger partner. Bilzerian, in a filing with the Securities and Exchange Commission, said he is offering to buy all of the Pay 'N Pak stock he does not already own for 19 dlrs per share. The Florida investor currently controls 9.9 pct of Pay 'N Pak's stock. Reuter

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2-APR-1987 15:25:45.18

PAY'N PAK <PNP> TO CONSIDER BILZERIAN OFFER

A judge hearing the Bhopal gas disaster case asked Union Carbide Corp <UK> and the Indian government to agree on interim compensation for the victims. Judge M.W. Deo said he had made the appeal because the court case was likely to be a long struggle for the disaster victims. The Indian government is demanding more than three billion dlrs from Union Carbide on behalf of some 526,000 claimants following the world's worst industrial disaster in December 1984. According to official Indian figures, 2,413 people were killed and more than 200,000 injured when a cloud of methyl isocyanate gas from a Union Carbide pesticide plant enveloped Bhopal. Reuter

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2-APR-1987 15:32:13.47

BHOPAL CASE JUDGE SEEKS INTERIM COMPENSATION

Shoppers who buy Haagen-Daas ice cream, Dijon mustard or Tuborg beer on their weekly trip to the supermarket are soon to be the target of a promotional blitz for national-brand "gourmet" coffees. General Foods, the largest U.S. coffee roaster, and A and P, which shares the third place in the U.S. market, are the only two national brand roasters so far to introduce the higher-quality coffees into selected supermarkets. But industry insiders believe there is substantial growth potential in upscale coffee, despite years of flat sales in regular ground roast types. "I would suspect General Foods will make a name for themselves with their gourmet line," said a coffee trade source. "What it could do is really dent the small-store, whole-bean business," the trade source added. The new lines are designed to appeal to a classic advertising composite--the "yuppie" consumer. They buy fresh pasta, subscribe to Bon Appetit magazine and were "first on their block with a wok," as described by Karin Brown, General Foods senior product manager for its new coffee, called Private Collection out of GF's Maxwell House division. Paul Gallant, president of A and P's Compass Foods subsidiary that makes the new A and P gourmet line, described its potential appeal as "a status thing." At an initial price of 4.99 dlrs for 12 ounces it is expensive, though not more so than high quality coffee sold in small specialty stores. General Foods' Maxwell House Div. has just cut the price on its new offering by 50 cents to 4.49 dlrs for 12 ounces--a move competitor A and P is bound to imitate, according to an A and P executive. Number two U.S. roaster Folgers has "nothing to announce at this point" in the gourmet line, a spokesman said. Neither does Hills Bros., a subsidiary of Nestle that shares the third and fourth size market spot by volume with A and P. Competitors believe Folgers will watch the progress of General Foods' offering, prepared to jump in if the market takes off. General Foods and A and P hope their new products will help push coffee sales out of the doldrums. Coffee consumption in the United States has fallen 44 pct since 1962, according to a 1986 study by the International Coffee Organization. Sales show no signs of picking up. Compass's Gallant blames the falloff on declines in coffee quality since the 1960's and aggressive soft drink marketing. "The national brands began to cheapen the blend in the name of profit but spent 100 mln dlrs a year telling consumers this was quality coffee," Gallant said. As a result, first time consumers never got a taste for the brew. The first time a young consumer tries coffee, "they turn around and say 'My God this is awful, I think I'll have a Coke'," he said. Having now mostly written off the 16-25 age group, who have confirmed their loyalty to soft drinks, coffee marketers are aiming at the high income, free-spending, self-treating crowd -- the yuppie composite. "Where else are you going to go?," an industry source said. "Kids aren't going to drink coffee, that's apparent. There are no other markets. The only area that's not been promoted is gourmet," he said. In addition to perking up sales, success in the gourmet line could provide much higher margins to roasters than regular ground roast coffees produce. Generally, retail prices are about twice the price of green, unroasted coffee beans, taking into account the costs of roasting, packaging and distribution, and then deducting often-generous trade discounts. Supermarkets tend to sell coffee near the trade price as a "loss leader," a product designed to draw shoppers into the store. But with the new gourmet lines, a different pricing structure prevails, industry sources said. There is no trade discounting and an emphasis on expensive packaging, including a special valve designed to keep the beans fresher. Dealers said roasters were buying the higher quality green beans at about 1.60 dlrs a lb. Thus, retail prices on gourmet coffee are now almost three times the price of green. Targetted consumers seem willing to pay the difference. General Foods claims 80 pct of consumers in their test market surveys for Private Collection came back for more. And product manager Brown points to the success of more expensive beers, mustard and ice cream, that began selling in restricted high income areas and are now available in almost every supermarket in the country. A and P is similarly optimistic. "We think we'll do extremely well in the gourmet market," Gallant said. Maxwell House is marketing its eight types of Private Collection in selected high income areas, while A and P offers its 14 different whole bean gourmet coffees, called 8 O'Clock Royale, only in their own stores in Philadelphia, Baltimore, New York, Atlanta and some other metropolitan areas. Reuter

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2-APR-1987 15:33:26.07

GOURMET COFFEE MAKES U.S. SUPERMARKET DEBUT

Reebok International Ltd said it completed the previously announced acquisition of <Avia Group International Inc> for about 180 mln dlrs or 16.35 dlrs a share. It said litigation begun by certain Avia stockholders challenging the transaction and seeking damages is in the pretrial discovery process. Reebok announced the acquisition agreement on March 10. Reebok said Avia will operate as a wholly-owned subsidiary with Dean Croft continuing as Avia's president. Reuter

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2-APR-1987 15:36:16.60

REEBOK <RBK> COMPLETED AVIA GROUP MERGER

Assets of money market mutual funds decreased 833 mln dlrs in the week ended yesterday to 235.40 billion dlrs, the Investment Company Institute said. Assets of 197 general purpose funds rose 1.10 billion dlrs to 63.21 billion dlrs, 92 broker-dealer funds fell 1.59 billion dlrs to 107.02 billion dlrs and 91 institutional funds fell 341 mln dlrs to 65.17 billion dlrs. Reuter

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2-APR-1987 15:54:27.48

ASSETS OF U.S. MONEY FUNDS FELL IN WEEK

Shr 14 cts vs 11 cts Net 430,364 vs 265,672 Revs 8,846,627 vs 5,644,160 Six mths Shr 26 cts vs 21 cts Net 737,283 vs 526,071 Revs 17.6 mln vs 11.4 mln Reuter

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2-APR-1987 15:54:54.24

NICHOLS RESEARCH CORP <NRES> 2ND QTR FEB 28

Shr profit 15 cts vs profit six cts Net profit 471,000 vs profit 193,000 Sales 14 mln vs 9,795,000 Nine Mths Shr profit 77 cts vs loss six cts Net profit 2,324,000 vs loss 183,000 Sales 41.9 mln vs 30.3 mln Reuter

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2-APR-1987 15:55:11.52

LINEAR CORP <LINE> 3RD QTR FEB 28 NET

Treasury balances at the Federal Reserve rose on April 1 to 4.602 billion dlrs from 3.576 billion dlrs on the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts rose to 6.495 billion dlrs from 5.394 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 11.097 billion dlrs on April 1 compared with 8.969 billion dlrs on March 31. Reuter

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2-APR-1987 16:07:29.06

TREASURY BALANCES AT FED ROSE ON APRIL 1

Phillips Petroleum Co said its Phillips 66 Co subsidiary is expanding its aviation fuel and lubricants marketing activities into Southern California. The company said it bagan selling aviation products on the West Coast today at Combs Gates Palm Springs, which serves most of Southern California. Reuter

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2-APR-1987 16:12:17.09

PHILLIPS <P> EXTENDS AVIATION FUEL, LUBE MARKETS

The New York Mercantile Exchange, NYMEX, has adequate trade practice surveillance and disciplinary programs, but could take steps to improve them, the Commodity Futures Trading Commission, CFTC, said. In a rule enforcement review, CFTC said NYMEX was able to identify possible "violative market activity" and that investigations were generally thorough. However, the commission faulted the exchange for limiting access to its computer-assisted trade practice surveillance system and recommended NYMEX enhance its computerized surveillance system. CFTC also found NYMEX had an adequate disciplinary program, but noted that the disciplinary process sometimes was delayed because of failure to promptly schedule hearings. Reuter

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2-APR-1987 16:13:25.97

NYMEX SURVEILLANCE ADEQUATE, CFTC SAYS

Sharp cuts this year in U.S. planted acreage may not make a big dent in the U.S. grain stockpile but will at least keep grain surpluses from increasing, Agriculture Department and industry commodity analysts said. "The scenario is turning around on stocks. The whole supply/demand picture could finally be getting more in balance," a USDA analyst said. The USDA prospective plantings report this week indicated that U.S. farmers will idle 52 to 55 mln acres in annual acreage reduction programs this year. An additional 20 mln acres have been enrolled in the conservation reserve program, bringing total idled acreage in the U.S. to 72-75 mln acres, almost a third of the nation's total 235 mln acre crop base. Production of wheat, corn and soybeans in 1986/87 will probably closely match annual usage, limiting any buildup in stocks, analysts said. "It's a substantially different story from last year when we added 1.5 billion bushels of corn to the stockpile," Vernon McMinimy, director of commodity research for Staley Co. said. Interviewed at an agribusiness education conference here, McMinimy said that 67.6 mln planted acres of corn will likely translate into 60 mln harvested acres, and with normal yields, final production of 6.9 to 7.0 billion bushels. McMinimy estimated that total U.S. corn disappearance in 1986/87 could end up at 7.1 billion bushels, possibly resulting in a 200-million bushel reduction in the current corn stockpile of 5.45 billion bushels. "To say this represents a turn-around is wrong, but we're at least in a holding pattern," George Hoffman, director of commodity analysis for Pillsbury said. Hoffman said wheat stocks could rise slightly by the end of 1986/87 to 1.9 billion bushels due to "significantly less" domestic feed use for wheat because of lower corn prices. USDA analysts, however, project slightly higher usage and said wheat stocks will either decrease slightly or at least not increase. With yearly use at around two billion bushels, next year's projected crop could be used up, an analyst said. "We won't be adding to stocks. Stocks are at a record now, so if we can begin to touch them even minutely through acreage reductions, that would be an improvement," an Agriculture Department wheat analyst said. Soybean planted acreage, at 56.9 mln acres, would be the smallest planted soybean acreage since 1976 and could lower final production by 150 mln bushels and ending stocks by 50 to 100 mln bushels, analysts said. As more marginal, erodable acreage is enrolled in the conservation reserve program, annual acreage reduction programs will be more effective because they will force more high producing land out of production, a USDA analyst said. "We can now maybe see the light at the end of a very long tunnel," the analyst said. Reuter

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2-APR-1987 16:14:33.37

U.S. ACREAGE CUTS SEEN LIMITING STOCK BUILD

Japanese crushers bought 2,000 tonnes of Canadian rapeseed in export business overnight for May shipment, trade sources said. They also reported rumors that Mexico may have purchased a sizeable quantity of Canadian flaxseed, although no price or shipment details were available. Reuter

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2-APR-1987 16:19:49.42

JAPANESE CRUSHERS BUY CANADIAN RAPESEED

There were 106,200 tonnes of U.S. corn shipped to the Soviet Union in the week ended March 26, according to the U.S. Agriculture Department's latest Export Sales report. There were no wheat or soybean shipments during the week. The USSR has purchased 2.65 mln tonnes of U.S. corn, as of March 26, for delivery in the fourth year of the U.S.-USSR grain agreement. Total shipments in the third year of the U.S.-USSR grains agreement, which ended September 30, amounted to 152,600 tonnes of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of soybeans. Reuter

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2-APR-1987 16:27:26.80

GRAIN SHIPMENTS TO THE USSR -- USDA

Mexico bought 11,000 to 14,000 tonnes of Canadian rapeseed, as rumored earlier this week, with price and shipment period details unavailable, trade sources said. Reuter

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2-APR-1987 16:30:49.43

MEXICO BUYS CANADIAN RAPESEED

Changes by the USDA in its posted county prices have successfully increased PIK-and-roll activity as a way to pull corn out of government stockpiles, with the resulting jump in free supplies pressuring terminal corn basis values, cash grain dealers said. Processors dropped spot Chicago corn basis bids three cents after covering most of the April needs this week, with river corn basis bids following CIF Gulf corn values lower. The surge in PIK-and-roll also pressured corn futures, with May settling today down three cents per bushel at 1.58-1/2 dlrs, near the contract low of 1.49-1/4 dlrs. But unlike in the past when lower prices slowed country movement, now lower county prices widen the differentials with the corn loan and make PIK-and-roll even more attractive, they noted. Reuter

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2-APR-1987 16:33:41.65

PIK-AND-ROLL PRESSURES CORN BASIS VALUES

U.S. M-1 money supply rose 1.0 billion dlrs to a seasonally adjusted 741.0 billion dlrs in the March 23 week, the Federal Reserve said. The previous week's M-1 level was revised to 740.0 billion dlrs from 740.2 billion, while the four-week moving average of M-1 rise to 739.7 billion dlrs from 739.1 billion. Economists polled by Reuters said that M-1 would be anywhere from down 2.1 billion dlrs to up two billion dlrs. The average forecast called for an 800 mln dlr increase. Reuter

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2-APR-1987 16:38:36.43

U.S. M-1 MONEY SUPPLY RISES ONE BILLION DLRS

Oper shr 27 cts vs 37 cts Oper net 2,211,000 vs 2,907,000 Revs 84.5 mln vs 74.1 mln Year Oper shr 1.15 dlrs vs 59 cts Oper net 9,161,000 vs 4,690,000 Revs 251.4 mln vs 230.0 mln Note: Oper excludes loss from discontinued operations of 294,000 vs gain of 294,000 for qtr and gain of 279,000 vs gain of 979,000 for year. Reuter

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2-APR-1987 16:41:50.41

FOREST CITY ENTERPRISES INC <FCEA> 4TH QTR NET

Caremark Corp said it completed the sale of its America's Pharmacy Inc unit to Newport Pharmaceuticals International Inc for 12 mln dlrs. America's Pharmacy, based in Des Moines, Iowa, provides prescription drugs and other health care products. Reuter

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2-APR-1987 16:52:58.44

CAREMARK <CMRK> COMPLETES UNIT SALE

Bell Petroleum Services Inc said it will continue to talk with Regal International Inc <RGL> about being acquired, but maintained it will pursue alternatives as part of its reorganization plan. Any plan of reorganization Bell arrives at would be subject to approval by the U.S. Bankruptcy Court in Midland, Texas, Bell said. The agreement also terminates all current litigation between Regal and Bell involving previous reorganization plans, in which Regal attempted to acquire Bell, the company said. Reuter

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2-APR-1987 16:55:43.94

BELL PETROLEUM <BPSIQ> DISCUSSES REORGANIZATION

An estimated 500 million people, or about 10 pct of the world's population, are living in critical condition, starving, Food and Agricultural Organisation (FAO) director Edouard Saouma said. Saouma, in Brazil for talks with agriculture officials, said he invited President Jose Sarney to make the opening speech at the International Day of Food in Rome October 16. He also said he offered to send a technical mission to Brazil to help the government's land reform campaign. During his stay at the federal capital, Saouma said he signed three accords for development of technical projects by the FAO in Brazil, the largest of which calls for a 57 mln dlrs investment for irrigation of areas in the drought- stricken Brazilian northeast. Reuter

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2-APR-1987 17:00:36.21

500 MLN STARVING IN THE WORLD, SAYS FAO DIRECTOR

Decision/Capital Fund Inc said entities associated with Mario Gabelli, an arbitrager, have acquired 9.98 pct of the shares in a friendly transaction. In a 13D filed with the Securities and Exchange Commission, The Gabelli Group Inc of New York, said it acquired 200,000 shares of the fund in stock exchange transactions on March 25 "in the ordinary course of business and not to acquire control" of the fund. Decision has said it will seek shareholder approval to convert to an operating company. It also plans to acquire Hopper, Soliday and Co Inc, a regional stock brokerage. Reuter

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2-APR-1987 17:09:24.60

ARBITRAGER ACQUIRES 9.98 PCT OF DECISION <DCF>

Sharp cuts this year in U.S. planted acreage may not make a big dent in the U.S. grain stockpile but will at least keep grain surpluses from increasing, Agriculture Department and industry commodity analysts said. "The scenario is turning around on stocks. The whole supply/demand picture could finally be getting more in balance," a USDA analyst said. The USDA prospective plantings report this week indicated that U.S. farmers will idle 52-55 mln acres in annual acreage reduction programs this year. An additional 20 mln acres have been enrolled in the conservation reserve program, bringing total idled acreage in the U.S. to 72-75 mln acres, almost a third of the nation's total 235 mln acre crop base. Production of wheat, corn and soybeans in 1986/87 will probably closely match annual usage, limiting any buildup in stocks, analysts said. "It's a substantially different story from last year when we added 1.5 billion bushels of corn to the stockpile," Vernon McMinimy, director of commodity research for Staley Co. said. Interviewed at an agribusiness education conference here, McMinimy said that 67.6 mln planted acres of corn will likely translate into 60 mln harvested acres, and with normal yields, final production of 6.9 to 7.0 billion bushels. McMinimy estimated that total U.S. corn disappearance in 1986/87 could end up at 7.1 billion bushels, possibly resulting in a 200-million bushel reduction in the current corn stockpile of 5.45 billion bushels. "To say this represents a turn-around is wrong, but we're at least in a holding pattern," George Hoffman, director of commodity analysis for Pillsbury said. Hoffman said wheat stocks could rise slightly by the end of 1986/87 to 1.9 billion bushels due to "significantly less" domestic feed use for wheat because of lower corn prices. USDA analysts, however, project slightly higher usage and said wheat stocks will either decrease slightly or at least not increase. With yearly use at around two billion bushels, next year's projected crop could be used up, an analyst said. "We won't be adding to stocks. Stocks are at a record now, so if we can begin to touch them even minutely through acreage reductions, that would be an improvement," an Agriculture Department wheat analyst said. Reuter

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2-APR-1987 17:10:38.00

U.S. ACREAGE CUTS SEEN LIMITING STOCK BUILD

Shr four cts vs 16 cts Net 70,000 vs 153,000 Revs 4.0 mln vs 3.1 mln Year Shr 40 cts vs 50 cts Net 520,000 vs 473,000 Revs 15.0 mln vs 12.1 mln NOTE:Above results pro forma because company went public in August 1986. Reuter

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2-APR-1987 17:23:56.78

MARS GRAPHIC SERVICES INC <WMD> 4TH QTR

Entwistle Co, a Hudson, Mass.,-based defense contractor, said it raised its stake in Bird Inc to the equivalent of 572,100 shares, or 13.9 pct of the total outstanding common stock, from 470,100 shares, or 11.4 pct. Entwistle, a privately held company, said it bought 102,000 Bird common shares on April 1 at 9.625 dlrs a share. It said it may buy up to 24 pct of the total outstanding for investment purposes. Entwistle also said it has met with Bird representatives on its request for board representation, but the talks were inconclusive. Its stake includes 562,000 common shares, with the rest in convertible preferred stock. Reuter

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2-APR-1987 17:24:35.12

DEFENSE CONTRACTOR BOOSTS BIRD <BIRD> STAKE

Jordan will tender Monday for 225,000 tonnes of U.S. hard and soft wheat under the USDA's Export Bonus program for April through November shipment, private export sources said. Reuter

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2-APR-1987 17:25:43.39

JORDAN TENDERING FOR U.S. WHEAT - EXPORTERS

Thai Airways International Ltd said it purchased two McDonnell Douglas Corp's DC-10 extended range wide-body jets for over 125 mln dlrs. The jets will be delivered at year end. Thai Airways said the jets will operate flights between Thailand, northern Europe and New Zealand. Reuter

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2-APR-1987 17:44:30.09

THAI AIRWAYS BUYS TWO MCDONNELL <MD> DC-10S

Rescue workers are bringing out miners who have been trapped in a <Noranda Inc> copper mine for almost 24 hours by fire which has so far killed one and sent 17 to hospital, company officials said. "We're working to take the men out - everybody that's underground is safe, we're established contact with them and now it's really just finding out how to take them out," Andre Fortier, a vice president with Noranda Minerals, which owns the mine said. Ange-Aime Kenny died after being trapped by smoke from the fire, company officials said. Fortier said he believed all the workers would be rescued by the end of the night. He said he did not believe any of the 17 men taken to hospital were seriously injured. Reuter

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2-APR-1987 17:49:47.90

RESCUE WORKERS BRINGING MINERS FROM UNDERGROUND

Brazil bought 75,000 tonnes of French wheat at tonight's tender, a Brazilian Wheat Board spokesman said. For May shipment, it accepted offers from J. Souflet for 50,000 tonnes of wheat at 83.49 dlrs Fob per tonne. For June shipment, Brazil bought 25,000 tonnes from J. Souflet also at 83.49 dlrs Fob per tonne. The next tender is set for April 9, for May, June and July shipment, the spokesman said. Reuter

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2-APR-1987 18:02:26.94

BRAZIL BUYS FRENCH WHEAT AT TENDER

<Canuc Resources Inc> said it completed the previously announced sale of its 80 uranium mining claims in Elliot Lake, Ontario to <Denison Mines Ltd> for an initial payment of 150,000 dlrs and certain royalties. Canuc said it anticipated that Denison would start mining the property in 1989, with production reaching a yearly peak of between one mln and 1.5 mln pounds uranium oxide in 1992. It said it would receive production royalties of about 1.025 dlrs for each pound of uranium oxide contained in ore broken during mine development and a minimum advance of 25,000 dlrs a quarter until production starts. Reuter

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2-APR-1987 18:11:47.15

CANUC COMPLETES URANIUM SALE TO DENISON

President Alan Garcia said he sought to deepen Peru's hard-line foreign debt stance, possibly by limiting repayments to the World Bank. In a televised address tonight, he criticised the World Bank for making Peru make larger debt payments than the amount the bank is willing to make in new loans. "We will deepen our policy on the foreign debt," he said. Peru has limited foreign debt repayments to 10 pct of export earnings, effectively suspending most remittances due foreign private banks and many governments. It has generally been current for most of Garcia's 20 months in office on payments to the World Bank and the Inter-American Development Bank. But tonight Garcia said: "We have met our aim of limiting the payment of the debt and will limit it also even though organisations like the World Bank have credits which oblige us to buy a certain type of machinery and to build certain types of public works and not others, and to pay much more in dollars than that which they are willing to newly lend us." The Economy Ministry said last year it owed the World Bank about 520 mln dlrs in loans out of the country's 14 billion dlr debt. Garcia said his government had been a model for Latin America because Peru had enjoyed growth in gross domestic product (GDP) last year of nine pct while taking its hard line on debt. He said GDP would grow by at least six pct this year. He announced an immediate 40 pct rise in the minimum wage to 1,260 intis per month, benefiting the 1.3 mln minimum-wage workers out of a total labour force of 6.7 mln. Salaries will go up this month by 30 pct for civil servants and 27 pct for those workers earning above the minimum wage but not covered by collective bargaining agreements. He also said the price of petrol, frozen since August 1, 1985, would increase by 20 pct from the current 17.5 intis per U.S. Gallon and remain at the new level for the rest of the year. He did not say when this increase would be effective. Taxes on petrol are the government's leading revenue earner, traditionally accounting for about one-third of taxes. Sales taxes on autos, liquour and cigarettes would also go up, he said, without specifying the amount. Garcia announced the government would encourage Peruvians to repatriate their savings deposited abroad by paying a 15 pct premium above the market exchange rate. The inti's official buy-sell rate against the dollar is 14.85/92 and the free rate is about 21.70/80. To encourage private investment, he said the government would set up a special fund with which it would match every two intis of private investment with one inti from the government. He also said his dismissal of Peruvian Air Force Commander Lieutenant General Luis Abram Cavarellino yesterday strengthened the democratic authority of his government. REUTER

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4-APR-1987 01:05:18.10

PERU SAYS IT INTENDS TO DEEPEN DEBT STANCE

South Korea ordered the takeover of six financially troubled overseas construction firms and two shipping companies under the government's industrial realignment programme, Finance Ministry officials said. They said the Industrial Policy Deliberation Committee decided to allow concessionary loans to three firms taking over the eight. The companies involved would be exempted from corporate tax and property transfer and registration taxes. Under the programme, five subsidaries of <Chung Woo Development Co Ltd> will be taken over by <Byuck San Corp>, <Korea Develpoment Corp> by <Daelim Industrial Co Ltd>, and two subsidaries of <Korea Shipping Corp> by the <Hanjin Group>. Another five construction companies were ordered to improve their financial status by reorganising their subsidiaries or selling off unproductive real estate holdings to help repay bank loans, the officials said. These are <Pacific Construction Co Ltd>, <Life Construction Co Ltd>, <Chin Heung International Co Ltd>, <Samick Co Ltd> and <Hanshin Construction Co Ltd>. A further five shipping companies -- <Hanjin Container Line Ltd>, <Choyang Shipping Co Ltd>, <Hyundai Merchant Marine Co Ltd>, <Pan Ocean Shipping Co> and <Dooyang Line Co Ltd> -- will be allowed to defer the repayment of bank loans and interest, but details have yet to be finalised, the officials said. They said the government would take similar measures for more companies in August in line with the continuing realignment policy, which had already affected 56 firms last year. REUTER

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4-APR-1987 06:12:50.70

S. KOREA ORDERS MERGERS OF TROUBLED COMPANIES

Oil output in the United Arab Emirates (UAE) dropped ten pct in March from February to an average 1.05 mln barrels per day (bpd), mainly because of customer resistance to fixed prices of Abu Dhabi oil, industry sources said. The UAE quota assigned by the Organisation of Petroleum Exporting Countries (OPEC) is 902,000 bpd. Traders could buy Abu Dhabi's Umm Shaif crude on the spot market for 17.50 dlrs a barrel yesterday, against the official OPEC price of 17.72 dlrs. The sources said output by Abu Dhabi, the largest UAE producer, fell to around 700,000 bpd from a range of 800,000-820,000 bpd during the preceding four months. Dubai production slipped to an average 350,000 bpd from around 370,000 in February after the emirate declared a mid-February output cut to help boost world oil prices, the sources added. Most of the Abu Dhabi drop came from the offshore Umm Shaif and Upper and Lower Zakum fields as customers found fixed prices too high and cut liftings, the sources said. The onshore Murban grade was less affected because Japanese term buyers saw strategic benefit in maintaining liftings, they added. The Japanese firms lift around 120,000 bpd, most of it Murban. Abu Dhabi considers output from Upper Zakum, which came on stream in 1983, to be test production not included in calculations for complying with the OPEC quota. Without Upper Zakum, the UAE would be producing roughly its quota in March, the sources added. REUTER

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4-APR-1987 06:48:23.18

UAE OIL PRODUCTION DROPS TEN PCT IN MARCH

The southwest Chinese region of Guangxi increased its production of sugarcane by 26.8 pct to 9.4 mln tonnes in the 1986-87 crushing season (November to March) from the previous year, the New China News Agency said. The cane, grown on 206,000 hectares, yielded 1.04 mln tonnes of refined sugar, it said without giving comparative figures. China's sugar output in calendar 1986 rose to 5.24 mln tonnes from 4.45 mln in calendar 1985, official figures show. An official newspaper said in January that output in the 1986/87 crushing season would be only 4.82 mln tonnes because of a drop in acreage due to low profits on growing cane and beet. REUTER

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4-APR-1987 23:46:46.25

CHINA REGION SUGAR OUTPUT RISES

An extension of the International Tin Agreement (ITA) is unrealistic and the pact should be allowed to lapse, Indonesian Mines and Energy Minister Subroto told reporters. Asked about Jakarta's position for the quarterly session of the International Tin Council on April 8-9, Subroto said Indonesia had agreed to the formation of a study group to look into how to replace the pact. But he said that given the present disagreement between producers and consumers, there is unlikely to be any follow-up to the ITA. Asked by reporters if Indonesia would support an extension of the ITA, he said, "No one will propose that. It's also unrealistic to do so." Subroto played a key part in securing agreement between the seven member Association of Tin Producing Countries to introduce a quota system which limited their exports and consumption to 96,000 tonnes in the year starting March 1. Indonesia's quota was set at 24,516 tonnes. REUTER

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6-APR-1987 00:53:17.57

SUBROTO SAYS EXTENSION OF TIN PACT IS UNREALISTIC

Indonesian Energy minister Subroto said he was very confident of continued stability in the oil market because of the determination of Opec members to maintain a price of 18 dlrs a barrel. "We are very confident that things will continue this way. The short-term outlook is favourable because of the resolution of Opec to stick to the 18 dlr price," he said at a signing ceremony for a new Indonesian production sharing agreement. He said Opec output continued to remain slightly under its agreed ceiling of 15.8 mln barrels, and he expected prices to firm slightly in the third quarter of the year. He said at Opec's next meeting in Vienna in June, members will face the choice of either maintaining present volume and seeing prices rise a bit, or raising the production ceiling so that members could produce more in the third and fourth quarters of 1987. He gave no figures for how much he thought volume could be raised without undermining the 18 dlr target, or any indication of which option he preferred. REUTER

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6-APR-1987 01:09:31.36

OIL MARKET LIKELY TO REMAIN STABLE, SUBROTO SAYS

The failure of the Bangladesh government to tackle the country's current food crisis could lead to a famine, the leader of the Bangladesh Nationalist Party, Khaleda Zia, told a press conference yesterday. Prices of rice rose by at least 25 pct across the country in March and the government has begun emergency rice and wheat sales to lower cereal prices, a food ministry report said. Ministry officials said the next harvest, due in mid-April will ease the situation. "Temporary grain shortage in the arid north and some other rain-starved regions is not unusual at this time of the year," one official said. Khaleda, said corrupt practices by food officials and failure to procure enough grains contributed to the crisis. Her remarks coincided with newspaper reports that a continuing heat wave has destroyed thousands of acres of crops in the south-west. Officials said last week Bangladesh now has only 390,000 tonnes of grain in stock which would be exhausted in two or three weeks. Bangladesh expects to produce 14.5 mln tonnes of rice and 1.5 mln tonnes of wheat in 1986/87 ending June 30. It revised its food import target for this fiscal year upward by 300,000 tonnes to 1.8 mln. REUTER

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6-APR-1987 02:01:51.17

OPPOSITION LEADER WARNS OF FAMINE IN BANGLADESH

The U.S. Administration, under Congressional pressure to cut the trade deficit, will urge Tokyo and Bonn to meet commitments to speed economic growth to stabilise currencies at Wednesday's meetings of leading industrial nations in Washington, monetary sources said. The U.S. Will also try to develop proposals made at the 1986 Tokyo Summit for measures to ensure agreements such as the Paris Accord are more binding, they said. Treasury Secretary James Baker's dual initiatives reflect U.S. Frustration with the two countries for not moving fast enough to curb their huge trade surpluses, they added. Japanese Finance Minister Kiichi Miyazawa is expected to bring the outline of an economic stimulus package to the meeting, which will be attended by West Germany, France, Britain, Italy and Canada as well as the U.S. And Japan, the sources said. "The sooner the Japanese can announce their intention to announce a stimulative package,the better it is for Japan and for the exchange markets in general," one of the sources said. Treasury Secretary James Baker said the Paris Agreement, in which West Germany and Japan made their commitments, will be renewed by the industrial countries this week. Other U.S. Officials said a meeting of the Group of Seven will be a status report on progress Bonn and Tokyo have made setting up stimulus measures. The U.S. Will tell its partners that it expects a further substantial budget deficit reduction package to be agreed with Congress this year, the sources said. Washington would like its economic partners to establish specific economic policy goals. Sharp deviations from the set objectives would trigger consultations among the countries on appropriate corrective action, they added. The Paris accord envisaged surplus countries like Japan and West Germany stimulating domestic demand to absorb more imports and the U.S. Cutting its budget deficit, thereby depressing its demand for imports. But the markets are signalling the dollar's floor may be far below its level at the time the Paris agreement was struck, the sources said. Monetary sources also said the dollar's recent sharp fall against the yen reflected the U.S.-Japanese dispute over semi-conductor trade which resulted in U.S. Tariffs on certain Japanese electronic goods. One of the sources said the dispute has to some extent soured the atmosphere ahead of the meetings. Congressional sentiment for protectionist measures, aimed particularly at Japan, has strengthened, the sources said. REUTER

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6-APR-1987 04:03:56.29

U.S. TO PRESS FOR FASTER JAPANESE, GERMAN GROWTH

Sumitomo Metal Industries Ltd <SMIT.T> said it and four other firms jointly concluded negotiations to export a total of over 400,000 tonnes of seamless pipes in the six months to end-September to China and the Soviet Union. Export prices for that period for both countries were set 100 to 150 yen per tonne higher than previous contracted prices due to the yen's gains against the dollar, it said. Contracted export volume for China is likely to be over 200,000 tonnes against 350,000 for Oct 1986-March 1987, and 420,000 for April-Sept 1986, and for the Soviet Union over 200,000 tonnes. No direct Soviet comparison was available. REUTER

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6-APR-1987 04:19:37.52

JAPAN MAKES SEAMLESS-PIPE DEALS WITH CHINA, USSR

<Enim Oil Co Ltd>, a wholly owned subsidiary of <Southern Cross Ltd> of Colorado, signed a production sharing contract with Indonesia's state oil company Pertamina to explore for oil in the Lematang block of Sumatra. It was the second production sharing contract signed by Pertamina this year. Three contracts were awarded in 1986. The agreement, signed at a public ceremony in the presence of Energy Minister Subroto, calls for the standard oil production split of 85-15 pct in Pertamina's favour. Hong Kong-based Enim Oil is contracted to spend 120 mln dlrs over the next six years, including 10 mln in the first two years. The 1,137 sq km Lematang block is located between two oil producing sectors of South Sumatra, and Enim officials said there is a good chance of getting a high return on investment. A spokesman said the area, which has not been drilled before, was neglected because it is deeper than surrounding blocks. He said new developments in seismic techniques have now made seismic survey possible. The agreement is similar to a production-sharing contract Pertamina signed with Occidental Petroleum Corp in February. Gas produced will be divided 70-30 pct in Pertamina's favour with operational costs deducted. Pertamina can market at least 50 pct of Enim Oil's production share, and Enim must give up 10 pct of its interest in the block to an appointed Indonesian company if it finds oil. Enim must also set aside 28.57 pct of its crude for refining in Indonesia if its share exceeds 150,000 barrels a day. REUTER

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6-APR-1987 04:26:24.86

ENIM OIL SIGNS CONTRACT WITH INDONESIA'S PERTAMINA

Japanese oil traders generally expect oil prices to remain steady through June, when the next Organization of Petroleum Exporting Countries' (Opec) meeting is scheduled to take place. Prices have kept to a narrow trading range for more than a month, despite coming under considerable pressure in February as Japanese oil companies holding high oil stocks strongly resist paying official prices, trade sources said. Despite these attempts, spot crude rose steadily to stabilize around OPEC's 18 dlr a barrel target, they said. Spot prices fell more than two dlrs during the month, mainly on market assumptions Opec was producing more than its 15.8 mln barrel a day (bpd) self-imposed ceiling and members would submit to pressure to discount prices, oil traders said. However, Opec's discipline in holding its price and output targets eventually forced many of the buyers back, they said. Countries such as Qatar, Iran and Iraq refused to bend to demands for lower prices in spite of threats of non-lifting from Japanese buyers. The solidarity of Opec encouraged Qatar to charter vessels to store its production rather than cut its prices, they said. Opec's March production was 14.6 mln bpd, 1.2 mln below its ceiling, with Saudi Arabia's output just below 3.0 mln bpd compared to its Opec quota of 4.133 mln bpd, the Middle East Economic Survey estimated. "Of course there was a little cheating but not enough to destroy the market," an oil trader in Tokyo said. Opec crudes have been appearing on the spot market at discounted prices through barter deals and the swapping of Middle East grades for North Sea cargoes, but these trades have not generated sufficient volume to depress the market, he said. The current spot values of Middle East grades are only 20 to 25 cts below official prices, so resistance to buying crude under term contracts in the second quarter is likely to be weaker, traders said. Indonesia's Minister of Energy and Mines Subroto said today OPEC faces the choice of either maintaining present output volume at 15.8 mln bpd and seeing prices increase slightly, or raising the production ceiling so members can produce more in the third and fourth quarters of 1987. REUTER

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6-APR-1987 05:03:40.11

OIL PRICES SEEN HOLDING STEADY IN SECOND QUARTER

Finnish unemployment was 6.9 pct in January after 6.9 pct in December and 6.8 pct in January last year according to the revised formula of the Central Statistics Office. It said in a statement 173,000 were unemployed in January and December against 158,000 in January 1986. The new formula shows unemployed persons willing to work if jobs were available but excludes any coming under the country's unemployment pension scheme. REUTER

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6-APR-1987 05:42:53.63

FINNISH JOBLESS RATE UNCHANGED UNDER NEW SYSTEM

Reuters Holdings Plc <RTRS.L> said it plans to seek a listing for its shares on the Tokyo Stock Exchange later this year, subject to shareholder approval. The Tokyo listing will create a 24-hour market for the stock. A company spokesman said the listing is expected in the final quarter. Sponsorship for the listing will be disclosed after shareholder approval is sought on April 29. Reuters "B" ordinary shares are currently listed on the London Stock Exchange, while Reuters American Depositary Shares, representing six "B" shares, are quoted on NASDAQ in New York. The company said a Tokyo listing would also increase its profile in Far Eastern markets. (Reuters has maintained a news bureau in Japan since the 1870s, and now employs about 180 people at its offices in Tokyo and Osaka). Last month, Reuters announced plans jointly with Jiji Press, the Japanese financial news agency, to display Jiji services through the Reuter monitor and through the Reuter Composite Information System, CIS. The Reuter Monitor Dealing Service was launched in Japan in 1986. REUTER

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6-APR-1987 05:57:06.65

REUTERS SEEKS SHARE LISTING IN TOKYO

The volume of U.K. Retail sales rose a final, seasonally adjusted 2.21 pct in February after falling a final 2.16 pct in January, Department of Trade and Industry figures show. The February all-retailers sales index, base 1980, was put at a final 125.0 after 122.3 in January. In the three months from December 1986 to February 1987, the level of sales was unchanged from the previous three months but was up by almost 6.0 pct from the same 1985/86 period. On a non-seasonally adjusted basis, retail sales in February were 9.0 pct higher than a year earlier, the Department said. REUTER

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6-APR-1987 06:31:59.24

U.K. RETAIL SALES RISE FINAL 2.21 PCT IN FEBRUARY

Indium Corp of America said it has raised its list price for indium ingots, minimum 99.97 pct, to 4.50 dlrs per troy ounce from 3.95 dlrs, effective immediately. Traders said the rise was based on continuing strong consumer demand in the United States and Japan. Free market price ideas rose this morning to a nominal range of 135 to 145 dlrs per kilo, the highest level for about five years, compared with 125/132 dlrs on Friday, dealers said. REUTER

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6-APR-1987 06:39:58.92

INDIUM CORP RAISES PRODUCER LIST PRICE

Indonesia has imported 12,000 tonnes of refined sugar from Cuba to meet consumer demand in the province of South Sulawesi, the head of the provincial food agency said. The imported sugar was needed because two of three sugar refineries in the province have been temporarily shut down. It arrived in the provincial capital of Ujungpandang today and will be distributed to markets in the province, the food agency official said. Indonesia used to be a sugar exporter but last year it imported 162,500 tonnes of sugar from Thailand, Angola and Brazil to bolster its depleted stocks. Indonesia's sugar cane production last year was expected to rise significantly but domestic sugar consumption has soared because of rising demand by the food processing industry, the head of the food logistics agency, Bustanil Arifin, has said. The government has forecast that sugar production in calendar 1987 would increase 30.2 pct to 2.59 mln tonnes from 1.99 mln in 1986 but industry sources doubt whether the target could be met due to persistent post-harvest handling and transport problems. REUTER

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6-APR-1987 06:46:41.67

INDONESIA IMPORTS 12,000 TONNES CUBAN SUGAR

Spain's Minas de Almaden y Arrayanes S.A. Said it will host a conference of mercury producers here at the end of April to study how to stimulate low mercury prices. Last week, Almaden and Algerian producer ENOF agreed to establish a minimum price of 300 dlrs per flask (34.5 kilos) for spot mercury sales, up from the previous minimum of 240 dlrs. A Minas de Almaden statement said the non-communist world's main mercury producers had decided not to sign any contracts using the reference price of specialist publications, because it was well below their costs of production. REUTER

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6-APR-1987 06:52:33.65

MINAS DE ALMADEN TO HOLD MADRID MERCURY CONFERENCE

New credit advanced by finance houses, retailers, bank credit cards and other specialist providers of credit rose to 2.95 billion stg in February from 2.70 billion in Janaury, when bad weather had a depressing effect, the Department of Trade and Industry said. Of the February total, 1.28 billion stg was advanced on bank credit cards. On a three-month basis, total advances in December to February were 2.0 pct higher than in the previous three months. Within this total, lending to consumers rose by 1.0 pct and lending to businesses declined by 4.0 pct. At end February the total amount outstanding was 24.5 billion stg, up from January's 24.1 billion stg and 4.0 pct above the total three months earlier, the Department said. February saw a rise of 400 mln stg in amounts outstanding to finance houses, other specialist credit grantors and retailers and on bank credit cards between end-January and end-February. The Department said advances on bank credit cards rose by 4.0 pct between the two latest three month periods. Retailers advanced three pct less in the latest three months than in the previous three months, it said. REUTER

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6-APR-1987 06:53:13.22

U.K. CREDIT BUSINESS RISES IN FEBRUARY

A top Japanese businessman said the country's four largest economic organizations will soon present to the government a set of proposals to expand domestic demand. Eishiro Saito, Chairman of the Federation of Economic Organizations (Keidanren), told a news conference the government should draw up a package of economic measures totalling more than 5,000 billion yen. Saito said the government's package should include plans to remove residual import restrictions on agricultural products and to lift tariffs on industrial products. Leading industrialised countries should also step up concerted market intervention to stabilize exchange rates, Saito said. The measures will be presented to Prime Minister Yasuhiro Nakasone as a joint proposal of Keidanren, the Japan Federation of Employers' Association, the Japan Committee for Economic Development and the Japan Chamber of Commerce and Industry. Saito said Japan should stop paying only lip service to its pledges to open its markets. The proposed measures should be undertaken by increased fiscal spending, he added. REUTER

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6-APR-1987 06:56:50.21

JAPAN BUSINESS TO URGE GOVERNMENT TO SPUR ECONOMY

Indonesian Energy minister Subroto said he was very confident of continued stability in the oil market because of the determination of Opec members to maintain a price of 18 dlrs a barrel. "We are very confident that things will continue this way. The short-term outlook is favourable because of the resolution of Opec to stick to the 18 dlr price," he said at a signing ceremony for a new Indonesian production sharing agreement. He said Opec output continued to remain slightly under its agreed ceiling of 15.8 mln barrels, and he expected prices to firm slightly in the third quarter of the year. He said at Opec's next meeting in Vienna in June, members will face the choice of either maintaining present volume and seeing prices rise a bit, or raising the production ceiling so that members could produce more in the third and fourth quarters of 1987. He gave no figures for how much he thought volume could be raised without undermining the 18 dlr target, or any indication of which option he preferred. REUTER

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6-APR-1987 07:16:23.55

OIL MARKET LIKELY TO REMAIN STABLE, SUBROTO SAYS

Growth in oil consumption in the Western industrialized countries is likely to slow to around one pct this year compared with 2.3 pct in 1986, the International Energy Agency (IEA) said. Oil use in the 24 countries of the OECD increased by around one pct in first quarter 1987 to 35.9 mln barrels per day, the IEA said in its Monthly Oil Market Report. Growth in OECD countries is expected to come primarily from transport fuels, as in 1986. But if average consumer prices are higher than 1986, the rate of growth for these fuels may be below last year's 3.6 pct, it said. Reuter

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6-APR-1987 07:20:01.60

IEA SEES ONE PCT GROWTH IN 1987 OECD OIL DEMAND

European Community unemployment fell slightly in February to just under 17 mln from 17.1 mln in January, the EC statistic's agency Eurostat said. It said the fall came despite a bad winter in most of the EC when seasonal factors could be expected to have had a more adverse effect. However, the agency added, the long-term trend was virtually unchanged stating that compared to February 1986 the number of registered unemployed increased by 222,000. REUTER

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6-APR-1987 07:21:01.54

EC UNEMPLOYMENT FALLS SLIGHTLY IN FEBRUARY

U.S. Commerce Secretary Malcolm Baldrige praised South Korea's new surplus-cutting trade policies but warned of possible protectionist retaliation if Seoul's market liberalisation efforts falter or fail. In a press conference after talks with South Korean leaders, Baldrige called the government's announced intention to regulate exports and boost imports "a very, very important step, the right direction for the Korean government to take." The government adopted the new policies last week in the hope of heading off a trade war with the U.S. Baldrige said the policies "showed an understanding of the fact that this country cannot go on indefinitely growing by exports alone." "There has to be enough of a change so that domestic growth begins to take more of the load," he said. South Korea had a 7.2 billion dlr trade surplus with Washington in 1986, thanks largely to booming sales of cars and consumer electronic goods. It racked up another 1.4 billion dlrs in surplus in the first quarter of this year. Baldrige said Seoul's package of measures was "broad enough and comprehensive enough so that ... Actions can be taken for liberalising imports (and) increasing the domestic economy, if the government is willing to follow through." "We will be watching the implementation of this new policy direction very closely," he said. "Because of the protectionism growing in the U.S., We see a real problem if Korea does not keep on the same path ... Of steadily increasing liberalisation.... If that should falter or fail or turn backward, I'm as sure as I'm standing here that we'd see protectionist movement in the U.S." Baldrige said he and South Korean Trade Minister Rha Woong-bae spent much time discussing trade problems in specific product categories. These included service industries, which he said were still too much of a closed sector in South Korea, and computers and cars. Baldrige said he urged speedy action on removing the tariffs and taxes on imported U.S. Cars which can make them sell for up to three times their American prices. "We want to stop that. With this sort of thing, there's going to be trouble somewhere down the road," he said. "We are just pointing this out." Asked if Seoul's measures could succeed without a revaluation of the won, which Washington has been urging for months, Baldrige declined to comment. "We don't have any target for any particular currency, but we do feel that currencies around the world, if we are going to be successful as a world economy, have to reflect the fundamentals of the various economies involved," he said. Baldrige said he had agreed to Rha's proposal for cooperation on forming U.S.-South Korean joint ventures in third countries. The American government would be pleased to encourage U.S. Firms to get involved, he added. Commenting on President Reagan's decision to increase tariffs on certain Japanese imports to the U.S., Baldrige said Washington's trade problems with Japan were not comparable to its difficulties with South Korea. "I think the attitude in Korea is both reasonable and fair," he said. "It's a firm attitude. We don't get anything for nothing or just by asking for it. "But our negotiations are friendly and reasonable and they usually end up with something good happening at the end that both countries live up to." REUTER

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21-APR-1987 01:17:45.69

BALDRIGE PRAISES NEW SOUTH KOREAN TRADE POLICIES

Rice Export Corp of Pakistan Ltd said it had invited tenders up to May 7 for the export of 15,000 tonnes of rice from the 1985-86 (November/March) crop. REUTER

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21-APR-1987 01:51:16.09

PAKISTAN INVITES TENDERS FOR 15,000 TONNES RICE

The Asian Development Bank (ADB) will not change its decision to admit China as a member despite protests from founder member Taiwan, bank president Masao Fujioka said. China's admission in March 1986 and the decision of the bank to change Taiwan's name to 'Taipei, China' caused a Taiwanese boycott of the ADB's last annual meeting in Manila. Fujioka told Reuters in an interview that Taiwan had been invited to the bank's 20th annual meeting starting April 27 in Osaka, "but the situation remains the same." "The bank's board agreed to change Taiwan's name to 'Taipei, China'," Fujioka said. "We have tried to maintain our channels of communication through the Taiwanese director, but we are not negotiating with a view to changing our agreement with China," he said. ADB figures show China has the largest shareholding among the bank's developing members, with 7.2 pct of its equity. Fujioka said a stalemate also continued with Vietnam, which complained at last year's meeting that for several years the ADB had unilaterally stopped advancing loans. An ADB spokesman said the last loan of 40.67 mln dlrs was made to the then Republic of Vietnam (South Vietnam) in 1974. Vietnam said last year that only 23 mln dlrs of that loan were disbursed. The bank's 1986 annual report said of 11 loans approved for Vietnam, eight had been closed, two were suspended and only one was under administration at the end of 1986. Cumulative disbursements to Vietnam at the end of 1986 totalled 25.3 mln dlrs, or 99.5 pct of the total amount of effective loans, the report said. "The situation (in Vietnam) is not conducive to bank operations," Fujioka said. "Vietnam continues to be a member. We would like to help it, but new loans seem to be difficult." "It's not a question of political instability, the environment has to be right for banking operations." He said with the first loans made to India in 1986, and lending operations in China scheduled to start this year, the ADB had now acquired a "truly Asian" character. Although China's finance ministry had gained five years of experience in borrowing from the World Bank, ADB loans would be routed through the country's central bank, Fujioka said. "It's been a very slow start," Fujioka said. "We identified three projects (in China). One disappeared and we now have only two left." He said the ADB might lend China between 200 and 300 mln dlrs in 1987 for an investment bank and an energy project. He did not foresee an expansion of lending to India. The ADB in 1986 approved two loans to India totalling 250 mln dlrs. "There is a sort of agreement that our loans to India should be modest and that the World Bank should be the major lender," Fujioka said. He did not give details. Fujioka said the ADB saw its lending to the private sector serving as a catalyst. The bank's new private sector division in 1986 approved three loans totalling 11.46 mln dlrs without government guarantees. In addition, the ADB approved four equity investment projects totalling 8.15 mln dlrs. This raised to 15.18 mln the cumulative approvals since equity financing commenced in 1983. But Fujioka said the ADB should not compete with private banks. "We have a narrow path to walk," he said. He said he was happy with the decision of the bank's donor countries to increase the ADB's fund for soft loans. The fourth replenishment of the soft-loan window, the Asian Development Fund , brought it to 3.6 billion dlrs, from 3.2 billion, Fujioka said. In particular the United States has maintained its 16 pct share," said the ADB chief. He said there had been disagreements with the U.S., Which holds 14.9 pct of the bank's equity, over lending policies. The U.S. Complained in 1986 the ADB was granting bad loans in its impatience to hit lending targets. "I suspect there is some arm-twisting," he said. "I find some developed countries are more interested in the procurement side instead of the development side." Fujioka said he said he foresaw increased sectoral lending and a gradual dilution of the ADB's project-tied lending. Fujioka said project lending was expected to drop to 63 pct of total loans in 1987, from 66.5 pct in 1986 and 77.5 pct in 1985. He said sectoral lending was projected to rise to 20 pct in 1987, from 12.8 pct in 1986 and 7.5 pct in 1985. He said the bank would try to reduce some of its liquid assets by repaying borrowings carrying high interest rates. "On the other hand we must maintain our presence in major financial markets," he said. "Why should we not take advantage of historically low interest rates?" REUTER

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21-APR-1987 01:59:57.97

ADB'S FUJIOKA SAYS STALEMATE WITH TAIWAN CONTINUES

Australian coal industry sources said Japanese electricity utilities are demanding price cuts in annual coal contract negotiations underway in Tokyo. But the sources said they were unable to substantiate reports here that one of the largest steaming coal customers <Chugoku Electric Power Co Inc> threatened to stop taking deliveries until new prices are set. Coal exporters want to maintain last year's 32 U.S. Dlrs a tonne price, which expired at the end of Japan's fiscal year on March 31, while the Japanese want to pay no more than the 27-28 U.S. Dlrs secured with China and South Africa. Ross McKinnon, general manager of <Thiess Dampier Mitsui Coal Pty Ltd>, which annually exports about one mln tonnes of steaming coal to Japan, mainly to Chugoku, told Reuters he had not been informed of any refusal to take shipments. McKinnon said he could not recall when a Japanese contract had been settled before the previous one had expired, and said "controlled leaks" were commonplace during talks. But Australian foreign currency markets took the reports seriously enough for dealers to say it added nervousness to trading, with the local dollar settling on 0.7080 U.S. Cents at midsession against its 0.7120 opening. Coal was Australia's largest single export in the fiscal year ended June 30, 1986 with shipments reaching 90.49 mln tonnes worth 5.21 billion dlrs, or 15.9 pct of total exports. Japan is the largest customer for the crucial steaming coal sector and took 14.97 mln tonnes of total exports of 43.3 mln tonnes in calendar 1986. Sydney resources analyst Ian Story said the appreciation of the Australian dollar against the U.S. Currency meant steaming coal exporters were now receiving just 44.72 dlrs a tonne against 52.42 dlrs when last year's contract was negotiated. REUTER

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21-APR-1987 02:29:47.24

AUSTRALIAN COAL EXPORTERS FACE TOUGH JAPAN TALKS

Asian countries are offering better oil exploration concessions to avert damaging shortfalls due to last year's oil price slump, the United Nations said. The Bangkok-based U.N. Economic and Social Commission for Asia and the Pacific said in its annual report that the price fall substantially cut exploration by foreign oil firms, which found it unprofitable to maintain investments in the region. Oil production investment in Indonesia fell to about 2.8 billion dlrs in 1985 from 3.2 billion in 1983 and was estimated to have declined six pct last year. There were 11 wells drilled in Thailand in 1986 against 64 in 1985. The report said <Thai Shell Exploration and Production Co Ltd>, a unit of the <Royal Dutch/Shell Group> announced a 30 pct cut in exploration and production spending last year. To counter declining output, India and Malaysia reduced petroleum sharing demands, while Indonesia cut taxes. Nepal offered a guaranteed income share of up to 87.5 pct to cover exploration costs, while Thailand began decreasing its 12.5 pct royalty payments. The big losers were major regional exporters such as Indonesia, Brunei, China, Malaysia and Iran. Their aggregate oil income fell an estimated 20 billion dlrs in 1986 from 40 billion the previous year. Indonesia's export earnings fell by nearly half in 1986 from 11.6 billion dlrs in 1985, the U.N. Report said. Iran also lost about six billion dlrs, Brunei 3.8 billion, China three billion and Malaysia 0.8 billion. However, Asian importers saved between eight and nine billion dlrs during 1985 and 1986, which considerably eased their balance of payments. South Korea, the Philippines, India, Thailand and Pakistan were major beneficiaries, with Thailand and Pakistan respectively saving about 875 mln and 435 mln dlrs last year. REUTER

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21-APR-1987 03:04:02.88

ASIA TRYING TO FOSTER OIL EXPLORATION, SAYS U.N.

Swiss wholesale prices rose 0.1 pct in March after a 0.3 pct fall in February and a 0.8 pct drop in March 1986, the Federal Statistics Office said. Prices fell 3.4 pct in the year to March after a 4.3 pct decline in the year to February and a 3.5 pct fall in the year ended March 1986. The March index, base 1963, was 168.8 compared with 168.5 in February and 174.7 in March 1986. The Statistics Office said the slight increase in March was due to higher prices for energy and consumer goods. REUTER

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21-APR-1987 03:37:48.71

SWISS WHOLESALE PRICES RISE 0.1 PCT IN MARCH

Northern Foods Plc <NFDS.L> said its <Northserv Inc> unit had agreed to sell <Flagship Cleaning Services Inc> to <Best Co Inc> of Nevada for 24.6 mln dlrs cash. Completion is due on April 30. Flagship is based in Philadelphia and holds the Sears, Roebuck and Co <S> franchise for domestic carpet and upholstery cleaning throughout the U.S. In the year to end March, 1986, Flagship - then known as KeyServ - reported pre-tax profits of 2.0 mln dlrs with end-year assets of 8.4 mln, giving a book profit on disposal of 16.2 mln. Northern Foods shares were unchanged at 297p. REUTER

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21-APR-1987 03:43:43.43

NORTHERN FOODS TO SELL U.S. UNIT FOR 24 MLN DLRS

The Bundesbank set a new tender for a 28-day securities repurchase agreement, offering banks liquidity aid at a fixed bid rate of 3.80 pct, a central bank spokesman said. Banks must make their bids by 1400 GMT tomorrow and funds allocated will be credited to accounts tomorrow, April 22. Banks must repurchase securities pledged on May 20. REUTER

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21-APR-1987 04:04:38.00

BUNDESBANK SETS NEW REPURCHASE TENDER

Japan's policy of self-sufficiency in rice is an example of extreme protectionism, visiting U.S. Agriculture secretary Richard Lyng told a press conference. He told the National Press Club of Japan that because Japan had a large export balance, not just with the U.S. But with other countries, it was inconsistent for it to be 100 pct self-sufficient in one product. Speaking after farm trade talks with Japan agriculture minister Mutsuki Kato, Lyng said the U.S. Had not asked for total liberalisation of the rice market in Japan. Lyng urged Japan to allow some imports of rice. "We want to have some access in the rice market," he said. He said both he and trade representative Clayton Yeutter were disappointed at the outcome of talks with Japan. He told reporters Japan had rejected the U.S. Proposal to open negotiations on rice at the new round of trade talks at the General Agreement on Tariffs and Trade. Lyng said he suggested instead bilateral talks with Japan on rice. Kato has said Japan cannot negotiate on its policy of rice self-sufficiency. Asked what the next U.S. Step would be on the rice issue, Lyng said he did not know what Yeutter or the U.S. Rice industry would do. Yeutter has promised to consider again in July or August this year a complaint against Japan's rice import ban by the U.S. Rice Millers Association if no breakthrough is made in the meantime. U.S. Rice industry officials have indicated they would consider filing another complaint against the Japan rice import ban. REUTER

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21-APR-1987 04:18:44.48

JAPAN RICE POLICY EXTREME PROTECTIONISM, LYNG SAYS

Alcoa of Australia Ltd <AA.S>, owned 51 pct by the Aluminum Co of America <AA>, said net profit rose to 20.2 mln dlrs in the first quarter of 1987 from 0.8 mln in the same 1986 period. Sales revenue climbed to 300.9 mln from 233.0 mln. The company paid 36.5 mln income tax compared with 4.8 mln. Capital expenditure was 24.0 mln, against 33.4 mln. Alcoa spent 15.7 mln on its new Portland aluminium smelter compared with 25.8 mln the year before. Over 65 pct of the smelter's first potline is on stream and by the second quarter it will be producing at the full annual rate of 150,000 tonnes a year. REUTER

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21-APR-1987 04:24:00.77

ALCOA OF AUSTRALIA REPORTS INCREASED EARNINGS

Pakistan will retender today for 6,000 to 12,000 tonnes of refined bleached deodorised palm oil for first half May shipment, traders said. REUTER

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21-APR-1987 05:00:01.79

PAKISTAN RETENDERS TODAY FOR RBD PALM OIL - TRADE

South Korea has cut loans to exporting companies to help reduce the growing trade surplus with the United States and the European Community, finance ministry officials said. They said two billion dlrs worth of foreign currency loans would be available to firms willing to import industrial facilities, and 500 mln dlrs for those importing raw and intermediary materials and parts. Exporters, who previously received 645 won (0.769 dlrs) for each dollar's worth of overseas orders, will now get only 575 won (0.686 dlrs), they said. The officials said the government also stopped new bank loans given to aid the installation of export-oriented facilities by the nation's 30 largest business groups. A finance ministry official told Reuters the measures were part of the South Korean government's package to curb the increase in the nation's trade surpluses with major trading partners. South Korea had a trade surplus of 7.2 billion dlrs with the United States in 1986, against 4.1 billion in 1985. It had a surplus of 1.09 billion dlrs last year with the EC, against 188.8 mln dlrs in 1985. REUTER

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21-APR-1987 05:00:45.01

SOUTH KOREA CUTS EXPORT FINANCE LOANS

U.S. Agriculture Secretary Richard Lyng said Japanese government officials do not seem to understand that protectionist sentiment in the U.S. Could lead to an explosive situation and protectionist legislation. Speaking to the National Press Club of Japan, Lyng said protectionist sentiment in the U.S. Has increased alarmingly during the last six months. "It is a radically changed situation and is very explosive. We are on the verge of some very harsh mandatory retaliatory laws which would have very serious consequences for other countries, especially Japan," Lyng told reporters. Lyng's comments about protectionist trade legislation appeared to be a reference to the so-called Gephardt provision, requiring retaliation against countries which have trade surpluses with the U.S., Trade analysts said. U.S. House majority leader Thomas Foley, a Washington Democrat, yesterday predicted during a visit here that the Gephardt provision will be approved by the House when trade legislation is taken up later this month. Senior Japanese officials do not seem to perceive the volatility of the situation in the U.S., Where Congress is increasingly unpredictable, he said. "The purpose of this trip is to emphasise the fact that patience is beginning to be very much frayed in Washington. I cannot emphasise that enough," Lyng said. In talks with Japanese Agriculture Minister Mutsuki Kato yesterday, Lyng and Trade representative Clayton Yeutter asked Japan to begin negotiations on its rice policy and end import quotas on beef and citrus. Lyng said he was disappointed Kato rejected the U.S. Request but hoped it would not lead to a protectionist response in Congress, where legislation on rice retaliation has been introduced in both the House and Senate. Lyng said the U.S. Is dependent on Japan as a market for exports because Japan has been the largest buyer of U.S. Farm products since 1964, especially grains. He said the U.S. Understands Japan, with a limited land area, is concerned about maintaining some level of self-sufficiency in food for national security reasons. But he argued the freeing of farm product imports would not necessarily weaken Japanese agriculture. Lyng pledged the U.S. Will never again embargo shipments of farm products as it did in 1973. REUTER

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21-APR-1987 05:20:31.87

LYNG WARNS U.S. TRADE SITUATION IS EXPLOSIVE (RPT)

The World Bank has suggested India should move to a more open economy by gradually removing most government controls on industry and adopting a liberal external trade policy with reduced levels of protection. A confidential "executive summary" of a draft Bank report on the Indian economy was made available to Reuters. It suggests liberalisation as part of a package of reforms to boost exports of Indian goods by making them more competitive. The summary said, "These reforms would result in (domestic) prices much more in line with world prices than is true today, and in a greater degree of import competition and export rivalry than the nation has ever seen." The summary said foreign trade must play a key role in India's transition towards a more dynamic economy. Liberal imports of capital goods would help modernise the economy and expose Indian producers to foreign competition. Larger exports would provide the foreign exchange for imports. "The main guideline is unambiguously to abandon the present principle of unlimited protection for all indigenously available products and to recognise the role of actual or potential competition from imports as a source of discipline on the prices and costs of public and private sector domestic manufacturers," the summary said. An Indian official told Reuters the government was discussing the report with the Bank. A final report with some changes was likely to be ready by May, but he declined to give further details. The Bank and industrialised nations will discuss the Bank's final report at a meeting in Paris on June 22 and 23 to discuss aid for India in the 1987/88 year starting in June. The summary said India's gross domestic product (gdp) grew at an average five pct in Indian fiscal years 1985/86 and 1986/87, which ended in March. It said investment was being sustained at nearly 25 pct of gdp. Almost 94 pct of the investment was being financed by national savings, mainly from the private sector. India's trade deficit is officially said to have narrowed to 5.6 billion dlrs in 1986/87 ended March, from a record 6.96 billion dlrs in 1985/86. The current account deficit fell to 2.4 billion dlrs in 1986/87 from 2.88 billion in 1985/86. But the summary said the improvement was largely due to lower prices of crude oil, petroleum products and fertilisers which make up the bulk of India's import bill. India was able to save about 2.6 billion dlrs in foreign exchange in 1986/87 due to lower prices of those products, the summary said. The Bank's summary said there was little room for complacency in the balance of payments position. It said that despite a lower trade deficit in 1986/87, Indian foreign exchange reserves fell by 240 mln dlrs. Real export growth would need to average at least 6.1 pct a year in value terms in the coming years to maintain a viable balance of payments, the summary said. It did not explicitly suggest the rupee should be devalued. India "might have to reaffirm the commitment to exporting while undertaking some dramatic changes in general incentives that involve some political costs," it said. "An example of such a policy would be the adoption of an exchange rate regime that maintained exporters' profitability," the summary said. It said such an approach had been successful in countries such as South Korea, Colombia and Turkey. It would maintain the competitiveness of Indian exports and simultaneously reduce import pressures. Earlier this year, the Indian government denied that the World Bank asked it to devalue the Indian rupee to boost exports. REUTER

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21-APR-1987 05:52:54.30

WORLD BANK SUGGESTS MORE OPEN ECONOMY FOR INDIA

International Finance Corporation (IFC), the World Bank's investment arm, will raise its investment in Malaysia to a maximum of 200 mln dlrs from current 21.2 mln, IFC chief executive William Ryrie said. He told reporters after a two-day meeting with government and private sector representatives that the IFC would be active in risk capital and equity finance. The IFC is interested in a 500 mln ringgit Sabah state government pulp and paper project and is talking to state investment holding company Permodalan Nasional Bhd about joint ventures to help transfer profitable firms to Malays. Ryrie added the IFC is involved in underwriting a 60 mln dlr Malaysian Fund to be launched on the New York Stock Exchange next month. IFC's investment in Malaysia involves textile manufacturing, development finance, cement, iron and steel, sawmill operations and money and capital markets. REUTER

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21-APR-1987 06:14:06.84

WORLD BANK'S IFC TO INVEST MORE IN MALAYSIA

Spain's consumer price index rose 0.6 pct in March after a 0.4 pct increase in February and 0.3 pct in March last year, the National Statistics Institute said. The March rise brought the year on year rate to 6.3 pct. The government has set a five pct target for 1987 consumer price inflation after an 8.3 pct increase last year. REUTER

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21-APR-1987 06:15:26.28

SPAIN'S CONSUMER PRICES RISE 0.6 PCT IN MARCH

The Belgian National Bank said it cut its one, two and three month treasury certificate rates effective immediately. It said in a telex message the key three month rate was reduced by 0.05 points to 7.25 pct, the two month rate by 0.10 points to 7.20 pct and the one month rate by 0.15 points to 7.15 pct. The Bank last adjusted its short-term treasury certificate rates on April 3, when all three rates were cut by 0.10 points. It has made regular small reductions in rates after hoisting the three month rate 0.50 points to 7.90 pct and the other rates to eight pct on January 6 ahead of the realignment of the European Monetary System. The National Bank bought more than 7.91 billion francs of foreign currency in the week ended April 13, a National Bank spokesman said last week. Foreign exchange analysts noted this reflects the current strength of the Belgian franc. REUTER

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21-APR-1987 06:28:16.77

BELGIUM CUTS TREASURY CERTIFICATE RATES

Taiwan's industrial production index, base 1981, rose 14.21 pct to 162.19 in March from a revised 142.01 in February, and 7.19 pct from March 1986, the Economic Ministry said. The February figure was revised from a preliminary 140.06. A ministry official said the March index stood at its highest level since the 169.94 set in December 1986. He attributed the increase to rising production of textiles, wooden and bamboo products, plastics, machinery, electronics, transportation equipment, mining and house construction. REUTER

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21-APR-1987 06:39:12.48

TAIWAN INDUSTRIAL OUTPUT RISES SHARPLY IN MARCH

Bowater Industries Plc <BWTR.L> said it had agreed to buy Southampton-based builders' merchants <Hooper and Ashby Ltd> for 718,545 Bowater shares, floating rate unsecured loan stock and cash. It gave no further financial details besides saying that a final payment of cash or loan stock would be made when audited accounts were available. Hooper is a family-owned business which had a turnover of around 25 mln stg in 1986 and net assets of about nine mln stg. Bowater shares were unchanged at 495p on Thursday. REUTER

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21-APR-1987 06:45:14.71

BOWATER BUYS BUILDERS' MERCHANTS HOOPER AND ASHBY

The Bank of Japan intervened in the market to try to accelerate the dollar's rise after heavy dollar buying by institutional investors, dealers said. The central bank bought a moderate amount of dollars at around 142.10 yen, they said. REUTER

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21-APR-1987 07:16:49.50

BANK OF JAPAN BUYS MODERATE DOLLAR SUM -- DEALERS

The Bank of Japan is carefully watching the recent rapid rise of the Tokyo stock and yen bond markets for their impact on inflation, governor Satoshi Sumita said. In a statement to the bank's regional branch managers, Sumita said the central bank was particularly monitoring the markets because of the recent rapid growth of money supply. He said he is also carefully watching real estate prices. Sumita said he expects money supply growth to remain high from April through June. In March, money supply, as measured by M-2 plus certificates of deposit, rose at a year-on-year rate of nine pct. REUTER

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21-APR-1987 07:18:35.81

JAPAN CAREFULLY WATCHING MARKETS, SUMITA SAYS

Pakistan bought 6,000 tonnes of rbd palm oil at its import tender today for first half May shipment, traders said. The price was believed to be in the region of 345.50 dlrs per tonne cost and freight, but confirmation is awaited, they said. Pakistan sought to buy up to 12,000 tonnes for first half May and has not said when it is likely to tender for the balance. REUTER

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21-APR-1987 07:22:55.87

PAKISTAN BUYS 6,000 TONNES RBD PALM OIL - TRADERS

U.S. Commerce Secretary Malcolm Baldrige praised South Korea's new surplus-cutting trade policies but warned of possible protectionist retaliation if Seoul's market liberalisation efforts falter or fail. In a press conference after talks with South Korean leaders, Baldrige called the government's announced intention to regulate exports and boost imports "a very, very important step, the right direction for the Korean government to take." The government adopted the new policies last week in the hope of heading off a trade war with the U.S. Baldrige said the policies "showed an understanding of the fact that this country cannot go on indefinitely growing by exports alone." "There has to be enough of a change so that domestic growth begins to take more of the load," he said. South Korea had a 7.2 billion dlr trade surplus with Washington in 1986, thanks largely to booming sales of cars and consumer electronic goods. It racked up another 1.4 billion dlrs in surplus in the first quarter of this year. Baldrige said Seoul's package of measures was "broad enough and comprehensive enough so that ... Actions can be taken for liberalising imports (and) increasing the domestic economy, if the government is willing to follow through." "We will be watching the implementation of this new policy direction very closely," he said. "Because of the protectionism growing in the U.S., We see a real problem if Korea does not keep on the same path ... Of steadily increasing liberalisation.... If that should falter or fail or turn backward, I'm as sure as I'm standing here that we'd see protectionist movement in the U.S." Baldrige said he and South Korean Trade Minister Rha Woong-bae spent much time discussing trade problems in specific product categories. These included service industries, which he said were still too much of a closed sector in South Korea, and computers and cars. Baldrige said he urged speedy action on removing the tariffs and taxes on imported U.S. Cars which can make them sell for up to three times their American prices. "We want to stop that. With this sort of thing, there's going to be trouble somewhere down the road," he said. "We are just pointing this out." Asked if Seoul's measures could succeed without a revaluation of the won, which Washington has been urging for months, Baldrige declined to comment. "We don't have any target for any particular currency, but we do feel that currencies around the world, if we are going to be successful as a world economy, have to reflect the fundamentals of the various economies involved," he said. Baldrige said he had agreed to Rha's proposal for cooperation on forming U.S.-South Korean joint ventures in third countries. The American government would be pleased to encourage U.S. Firms to get involved, he added. Commenting on President Reagan's decision to increase tariffs on certain Japanese imports to the U.S., Baldrige said Washington's trade problems with Japan were not comparable to its difficulties with South Korea. "I think the attitude in Korea is both reasonable and fair," he said. "It's a firm attitude. We don't get anything for nothing or just by asking for it. "But our negotiations are friendly and reasonable and they usually end up with something good happening at the end that both countries live up to." REUTER

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21-APR-1987 07:23:18.80

BALDRIGE PRAISES NEW SOUTH KOREAN TRADE POLICIES

A black policeman was killed and 70 were injured when a bomb was lobbed onto a parade ground in South Africa's biggest black township of Soweto this morning, the government said. The device was thrown from a passing vehicle as trainee township policemen from all over South Africa were on parade at the Tladi police training centre, the government's Bureau for Information said. Ten officers were seriously wounded and 60 suffered slight injuries, it said. A bureau spokesman said the type of explosive device used was not known and no arrests had been made. The government has blamed a spate of limpet mine blasts in South African cities in recent months on the outlawed African National Congress (ANC), fighting a low-level guerrilla war against white domination in South Africa. The municipal police, who perform security duties in black townships, have been a main target of black militants in the past three years of political unrest which has claimed some 2,400 lives. Many black policemen have been forced to live in compounds on the outskirts of townships after their homes were attacked. Today's attack, one of the most daring since a national state of emergency was declared last June, came as police and troops deployed at railway stations to stop attacks on trains linked to a bitter strike by black transport workers. Foreign Minister Pik Botha has alleged that the ANC is planning a campaign of violence in the run-up to the whites-only general election next month. Security is a major election issue, with extreme right-wingers accusing the government of being soft in the face of a "revolutionary onslaught." Botha warned neighbouring black-ruled states not to allow the guerrillas to infiltrate South Africa through their territory. He said South Africa would not hesitate to take action to thwart the alleged offensive. Zambia, Mozambique, Botswana and Zimbabwe denied Botha's charges and said they were a pretext for South African attacks on them. Pretoria has raided alleged ANC bases in the so-called Frontline states in the past. Reuter

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21-APR-1987 07:29:05.25

BLACK POLICEMAN KILLED, 70 HURT IN SOWETO ATTACK

North Korea unveiled plans to boost industrial and agricultural production sharply over the next seven years and to greatly expand its foreign trade. Prime Minister Li Gun-mo told the eighth Supreme People's Assembly in Pyongyang that North Korea intends to increase international trade by 220 pct in the period 1987/93, gross industrial output by 90 pct and agricultural production by 40 pct, according to the North Korean Central News Agency, monitored here. REUTER

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21-APR-1987 07:43:27.12

NORTH KOREA PLANS TO EXPAND TRADE, OUTPUT

North Korea unveiled plans to boost industrial and agricultural production over the next seven years and to greatly expand trade with other nations, the official North Korean Central News Agency, monitored in Tokyo, reported. Prime Minister Li Gun-mo told the eighth Supreme People's Assembly in Pyongyang agricultural production will rise 1.4 times in the period of the new seven-year plan, the agency said. "For a more satisfactory solution of the problem of food, clothing and housing for the people, a 15 mln tonne target of grain will be hit...And 1.5 billion metres of textiles will be produced annually," he said. Annual output of non-ferrous metals will be lifted to more than 1.7 mln tonnes in the seven year plan, the agency quoted Li as saying. During the previous seven-year plan North Korea achieved annual output of 10 mln tonnes of grain. Chemical fertilizer production hit an annual target of five mln tonnes. He did not provide any other figures. REUTER

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21-APR-1987 07:56:52.84

NORTH KOREA PLANS TO EXPAND OUTPUT AND TRADE

<Esso U.K. Plc>'s 1987 exploration scheme involves less activity than last year, said a company spokeswoman. She confirmed that Esso UK, a member of Exxon Corp <XON>, was likely to participate in 15 to 20 wells this year, against 25 wells last year. Total capital expenditure budget this year, however, will be similar to last year's budget of about 450 mln stg, she said. She added that exploration and production expenditure last year was 370 mln stg and Esso UK turned the year with 1.2 billion stg of forward capital commitment. The spokeswoman said 30 to 40 pct in cost savings had been made for development plans for Kittiwake - the only field in the Shell-Esso Gannet North Sea oil and gas cluster still being considered for development over the next few years. Esso UK and <Shell U.K. Exploration and Production>, part of the Shell Transport and Trading <SC.L> group, have so far spent between 300 to 350 mln stg on Kittiwake, with recoverable reserves of some 70 mln barrels. Cost savings were also made on the 40 to 45 mln barrel Osprey field which is expected to cost at least 150 mln stg to develop. Development of both fields are expected to go ahead this year or early next year, she said. REUTER

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21-APR-1987 07:59:31.53

ESSO UK PLANNING SLIGHTLY LESS OIL EXPLORATION

Striking dockers brought the Canary Island port of Las Palmas to a halt today but called off a stoppage in Spain's main port of Barcelona after winning the reinstatement of a sacked worker, port officials said. They said about 15 freighters were affected in Las Palmas as talks on dockers' demands to reinstate five workers went on. A stoppage was also called off in Santa Cruz, on Tenerife. Union sources said the strike would continue in Las Palmas tomorrow and would spread unless the demands were met, with a strike threatened in all ports for two hours on Thursday, four on Friday, six on Saturday and every other hour from May 4-11. REUTER

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21-APR-1987 08:02:45.61

DOCKERS' STRIKE HITS CANARY ISLAND PORT

British Foreign Secretary Sir Geoffrey Howe called on industrial and developing countries to combat trade protectionism and remove barriers which impede free trading in agricultural products. Howe said in an address to the annual meeting of the U.N. Economic and Social Commission for Asia and the Pacific (ESCAP) that success in fighting protectionism hinges on the current Uruguay Round of the General Agreement on Tariffs and Trade. He said Britain is committed to resisting and combatting protectionism because free trade is vital to Britain where 30 pct of the gnp comes from trade in goods and services. Howe urged developing countries to open up their markets, remove measures distorting free trade in services and provide protection for intellectual property rights. He said industrial nations should also adopt macro-economic policies which help reduce trade imbalances and promote stable currency relationships. Howe said the agricultural industry, plagued by surpluses and falling commodity prices in recent years, is over subsidised and over protected. But the problem of farm surpluses must be tackled despite the fact that it is politically difficult for any government to reverse the trend of growing farm subsidies. "This problem of over-subsidisation and over-protection of agriculture will dog us in the years ahead and it will need the sustained application of all our energy and our imagination to find solutions," Howe said. REUTER

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21-APR-1987 08:10:19.66

BRITAIN CALLS FOR FIGHT AGAINST PROTECTIONISM

Taiwan's Economic Ministry has approved an ambitious proposal calling for a one billion U.S. Dollar investment by private and public companies in the United States over the next five years, ministry officials said. John Ni, director of the Ministry's Industrial Development and Investment Centre (IDIC), said under the IDIC proposal, Taiwanese firms would be encouraged to set up factories and invest in property and securities markets in the U.S.. Taiwan's 1986 investment in the U.S. Totalled 46 mln U.S. Dlrs, official statistics show. The investment was mainly in the electronics, food, service and trading sectors. The new proposal, approved by Economic Minister Lee Ta-hai yesterday, calls for investment of 80 mln U.S. Dlrs in 1987, 120 mln in 1988, 160 mln in 1989, 240 mln in 1990 and 400 mln in 1991, he told Reuters. It will be discussed soon by officials of the Finance Ministry, the Central Bank and the Council for Economic Planning and Development before being submitted to the cabinet for final approval, he said. "This is the first ambitious proposal with government initiatives to encourage our businessmen to invest in America," Lee said. He said government incentives to prospective Taiwanese investors would include bank loans and a five-year income tax holiday. Applications for investing in the U.S. Would also be simplified. A ministry spokesman told reporters the proposed investment would be helpful in creating job opportunities for Americans and avoiding U.S. Import quotas or restrictions on Taiwanese products. The plan will also help reduce Taiwan's trade surplus with the U.S., Which rose to a record 13.6 billion U.S. Dlrs in 1986, up from 10.2 billion in 1985, the spokesman said. The rising surplus has enabled Taiwan to accumulate some 54 billion U.S. Dlrs in foreign exchange reserves. Economists described the proposal as a significant step by the government to head off U.S. Protectionism. "Time is running out for us. Taiwan has lagged far behind Japan and South Korea in encouraging its businessmen to invest abroad," said Hou Chia-chi, economics professor at Soochow University. REUTER

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21-APR-1987 08:16:23.15

TAIWAN PROPOSES TO INVEST ONE BILLION DLRS IN U.S.

The Asian Development Bank (ADB) will not change its decision to admit China as a member despite protests from founder member Taiwan, bank president Masao Fujioka said. China's admission in March 1986 and the decision of the bank to change Taiwan's name to 'Taipei, China' caused a Taiwanese boycott of the ADB's last annual meeting in Manila. Fujioka told Reuters in an interview that Taiwan had been invited to the bank's 20th annual meeting starting April 27 in Osaka, "but the situation remains the same." "The bank's board agreed to change Taiwan's name to 'Taipei, China'," Fujioka said. "We have tried to maintain our channels of communication through the Taiwanese director, but we are not negotiating with a view to changing our agreement with China," he said. ADB figures show China has the largest shareholding among the bank's developing members, with 7.2 pct of its equity. Fujioka said a stalemate also continued with Vietnam, which complained at last year's meeting that for several years the ADB had unilaterally stopped advancing loans. An ADB spokesman said the last loan of 40.67 mln dlrs was made to the then Republic of Vietnam (South Vietnam) in 1974. Vietnam said last year that only 23 mln dlrs of that loan were disbursed. The bank's 1986 annual report said of 11 loans approved for Vietnam, eight had been closed, two were suspended and only one was under administration at the end of 1986. Cumulative disbursements to Vietnam at the end of 1986 totalled 25.3 mln dlrs, or 99.5 pct of the total amount of effective loans, the report said. "The situation (in Vietnam) is not conducive to bank operations," Fujioka said. "Vietnam continues to be a member. We would like to help it, but new loans seem to be difficult." "It's not a question of political instability, the environment has to be right for banking operations." He said with the first loans made to India in 1986, and lending operations in China scheduled to start this year, the ADB had now acquired a "truly Asian" character. Although China's finance ministry had gained five years of experience in borrowing from the World Bank, ADB loans would be routed through the country's central bank, Fujioka said. "It's been a very slow start," Fujioka said. "We identified three projects (in China). One disappeared and we now have only two left." He said the ADB might lend China between 200 and 300 mln dlrs in 1987 for an investment bank and an energy project. He did not foresee an expansion of lending to India. The ADB in 1986 approved two loans to India totalling 250 mln dlrs. "There is a sort of agreement that our loans to India should be modest and that the World Bank should be the major lender," Fujioka said. He did not give details. Reuter

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21-APR-1987 08:18:16.19

ADB'S FUJIOKA SAYS STALEMATE WITH TAIWAN CONTINUES

CSR Ltd <CSRA.S> and its partners have made a significant natural gas discovery in the Roma region of central western Queensland, CSR said in a statement. The Wingnut Number One exploration well flowed up to 6.5 mln cubic feet a day from three zones during drill stem testing over the intervals 1,180-1,207 meters and 1,112-1,159. CSR said the well, 400 meters from an existing gas gathering system, is the second of a four well program in the Roma petroleum leases being funded by <Barcoo Petroleum NL>. Interest holders on completion will be CSR 42.58 pct, Barcoo 49.9, and <IOL Petroleum Ltd> 7.51. REUTER

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21-APR-1987 08:21:27.01

CSR MAKES SIGNIFICANT QUEENSLAND NATURAL GAS FIND

Taiwan's industrial production index, base 1981, rose 14.21 pct to 162.19 in March from a revised 142.01 in February, and 7.19 pct from March 1986, the Economic Ministry said. The February figure was revised from a preliminary 140.06. A ministry official said the March index stood at its highest level since the 169.94 set in December 1986. He attributed the increase to rising production of textiles, wooden and bamboo products, plastics, machinery, electronics, transportation equipment, mining and house construction. REUTER

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21-APR-1987 08:21:46.92

TAIWAN INDUSTRIAL OUTPUT RISES SHARPLY IN MARCH

U.S. Interior Secretary Donald Hodel said there was a one in five chance that new drilling in Alaska would find oil. "But if it's there, there's a very good chance that it would be a giant field," Hodel said on ABC's "Good Morning America." "So it is the best geological prospect that they (geologists) have talked to me about since I've been involved in this process," he said. Hodel announced yesterday that he would urge Congress to open up 1.5 mln acres of the Arctic National Wildlife Refuge in Alaska to oil exploration despite fears of environmental damage threatening the Caribou herd in the region. He said today the exploration was needed in an effort to prevent future U.S. oil shortages and said oil drilling in the large Prudhoe Bay field in Alaska proved oil could be drilled without severely damaging the environment. He said the Caribou herd at Prudhoe Bay had tripled, contrary to concerns before the drilling operation that it would endanger the herd. Reuter

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21-APR-1987 08:22:31.87

HODEL SAYS ODDS ON FINDING NEW ALASKA OIL 1-IN-5

Sight deposits of commercial banks at the Swiss National Bank fell by 416.9 mln Swiss francs to 7.46 billion in the six days ending April 16, the National Bank said. Sight deposits are an important measure of money market liquidity in Switzerland. Foreign exchange reserves fell by 627.4 mln francs to 32.50 billion francs. The National Bank attributed this fall to the dismantling of outstanding swap arrangements. Bank notes in circulation fell by 116.9 mln francs to 24.36 billion while other deposits on call at the National Bank, mainly government funds, fell by 116.0 mln francs to 825.5 mln. REUTER

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21-APR-1987 08:25:17.75

SWISS SIGHT DEPOSITS FALL BY 416.9 MLN FRANCS

U.S. Commerce Secretary Malcolm Baldrige said U.S. Sales of high technology to China are rising despite Peking's complaints they are being restricted. He told reporters at the airport on arriving here for talks that technology transfers to China had increased every year and would continue to do so. The official Peking Review yesterday accused the United States of delaying approval on high-technology sales to China. Last year, Washington approved only 60 pct of the exports China applied for, the magazine said. "The COCOM-listed kind of export controls are just a fraction of the technology that the U.S. Is transferring (to China) by other means, such as joint ventures," Baldrige said. COCOM is the Western coordinating committee formed after World War Two to limit the export of advanced technology to Communist nations. Baldrige said he was sure U.S. Firms could compete against firms from other countries for high technology sales. He added that protectionism would hurt the economies of trading nations and said the Reagan Administration would fight protectionist legislation in the U.S. Congress. Baldrige and China's Foreign Trade Minister Zheng Tuobin will act as chairmen of the fifth session of a commission on commerce and trade that will review bilateral trade relations. A U.S. Official said other issues to be raised during Baldrige's talks are trade deficits, which each country says it has with the other, and the problems facing U.S. Companies investing in China. Reuter

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21-APR-1987 08:43:58.77

BALDRIGE ASSURES CHINA ON TRADE AND TECHNOLOGY

<City Resources (Asia) Ltd>, a locally listed unit of Australian based <City Resources Ltd>, said it acquired an 80-day option to buy exploration, development and operating rights for mining property on the island of Luzon in the Philippines. It said in a statement that average assay results of random samples of the Brescia ore bearing body on the 459-hectare site showed 2.4 grammes of gold, 64 grammes of silver and 1.9 grammes of copper per tonne. It said it will exercise the option if tests confirm the site's potential. Further details were not available. REUTER

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21-APR-1987 08:44:06.08

CITY RESOURCES UNIT ACQUIRES PHILIPPINE MINE OPTION

The General Agreement on Tariffs and Trade (GATT) will begin a probe on May 7-8 on the legality of Japanese import restrictions on 12 farm products, Agriculture Ministry officials said. The investigation, which will take place in Geneva, follows a U.S. Complaint last year that the restrictions violated GATT rules prohibiting import quotas. The products involved include fruit juice, peanuts and tomato juice. Reuter

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21-APR-1987 08:55:48.63

GATT TO PROBE JAPAN'S FARM IMPORT RESTRICTIONS

The Japanese government is considering buying U.S.-made supercomputers to help defuse mounting trade friction between the two countries, Trade Minister Hajime Tamura was quoting as saying. Japanese officials said Tamura told visiting U.S. Trade Representative Clayton Yeutter that the government may set aside money for the purchase of the supercomputers in a supplementary budget to be drawn up later this year. But he emphasised that the matter was still under study and that no firm decision had been made. Tamura urged Yeutter to lift the trade sanctions imposed against Japan and argued that the yen's rapid rise was already working to correct the country's trade imbalance. But, according to Japanese officials, Yeutter held out little hope that the American trade sanctions would be lifted soon and said the United States needed action from Japan to boost its domestic demand and imports, not just words. In order to lift the tariffs imposed on 300 mln dlrs worth of Japanese exports last Friday, the U.S. Needs proof that its joint computer chip pact with Japan is working. And that will take time, Yeutter was quoted as telling Tamura. REUTER

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21-APR-1987 09:02:31.96

JAPAN CONSIDERING BUYING U.S. SUPERCOMPUTERS

A total of 2,769 tonnes of British intervention feed wheat, out of an available 57,300 tonnes, was sold at today's tender for the home market, the Home Grown Cereals Authority, HGCA, said. Price details were not reported. Reuter

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21-APR-1987 09:06:11.25

SMALL QUANTITY OF U.K. WHEAT SOLD TO HOME MARKET

Dry, warm weather over Western Europe sugar beet areas this week will allow planting to progress rapidly, private forecaster Accu-Weather Inc said. Sugar beet areas in Britain will be dry and warm Thursday and Friday while beet areas from France to West Germany will have dry, seasonable weather, becoming warmer. But damp, chilly weather will delay planting in all Soviet beet areas, it said. Eastern Soviet sugar beet areas were windy yesterday with rain and snow showers. Water equivalent amounts were 0.10 of an inch. Showers or snow flurries will linger today and up to 0.30 of an inch of rain is likely tomorrow. Reuter

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21-APR-1987 09:14:16.14

SUGAR PLANTING IN WESTERN EUROPE, DELAY IN USSR

The Swiss National Bank sold yen against dollars, joining in concerted intervention by central banks, a spokesman for the National Bank said. He declined to say which central banks had been active in the market, but earlier today Tokyo dealers said the Bank of Japan had intervened at 142.10 yen to the dollar, and market sources here said they believed the Bundesbank was in the market as well. The National Bank spokesman declined to specify the volume of its dollar purchases or the rate paid. REUTER

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21-APR-1987 09:26:53.00

SWISS NATIONAL BANK SELLS YEN AGAINST DOLLAR

The Bundesbank intervened in the open market to buy dollars against yen, dealers said. They were responding to enquiries immediately after news the Swiss National Bank said it joined concerted intervention to sell yen for dollars. The Bundesbank had no immediate comment on the reports. But dealers said the German central bank came into the market just after 1300 GMT when the dollar was trading around 141.90 yen to buy small amounts of the U.S. Currency. Dollar trading had been very quiet for most of the European session. REUTER

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21-APR-1987 09:30:50.80

BUNDESBANK INTERVENES TO BUY DOLLARS AGAINST YEN

The Bank of England said it had given the money market a further 183 mln stg assistance in the afternoon session. This takes the Bank's total help so far today to 561 mln stg and compares with its estimate of a shortage of some 550 mln stg in the system which it earlier revised up from 400 mln. The central bank purchased bank bills outright comprising 80 mln stg in band one at 9-7/8 pct, eight mln stg in band two at 9-13/16 pct and 95 mln stg in band three at 9-3/4 pct. REUTER

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21-APR-1987 09:32:32.07

U.K. MONEY MARKET GIVEN FURTHER 183 MLN STG HELP