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TransCanada PipeLines Ltd has raised its takeover offer for Dome Petroleum Ltd to 5.5 billion Canadian dlrs from 4.3 billion, according to a report on the Canadian Broadcasting Corp (CBC). However, a spokesman for Dome said the company is not interested, since it has already agreed to be acquired by Amoco Corp <AN> for 5.1 billion dlrs, the CBC said. Spokesmen at Dome and TransCanada could not immediately be reached for comment. Although Dome has said it is only interested in the Amoco offer, a spokesman for TransCanada was quoted as saying that the ultimate decision rests with Dome shareholders. "I don't know what (Dome chairman J. Howard Madconald) is going to say if a letter lands on his desk and he's got an offer there equal or better for the shareholders than the one he has on his desk at this time," TransCanada chief financial officer Neil Nichols was quoted as saying. Reuter

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21-APR-1987 09:38:43.63

TRANSCANADA <TRP> UPS DOME <DMP> BID - REPORT

Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating today's hog slaughter at about 275,000 to 293,000 head versus 284,000 week ago and 320,000 a year ago. Cattle slaughter is guesstimated at about 122,000 to 128,000 head versus 128,000 week ago and 138,000 a year ago. Reuter

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21-APR-1987 09:42:18.98

HOG AND CATTLE SLAUGHTER GUESSTIMATES

The Federal Reserve Board opposed pending legislation to establish ceilings on interest charged by credit card companies. "The Board does not believe it would be appropriate to impose a federal ceiling on credit card rates," Fed governor Martha Seger told a Senate Banking Subcommittee. "Among other things a Federal ceiling could have undesirable side effects in the form of reduced credit availability and could lead to changes in non-rate credit card terms," she testified. Reuter

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21-APR-1987 09:46:51.28

FED OPPOSES CREDIT CARD INTEREST RATE CEILINGS

Federal Reserve Board Governor Wayne Angell said the Reagan appointed majority on the board was not at odds with Chairman Paul Volcker on whether interest rates should rise to support the dollar. "I would anticipate very little difference between the chairman's position on price-level stability - and on the view of the dollar in foreign exchange markets - and my own," Angell said in an interview with the New York Times. "And I would also see very little difference in (Governor) Manley Johnson's position and my own," he added. The newspaper said Angell was speaking in response to inquiries concerning a report by syndicated columnists Rowland Evans and Robert Novak that Volcker was ready to raise rates to defend the dollar but that he was being thwarted by the four Reagan appointed members on the board. Angell told the newspaper that there was no evidence of disagreement on the board and that "anyone who should suggest" there is one "might be reaching pretty far." Reuter

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21-APR-1987 09:59:33.20

FED'S ANGELL SAYS BOARD IN HARMONY ON RATES

Bally Manufacturing Corp said it signed a definitive agreement to sell the stock of its Six Flags theme park subsidiary to an affiliate of Wesray Capital Corp. Ccompletion of the proposed transaction is expected in early May, it said. Bally said it will receive gross proceeds of 350 mln dlrs for the Six Flags subsidiary. Bally said the transaction is part of its restructuring and will result in an after tax profit of about 100 mln dlrs. Proceeds from the sale of Six Flags will be used for general corporate purposes and to reduce debt, it said. The sale of the theme parks will also remove from Bally's balance sheet an additional 250 mln dlrs in Six Flags debt now carried on the Bally balance sheet, it said. Kidder Peabody will provide bridge financing to Wesray to complete the proposed transaction, Bally said. Six Flags operates seven major theme amusement parks, two water parks and other family oriented entertainment facilities. Wesray Capital is a private investment firm based in Morristown, New Jersey. Reuter

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21-APR-1987 10:00:18.38

BALLY <BLY> SELLS SIX FLAGS FOR 350 MLN DLRS

A bomb rocked a white area of Johannesburg but first reports said no one was injured. Police said an explosive device was placed under a car in the Mayfair district. Reuter

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21-APR-1987 10:03:53.42

BOMB BLAST ROCKS WHITE AREA OF SOUTH AFRICA

Japan is faced with a mounting crisis over its huge trade surplus and recognizes that it must act more quickly to refocus its export driven economy, a senior Foreign Ministry official said. "The sense of crisis among the Japanese public as well as the government is increasing," Deputy Director General Hiroshi Hirabayashi told reporters. "The need to accelerate the efforts (to restructure the economy) is well recognized." Hirabayashi said that gradual progress had been made to refocus the Japanese economy, but admitted that it might not seem all that spectacular to foreign observers. Difficulties had been encountered in implementing the so-called Maekawa report since it was unveiled a year ago, he said. But, he added, foreign governments should appreciate the efforts that have been made. The report, named for its principal author, former Bank of Japan governor Haruo Maekawa, called for a shift in Japan's economy away from its dependence on exports for growth. The Japanese cabinet today reviewed progress made since its release. According to Hirabayashi, Prime Minister Yasuhiro Nakasone told his fellow ministers that Japan must follow the direction set out by Maekawa and urged them to make efforts to achieve it. Foreign Minister Tadashi Kuranari added that not enough had been done to publicize the action Japan was taking to refocus its economy. Listing some of those actions, Hirabayashi said imports of manufactured goods have increased, interest rates have fallen, and coal, steel and non-ferrous metal output have been reduced. He expressed hope that Japan will act more quickly in the future to implement the report and scoffed at a suggestion that it would take ten years for Maekawa's goals to be met. "It will not take very much time to fulfill the (goals) set out by the Maekawa report," he said. REUTER

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21-APR-1987 10:12:44.56

JAPAN SEES NEED TO ACT QUICKLY ON TRADE CRISIS

Great Western Financial Corp said it should experience anouther outstanding year in 1987 based on the performance of the first three months. Reporting record earnings for the tenth consecutive quarter, the company said profits rose to 81.2 mln dlrs, or 1.66 dlrs a share, from 79.8 mln dlrs, or 1.50 dlrs, a year earlier. The company said its growth, "which includes a 19.7 pct increase in net interest income, encourages us to believe that 1987 will be another year of strong earnings growth." Great Western said its real estate loan originations totaled 1.7 billion dlrs in the latest quarter, up from 1.5 billion dlrs a year earlier. Total lending was 2.2 billion dlrs vs 1.9 billion dlrs. About 95 pct of first quarter loan volume was in adjustable rate mortgages or short term loans, it said. The company said loan sales were 755 mln dlrs in the latest quarter compared with 1.5 billion dlrs a year earlier. Reuter

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21-APR-1987 10:16:51.84

GREAT WESTERN <GWF>SEES ANOTHER OUTSTANDING YEAR

The Thai Cabinet approved a seven pct increase in the national budget for fiscal 1987/88 starting next October, compared with a 6.2 pct increase for the current year ending September, a government spokesman said. He told reporters the budget, to be presented to Parliament by late next month or in early June, calls for spending of 243.5 billion baht against 227.5 billion this year. The new budget is intended to make Thailand's Gross Domestic Product grow by at least five pct during the year without compromising its conservative fiscal and monetary policy, the spokesman said. "The budget is in line with our policy to stimulate the economy and to achieve a stable growth while we continue maintaining our current cautious fiscal policy," he said. The spokesman said the budget provides for a 9.6 pct increase in fresh government investment expenditure to 39.8 billion baht, up from 36.3 billion this year. Government revenue is projected to grow 7.5 pct to 199.5 billion baht against 185.5 billion targetted for 1986/87. He said the budget contains a 44 billion baht deficit, or about 3.4 pct of GDP, compared with 42 billion or 3.5 pct planned for this year. The deficit is required by Thai laws to be financed by domestic borrowings. The finalised budget bill earmarks 59.8 billion baht, or 24.6 pct of total expenditure, for servicing the government's domestic and foreign debt, up from 56 billion and a similar 24.6 pct this year. REUTER

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21-APR-1987 10:17:26.69

THAI CABINET APPROVES SEVEN PCT BUDGET INCREASE

The London Metal Exchange (LME) said it has applied to form a new holding company because of uncertainties relating to lawsuits filed over the 1985 tin crisis. The new company, to be called The London Metal Exchange Ltd, would replace a two-tiered committee and board structure with a single managing board by the end of July. The exchange said it took the steps after the Securities and Investments Board said unresolved legal tussles resulting from the tin crisis of October 1985 might prevent acceptance of the LME's application to become a Recognized Investment Exchange. The exchange currently is run by The Metal Market and Exchange Company Ltd, which is facing a law suit linked to tin. The assets needed to run the exchange will be transferred to the new company at fair market value, it added. Reuter

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21-APR-1987 10:20:11.15

LEGAL DISPUTES FORCE NEW HOLDING COMPANY FOR LME

The Federal Reserve Board opposed pending legislation to establish ceilings on interest charged by credit card companies. "The Board does not believe it would be appropriate to impose a federal ceiling on credit card rates," Fed governor Martha Seger told a Senate Banking Subcommittee. "Among other things a Federal ceiling could have undesirable side effects in the form of reduced credit availability and could lead to changes in non-rate credit card terms," she testified. Reuter

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21-APR-1987 10:22:31.83

FED OPPOSES CREDIT CARD INTEREST RATE CEILINGS

Canada's retail sales, seasonally adjusted, rose 1.9 pct in February after a downward revised 0.3 pct decline in January, Statistics Canada said. Retail sales rose to 12.19 billion dlrs in February, a significant increase over the 11.97 billion dlrs recorded in January, the federal agency said. Unadjusted sales were 7.8 pct higher than in February, 1986. In February, automobile sales rose 3.4 pct, department store sales rose 3.2 pct and service stations were up 1.9 pct. The increases were slightly offset by a 2.0 pct decline in grocery, confectionery and sundries stores sales. Reuter

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21-APR-1987 10:48:20.72

CANADA RETAIL SALES RISE 1.9 PCT IN FEBRUARY

Oil traders in the New York area said Exxon Corp's Exxon U.S.A. subsidiary increased the price it charges contract barge customers for heating oil in New York harbor by 0.25 ct a gallon, effective today. The 0.25 cent price hike brings Exxon's contract barge price to 48.75 cts a gallon, traders said. Reuter

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21-APR-1987 10:48:26.07

EXXON <XON> RAISES HEATING OIL PRICE, TRADERS SAID

Admar Group Inc said it agreed in principle to acquire SelectCare Management Co Inc for a combination of cash and stock totaling 3.6 mln dlrs. SelectCare, based in Torrance, Calif., manages alternative health care delivery systems, Admar said. It said the company has annual revenues of about 1.5 mln dlrs. Reuter

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21-APR-1987 10:54:21.42

ADMAR <ADMR.O> TO BUY SELECTCARE

The Federal Reserve is expected to enter the U.S. government securities market to add temporary reserves, economists said. They said it is likely to supply the reserves indirectly by arranging two to 2.5 billion dlrs of customer repurchase agreements. There is less chance of a direct reserve add instead via System repurchase agreements. Federal funds, which averaged 6.21 pct yesterday, opened at 6-3/8 pct and traded between there and 6-7/16 pct. Reuter

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21-APR-1987 10:56:58.61

FED EXPECTED TO ADD RESERVES IN MONEY MARKET

Alfin Inc <AFN> said it has received a regulatory letter from the Office of Compliance of the U.S. Food and Drug Administration asserting that because of labelling and certain advertising claims its Glycel products are "new drugs" within the meaning of the Federal Food, Drug and Cosmetic Act for which no approval has been obtained and are "misbranded" in their labelling. The company said it understands that this action is part of an industry-wide investigation. The company added it is reviewing the matter with counsel, intends to respond and take corrective action, if necessary. Reuter

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21-APR-1987 10:57:51.31

ALFIN <AFN> DRUG MISLABELLED, SAYS FDA

The Supreme Court, in a 6-3 decision, ruled that an Indiana law aimed at protecting companies from hostile takeovers by out-of-state businesses is constitutional. The high court justices reversed a ruling by a U.S. Court of Appeals in Chicago that struck down the 1986 control-share acquisition law. The case involved a hostile takeover bid by Dynamics Corp of America against CTS Corp, based in Elkhart, Ind. Dynamics made a tender offer in 1985 for one million shares to bring its holdings of CTS stock to 27.5 pct of the company's total. After CTS invoked the state law, Dynamics filed a lawsuit challenging the constitutionality of the measure. One effect of the law is to impose a 50-day delay on the tender offer at the option of the target company. It also requires that the acquisition for control shares in an Indiana corporation does not include voting rights unless a majority of all pre-existing shareholders so agree at their next regularly scheduled meeting. Justice Lewis Powell, writing for the court majority, held that the state law was not pre-empted by federal securities law. "The Indiana Act protects independent shareholders from the coercive aspects of tender offers by allowing them to vote as a group," he said. He acknowledged that the law may delay some tender offers and may decrease the number of successful tender offers for Indiana corporations. But he said the law does not discriminate against interstate commerce and was justified by the state's interests in protecting shareholders. Reuter

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21-APR-1987 11:04:53.07

SUPREME COURT UPHOLDS INDIANA TAKEOVER LAW

The State of New Jersey said that it sold 23 stocks in a program trade worth 43 mln dlrs this morning. Roland Machold, director of the Division of Investment for the state of New Jersey, said, "the sale was part of our ongoing divestment program." Under N.J. state law enacted in August 1985, the state must divest all securities, stocks and bonds, of companies that do business in, or with South Africa by August 1988, Machold said. He said "in order to be fully divested by August 1988, we will probably have to sell an average every week of between 50 mln and 75 mln dlrs of stock." The stocks sold in today's program sale include Abbott Laboratories <ABT>, Allied Signal Inc <ALD>, CitiCorp <CCI>, Ford Motor Co <F>, General Motors <GM>, Gillette Co <GS>, H.J. Heinz <HNZ>, IBM <IBM>, Minnesota Mining and Manufacturing <MMM>, Mobil <MOB>, Monsanto Co <MTC>, NCR Corp <NCR>, Pepsico Inc <PEP>, Pfeizer <PFE>, Union Camp <UCC>, USX <X>, Westinghouse Electric <WX>, Weyerhaeuser Co <WY>, American International Group <AIG>, CBS <CBS>, Coca-Cola <KO>, Merck <MRK> and Upjohn <UPJ>. Machold said that one brokerage house handled today's sale but seven houses bid on the deal. He would not disclose the brokerage house that handled the sale. "The total value of the sales to date," Machold said, "are about three billion dlrs in book value and about four billion dlrs in market value." He said that because of the difficulty of defining companies that do business with South Africa, it is difficult to determine exactly how much future sales will be worth. Machold estimated the book value of future sales to August 1988 will be in the range of 1.2 billion dlrs to 5.2 billion dlrs. Reuter

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21-APR-1987 11:07:16.49

STATE OF N.J. IN 43 MLN DLR PROGRAM STOCK SALE

Du Pont Co's Conoco Inc said the Viodo Marine Number one exploratory well offshore the People's Republic of the Congo produced up to 1,135 barrels of 26.55 degree gravity oil daily in tests through a 3/4 inch choke. The company said the well, in 202 feet of water about 10 miles west of Pointe-Noire, Congo, was drilled to a depth of 11,527 feet and tested between 7,204 feet and 11,300 feet. The well is located on the Marine II block, a 260,000 acre offshore permit acquired in May 1985, where Conoco is operator with a 42.5 pct interest. <Orange-Nassau Marine C.V.> owns 7.5 pct and Hydro Congo, the state oil company, 50 pct. Reuter

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21-APR-1987 11:08:25.63

DU PONT'S <DD> CONOCO FINDS OIL OFFSHORE CONGO

Falconbridge Ltd said it expected results for the rest of 1987 to improve from the earlier reported first quarter operating loss of 15.4 mln dlrs. Chief executive William James told reporters after the annual meeting that "I would hope that the loss for the year certainly wouldn't be a high as the loss for the first quarter. In other words we are going to make money from here on in." Falconbridge last year made a first quarter operating loss of 17.1 mln dlrs and a full-year operating loss of 15.5 mln dlrs. James said currency losses tied to the stronger Canadian dollar resulted for about eight mln dlrs of the first quarter operating loss. Falconbridge records its cash and accounts receivable in U.S. dollars, with the Canadian dollar equivalent decreasing as the U.S. dollar falls. He said the first quarter loss also stemmed from weaker nickel and ferronickel prices and lower production at the company's Sudbury, Ontario nickel operations and at some Kidd Creek operations. Falconbridge anticipates higher production through the rest of the year and higher average prices this year for precious metals, James added, without elaborating. Falconbridge has no immediate plans for further divestments, James said in reply to reporters' inquiries. The company sold several mining subsidiaries last year to help pay down debt from its January, 1986 acquisition of Kidd Creek Mines Ltd from Canada Development Corp <CDC.TO>. He said Falconbridge's debt now totaled about one billion dlrs, down from 1.37 billion dlrs at the time of the Kidd Creek buy. James said he could not assess the impact of Amoco Corp <AN>'s proposed acquisition of Dome Petroleum Ltd <DMP>. Dome's 23 pct-owned Dome Mines Ltd <DM> owns 21 pct of Falconbridge. Asked by reporters if Falconbridge preferred competing Dome bidder, Calgary, Alberta-based TransCanada PipeLines Ltd to Chicago-based Amoco, James replied, "It makes no difference to me...whoever takes it over is fine by us." He told shareholders that Falconbridges' planned capital expenditures this year would decline to 134 mln dlrs from 160 mln dlrs last year. Reuter

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21-APR-1987 11:15:26.91

FALCONBRIDGE <FALCF.O> SEES IMPROVED RESULTS

Symbol Technologies Inc said it filed with the Securities and Exchange Commission to offer two mln shares of common stock through Shearson Lehman Brothers Inc and L.F. Rothschild Unterberg Towbin Inc. The shares offered do not include shares issuable under an over-allotment and 48,075 shares to be sold by selling shareholders, the maker of bar-code reading equipment said. Reuter

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21-APR-1987 11:17:03.62

SYMBOL TECHNOLOGIES <SMBL.O> FILES SHARE OFFER

TransCanada PipeLines Ltd denied reports that it raised its offer for Dome Petroleum Ltd <DMP> to 5.5 billion Canadian dlrs from 4.3 billion. A report on the Canadian Broadcasting Corp (CBC) late last night said TransCanada's new bid was rejected by Dome, which has accepted a 5.1 billion dlr bid from Amoco Corp <AN>. "We still want to acquire Dome's assets and are prepared to negotiate. However, we have not presented a new proposal to the company since April 16 and Dome has refused to negotiate with TransCanada since that date," said TransCanada president Gerald Maier. TransCanada said its proposal consists of two parts -- 4.5 billion dlrs in cash and securities and one billion dlrs of payments to creditors based on future profits. Last week, TransCanada valued the first part of its offer at 4.3 billion dlrs, but a spokesman today said the company increased the estimated value of that part to 4.5 billion dlrs after the recent gain in Dome's stock. Dome was halted today on the Toronto Stock Exchange pending clarification of TransCanada's offer. It last traded at 1.70 dlrs per share. Two weeks ago, before TransCanada's offer, Dome traded at about 1.10 dlrs per share. Reuter

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21-APR-1987 11:24:34.83

TRANSCANADA <TRP> DENIES REPORTS OF NEW BID

The Brazilian Coffee Institute, IBC, plans to sell in a series of auctions over the next few weeks robusta coffee purchased in London last year, but details of where and when auctions will take place are still to be finalised, IBC president Jorio Dauster told reporters. The sales of 630,000 bags of robusta and an unspecified amount of Brazilian arabica coffee will take place over a minimum of six months but it is not decided where sales will take place or whether they will be held weekly or monthly. The amount offered at each sale has also not been set, but could be in the order of 100,000 bags, Dauster said. Reuter

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21-APR-1987 11:35:01.50

IBC COFFEE AUCTIONS TO START SOON - DAUSTER

AMCA International Ltd said it appointed president and chief executive officer WIlliam Holland to succeed Kenneth Barclay as chairman. Barclay, who is 60 years old, decided not to stand for reappointment as chairman this year but will continue as a director, AMCA said. Reuter

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21-APR-1987 11:37:33.52

AMCA (AIL) NAMES NEW CHAIRMAN

The American Petroleum Institute, API, said its weekly U.S. petroleum inventory report will be issued tonight, despite many company closures on Friday of last week for the Easter holiday. The API report is usually released around 1700 EDT on Tuesday nights. The Energy Information Administration said it also expects its weekly oil statistic report to be released as usual, on Wednesday night at about 1700 EDT. Reuter

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21-APR-1987 11:38:04.12

API OIL INVENTORY REPORT TO BE ISSUED TONIGHT

Quantum Fund N.V., a Netherlands Antilles mutual fund for which New York investor George Soros is investment adviser, said it has agreed to limit further purchases of Fairchild Industries Inc stock. In a filing with the Securities and Exchange Commission, Quantum, which already holds 1,647,481 Fairchild common shares, or 11.5 pct of the total outstanding, said it agreed to the restriction after Fairchild said its security clearance might be jeopardized if Quantum acquires a major stake in it. But Quantum said Fairchild management was told that Soros, acting either individually or through entities other than Quantum that he controls, may decide to buy common stock in the company on his own behalf. Quantum had recently notified the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 that it might buy up to 49.9 pct of Fairchild's voting stock. Unless the FTC had objected, Quantum would have been free, but not obligated, to buy up to 49.9 pct of Fairchild stock. Fairchild management, however, warned that if Quantum, a foreign entity, raises its stake in the company to 49.9 pct, it could "impair" the government security clearances Fairchild needs to carry out its its defense contract work. In response, Quantum said it told Fairchild it will not make "significant additional purchases" of its common or preferred stock without giving Fairchild enough prior notice to enable it to consult with Quantum over the impact of action. Quantum also said it has withdrawn its notification request to the FTC and the antitrust division of the Justice Department of its intent to buy up to 49.9 pct of Fairchild. Quantum also said it told the FTC and the Justice Department that it does not expect to resubmit any further notifications of intent to significantly raise its stake in Fairchild at this time. The restrictions Quantum has agreed to follow regarding further dealings in Fairchild stock do not apply to Soros as an individual investor. Fairchild's annual shareholders meeting is scheduled to be held tomorrow. Reuter

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21-APR-1987 11:44:00.53

SORO GROUP TO LIMIT FAIRCHILD <FEN> STOCK BUYS

The Federal Reserve entered the U.S. Government securities market to arrange two-day System repurchase agreements, a Fed spokesman said. Dealers said that Federal funds were trading at 6-7/16 pct when the Fed began its temporary and direct supply of reserves to the banking system. Reuter

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21-APR-1987 11:45:56.03

FED ADDS RESERVES VIA TWO-DAY REPURCHASES

Capital Associates Inc said its common stock will be included in NASDAQ's national market system, starting today. Capital Associates is an equipment leasing and financial service company with headquarters in Colorado Springs, Colo. Reuter

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21-APR-1987 11:49:31.32

CAPITAL ASSOCIATES <CAII.O> TO TRADE ON NASDAQ

The U.S. Mint received 17 offers from seven firms at prices ranging from 0.66845-0.6840 dlrs per lb for payment by standard check and 0.66695-0.68 dlrs per lb for wire transfer payment in a review of offers on 3,701,000 lbs of electrolytic copper it is seeking to purchase. Philipp Brothers, N.Y., led with the lowest offers of 0.66695 for wire transfer payment and 0.66845 dlrs per lb to be paid by check, followed by Cerro Sales Corp, N.Y., with 0.6684 dlrs per lb on one mln lbs for wire payment, and 0.6713 dlrs per lb on one mln lbs for standard payment. Firms, in submitting offers, elect to be paid by standard check or wire transfer, with awards based on whichever of the two methods is more cost advantageous at that time. Cerro Sales also offered prices for wire payment of 0.6689 dlrs per lb on one mln lbs and 0.6693 dlrs per lb on 1,701,000 lbs. Cerro's standard payment offers included 0.6719 dlrs per lb on one mln lbs and 0.6723 dlrs per lb on 1,701,000 lbs. Cargill Metals, Minneapolis, offered 0.67025 dlrs per lb for wire payment and 0.67275 dlrs per lb for standard payment, while Elders Raw Materials, Darien, Ct., offered 0.6718 dlrs per lb for wire payment and 0.6735 dlrs per lb for standard payment on increments of 950,000 lbs each. Other offers for wire transfer payment include 0.6759 dlrs per lb on 380,000 lbs, submitted by Deak International, N.Y., 0.6789 dlrs per lb on the entire quantity by Diversified Metals Corp, St. Louis, and 0.68 dlrs per lb by Gerald Metals, Stamford, Ct. Other standard payment offers include 0.6819 dlrs per lb on 950,000 lbs by Diversified Metals, and 0.6840 dlrs per lb on the entire quantity by Gerald Metals. The Mint said the copper is for delivery the week of May 11 to Olin Corp, East Alton, Ill. The offers have a minimum acceptance period of three calendar days, it said. Reuter

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21-APR-1987 11:52:37.63

MINT REVIEWS OFFERS ON 3,701,000 LBS COPPER

Ahed Corp said it began discussions with an investment dealer about issuing an additional one mln treasury shares in the near future. Ahed also said it believes recent increases in its stock price could be attributable to a published report describing the activities of the company. Ahed said no other events are known to have taken place which would cause these recent price increases. Reuter

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21-APR-1987 11:55:33.03

AHED <AHM.TO> MAY ISSUE ONE MLN SHARES

U.S. WEST INC said it introduced its first product for managing data networks, called the NETCENTER graphic network monitor. The product was developed by U.S. WEST Network Systems Inc, a subsidiary of U.S. WEST INC, it said. It will be distributed in the third quarter of 1987. The company said the product is aimed at companies with IBM SNA networks, and will allow customers control over their own networks. The initial license fee for a typical configuration will be in the 100,000 dlr to 300,000 dlr range, depending on the size of the network, the company said. Reuter

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21-APR-1987 11:55:57.82

U.S. WEST <USW> INTRODUCES DATA NETWORK PRODUCT

The Ministry of Agriculture left its estimates of French winter cereal sowings for the 1986/87 campaign barely changed at 6.606 mln hectares compared with its previous forecast of 6.601 mln. This compared with the 6.41 mln ha of winter cereals harvested in the 1985/86 campaign. Winter soft wheat sowings were put at 4.647 mln ha compared with its previous estimate of 4.651 mln and 4.57 mln ha harvested last campaign. Winter barley plantings were forecast at 1.46 mln ha, unchanged from its previous estimate and compared with 1.41 mln harvested last season. The ministry put hard winter wheat sowings at 246,000 ha versus a February 1 estimate of 236,000 and actual area harvested last campaign of 217,000. Winter rape plantings were forecast at 627,000 ha against a previous estimate of 621,000 and 375,000 rpt 375,000 harvested in 1985/86. Reuter

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21-APR-1987 12:04:11.03

FRENCH WINTER CEREAL SOWING SEEN LITTLE CHANGED

Energex Minerals Ltd said economic evaluation of reserves indicates high-grade operation from three open pits may be feasable based on five-year operation at 100 tons a day, a payback of less than 1-1/2 years. An increase in the project's life, profitability and scale is anticipated as additional reserves are developed in 1987, the company said. Current reserves are one mln long tons at 0.20 ounce gold per ton, all categories; proven-probable 262,242 long tons at 0.25 ounce gold per ton, the company said. Reuter

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"17011"

21-APR-1987 12:11:18.43

ENERGEX MINERALS <EGX> MAY RUN UP TO THREE PITS

Liberal Party leader John Turner said he will meet with senior executives of Dome Petroleum Ltd in Calgary tomorrow to discuss the proposed sale of Dome. Turner's office said he will hold a news conference tomorrow at 1400 MDT (1600 EDT) in Calgary. Turner, who is opposition leader in Parliament, has criticized Dome's acceptance of a 5.1 billion dlr takeover bid from Amoco Corp <AN> as a sell-out of Canada's oil industry. Reuter

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"17012"

21-APR-1987 12:13:27.73

TURNER TO MEET WITH DOME <DMP> EXECUTIVES

The New York Times Co said that if prevailing business conditions continue, the company sees "another outstanding year, although the remaining quarters of 1987 will probably not show uniform gains." The company's first quarter earnings rose 21 pct to 41.1 mln dlrs or 50 cts a share compared to 33.9 mln dlrs or 42 cts a share in the year-ago quarter restated for a two-for-one stock split. The company also said its newspaper division, which includes the New York Times and 32 regional newspapers, had a first quarter operating profit of 69.8 mln dlrs compared with 60.7 mln dlrs in the year-ago first quarter mainly due to advertising volume and rate increases. The company's magazine division, which includes "Family Circle," had a first quarter profit of 9.7 mln dlrs compared to 7.4 mln dlrs in the year ago quarter. The company's broadcasting and cable tv group reported an operating profit of 2.9 mln dlrs compared to 2.6 mln dlrs in the year-ago first quarter. Reuter

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"21663"

"17013"

21-APR-1987 12:13:34.25

NEW YORK TIMES <NYT> SEES UNEVEN GAINS IN 1987

Bankers Trust New York Corp said its first quarter foreign exchange trading income rose to 82.8 mln dlrs from 20.9 mln dlrs in the first qtr of 1986, offsetting the bank's 7.4 mln dlr loss incurred from placing 540 mln dlrs of Brazilian loans on a non-accrual status. Earlier, the bank reported that first quarter net income increased to 124.2 mln dlrs, or 1.77 dlrs a share, from 115.9 mln dlrs, or 1.64 dlrs a share, a year ago. Bankers Trust chairman Alfred Brittain III said increased non-interest income, a lower provision for loan-losses and increased net interest income also helped first quarter net. Bankers Trust previously announced that the 540 mln dlrs in non-accruable Brazilian loans would cut its first quarter earnings by 7.4 mln dlrs, and could slice about 30 mln dlrs from the full year's net. Bankers Trust said non-interest income in the first quarter equaled 275.4 mln dlrs, up 37.1 mln dlrs from a year ago. Loan losses fell in the quarter to 22 mln dlrs, versus 40 mln dlrs a year ago while taxable net interest income remained flat at 266 mln dlrs, the bank said. Reuter

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21-APR-1987 12:14:27.18

BANKERS TRUST <BT> TIES NET TO CURRENCY EARNINGS

Altex Industries Inc said it agreed to sell the assets of its wholly-owned oilfield service subsidiary, Parrish Oil Tools Inc. The price and buyer were not disclosed. Altex said Parrish had a loss from operations of 428,000 dlrs on revenues of 881,000 dlrs in fiscal 1986 and a loss from operations of 48,000 dlrs on revenues of two mln dlrs in fiscal 1985. Reuter

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"17015"

21-APR-1987 12:15:12.80

ALTEX <AII> TO SELL OILFIELD SERVICES ASSETS

Imark Industries Inc said its directors approved payment of an annual dividend of 25 cts on May 21, record May seven. The company paid the same dividend last year. Reuter

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"17016"

21-APR-1987 12:17:02.35

IMARK INDS <IMAR.O> VOTES ANNUAL 25 CT DIVIDEND

Duquesne Light Co president Wesley von Schack told shareholders that current state law and regulatory policies will result in higher capital rates and higher rates for customers. "Pennsylvania's recently enacted excess capacity legislation denies shareholders the opportunity to earn a fair return on their investment and undermines economic development in Pennsylvania," von Schack told shareholders at the annual meeting. Von Schack said two major bond rating agencies have recently downgraded Duquesne's credit rating due to regulatory uncertainty. The action will result in higher capital rates and higher rates for customers, he said. He said the Pennsylvania Utility commission indicated in its most recent rate case decision that even if newly constructed Perry No. 1 nuclear plant was in commercial operation, shareholders would be denied a return on their investment in the plant. Von Schack called on shareholders to join it and certain legislators' efforts to create a partnership to fight these issues and resolve these problems. Reuter

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21-APR-1987 12:17:09.99

DUQUESNE LIGHT <DQU> HURT BY LEGISLATION

Kuwait, a major oil producer hit by last year's price slump, is leaning towards a more creative monetary policy to help spur its economy, banking sources said. "There is a clear emphasis on encouraging the use of money in productive ventures, rather than having it all tied up in interest bearing investments which have no direct productive outlet," one banker said. Kuwait's Central Bank yesterday cut one key money market rate and abandoned another which had been used since February 1986 to direct inter-bank borrowing and lending costs. The bank reduced to six pct from 6-1/2 pct the rate at which it will offer funds of one month to one year in the inter-bank market. This, in turn, affected retail rates. The cut, the third this year, followed a major overhaul of interest rate policy last month which Central Bank Governor Sheikh Salem Abdul-Aziz al-Sabah said was designed to revive the economy. One banker said "There is growing flexibility, creativity, in interest rate policy, amid an awareness of the need to diversify the economy by stimulating the non-oil sector." For the first time in nearly three years domestic interest rates are now significantly below those for the U.S. Dollar, a favourite haven for Gulf speculative and investor funds in the past, banking sources said. Despite uncertainties generated by the 6-1/2 year old Iran- Iraq war on Kuwait's northern doorstep, bankers play down the prospect of any significant capital flight. The Kuwaiti dinar, whose value is set by the Central Bank and was fixed today at 0.27095/129 to the dollar, is stronger now than for several years. Fears that the dollar may fall further will prompt second thoughts among Kuwaiti investors prepared to consider switching funds into the U.S. Currency, the sources said. "There is a distinct exchange rate risk," they added. Bankers said the dollar slump hurt many investors behind the last major capital outflow in 1984, encouraged then by 18 pct U.S. Interest rates and the start of Iranian attacks on neutral shipping in the Gulf. The Central Bank calculates its dinar exchange rate against a basket of currencies. Bankers do not know the basket's exact make-up but say it is weighted heavily in favour of the dollar. Some bankers believe any strengthening of the dinar beyond 0.27000 to the dollar might provoke investors into shifting funds into the U.S. Currency. "They may ask:When will the dollar be so cheap again?" one said. And with dinar interest rates now roughly one pct below those for the dollar, they say the Central Bank faces a delicate balancing role requiring further flexibility. Bankers said the current, expansionary interest rate policy is only part of a broader attempt to encourage local investment and strengthen the backbone of the economy. They estimate the economy, measured in terms of GDP and allowing for inflation, shrank 19 pct in 1986 after an 8.1 pct contraction the previous year. Bankers also noted recent measures to stimulate stock market activity, capped today by sharp cuts in brokerage fees to make it cheaper for investors to trade. REUTER

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21-APR-1987 12:17:49.31

CREATIVE MONETARY POLICY TO SPUR KUWAITI ECONOMY

CSX Corp said that Joseph Abely, chairman and chief executive officer of CSX's Sea-Land Corp unit, will retire by the end of the month. The company said he will be replaced by Robert Hintz, executive vice president of CSX and president and chief executive officer of the company's energy and properties groups. Reuter

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21-APR-1987 12:23:33.91

CSX <CSX> UNIT CHAIRMAN RETIRES

A Brazil Fund through which foreign investors will be able to buy stocks in Brazilian companies should start operating in about two months, the Securities and Exchange Commission said. A spokesman told Reuters that four institutions in the United States were interested in participating in the Fund -- Merrill Lynch and Co Inc, Salomon Brothers Inc, the IFC and the First Boston Corp. The spokesman said the Fund, approved last December, was expected to attract about 100 mln dlrs of investments. Reuter

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21-APR-1987 12:28:08.02

BRAZIL FUND SHOULD START OPERATING SOON

Japan bought 4,000 tonnes of Canadian rapeseed for last-half May/first-half June shipment, nearly completing buying for May needs, trade sources said. Price details were not available. Reuter

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21-APR-1987 12:36:27.62

JAPAN BUYS 4,000 TONNES OF CANADIAN RAPESEED

South Korea yesterday bought 50,000 tonnes of Canadian feed wheat for late June/early July shipment at 95.00 dlrs per tonne FOB Vancouver, trade sources said. Reuter

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21-APR-1987 12:39:08.68

SOUTH KOREA BUYS 50,000 TONNES CANADIAN WHEAT

Congress returned from its Easter recess ready for the annual Spring budget battle that promises to be a partisan dispute. The budget fight pitting Democrats against President Reagan and Republicans is expected to get underway this week in the Senate late this week and last at least another week. It is taking on new prominence because of current trade woes. That is because the budget problems and its associated huge deficits are said to be at the root of related international trade friction currently worrying financiers. As the dollar slides downward on global markets and stock exchanges gyrate wildly, the trade dispute involving the United States and Japan once again is spreading fears of a major trade war between the two trading giants for the first time since World War II. Ostensibly that dispute is over U.S. charges that Japan is refusing to open its markets to semi-conductor chips and the resulting U.S. tariffs doubling prices of Japanese televisions and small computers. Behind the elements of a brewing trade war which neither side wants, is the dilemma of the U.S. budget and its deficit. Some analysts say the financial markets may be waking up to the economic realities that the huge debt cannot continue to grow without repercussions. A large portion of the U.S. debt has been financed by foreigners from their accumulated trade surpluses. But if they withdraw this support the result can only be further problems, including higher interest rates for Americans. In a nutshell, the U.S. budget process has now moved to the showdown stages in Congress. Reagan's own trillion dollar spending budget for the government year 1988, starting Oct. 1, was trounced badly in the House on April 9. The Senate takes up a plan similar to one that passed the House, calling for slashing the deficit from its estimated 171 billion dlr level next year to about 134 billion dlrs, through defense and domestic spending cuts and about 18.5 billion dlrs in new, unspecified, taxes. As the Senate prepares to take up its own budget plan, majority Democrats predict there will be passage of a bill, only after a protracted partisan battle. In the House, not one Republican voted for the budget, which passed by 230 to 192. In the Senate, none of Reagan's Republicans voted for the budget as it passed out of the Senate Budget Committee for full Senate consideration. A key Senate Budget Committee source told Reuters he believes this very unusual unanimous opposition was by design among congressional Republicans, perhaps with the tacit approval of the White House. "Republicans want Democrats to take the heat for any tax hikes and defense cuts," he said. In the coming weeks, the source said, Democrats will press for a bipartisan budget and seek a negotiated budget with Reagan -- who already is opposed to the idea. But "it is not clear how the Republicans will act," he added. He said Republicans may propose their own plan for lower taxes and more defense spending, which they did not offer after Reagan's budget was clobbered in an early vote in the House. When Reagan entered the White House in 1981, he inherited what was labelled a huge deficit from Jimmy Carter that wound up to be nearly 79 billion dlrs that year. Despite Reagan's promise to balance the budget by 1983, critics note that his administration's record of accumulated debt is estimated over one trillion dlrs, or 1,100 billion dlrs. That is money the government must borrow, and pay back, and many analysts say it is what kept the dollar high and caused the worst U.S. trade deficit ever. Last year the United States bought goods from the world worth 169.8 billion dlrs more than what it sold, including purchases of 58.6 billion dlrs in Japanese goods. While Congress is trying to attack the trade deficit on one front through a get-tough trade bill promising retaliatory measures unless all markets are opened, its success so far against the budget deficit has been marked by limited progress. Congress, which controls the pursestrings, has put the deficit on a downward path from its record high of 220.7 billion dlrs accumulated in fiscal 1986, which ended Sept. 30. Because of the Gramm-Rudman-Hollings balanced budget law enacted in late 1985, there has been pressure on Congress to do more than talk about deficits. That law, named after Republican Senators Phil Gramm of Texas, Warren Rudman of New Hampshire and Democrat Ernest Hollings of South Carolina, calls for a balanced budget by 1991 through a series of set deficit targets that Congress must meet. The law has been followed, even though an enforcement mechanism to mandate automatic across-the-board cuts if Congress misses its goal was stricken by the Supreme Court. The legislators have followed the targets -- on paper. But in reality, the goal has actually been missed. For example, Congress last year approved legislation to meet the 1987 target of a 144 billion dlr deficit. But even after approving the numbers, the deficit for 1987 is estimated at over 170 billion dlrs -- far off the target. This year the target is 108 billion dlrs and that goal is expected to be missed widely. Reuter

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21-APR-1987 12:39:55.30

SENATE PREPARING FOR NEW U.S. BUDGET BATTLE

Commonwealth Edison Co is raising 360 mln dlrs via a two-tranche offering of first and refunding mortgage bonds, said lead manager Morgan Stanley and Co Inc. A 200 mln dlr issue of bonds due 1990 has an 8-1/8 pct coupon and was priced at 99.775 to yield 8.21 pct, or 65 basis points over comparable Treasury securities. A 160 mln dlr offering of bonds due 1992 has an 8-5/8 pct coupon and was priced at 99.85 to yield 8.661 pct, or 78 basis points more than Treasuries. Both tranches are non-callable for life and rated A-3 by Moody's and A by S and P. Salomon Brothers Inc co-managed the deal. Reuter

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"17024"

21-APR-1987 12:42:37.02

COMMONWEALTH EDISON <CWE> SELLS MORTGAGE BONDS

James Stuckert, a Louisville, Ky., businessman, told the Securities and Exchange Commission he has acquired 380,000 shares of Royal Resources Corp, or 5.7 pct of the total outstanding common stock. Stuckert said he bought the stake for 600,000 dlrs solely as an investment. Reuter

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"17025"

21-APR-1987 12:47:33.66

BUSINESSMAN HAS ROYAL RESOURCES <RRCO.O> STAKE

American Telephone and Telegraph Co introduced two communications systems, Spirit and Merlin, and other products, in a bid to strengthen its position with small businesses, the company said. The Spirit system, with a basic price tag of 1,500 dlrs, can handle up to six lines and 16 telephones and a more advanced line which can handle up to 24 lines and 48 tlelphones. ATT said the Merlin line, which starts at 2,500 dlrs, can handle up to 32 lines and 72 telephones. ATT said the new products will eventually replace the current Merlin product family. Some of the systems will be available in May and others in the third quarter. ATT also introduced software enhancements for the System 25, for business that require PBX voice and data communications and need up to 150 phones. These and other enhancements will be available in the third quarter, the company said. Reuter

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"17026"

21-APR-1987 12:48:28.99

ATT <T> LAUNCHES SYSTEMS FOR SMALL BUSINESSES

Spanish Secretary of State for the economy Guillermo de la Dehesa said the government maintained its five pct inflation target for this year although a 0.6 pct increase in March pushed the rise in the year on year consumer price index to 6.3 pct. De la Dehesa said the March rise, announced today by the National Statistics Institute, was not entirely satisfactory but acceptable. The year on year rate at the end of February was six pct. Prices rose 8.3 pct last year. The March rise included a 0.05 pct increase correcting an error in last January's consumer price index. Economists had earlier said the error could have been as high as 0.2 pct. De la Dehesa said seasonal increases in food prices pushed the index up in March and he expected the rate to be lower in April. The Communist-led Workers Commissions union said the March price rise showed inflation was going up again and the government looked increasingly unlikely to meet its five pct target. The Workers Commissions said the inflation trend fuelled unions's claims to wage increases beyond the government's recomendation to limit wage rises at around five pct. Spain is being affected by a two-month-old wave of strikes for wage rises. Government officials note wage settlements so far this year have yielded average increases upwards of six pct, while unions say the figure is higher then seven pct. REUTER

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21-APR-1987 12:53:58.04

SPAIN MAINTAINS FIVE PCT INFLATION TARGET

The American Petroleum Institute said it plans to release its weekly report on U.S. oil inventories tonight, even though last Friday was a holiday. Reuter

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21-APR-1987 13:00:06.84

API SAID STATISTICS TO BE RELEASED TONIGHT

Danish-based insulin and enzymes producer Novo Industri A/S <NVO.CO> said in a statement that its "B" shares would be listed on stock exchanges in Zurich, Basel and Geneva from May 4. The aim is to create broader European interest in Novo stock, currently listed in Copenhagen, London and New York, said the statement issued after yesterday's ordinary general meeting. Novo said more than 50 pct of its B shares were owned by U.S. Investors. The new listings, the first by a Danish company on the Swiss exchanges, will not involve issuing of new share capital. REUTER

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"17056"

24-APR-1987 06:10:35.04

DENMARK'S NOVO INDUSTRI GETS SWISS SHARE LISTING

The joint committee of Taiwan's maize importers will tender on April 29 for two cargoes of U.S. Maize, totalling between 54,000 and 87,000 tonnes for delivery between May 21 and June 25, a committee spokesman told Reuters. Taiwan has set a calendar 1987 import target of 2.92 mln tonnes compared with imports of 3.05 mln in 1986. About 80 pct of the imports are expected to come from the U.S. And the rest from South Africa, the spokesman said. REUTER

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24-APR-1987 06:16:49.25

TAIWAN TO TENDER UP TO 87,000 TONNES OF U.S. MAIZE

The Swiss National Bank will continue to take part in concerted intervention on currency markets as necessary, president Pierre Languetin told the bank's annual meeting. He said the dollar had on occasion hit highs or lows which bore no relation to economic fundamentals and cooperation between all monetary authorities was necessary to prevent it breaching thresholds that would damage everyone. "We are resolved -- as we have done in the past -- to take part in concerted intervention to the extent that this is possible and desirable," Languetin said. Languetin said Switzerland had noted with satisfaction the six nation Paris accord on currency stabilisation measures in February, adding that it had anchored the principle of strengthened international cooperation. He said measures such as recent concerted intervention were useful in the short term. But he added, "The (Paris) Louvre accord can produce no lasting effects without a correction of the fundamental imbalances, without a reduction of the American budget deficit and without stronger growth in Europe and Japan." Languetin said certain changes would probably be necessary in the "too expansive" monetary policy of the United States, adding that there was a prevailing view that U.S. Money supply was expanding too strongly. "If this should last long the dollar could only be stabilised at the cost of a substantial easing in monetary policy on the part of the other central banks, which would in turn create the basis for a new wave of world-wide inflation," he said. One positive factor was that monetary authorities in the most important countries had not relinquished their anti-inflation policies. REUTER

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24-APR-1987 06:18:18.37

SWISS COMMITTED TO JOINT CURRENCY INTERVENTION

Several Japanese buyers have accepted postponement of between 150,000 and 200,000 tonnes of Cuban raw sugar scheduled for delivery in calendar 1987 until next year following a request from Cuba, trade sources said. Cuba had sought delays for some 300,000 tonnes of deliveries, they said. It made a similar request in January when Japanese buyers agreed to postpone some 200,000 tonnes of sugar deliveries for 1987 until 1988. Some buyers rejected the Cuban request because they have already sold the sugar on to refiners, they added. Japanese buyers are believed to have contracts to buy some 950,000 tonnes of raw sugar from Cuba for 1987 shipment. But Japan's actual raw sugar imports from Cuba are likely to total only some 400,000 to 450,000 tonnes this year, against 576,990 in 1986, reflecting both the postponements and sales earlier this year by Japanese traders of an estimated 150,000 tonnes of Cuban sugar to the USSR for 1987 shipment, they said. They estimated Japan's total sugar imports this year at 1.8 mln tonnes, against 1.81 mln in 1986, of which Australia is expected to supply 550,000, against 470,000, South Africa 350,000, against 331,866, and Thailand 400,000, after 390,776. REUTER

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24-APR-1987 06:34:22.72

JAPANESE BUYERS ACCEPT CUBA SUGAR DELAY - TRADERS

India plans to export about 280 mln kilos of tea a year by 1990, up from estimates of 202 mln in 1986 and 220 mln in 1985, Minister of State for Commerce Priya Ranjan Dasmunsi told Parliament. Bad weather reduced domestic tea output in 1986 causing a shortfall in exports. To boost exports the government recently introduced higher cash compensatory support on packet tea, excise tax rebate of 50 paise per kilo of bulk tea, full rebate of excise duty on packet tea exports and exemption of customs duty on filter paper used in making tea bags, he said. REUTER

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24-APR-1987 06:48:14.73

INDIA AIMS TO EXPORT 280 MLN KILOS TEA BY 1990

Union Bank of Switzerland <SBGZ.Z> said first quarter profits were higher than in the third and fourth quarters of 1986, but were below the record results of the first quarter of last year. Nevertheless, the bank said overall performance in the first three months was satisfactory, with the situation particularly promising in commission, foreign exchange, securities and trading sectors. In a newspaper interview on April 10, chief executive Nikolaus Senn said first quarter earnings had been below last year's level. The bank said its assets grew by 1.2 billion francs in the three month period to reach 153.3 billion at end-March. If it had not been for the decline in the dollar, the rise would have been as much as 4.3 billion francs, it said. REUTER

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24-APR-1987 06:54:11.82

UBS CONFIRMS FIRST QUARTER PROFITS LOWER

Norway's Central Bank reserves totalled 74.77 billion crowns in March, against 70.56 billion in February and 98.55 billion in March 1986, the Central Bank said in its monthly balance sheet. Foreign exchange reserves totalled 67.05 billion crowns, compared with 67.21 billion in February and 92.08 billion crowns a year ago. Gold reserves totalled 284.7 mln crowns, unchanged from the previous month and last year's figure. Central Bank special drawing right holdings were 3.07 billion crowns, compared with 3.06 billion in February and 2.27 billion a year ago. REUTER

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24-APR-1987 07:03:23.39

NORWEGIAN CENTRAL BANK RESERVES RISE IN MARCH

The Bank of Spain announced a one-point rise in overnight call money rates to 16-5/8 pct, which a central bank spokesman said was part of government efforts to control money supply growth. The increase came after yesterday's one-point rise and pushed interbank rates to 19 19-1/2 pct from 18-1/8 19 pct. The M-4 money supply, liquid assets in public hands, the broadest measure of money supply, rose 14.1 pct in the first three months compared with this year's eight pct target. Money supply growth was 11.4 pct last year. REUTER

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24-APR-1987 07:14:16.83

BANK OF SPAIN RAISES INTEREST RATES

The Bundesbank intervened in the open market to buy dollars for yen ahead of the Frankfurt fixing, dealers said. They said the Bundesbank bought dollars for around 139.80 yen in small amounts in the half-hour running up to the 1100 GMT fix. The Bundesbank did not intervene when the dollar was fixed in Frankfurt at 1.7969 marks. Earlier the Bank of Japan bought dollars steadily in the Far East, but could not stop heavy selling which pushed the dollar to a post-war low of 139.05 yen at one point. REUTER

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24-APR-1987 07:21:43.09

BUNDESBANK BOUGHT DOLLARS FOR YEN IN OPEN MARKET

A Swiss National Bank spokesman said the bank had not intervened in currency markets today and dealers said they had seen no evidence of Bundesbank action outside West Germany. Frankfurt dealers reported that the Bundesbank bought dollars for yen in the open market there. Zurich dealers said the absence of the Swiss National Bank suggested that no concerted intervention was under way. Asked earlier today if the Swiss National Bank had intervened, the spokesman said "not yet." REUTER

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24-APR-1987 07:22:09.79

NO SWISS NATIONAL BANK INTERVENTION SEEN

The Bank of Japan intervened just after the Tokyo market opened to support the dollar from falling below 140.00 yen, dealers said. The central bank bought a moderate amount of dollars to prevent its decline amid bearish sentiment for the U.S. Currency, they said. The dollar opened at a record Tokyo low of 140.00 yen against 140.70/80 in New York and 141.15 at the close here yesterday. The previous Tokyo low was 140.55 yen set on April 15. REUTER

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24-APR-1987 07:23:50.50

BANK OF JAPAN INTERVENES IN TOKYO MARKET

French sugar beet plantings are off to a good start, thanks to generally favourable winter and spring weather, the CGB beet planters' association said. It said in a report that soil structure was likely to be excellent for good preparation as a result of a cold, reasonably showery, winter. By April 15, 27.8 pct of the area had been sown against three pct at the same year ago date. It added the area sown was likely to be reduced this year by 1.2 pct to 445,000 hectares. REUTER

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24-APR-1987 07:26:38.57

FRENCH BEET PLANTERS SEE FAVOURABLE SOWINGS START

Japan should look out for possible effects of the yen's recent sharp rise on Japan's economy as growth remains slow, the government's Economic Planning Agency said in a monthly report submitted to cabinet ministers. EPA officials told reporters the underlying trend of the economy is firm but growth is slow due to sluggish exports. Customs-cleared exports by volume fell 4.9 pct month-on-month in February after a 2.8 pct fall in March. The government must take adequate economic measures to expand domestic demand and stabilise exchange rates in a bid to ensure sustained econonic growth, the report said. The report made a special reference to the yen's renewed rise and its effect on the economy, the officials said, adding the agency's judgement of current economic conditions has not changed since last month. The EPA said last month Japan's economy is beginning to show signs of bottoming out, conditional upon exchange rates. The dollar fell below 139 yen in early trading today - a post-war low. REUTER

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24-APR-1987 07:28:06.22

JAPAN AGENCY URGES WATCH ON YEN RISE EFFECTS

The Dutch central bank has intervened in the currency markets today, in apparent concerted action with other central banks, foreign exchange dealers said. They detected selling of the yen for dollars, which some estimated would run to a moderate 200 mln guilders, comparable to token Dutch intervention reported last week. Other dealers, however, said they believed today's moderate intervention had been in guilders against dollar. The dealers agreed the intervention was minimal and more a political gesture than a market moving force. REUTER

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24-APR-1987 07:54:16.72

DEALERS SEE MODERATE DUTCH CENTRAL BANK YEN SALES

Prime Minister Yasuhiro Nakasone's unpopular sales tax plan has been defeated and although fellow politicians and political analysts agree he has suffered a grave loss of face only a few are willing to write him off. Michio Watanabe, a Nakasone faction member and deputy secretary general of the ruling Liberal Democratic Party, LDP, is one of those who believes he will survive. "He's tough, he won't step down," but "will hang on to the death" at least until his term ends on October 30, Watanabe told Reuters. The sales tax scheme was a mainstay in Nakasone's plans to revamp the nation's tax system for the first time in 36 years. Watanabe acknowledged that the five pct sales tax was a mistake. "It was too greedy," he said. A two or three pct tariff might have been easier to swallow, he said. One popular school of thought among skeptical analysts is that Nakasone will be remain in office at least until the June 8-10 summit of industrialised nations in Venice. A Western diplomatic observer said he believed that Nakasone would be at the summit as prime minister. But he would not bet on his chances of survival up until October. Masamichi Inoki, a senior fellow at the conservative Institute of Peace and Security, said he did not think Nakasone had suffered irreparable damage. "He will certainly hang on for the summit," Inoki said. In any event, the general belief now is that the five pct sales tax, as championed by Nakasone, is a dead issue but that an indirect tax, in another form, will be introduced by the LDP. Inoki said he believed the issue would be resurrected as early as the next Diet (parliament) meets. The current session finishes on May 27. The newspaper Tokyo Shimbun expressed another stream of opinion, stating that Nakasone might well get another year to deal with the unfinished and unpopular business of tax reform. The government has to find a way of generating revenue to support an expected glut of elderly Japanese. And the only means of drumming up the money is to levy an indirect tax, said Watanabe, a former Minister of International Trade and Industry. The next prime minister will have to grapple with an indirect tax, and "whoever is the next prime minister won't be in the job very long," Watanabe said. Watanabe said he doubted the next prime minister would be any of the three so-called "New Leaders," LDP secretary general Noboru Takeshita, LDP executive council chairman Shintaro Abe, and Finance Minister Kiichi Miyazawa. Each of them controls a powerful LDP faction. "It will be somebody else," he said. Political science professor Rei Shiratori of Dokkyo University gave one of the darkest readings on Nakasone's political future. "Soon after the Venice summit, there will be a move to change the government by the New Leaders," Shiratori said. "He can't fight on," he said. He said Nakasone had a special emotional attachment to the sales tax plan as the last and most important item in Japan's purge of policies inherited from the U.S. Occupation. Shiratori said an indirect tax will have to be levied, but "to introduce such a tax, they'll have to change the prime minister." Nevertheless, Shiratori said he believes Nakasone could hang on until as late as September. REUTER

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24-APR-1987 08:05:55.09

NAKASONE EXPECTED TO SURVIVE SALES TAX DEFEAT

The Bank of Japan does not intend to ease credit policy further, bank officials told Reuters. They were responding to rumours in the Japanese bond market that the central bank was planning to cut its 2.5 pct discount rate soon, possibly before Prime Minister Yasuhiro Nakasone leaves for Washington on April 29. Bank of Japan governor Satoshi Sumita will be in Osaka, western Japan on April 27 and 28 for the annual meeting of the Asian Development Bank, making a rate cut announcement early next week a virtual impossibility, they said. April 29 is a holiday here. REUTER

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24-APR-1987 08:22:48.54

JAPAN DOES NOT INTEND TO EASE CREDIT - OFFICIALS

Finance Minister Kiichi Miyazawa said Japan has no plans to take new emergency measures to support the dollar, other than foreign exchange intervention. He also told reporters that many major nations yesterday intervened heavily to support the dollar against the yen. Yesterday's intervention was large in terms of the countries involved and the amounts expended, he said. With the continued fall of the dollar against the yen, speculation had arisen in currency markets here that Japan might take new measures to support the U.S. Currency, such as curbing capital outflows. Miyazawa said that yesterday's news of a 4.3 pct rise in U.S. Gnp in the first quarter had been expected. Although the growth looks robust on the surface, the figures in reality are not that good, he said. He said the ruling Liberal Democratic Party (LDP) is expected to come up with a final set of recommendations of ways to stimulate the Japanese economy before Prime Minister Yasuhiro Nakasone leaves for Washington next week. Commenting on yesterday's report on economic restructuring by a high-level advisory panel to Nakasone, Miyazawa said it was important to put the panel's recommendations into effect. REUTER

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24-APR-1987 08:23:17.24

JAPAN HAS NO PLANS FOR NEW MEASURES TO AID DLR

A strike by Japanese dockworkers will continue over the weekend as no breakthrough is in sight, a Japan Harbour Transportation Association spokesman said. The association has not yet agreed on a schedule for preliminary negotiations with the National Council of Harbour Workers Unions, because the council insisted on talks with shippers as well as dock management, he said. The strike, which began on Tuesday, halted container movements to points inside Japan from the ports of Tokyo, Yokohama, Nagoya, Osaka, Kobe, Kitakyushu, Shimizu, Yokkaichi and Hakata. Reuter

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24-APR-1987 08:28:22.67

JAPAN DOCK STRIKE TO CONTINUE OVER WEEKEND

Taiwan and the U.S. Have revised and extended their textile export agreement after negotiations in Washington this week, a spokesman for the Taiwan Textile Federation said. Charles Chen told Reuters the original three year accord has been extended by one year to the end of 1989. The U.S. Has agreed to raise the limit on annual growth of Taiwan's textile and apparel exports to one pct from 0.5 pct for calendar 1989, he said. "The new accord is more fair and gives breathing space to our textile makers (so they can) diversify their exports to other nations," he added. Chen said the revised agreement puts Taiwan on similar textile exporting terms to Hong Kong and South Korea. But despite the changes, Taiwanese firms have lost orders to rivals in Hong Kong and South Korea because of the strong Taiwan dollar, he said. The Taiwan currency has risen 17 pct against the U.S. Dollar since September 1985 while the Korean won rose by some six pct and the Hong Kong dollar was stable. Taiwan's textile exports to the U.S. Amounted to 2.8 billion U.S. Dlrs last year out of total exports to the U.S. Of 7.8 billion. Textile exports are expected to remain the same this year, Chen said. REUTER

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24-APR-1987 08:36:19.96

TAIWAN WINS REVISED TEXTILE ACCORD FROM U.S.

Japan's ruling Liberal Democratic Party (LDP) drew up a final plan to expand domestic demand and boost imports in time for Prime Minister Yasuhiro Nakasone's visit to Washington next week, LDP officials said. The plan calls for additional fiscal measures worth more than 5,000 billion yen, a large-scale supplementary budget for the current fiscal year started April 1, and concentration of more than 80 pct of the annual public works budget in the first half of the year, they said. Nakasone will explain the measures to U.S. Officials during his visit to Washington starting April 29. The LDP plan will be the basis for a government package of pump-priming measures expected to be unveiled in late May. The LDP said Japan should do more to reduce its trade surplus. Its plan is expected to help increase economic growth led by domestic demand, officials said. The government was also urged to review the ceiling on budgetary requests for investment purposes in 1988/89. The government has imposed a five pct cut in investment outlays in the past five years in line with Nakasone's avowed policy of fiscal reforms. The plan called on Japan to promote government purchases of foreign goods and private sector imports of manufactured goods by improving import financing, and to make clear official procurement procedures for foreign supercomputers. The LDP also said Japan should contribute further to society at large through measures such as doubling its official development assistance to 7.6 billion dlrs in five years or so instead of seven years as the government had originally promised. The government was urged to work out a program to recycle funds from Japan's trade surpluses to debt-ridden countries. The officials said the funds to be recycled would include those from the private sector and others provided through the government Export-Import Bank of Japan and Japan's Overseas Economic Cooperation Fund. The plan also calls for the government to take steps to help the development of African and other less developed nations. The LDP called for adequate and flexible management of monetary policy, such as a cut in interest rates on deposits with the Finance Ministry's Trust Fund, and a tax cut to promote plant and equipment investment. REUTER

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24-APR-1987 08:37:06.39

JAPAN RULING PARTY PREPARES FINAL ECONOMIC PACKAGE

Friedman Industries Inc said shareholders at a special meeting held for a vote on its proposed merger into companies controlled by Venezuelan businessman John Castellvi failed to provide a high enough affirmative vote for approval. It said about 75 pct of the shares entitled to vote at the meeting were voted in favor, but an 80 pct vote was needed. The company said a significant number of shares held in street name were not voted. As a result, it said it adjourned the meeting until April 28 and, if the merger is approved, closing is expected late next week. Reuter

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24-APR-1987 08:39:45.06

FRIEDMAN INDUSTRIES <FRD> MERGER NOT APPROVED

Long-term bank sources confirmed their banks have decided to leave the current 5.2 pct long-term prime rate unchanged. The current rate has been in effect since March 28. The bankers said the rate was unchanged because the falling dollar and the bond market rally made it difficult to clarify the current level of yen interest rates. There had earlier this week been expectations of a 0.2 point cut from today in response to the fall in the secondary market yield in five-year long-term bank debentures, but bankers said last night the rate would be unchanged. REUTER

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24-APR-1987 08:44:46.92

BANKERS CONFIRM JAPAN LONG-TERM PRIME UNCHANGED

The Dutch central bank has intervened in the currency markets today, in apparent concerted action with other central banks, foreign exchange dealers said. They detected selling of the yen for dollars, which some estimated would run to a moderate 200 mln guilders, comparable to token Dutch intervention reported last week. Other dealers, however, said they believed today's moderate intervention had been in guilders against dollar. The dealers agreed the intervention was minimal and more a political gesture than a market moving force. REUTER

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24-APR-1987 08:45:02.17

DEALERS SEE MODERATE DUTCH CENTRAL BANK YEN SALES

Shell Canada Ltd said performance in all business segments in the first quarter showed improvement over last year and it expects "significantly enhanced performance" in 1987. Shell Canada reported first quarter earnings of 103 mln dlrs, or 90 cts per share, up from 40 mln dlrs, or 32 cts per share. Oil products earnings were 38 mln dlrs, up 19 mln dlrs from last year, when margins were impaired by lower oil prices. Shell Canada said chemical earnings were 17 mln dlrs in the quarter, compared with a loss of five mln dlrs in 1986. The styrene business saw significant improvement, stemming from an increase in international demand. Resources earnings increased by six mln dlrs to 46 mln dlrs. Lower prices for all commodities were offset by the removal of the Petroleum and Gas Revenue Tax, the impact of lower royalty rates and higher volumes. Gross production of crude oil and natural gas liquids increased seven pct from the first quarter of last year to 11,200 cubic meters a day, Shell said. Shell Canada also said natural gas sales volumes of 19.6 mln cubic meters a day was up five pct from last year. Sulphur sales of 4,143 tonnes a day were up 70 pct. The company also recorded benefits of 10 mln dlrs from the acquisition of Shell Explorer Ltd. Interest expense for the quarter was lower than in the previous year, due to the early retirement of a 200 mln U.S. dlr debenture and the impact of a stronger Canadian dollar on U.S. dollar-denominated debt. Reuter

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24-APR-1987 08:47:39.31

SHELL CANADA <SHC.TO> SEES BETTER YEAR

Valero Natural Gas Partners LP, 49 pct owned by Valero Energy Corp <VLO>, said a jury in Sutton County, Texas, district court has found that it had no liability for 21 mln dlrs in take-or-pay claims that had been alleged by Lively Exploration Co. Take-or-pay claims involve allegations that natural gas supply contracts require volume of natural gas to be paid for even if not taken. As a result of declining markets, most pipelines, like Valero, do not have customers for all the gas that could be delivered by producers, such as Lively. Valero said it used as its primary defense the Texas Railroad Commission's rules that require intrastate pipelines to take ratably from their producers and in times of surplus take gas in accordance with priority categories set by the commission. Reuter

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24-APR-1987 08:48:51.41

VALERO PARTNERS <VLP> WINS TAKE OR PAY CASE

Service Resources Corp said its Chas. P. Young Co subsidiary, which has offered to acquire Sorg Inc in a friendly merger at 22 dlrs per share, is willing to explore the possibility that members of the Sorg family and other Sorg shareholders could continue to hold an equity position in the combined company. The company also said it has received a commitment for up to 66 mln dlrs in financing from Security Pacific Corp <SPC> for the merger, the repayment of Sorg's bank debt and working capital of the combined company. Reuter

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24-APR-1987 08:52:42.34

SERVICE RESOURCES <SRC> OFFERS SORG <SRG> STAKE

Hudson's Bay Co said it agreed to sell its entire 54.5 pct interest in Canadian Roxy Petroleum Ltd, a total of about 7.5 mln shares, to Westcoast Transmission Co Ltd <WTC> for 11 dlrs a share. Hudson's Bay said proceeds of about 82 mln dlrs will be used to reduce corporate debt. It said the sale was part of a program of concentrating on its core business of department stores and real estate. The sale is subject to regulatory approvals. Reuter

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24-APR-1987 09:00:36.72

HUDSON'S BAY <HBC.TO> SELLS ROXY <CNR.TO> STAKE

The visit this week by a special Japanese envoy has done little to defuse Japan's trade frictions with the United States, U.S. and congressional leaders say. White House and congressional leaders took a wait-and-see stance, after a series of meetings with former Japanese Foreign Minister Shintaro Abe, who was here paving the way for the April 29-May 2 visit of Prime Minister Yasuhiro Nakasone. They are withholding judgment until Nakasone's visit, with one senator saying Japan had promised to stimulate its economy and open its markets to foreign goods in the past, but it was time now for action. The U.S. trade deficit last year was a record 169.8 billion dlrs, with more than one-third of it in trade with Japan. Congress is ready to approve tough trade legislation to try to turn around the deficit, which has cost millions of U.S. jobs and closed thousands of factories. Much of the anger has been directed at Japan. U.S.-Japan trade friction was further fueled by President Reagan's April 17 decision to impose 100 pct tariffs on 300 mln dlrs worth of Japanese goods in retaliation for unfair practices in semiconductor trade. Reagan said he imposed the tariffs on personal computers, television sets and hand tools because Japan failed to keep an agreement to end dumping semiconductors in world markets at less than cost and to open its home market to U.S. products. Abe had asked Reagan to end the tariffs quickly, but U.S. officials said the curbs would not be dropped until Japan had shown it was honoring the pact, which could take several months. White House spokesman Marlin Fitzwater, asked if Nakasone's visit might help to defuse trade tensions, said "whether progress can be made depends on how you want to measure it." He added, "I would expect progress to be made. If you want to measure that in terms of lifting the sanctions, that's more doubtful." Congressmen were equally skeptical. Abe met Senate and Democratic leaders active in trade legislation, telling them of Japan's plan to spur domestic spending by 34 billion dlrs and open its markets to a wide range of goods, including supercomputers and farm products. Sen. John Danforth, a Missouri Republican, said after the meeting, "We have heard promises in the past, but the question now is whether there will be real action." Abe also met House leaders pressing for a tough trade bill, including Congressman Richard Gephardt, a Missouri Democrat. Gephardt is sponsoring legislation to penalize nations with large deficits and which are guilty of unfair trade practices. Gephardt's legislation would hit Japan, as well as Taiwan, South Korea, and West Germany. The bill is expected to pass the House next week - coinciding with Nakasone's visit - but its fate in the more moderate Senate is uncertain. A bipartisan group of senators, however, told Nakasone in a letter released as Abe was holding Senate meetings, that fresh Japanese-U.S. trade strife would erupt if Japan's markets were not soon opened to American goods. The signers included Democratic leader Robert Byrd of West Virginia, Republican leader Robert Dole of Kansas and others ranging from moderate to hardline on trade issues. They said in the letter there was growing U.S. sentiment that Japan was fighting opening its markets and "evidence to the contrary is necessary to combat this perception, or it is likley that additional efforts will be attempted to close off the American market to Japanese goods. Reuter

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24-APR-1987 09:05:21.63

U.S., JAPAN TRADE TIES REMAIN HOSTILE

China's textile exports in the first quarter reached a record 2.2 billion dlrs, an increase of 49 pct on the year-earlier period, the People's Daily said. Its overseas edition gave no country breakdown. The U.S. Is one of China's largest markets for textiles. U.S. Commerce Secretary Malcolm Baldrige told a press conference that Chinese textile and apparel exports to the U.S. In 1986 rose 65 pct in value from the 1985 level, a rate of growth that "is not sustainable nor equitable to our other major foreign suppliers." China is now the United States' largest textile supplier, he said. Baldrige declined to say what would be an acceptable growth rate for Chinese textile exports. Negotiations on the next China-U.S. Textile agreement are due to begin in May, he said. "There clearly has to be a limit," he said. "Our economy can only absorb so much textiles. It is in both of our interests to reach a satisfactory conclusion. Without an agreement, we would have a chaotic situation." Reuter

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24-APR-1987 09:11:48.08

CHINA TEXTILE EXPORTS RECORD HIGH IN 1ST QUARTER

The growth of the Swiss economy will likely slow to 2.2 pct this year and 1.9 pct in 1988 after reaching 2.8 pct last year, according to a study by a group at Basle University's Institute of Applied Economics. It blamed the expected slowdown partly on a disappointing outlook for exports caused by the weaker dollar. Exports would likely grow by 2.8 pct this year and by 3.0 pct in 1988, after 3.0 pct in 1986, the group predicted. Final domestic demand will also fall back, to a likely 3.0 pct this year and 2.3 pct next, after 4.1 pct in 1986. However, the domestic picture will likely be mixed. The study said investment in plant and equipment would continue to be the main motor for the growth in domestic demand, although it was unlikely to grow as fast as last year's 7.4 pct, rising this year by 4.5 pct and by 2.8 pct in 1988. While the growth in private consumption is expected to fall back to 2.5 pct this year and 2.1 pct in 1988 from last year's 3.1 pct, public consumption spending will likely grow by 1.9 pct in 1987 and 2.0 pct next year, after 1.5 pct in 1986. Consumer prices were seen rising by 1.7 pct this year and 2.4 pct in 1988, after just 0.8 pct in 1986. Unemployment should fall back to 0.7 pct from last year's 0.8 pct. REUTER

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24-APR-1987 09:16:58.52

SWISS GROWTH SEEN SLOWING THIS YEAR AND NEXT

Chrysler Corp said it and Regie Nationale des Usines Renault <RENA.PA> agreed to set May 5 as the new target date when Chrysler aimed at reaching a definitive agreement for Chrysler for acquire American Motors Corp. AMC is 46.1 pct owned by Renault. The two companies originally had targeted April 23 as completion date for reaching a definitive agreement. Chrysler, which signed a letter of intent on March 9 to acquire AMC, said "considerable progress has been made, but a number of issues remain to be resolved." Reuter

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24-APR-1987 09:18:30.33

CHRYSLER <C> SETS NEW AMC <AMO> TARGET DATE

Moody's Investors Service Inc said it assigned a top-flight Aaa rating to African Development Bank's 15 billion yen senior Samurai bond due 2002 issued in Tokyo. The rating reflects the support provided by the callable capital of non-borrowing member countries, which include the U.S., Japan, Canada, West Germany and several other European nations. Moody's said that African Development Bank's sound lending, borrowing and liquidity policies also support the top rating grade. Reuter

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24-APR-1987 09:18:44.31

MOODY'S RATES ADB'S SENIOR SAMURAI BONDS AAA

The Swiss National Bank bought dollars and sold yen in concerted action along with the Bundesbank and the U.S. Federal Reserve Board, a bank spokesman told Reuters. "We intervened in dollar-yen with the Bundesbank and the Fed," he said. He declined to specify the extent of the intervention, which took place at around 1200 GMT, after reports by Frankfurt dealers the Bundesbank was in the market. The intervention failed to prevent the dollar dipping to 1.4548 Swiss francs at around 1320 GMT, close to its all-time low of 1.4510 francs set on September 26, 1978. It then steadied to 1.4560/75 francs. REUTER

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24-APR-1987 09:29:16.99

SWISS SAY THEY INTERVENED WITH BUNDESBANK AND FED

The Bank of England said it provided the money market with further assistance worth 518 mln stg this afternoon. It bought 349 mln stg of band one bank bills at 9-7/8 pct and 169 mln stg of band two bank bills at 9-13/16 pct. This brings its total assistance on the day to 543 mln stg compared with a liquidity shortage it has estimated at around 850 mln stg. REUTER

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24-APR-1987 09:34:21.09

U.K. MONEY MARKET GIVEN FURTHER 518 MLN STG HELP

Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating today's hog slaughter at about 280,000 to 287,000 head versus 257,000 week ago and 311,000 a year ago. Saturday's hog slaughter is guesstimated at about 40,000 to 55,000 head. Cattle slaughter is guesstimated at about 121,000 to 126,000 head versus 128,000 week ago and 136,000 a year ago. Saturday's cattle slaughter is guesstimated at about 19,000 to 35,000 head. Reuter

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24-APR-1987 09:43:24.20

HOG AND CATTLE SLAUGHTER GUESSTIMATES

U.S. personal income rose 0.2 pct, or 5.4 billion dlrs, in March to a seasonally adjusted annual rate of 3,603.9 billion dlrs, the Commerce Department said. The increase followed an upwardly revised 1.3 pct rise in February. Earlier, the department said income rose 0.9 pct in February. Personal consumption expenditures rose 0.3 pct, or 8.9 billion dlrs, to 2,882.6 billion dlrs in March after rising a revised 2.4 pct in February instead of the previously reported 1.7 pct rise, the department said. Last month's income gain matched a 0.2 pct rise in November and was the lowest since June when income was unchanged. The spending rise was the weakest since January's 2.0 pct decline. The department said the slowdown in income was mainly due to a drop in subsidies to farmers. Excluding that factor, personal income rose 0.4 pct in March and 0.7 pct in February. Wages and salaries rose 7.4 billion dlrs last month after gaining 16.6 billion dlrs in February, while manufacturing payrolls declined 1.3 billion dlrs after rising 2.5 billion dlrs in February. Reuter

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24-APR-1987 10:02:29.91

U.S. PERSONAL INCOME ROSE 0.2 PCT IN MARCH

The European Community is to offer Argentina compensation for its loss of maize and sorghum exports to Spain following Spain's accession to the EC, EC sources said. They said the offer will be made next week in Geneva, headquarters of the General Agreement on Tariffs and Trade (GATT), and will also involve products other than cereals. They gave no further details. Argentine exports of sorghum to Spain fell to zero last year from 300,000 tonnes in 1985, while maize sales fell to 15,000 tonnes from 994,000, official EC statistics show. The sources noted that an agreement between the EC and the U.S. guarantees special access to the Spanish market for two mln tonnes of non-EC maize and 300,000 tonnes of sorghum each year for the next four years. But they said various details of this accord will tend to inhibit imports from Argentina. These include a provision for reduction of the amounts if Spain imports cereals substitutes, and the EC's plan to import the special maize and sorghum on a regular monthly basis. Argentina tends to have exportable quantities only three or four times a year. Reuter

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24-APR-1987 10:10:11.37

EC TO OFFER ARGENTINA GRAIN SALE COMPENSATION

Consolidated Natural Gas Co said its CNG Producing Co subsidiary, bidding alone or with partners, was the apparent high bidder on six of seven tracts it south at Wednesday's sale of federal oil and gas leases in the Gulf of Mexico. The company said it share of the six bids totaled 6.2 mln dlrs. Its 100 pct interest bids were on three offshore tracts -- West Cameron 209, 302 and 303. Consolidated has a 50 pct interest in the bid for Eugene Island 375 and Ship Shoal 128 and 129. The remaining interest in 139 is held by Sun Energy Partners <SLP>, which is 96.3 pct owned by Sun Co Inc <SUN>. <Union Texas Petroleum Corp>, which is 49.7 pct owned by Allied-Signal Inc <ALD>, is Consolidated's partner on the other two tracts. Reuter

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24-APR-1987 10:11:40.65

CONSOLIDATED GAS <CNG>HIGH BIDDER ON GULF TRACTS

General Motors Corp's <GM> Bedford Trucks subsidiary has signed a memorandum of understanding with its affiliate Isuzu Motors Ltd <ISUM.T> to negotiate a van manufacturing joint venture in the U.K. The proposals would involve doubling output at the loss making plant at Luton in southern England to around 40,000 vans a year by 1990. Bedford, faced with reduced demand for heavy trucks in the last few years, stopped most of its heavy truck production at the end of 1986. GM would have a 60 pct stake in the venture and Izuzu 40 pct GM holds a 38.6 pct stake in Isuzu. Bedford already has a link with Izuzu under which it assembles some smaller Japanese vehicles in Britain. A Bedford spokesman said financial details of the deal had not yet been finalised although it was anticipated that the venture would start without debt. Currently the Luton van plant was estimated to be losing some 500,000 stg a week, he added. Bedford's other truck plant, which manufactures military vehicles and trucks in kit form for export, was not involved in the venture. Analysts said the deal was another attempt by U.K. Truck manufacturers to restructure operations and cope with heavy losses and low demand that have hit the market over the past few years. In February, state-owned Rover Group Plc <BLLL.L> formed a joint venture with <Van Doorne's Bedrijswagenfabriek Daf BV> for truck manufacture, with Daf owning 60 pct. Last year, Ford Motor Co's <F.N> U.K. Subsidiary formed a joint venture with Fiat SpA's <FIAT.MI> 's <Iveco BV> for the supply and marketing of small commercial vehicles in Britain. Reuter

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24-APR-1987 10:12:31.76

GM, ISUZU IN U.K. TRUCK JOINT VENTURE

Bethlehem Steel Corp said it was raising the prices by 30 dlrs per ton on section extras on certain wide planned structural shapes. The increase will affect seven wide planned section groups and will increase the price to 500 dlrs per ton from 470 dlrs per ton, effective May 3, the company said. Reuter

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24-APR-1987 10:22:39.00

BETHLEHEM STEEL CORP <BS> INCREASES PRICES

Exxon Corp reported a 37 pct drop in first quarter profits to 1.07 billion dlrs citing lower oil and gas prices. The company said profits in the lastest quarter included a 26 mln drl restructuring gain from divestment of certain gold operations overseas, while last year's first quarter profit of 1.71 billion dlrs included the initial charge of 235 mln dlrs for its 1986 corporate reorganization. First quarter revenues were down 13 pct to 19.44 billion dlrs. One time items aside, Exxon said, its first quarter results were stronger than 1986's final quarter which included several large asset sales and positive inventory adjustments. It said earnings per share declined 36 pct reflecting the company's continued purchases of its own common for the treasury. During the first quarter, 5,085,000 shares were acquired at a cost of 416 mln dlrs compared with 3,132,000 in 1986's fourth quarter. Commenting on the first quarter, Exxon said crude oil prices strengthened moderately within the quarter and were higher than a year ago at the end of the quarter. However, average crude prices for the quarter were below the year ago period, leading to lower earnings for exploration and production operations, Exxon said. Also contributing to reduced earnings were lower natural gas prices, primarily overseas, representing contract adjustments representing contract adjustments tied to falling product prices in 1986, the company said. During the first quarter, the company said, intense competition in both domestic and international markets served to depress margins for refined products. Exxon said the lower product margins resulted in significantly reduced earnings for refining and marketing operations, contrasting sharply with the unusually strong margins prevailing in the first qtr of 1986. It said savings from efforts to control costs and improve efficiency helped soften the negative impact of lower oil and natural gas prices. Exxon said earnings from chemicals and power generation activities showed consideratble improvement, remaining strong throughout the period. Reuter

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24-APR-1987 10:31:44.23

EXXON <XON> NET DROPS ON LOWER OIL, GAS PRICES

Sugar beet planting in Denmark is about two weeks behind normal due to a severe winter and a wet spring, a spokesman for the country's largest sugar beet concern, De Danske Sukkerfabrikker A/S, said. The weather has improved recently but very little beet has been drilled so far. "If good weather conditions continue, I think we will be sowing next week or the following week," the spokesman said. Reuter

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24-APR-1987 10:43:35.83

DANISH SUGAR BEET PLANTING BEHIND SCHEDULE

The Federal Reserve Board has no news conference or announcement planned for today, a Fed spokesman said, dispelling market rumors that a statement was pending. "No such event is scheduled or planned," said spokesman Bob Moore. Rumors of a pending Fed announcement or news conference circulated in financial markets, following a government report that consumer prices advanced by 0.4 pct in March, suggesting a rapid rise of inflation. Reuter

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24-APR-1987 10:48:51.00

FED SPOKESMAN SAYS NO NEWS CONFERENCE PLANNED

Texas Commerce Bancshares Inc said its shareholders approved the merger of the bank with Chemical New York Corp <CHL>, moving a step closer towards creating the nation's fourth largest bank. The company said each holder will receive 31.19 dlrs a share in cash and securities, somewhat less than the 35 dlrs to 36 dlrs a share estimated when the deal was announced on December 15, 1986. The deal is now worth 1.16 billion dlrs. The merger is still subject to approval by Chemical's shareholders, who will vote on the deal at the company's annual meeting on April 28. The company said 98.7 pct of the shareholders voting on the merger cast an affirmative vote. Chairman and chief executive officer Ben Love said all regulatory hurdles to the merger have been cleared, including last week's final approval of the transaction by the U.S. comptroller of the currency. Pending approval of Chemical's shareholders, the merger should be closed by May one, he added. The bank said the combined company will have assets of about 80 billion dlrs. Reuter

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24-APR-1987 10:50:18.12

TEXAS COMMERCE <TCB> HOLDERS APPROVE MERGER

Phillips Petroleum Co cited lower oil and gas prices in its first quarter loss of 32 mln dlrs or 16 cts a shares compared with net income of 96 mln dlrs or 39 cts a share in the year-ago period. It also said there was a decline in crude oil production due to its recently completed asset sales program. Phillips also said it expects crude prices will continue to be soft in the second and third quarters, but will improve toward the end of the year. Phillips also said that foreign currency transaction losses in the first quarter were 10 mln dlrs compared with a gain of 46 mln dlrs in the fourth quarter of 1986 and a loss of one mln dlrs in the first quarter of 1986. Reuter

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24-APR-1987 10:51:04.17

PHILLIPS <P> CITES LOWER OIL PRICES IN DECLINE

Petroleos de Venezuela, PDVSA, the state owned oil company, has re-established posted prices for some light products and heavy fuel oil, industry sources in New York said. The return to posted prices is a sign that the market is returning to a more stable and orderly condition after a year of volatile price movements in which Venezuela ceased posting prices and moved to negotiating prices with companies. "We are in more stable market now and PDVSA has probably decided to return to postings for some products," one industry trade source said. But there was no talk of Venezuela posting prices for crude oil which were also dropped in 1986. Posted prices were dropped in the first quarter of 1986 when prices for crude oil and products tumbled in response to OPEC's market share strategy and netback arrangements. PDVSA has set out posted prices for several groups of light products including gasoline, naphtha, jet kerosene and distillates effective April 15 as follows. Unleaded gasoline was posted at 19.74 dlrs a barrel (47 cts a gallon) with leaded gasoline at 20.16 dlrs a barrel (48 cts a gallon). Light naphtha was posted at 17.85 dlrs a barrel (42.5 cts a gallon), full range naphtha at 19.11 dlrs a barrel (45.50 cts a gallon), and heavy naphtha at 19.53 cts a gallon (46.5 cts a gallon). Jet kerosene was posted at 18.90 dlrs a barrel, also effective April 15, or (45 cts a gallon) with dual purpose kerosene at 18.06 dlrs a barrel (43 cts a gallon). Distillates of 0.2 pct sulphur and 0.3 pct sulphur grades were posted at 18.48 dlrs a barrel (44 cts a gallon), each with 0.5 pct sulphur 18.08 dlrs a barrel (43.05 cts a gallon). LPG postings, also effective from April 15, were made as follows, propane 175 dlrs a tonne (33.33 cts a gallon), butane 210 dlrs a tonne (46.26 cts a gallon) and isobutane at 240 dlrs a tonne. Heavy fuel products were given a posted price effective April 10 and ranged from 0.3 pct sulphur at 19.35 dlrs a barrel to 17.21 dlrs a barrel for 2.8 pct sulphur. Heavy fuel postings are also referred to as minimum export prices. Reuter

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24-APR-1987 10:57:23.61

VENEZUELA RE-ESTABLISHES POSTED PRODUCT PRICES

Oil traders in the New York area said Exxon Corp's Exxon U.S.A. subsidiary raised the price it charges contract barge customers for heating oil in the New York harbor by 0.50 cent a gallon, effective today. They said the 0.50 cent a gallon increase brings Exxon's contract barge price to 49.25 cts a gallon. Reuter

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24-APR-1987 11:09:38.67

EXXON <XON> RAISES HEATING OIL PRICE, TRADERS SAID

NV Philips Gloeilampenfabrieken <PGLO.AS> and General Electric Co Plc <GEC.L> are planning a 50-50 joint venture in the medical equipment field, Philips announced. The venture will group all the medical systems of the two companies, combining GEC's Ohio-based medical division Picker International with Philips' medical division in a new U.S.-based subsidiary. Picker employs 6,000 people worldwide and has production and distribution facilities in North America, Britain, West Germany, the Caribbean and Japan. Picker's turnover in the year ending March 31, 1986 totalled 612 mln dlrs, according to Philips. Philips' own medical systems activities, currently part of its Professional Products and Systems division, with headquarters in the Dutch town of Brest near Eindhoven, has production facilities in the U.S., West Germany, France, Italy and Britain as well as in the Netherlands. Its 1986 turnover was 2.82 billion guilders. Philips said GEC was planning substantial additional investment in the project to bring its share to 50 pct. "The new company will be a vigorous competitor in all the important areas in the world, with matching distribution networks and other facilities capable of meeting the needs of rapidly advancing technology in medical systems," Philips said. Dutch corporate analysts said the merger will create the world's second biggest company specialised in medical technology after U.S. General Electric Co <GE.N>. The new company should start operations in the second half of this year, a Philips spokesman said. Reuter

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24-APR-1987 11:10:16.57

PHILIPS PLANS MEDICAL JOINT VENTURE WITH GEC

Hyundai Auto Canada Inc, wholly owned by the South Korean concern, said it recalled 126,524 cars for inspection of a mechanism that may cause the hood to open without warning while the vehicle is in motion. The company said the voluntary recall affects Hyundai Pony cars sold in Canada and produced before Dec 4, 1986. Hyundai models sold in the United States and other countries are not affected by the recall. Reuter

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24-APR-1987 11:10:37.74

HYUNDAI AUTO CANADA TO RECALL 126,524 CARS

Traders said the Indian State Trading Corporation (STC) bought three 6,000 tonne cargoes of refined bleached deodorised palm olein at its import tender today. They also said the STC is still in the market and additional business may be concluded over the weekend. The confirmed business comprised two cargoes of rbd olein for June shipment at 351.50 dlrs per tonne and one July at 352 dlrs cif, all on 30 pct counter trade. Reuter

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24-APR-1987 11:19:05.03

TRADERS CONFIRM SOME INDIAN PALM OLEIN PURCHASES