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TURKISH-GREEK AEGEAN TENSION ABATES
| Turkey"s standoff with Greece over Aegean
oil rights appeared at an end after the government said it had
been assured Athens would not start prospecting in disputed
waters.
A Foreign Ministry statement last night hinted Turkey was
claiming victory. A Greek-based international consortium, North
Aegean ... | Other |
TOLL BROTHERS INC <TOL> 1ST QTR JAN 31 NET
| Shr 22 cts vs 12 cts
Net 3,243,000 vs 1,656,000
Revs 28.4 mln vs 21.5 mln
NOTE: All amts reflect 3-for-2 stock split of company's
common in form of 50 pct stock dividend paid Feb 26, 1987.
| Corporate News |
BANK SEES MODEST RECOVERY IN GULF ARAB ECONOMIES
| The Emirates Industrial Bank has
predicted a modest economic recovery in the Gulf Arab states
following higher oil revenues.
A bank study, carried by the Emirates news agency WAM, said
total oil revenues of the six Gulf Cooperation Council (GCC)
countries were likely to reach 39 billion dlrs this year f... | Other |
ARAB BANKER SAYS TOO SOON FOR SINGLE CURRENCY
| Gulf Arab states must coordinate
economic policies more closely before moving towards their goal
of a unified currency system, the President of the Arab Bankers
Association said.
Hikmat Nashashibi told a news conference at the end of an
Arab currency traders meeting: "We have to start with
coordinatio... | Other |
CHINA FOREIGN RESERVES EXCEED 10 BILLION DLRS
| China's foreign exchange reserves are
more than 10 billion dlrs, enough to cover import payments for
three to four months, Vice Premier Tian Jiyun said.
He told a news conference that China also has considerable
reserves of gold. He gave no figure.
The last published figure for foreign exchange rese... | Financial Reports |
ITALY RELAXES RESTRICTIONS ON LIRA IMPORTS
| Italy is to modify restrictions limiting
the amount of lira cash that can be brought in and out of the
country, the Foreign Trade Ministry said.
A statement said Foreign Trade Minister Rino Formica has
signed a measure lifting currency regulations that currently
impose a 400,000 lire limit on the value ... | Other |
ARAB FOREX ASSOCIATION ELECTS NEW CHAIRMAN
| The Inter-Arab Cambist Association
(ICA) elected Abdullah al-Dakhil of Kuwait's Burgan Bank its
new chairman, succeeding Hani Ramadan of Beirut Riyad Bank for
a three-year term, ICA officials said
The annual meeting elected three Vice-Chairmen -- Ezzedine
Saidane of Banque Internationale Arabe de Tunis,... | Financial Reports |
COFFEE PRICES BAD NEWS FOR LATIN AMERICA -MINISTER
| A senior Nicaraguan official said a
recent plunge in coffee prices was economically and politically
disastrous for Latin American coffee-producing countries.
Nicaraguan Foreign Trade Minister Alejandro Martinez Cuenca
was in London to brief International Coffee Organisation (ICO)
executive board produce... | Financial Reports |
TURKEY LIFTS SURVEY SHIP ESCORT AS TENSION ABATES
| Turkey pulled warships back from close
escort of its Sismik 1 survey ship as the threat of conflict
with Greece over oil rights in the Aegean Sea abated.
The semi-official Anatolian Agency said naval vessels ended
their close protection of the ship as it continued work in
Turkish waters but were followi... | Corporate News |
TOKYO BIDS TO STOP CHIP ROW TURNING INTO TRADE WAR
| Japan is seeking to prevent its computer
chips dispute with the U.S. From erupting into a full-scale
trade war, government officials said.
"We hope that the dispute on this specific issue won't have
an adverse effect on our overall relationship with the United
States," a Ministry of International Trade ... | Financial Reports |
U.S. SEES MORE HARMONY IN TALKS WITH FRANCE
| The U.S. Expects more harmonious
talks than usual during French Prime Minister Jacques Chirac's
first official visit this week as frequently rancorous disputes
between the two countries begin to fade.
"The Libyan bombing is a thing of the past, the trade war
didn't happen and we have reached reasonably ... | Other |
BANK FUER GEMEINWIRTSCHAFT AG <BKFG.F> YEAR 1986
| Year ended December 31, 1986.
Group net profit 30 mln marks vs 35 mln.
Balance sheet total 61.50 billion marks vs 63.67 billion.
Credit volume 42.00 billion marks vs 43.15 billion.
Parent bank net profit 20 mln marks vs 20 mln.
Transfer to trades union holding co 80 mln marks vs 80 mln.
... | Market and Economy |
BFG PARTIAL OPERATING PROFITS FALL SHARPLY IN 1986
| Bank fuer Gemeinwirtschaft AG
<BKFG.F>, BfG, partial operating profits fell to 182.6 mln
marks in 1986 from 313.7 mln in 1985, new majority shareholder
Aachener und Muenchener Beteiligungs-AG <AMVG.F>, AMB, said.
But total operating and extraordinary profits, including
earnings from currency and s... | Other |
PILLSBURY CO <PSY> VOTES QUARTERLY DIVIDEND
| Qtly div 25 cts vs 25 cts prior qtr
Pay 31 May
Record 1 May
| Other |
DOLLAR OPENS AT A RECORD LOW FOR TOKYO AT 145.80 YEN - DEALERS
|
DOLLAR OPENS AT A RECORD LOW FOR TOKYO AT 145.80 YEN - DEALERS
| Commodities and Trade |
Bank of Japan intervenes, buys dollars around 145.90-95 yen -- Tokyo dealers
|
Bank of Japan intervenes, buys dollars around 145.90-95 yen -- Tokyo dealers
| Corporate News |
DOLLAR FALLS BELOW 145.00 YEN IN TOKYO -- DEALERS
|
DOLLAR FALLS BELOW 145.00 YEN IN TOKYO -- DEALERS
| Financial Reports |
BANK OF JAPAN ALREADY PURCHASED ONE BILLION DLRS IN MORNING INTERVENTION - DEALERS
|
BANK OF JAPAN ALREADY PURCHASED ONE BILLION DLRS IN MORNING INTERVENTION - DEALERS
| Market and Economy |
JAPAN CENTRAL BANK BUYS ONE BILLION DLRS IN TOKYO
| The Bank of Japan has already purchased
more than one billion dlrs in intervention since the opening
and continues to buy the U.S. Currency, dealers said.
The central bank was supporting the dollar against the yen
amid heavy selling pressure from investment trusts and
securities houses which had pushed ... | Corporate News |
Sumita says he does not repeat not expect dollar to fall further.
|
Sumita says he does not repeat not expect dollar to fall further.
| Commodities and Trade |
Japan will continue to cooperate with other nations to stabilize dlr, Sumita
|
Japan will continue to cooperate with other nations to stabilize dlr, Sumita
| Other |
SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL
| Bank of Japan governor Satoshi Sumita
said he does not expect the dollar to remain unstable and fall
further.
He told a Lower House Budget Committee in Parliament that
the Bank of Japan would continue to cooperate closely with
other major nations to stabilize exchange rates.
The central bank has b... | Corporate News |
BERKSHIRE GAS CO <BGAS> PAYS REGULAR QTLRY DIV
| Qtrly div 28.5 cts vs 28.5 cts
Pay April 15
Record March 31
| Financial Reports |
DLR FALLS ON FEAR TOKYO WON'T HIKE DEMAND-MIYAZAWA
| Finance Minister Kiichi Miyazawa said
that the dollar's drop today to 145 yen is partly attributable
to the perception inside and outside Japan that the country has
failed to fulfill its promise to expand domestic demand.
He told a Lower House budget committee in Parliament that
it was natural for other... | Financial Reports |
JAPAN CAREFULLY CONSIDERING MONEY POLICY -- SUMITA
| Bank of Japan governor Satoshi Sumita
said the central bank will carefully consider its monetary
policy in light of the recent sharp fall of the dollar.
Asked if the Bank of Japan will consider a further cut in
its discount rate, he said he now thinks the bank will have to
carefully consider its future ... | Corporate News |
PERU SAYS NEW GOLD DEPOSITS WORTH 1.3 BILLION DLRS
| President Alan Garcia said Peru has found
gold deposits worth an estimated 1.3 billion dlrs in a jungle
region near the Ecuadorean border about 1,000 km north of here.
He told reporters the deposits, located at four sites near
the town of San Ignasio, contained the equivalent of 100 tonnes
of gold.
... | Corporate News |
BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE
| The United States and Japan will
soon settle their trade dispute over semiconductors, U.S.
Commerce secretary Malcolm Baldrige said on television.
Baldrige, referring to the U.S.-Japan trade agreement on
semiconductors, said: "Their government wants to live up to it.
Their industries haven't been doing ... | Corporate News |
29-MAR-1987
| 29-MAR-1987
| Financial Reports |
U.K. WHEAT AND BARLEY EXPORTS ADJUSTED UPWARDS
| The U.K. Exported 535,460 tonnes of wheat
and 336,750 tonnes of barley in January, the Home Grown Cereals
Authority (HGCA) said, quoting adjusted Customs and Excise
figures.
Based on the previous January figures issued on February 9,
wheat exports increased by nearly 64,000 tonnes and barley by
about ... | Corporate News |
BTR NYLEX RAISES OFFER FOR BORG-WARNER AUSTRALIA
| <BTR Nylex Ltd> said it will increase
its takeover offer for Borg-Warner Corp's <BOR> listed unit,
<Borg-Warner (Australia) Ltd> (BWA) to five dlrs each from four
dlrs for all issued ordinary and preference shares.
The new offer values the diversified auto parts
manufacturer's 27.22 mln ordinar... | Commodities and Trade |
INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>
| An investor group trying to acquire
GenCorp Inc said it would move to unseat the board of directors
and take other action if GenCorp refuses to discuss a 2.3
billion dlr takeover bid.
General Acquisition Co, a partnership of Wagner and Brown
and AFG Industries Inc <AFG>, reiterated in a statement sen... | Commodities and Trade |
SUMITOMO MINING <SMIT.T> RAISES NICKEL OUTPUT
| Sumitomo Metal Mining Co said it will
raise its monthly nickel output to around 1,750 tonnes from
April 1 from 1,650 now because of increased domestic demand,
mainly from stainless steel makers.
Sumitomo produced 1,800 tonnes of a nickel a month until
end-1986, but cut output in January because of stagn... | Industrial and Sector News |
Nakasone says major nations committed in Paris to stable dlr above 150 yen
|
Nakasone says major nations committed in Paris to stable dlr above 150 yen
| Financial Reports |
CANADA GDP RISES 3.1 PCT IN 1986
| Canada's real gross domestic product,
seasonally adjusted, rose 1.1 pct in the fourth quarter of
1986, the same as the growth as in the previous quarter,
Statistics Canada said.
That left growth for the full year at 3.1 pct, which is
down from 1985's four pct increase.
The rise was also slightly b... | Financial Reports |
Miyazawa says major nations have intervened aggressively since dlr fell below 150 yen
|
Miyazawa says major nations have intervened aggressively since dlr fell below 150 yen
| Financial Reports |
PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
| U.S. roastings of green coffee in the
week ended March 21 were about 250,000 (60-kilo) bags,
including that used for soluble production, compared with
195,000 bags in the corresponding week of last year and about
300,000 bags in the week ended March 14, George Gordon Paton
and Co Inc reported.
It said... | Financial Reports |
G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE
| Prime Minister Yasuhiro Nakasone said
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
He told a Lower House Budget Committee in Parliament that
the six nations have taken measures, including market
intervention, to support the... | Other |
BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion
|
BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion
| Financial Reports |
AUSTRALIAN SUGAR AREAS SAID RECEIVING SOME RAIN
| Dry areas of the Australian sugar cane
belt along the Queensland coast have been receiving just enough
rain to sustain the 1987 crop, an Australian Sugar Producers
Association spokesman said.
The industry is not as worried as it was two weeks ago, but
rainfall is still below normal and good soaking rain... | Other |
BASF AG <BASF.F> 1986 YEAR
| Year to December 31.
World group pre-tax profit 2.63 billion marks vs 3.04
billion.
World group turnover 40.47 billion vs 44.38 billion.
World group investment in fixed assets 2.66 billion vs 2.46
billion.
Parent company pre-tax profit 1.97 billion vs 1.91 billion.
Parent turnover 18... | Corporate News |
JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED
| Japan is becoming dangerously isolated
again as the U.S. And Europe feel they have been cheated by
Japanese promises to switch from export to domestic-led growth,
officials and businessmen from around the world said.
As the dollar today slipped to a record low below 145 yen,
making Japanese exporters an... | Commodities and Trade |
EAST EUROPE WHEAT WINTERKILL POSSIBLE, ACCU SAYS
| Winter wheat crops in the
western Soviet Union, Poland and eastern Czechoslovakia through
northern Romania may suffer some winterkill over the next two
nights, private forecaster Accu-Weather Inc said.
Western USSR winter wheat areas have had only light and
spotty snow and winterkill is possible tonight... | Commodities and Trade |
Woolworth Holdings says it bidding 244 mln stg for Superdrug stores
|
Woolworth Holdings says it bidding 244 mln stg for Superdrug stores
| Commodities and Trade |
INDONESIA LIMITS OIL PRICE IMPACT-FINANCE MINISTER
| Indonesia has minimised the economic
impact of falling oil prices, kept inflation within limits and
boosted exports, Finance Minister Radius Prawiro said.
Indonesia was badly hit by last year's steep plunge in
crude prices, which cut revenue from oil exports by half.
But Prawiro was quoted by Indone... | Financial Reports |
WOOLWORTH BIDS 244 MLN STG FOR SUPERDRUG
| Woolworth Holdings Plc <WLUK.L> said it
would make a 244 mln stg agreed bid for <Superdrug Stores Plc>
valuing the company's shares at about 696p each.
The offer would be made on the basis of 17 new Woolworth
ordinary shares for every 20 in Superdrug.
Woolworth said it had received acceptances... | Other |
JAPAN HAS LITTLE NEW TO OFFER IN MICROCHIP DISPUTE
| The Japanese government appears to have
little new to offer to settle a dispute with the U.S. Over
computer chips, trade analysts and government officials said.
The U.S. Has threatened to impose tariffs worth up to 300
mln dlrs on Japanese electronics exports to the U.S., In
retaliation for Japan's alle... | Corporate News |
H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE
| Remarks by Japan's Prime Minister
Yasuhiro Nakasone that last month's G-6 meeting agreed to
stabilize the dollar above 150 yen have come too late to
influence currency trading, dealers said.
After Nakasone's statement the dollar rose to 146.40/50 yen
from an initial low of 144.20/40 and New York's Frida... | Financial Reports |
ARBED SA <ARBB.BR> YEAR 1986
| Net profit 890 mln Luxembourg francs
vs 1.12 billion.
Turnover 57.8 billion francs vs 65.3 billion.
Cash flow 5.72 billion francs vs 6.70 billion.
Steel production 3.74 mln tonnes, down seven pct.
Board will decide on April 24 whether to pay a dividend. No
dividend has been paid since 1984... | Other |
CHARMING SHOPPES INC <CHRS> 4TH QTR JAN 31 NET
| Shr 28 cts vs 22 cts
Net 14 mln vs 10.6 mln
Revs 163.8 mln vs 127.3 mln
Year
Shr 81 cts vs 59 cts
Net 40.5 mln vs 28.7 mln
Revs 521.2 mln vs 391.6 mln
| Other |
JAPAN ACTIVELY BOUGHT U.S. CORN LAST WEEK - TRADE
| Japanese feed and starch makers actively
bought U.S. Corn last week, C and F basis, for July/September
shipment in view of bullish freight rates following active
inquiries by the Soviet Union, trade sources said.
Some said the makers were seen buying some 30 pct of their
requirements, estimated at about... | Financial Reports |
ARBED SEES NEED TO MAINTAIN PRESSURE ON COSTS
| The recent deterioration in the
steel market makes it important for Arbed SA <ARBB.BR> to
maintain efforts to reduce costs, the company said in a
statement.
It reported that its competitive position had weakened
considerably in the second half of 1986, leading to a seven pct
cut in steel output ove... | Financial Reports |
BASF <BASF.F> SAYS 1986 RESULTS AFFECTED BY DLR
| BASF AG said
the volatile currency situation last year, particularly the
fall of the dollar, led to sharp drops in turnover denominated
in marks and to price reductions for exports from domestic
production.
But in a statement accompanying year-end figures, the group
said it expected satisfactory busin... | Other |
BAHRAIN INTRODUCES NEW MONEY MARKET REGIME
| Bahrain is introducing a new domestic
money market regime to provide dinar liquidity aid centred on
the island's newly launched treasury bill programme.
The Bahrain Monetary Agency has issued a circular to all
commercial banks outlining a new policy from April 1 which
gives liquidity aid through sale an... | Other |
JAPAN BUYS LARGE AMOUNT OF BRAZILIAN SOYBEANS
| Japanese crushers have bought some
214,000 tonnes of Brazilian soybeans for late April/early July
shipment and may buy up to 140,000 to 190,000 tonnes more for
June to August shipment, trade sources said.
Japan imported 128,089 tonnes of Brazilian beans in
calendar 1986, Finance Ministry customs-cleared... | Market and Economy |
DUTCH MONEY SUPPLY HARDLY CHANGED IN DECEMBER
| Dutch seasonally adjusted M2 money
supply was hardly changed in December at 169.49 billion
guilders compared to 169.56 billion in November, Central Bank
data show.
The figure was 2.6 pct higher than in December 1985.
In November, M2 fell 1.9 pct from its level in October and
was 3.9 pct above its ... | Other |
SINGAPORE WELCOMES NEW LME ALUMINIUM CONTRACT MOVE
| Singapore welcomed the London Metal
Exchange's (LME) decision to list Singapore as a delivery point
for the LME's new dollar-denominated aluminium contract.
Tay Thiam Peng, manager for international trading at the
Trade Development Board, said the decision would boost
Singapore's image as a major delive... | Other |
PANSOPHIC SYSTEMS <PNS> SPLITS STOCK 2-FOR-1
| Pansophic Systems Inc said it
will split its stock two-for-one effective April two to
shareholders of record March 13.
It also said it will pay a six cts per share dividend on
the pre-split shares, a regular quarterly dividend, on April
two to shareholders of record March 13.
| Other |
BANK OF ENGLAND FORECASTS SURPLUS IN MONEY MARKET
| The Bank of England said it forecast a
liquidity surplus of around 100 mln stg in the money market
today.
Among the main factors affecting liquidity, exchequer
transactions will add some 985 mln stg to the system today
while a fall in note circulation and bankers' balances above
target will add around... | Financial Reports |
PHILIPPINE COCONUT AGENCY GETS NEW ADMINISTRATOR
| Newly-installed Philippine Coconut
Authority Chairman Jose Romero has announced the appointment of
lawyer Leandro Garcia as administrator, replacing Colonel Felix
Duenas who is returning to military duty.
The new constitution does not allow military men to hold
positions in civilian agencies.
Duen... | Financial Reports |
TESCO BUYS 5.4 PCT OF HILLARDS
| Tesco Plc <TSCO.L> said <County Bank
Ltd> had bought 165,000 shares in <Hillards Plc> on its behalf,
increasing its stake to 5.4 pct. The shares were bought at
313.25p each.
Tesco is making an opposed 151 mln stg bid for Hillards.
Hillards shares at 0900 GMT were quoted one penny firmer at
... | Financial Reports |
ROYALE BELGE <RBVB.BR> YEAR 1986
| Non-consolidated net profit 3.435
billion francs vs 2.330 billion.
Turnover 39.3 billion francs (no direct comparison)
Own funds 20 billion francs vs 9.2 billion after transfer
of 1.28 billion francs from profits and 8.5 billion from sale
of securities.
Note - company said the figure is slight... | Corporate News |
JAPANESE SHIPYARDS TO FORM CARTEL, CUT OUTPUT
| Japan's ailing shipyards have won
approval from the Fair Trade Commission to form a cartel to
slash production to about half of total capacity for one year,
effective April 1, industry sources said.
The approval follows an act of parliament passed last week
designed to help the industry regroup and shed... | Corporate News |
INDONESIAN RUPIAH SLIPS AGAINST MARK AND YEN
| The Indonesian rupiah has held steady
since its 31 pct devaluation against the dollar six months ago,
but has slipped against the mark and to a lesser extent against
the yen, according to central bank figures.
In the past month, the rupiah has fallen five pct against
the yen. Today's middle rate per 100... | Other |
LAC <LAC> INTERSECTS MORE GOLD AT DOYON MINE
| Lac Minerals Ltd and <Cambior Inc> said
they completed a second hole at their jointly owned Doyon mine
in Quebec, which showed two significant gold intersections.
One intersection graded 0.33 ounce gold a short ton over 44
feet at depth of 1,411 feet, while the other graded 0.22 ounce
gold a ton over... | Corporate News |
PHILIPPINE COCONUT INDUSTRY WORRIED BY EC TAX
| Philippine coconut oil exports to Europe
would be virtually wiped out if the European Community (EC)
implements a new tax on vegetable oils, Philippine Coconut
Authority (PCA) chairman Jose Romero said.
But he told reporters he did not think the EC would impose
the tax because of objections from the U.S... | Corporate News |
WALLENBERG GROUP RAISES STAKE IN ERICSSON
| Sweden's Wallenberg group said it
raised its holding in telecommunications maker Telefon AB L.M.
Ericsson <eric.St.> to 37.5 of the voting rights from 28.9 pct.
The move by the Knut and Alice Wallenberg Foundation, one
of the institutions at the core of the group of companies
formed by the late indus... | Commodities and Trade |
FRENCH FEBRUARY INFLATION CONFIRMED AT 0.2 PCT
| French retail prices rose a confirmed 0.2
pct in February, in line with provisional figures released two
weeks ago showing a rise of between 0.1 and 0.2 pct, the
National Statistics Institute said.
The rise compared with a 0.9 pct rise in January.
Year-on-year retail price inflation was confirmed at... | Financial Reports |
SRI LANKA TO UPROOT OR BUD DISEASED RUBBER TREES
| Sri Lanka will uproot rubber trees that
are more than two years old and affected by the leaf disease
corynespora, the head of the government's Rubber Research
Institute told Reuters.
Rodney De Mel said affected trees less than two years old
would undergo base-budding -- attaching a clone as close as
p... | Financial Reports |
Miyazawa expects dollar to rebound soon, spokesman says
|
Miyazawa expects dollar to rebound soon, spokesman says
| Financial Reports |
PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA
| The Philadelphia Stock Exchange (PHLX),
a leading trader of currency options, plans to extend its
trading hours to serve Australasian and Far Eastern markets,
exchange president Nicholas Giordano said.
He told reporters the PHLX will open a new session between
1900 and 2300 hours U.S. EST from the begin... | Market and Economy |
MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN
| Japanese Finance Minister Kiichi Miyazawa
expects the dollar to rebound soon, a Ministry spokesman said.
He quoted Miyazawa as telling Japanese reporters that major
industrial nations are aggressively intervening in currency
markets worldwide to prevent a dollar free-fall.
The minister believes that... | Market and Economy |
U.K. CONFIRMS FEBRUARY STERLING M3 RISE
| The Bank of England said the broad
measure of U.K. Money supply, Sterling M3, rose a seasonally
adjusted 2.2 pct in February after a 1.1 pct rise in January.
The unadjusted year on year rise was 18.9 pct after 17.6
pct in the year to January, the Bank said.
The narrow measure of money supply, M0, fe... | Financial Reports |
SLOUGH ESTATES VIEWS 1987 PROSPECTS CONFIDENTLY
| Slough Estates Plc <SLOU.L> said it
views the prospects during 1987 with confidence.
In a statement accompanying its 1986 results, it reported a
rise of over 10 mln stg in 1986 pretax profit to 49.6 mln stg
and said there are signs that the existing threat of excess
supply may be lessened in 1987. Th... | Other |
CALMAR <CLMI> SEEKS TO BE ACQUIRED BY <KEBO AB>
| Calmar Inc said KEBOO Ab of
Sweden, which now owns about 64 pct of Calmark, has approved
the acquisition of remaining Calmar shares at 25.375 dlrs in
cash at the request of the Calmar board.
Calmar said a special meeting of its board will be held
March Nine to form a special committee of directors not
... | Commodities and Trade |
EC COMMISSIONER WELCOMES COCOA ACCORD
| The new International Cocoa Agreement
should lead to a stabilisation of prices, both benefitting
producer countries and promoting an equilibrium in
international economic relations, European Community
Development Commissioner Lorenzo Natali said.
He said in a statement welcoming the agreement on buffer
... | Corporate News |
RUGBY WELL PREPARED FOR NEW CEMENT COMPETITION
| Rugby Portland Cement Plc <RBYL.L> said
it was well placed to operate in the new circumstances
following the ending in February of the 53-year old cement
manufacturers common price and marketing arrangements.
In a statement following the release of its 1986 results,
IT stated that the current year ha... | Commodities and Trade |
MANNESMANN BUYS INDIRECT MAJORITY STAKE IN SACHS
| Mannesmann AG <MMWG.F> said it has
reached a series of agreements giving it an indirect majority
stake in the <Fichtel und Sachs AG> car parts group.
The takeover is contingent on approval from the Federal
Cartel Office in West Berlin, a spokesman said, adding that
Mannesmann was confident the aut... | Other |
SINGAPORE M-1 MONEY SUPPLY 2.7 PCT UP IN JANUARY
| Singapore's M-1 money supply rose
2.7 pct in January to 10.09 billion Singapore dlrs after a 3.7
pct increase in December, the Monetary Authority of Singapore
said.
Year on year, M-1 grew by 15.6 pct in January compared with
an 11.8 pct growth in December.
The January rise was largely seasonal, r... | Financial Reports |
B AND C REORGANISES COMMERCIAL OPERATIONS
| British and Commonwealth Shipping Co Plc
<BCOM.L> said that it would reorganise its commercial and
service operations into a single public grouping with
autonomous management.
The group has expanded rapidly in the past year through the
672.5 mln stg acquisition of <Exco International Plc> and 90
... | Corporate News |
JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS
| A Finance Ministry official said the
ministry has recently conducted a survey on foreign exchange
transactions by institutional investors but declined to say if
it was aimed at moderating their dollar sales.
However, financial market sources said they had heard the
ministry has asked life insurance and ... | Market and Economy |
BP U.K. REFINERY DUE TO PARTLY RE-OPEN NEXT WEEK
| The British Petroleum Co PLC (BP.L) oil
refinery at Grangemouth, closed after an explosion and fire
eight days ago, is expected to partially reopen next week, a
refinery spokesman said.
He said the entire 178,500 bpd refinery has been shut since
the accident which killed one person and damaged the site'... | Corporate News |
NO INTERVENTION, DOLLAR FIXED AT 1.8063 MARKS
| The Bundesbank did not intervene as
the dollar was fixed lower at 1.8063 marks after 1.8231 on
Friday, dealers said.
Business calmed down after a hectic start, with European
operators sidelined because of uncertainty about the short-term
direction of the dollar, dealers said. "At the moment, all the
a... | Financial Reports |
TOP QUALITIES SOUGHT ON HAMBURG COFFEE MARKET
| The green coffee market saw some demand
for high quality coffees in the past week, but business was
described as generally unsatisfactory, trade sources said.
Especially sought were spot East African and Ethiopian and
some Brazils, they said, adding that some high grade robustas
also met some demand.
... | Corporate News |
SINGAPORE BANK CREDIT RISES IN JANUARY
| Total loans and advances extended by
banks in Singapore rose in January to 36.01 billion Singapore
dlrs from 35.79 billion in December but fell from 36.93 billion
a year ago, the Monetary Authority of Singapore said.
It said the increase was concentrated in loans to the
manufacturing and real estate sec... | Other |
BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET
| The Bank of England said it had not
operated in the money market during the morning session.
Earlier, the Bank revised its forecast of the liquidity
position to flat from its original estimate of a 100 mln stg
surplus.
| Commodities and Trade |
ASIAN DOLLAR MARKET ASSETS FALL IN JANUARY
| The gross size of the Asian dollar
market contracted to 197.2 billion U.S. Dlrs in January, down
3.4 billion dlrs from December, reflecting a decline in
interbank activity, the Monetary Authority of Singapore (MAS)
said in its latest monthly bulletin.
The assets stood at 151.7 billion dlrs in January la... | Financial Reports |
H.K. M3 MONEY SUPPLY RISES 1.4 PCT IN FEBRUARY
| Hong Kong's broadly defined M-3 money
supply rose 1.4 pct in February to 615.59 billion H.K. Dlrs
from January when it rose 2.2 pct, the government said.
Total M3 rose 22.4 pct from February, 1984. Local currency
M3 rose 0.6 pct to 282.11 billion dlrs from January, and 16.8
pct on the year.
Total ... | Commodities and Trade |
ALGERIA SETS TENDER FOR RAPE/SUNFLOWERSEED OIL
| Algeria will tender on April 3 for
20,000 tonnes of optional origin sunflowerseed oil/rapeseed oil
for Apr/May loading, traders said.
Meanwhile, the market is awaiting results of an Algerian
import tender which took place over the weekend for about
10,000 tonnes of refined vegetable oils in drums, trade... | Corporate News |
ITALY'S BNL NEGOTIATING PURCHASE OF GERMAN BANK
| Italy's state-owned <Banca Nazionale Del
Lavoro-BNL> said it is negotiating to buy a West German bank as
part of its foreign expansion policy.
BNL president Nerio Nesi told a news conference the Italian
bank was currently involved in talks but declined to name the
German institution.
He said th... | Other |
COCOA DEAL SEEN POSITIVE, BUT NO PRICE GUARANTEE
| The buffer stock rules agreement reached
on Friday by the International Cocoa Organization (ICCO) is an
improvement on previous arrangements but the price-support
mechanism is unlikely to do more than stem the decline in cocoa
prices, many ICCO delegates and trade sources said.
The accord was reached be... | Financial Reports |
G-6 WANTS TO HOLD DLR ABOVE 150 YEN - NAKASONE
| Prime Minister Yasuhiro Nakasone said
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
He told a Lower House Budget Committee in Parliament that
the six nations have taken measures, including market
intervention, to support the... | Corporate News |
MIYAZAWA EXPECTS DOLLAR REBOUND SOON - SPOKESMAN
| Japanese Finance Minister Kiichi Miyazawa
expects the dollar to rebound soon, a Ministry spokesman said.
He quoted Miyazawa as telling Japanese reporters that major
industrial nations are aggressively intervening in currency
markets worldwide to prevent a dollar free-fall.
The minister believes that... | Corporate News |
NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE
| Prime Minister Yasuhiro Nakasone sounded
a conciliatory note in Japan's increasingly bitter row with the
United States over trade in computer microchips.
"Japan wants to resolve the issue through consultations by
explaining its stance thoroughly and correcting the points that
need to be corrected," he w... | Financial Reports |
AMYLUM CHAIRMAN DISAPPOINTED BY FERRUZZI-CPC DEAL
| Belgian starch manufacturer <Amylum NV>
is surprised and disappointed that its 675 mln dlr offer for
the European business of CPC International Inc <CPC.N> was
apparently rejected in favour of a lower 630 mln dlr bid by
Italy's <Gruppo Ferruzzi>, chairman Pierre Callebaut said.
Callebaut told R... | Industrial and Sector News |
SUMITA SAYS HE DOES NOT EXPECT FURTHER DOLLAR FALL
| Bank of Japan governor Satoshi Sumita
said he does not expect the dollar to remain unstable and fall
further.
He told a Lower House Budget Committee in Parliament that
the Bank of Japan would continue to cooperate closely with
other major nations to stabilize exchange rates.
The central bank has b... | Financial Reports |
THREE KILLED IN SOUTH AFRICA ZINC REFINERY CLASH
| Three black workers were killed and
seven injured in fighting at a South African zinc refinery last
night, Gold Fields of South Africa Ltd said.
The company said two groups of workers began attacking each
other at about 1000 local time with machetes, knives and sticks
at a hostel at the Zincor plant, so... | Other |
DLR FALLS ON FEARS, MIYAZAWA SAYS
| Finance Minister Kiichi Miyazawa said
that the dollar's drop today to 145 yen is partly attributable
to the perception inside and outside Japan that the country has
failed to fulfill its promise to expand domestic demand.
He told a Lower House budget committee in Parliament that
it was natural for other... | Other |
JAPAN ISOLATED, YEN RISES, WORLD FEELS CHEATED
| Japan is becoming dangerously isolated
again as the U.S. And Europe feel they have been cheated by
Japanese promises to switch from export to domestic-led growth,
officials and businessmen from around the world said.
As the dollar today slipped to a record low below 145 yen,
making Japanese exporters an... | Financial Reports |
PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA
| The Philadelphia Stock Exchange (PHLX),
a leading trader of currency options, plans to extend its
trading hours to serve Australasian and Far Eastern markets,
exchange president Nicholas Giordano said.
He told reporters the PHLX will open a new session between
1900 and 2300 hours U.S. EST from the begin... | Commodities and Trade |
JAPAN CAREFULLY CONSIDERING MONEY POLICY - SUMITA
| Bank of Japan governor Satoshi Sumita
said the central bank will carefully consider its monetary
policy in light of the recent sharp fall of the dollar.
Asked if the Bank of Japan will consider a further cut in
its discount rate, he said he now thinks the bank will have to
carefully consider its future ... | Corporate News |
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