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STRIKE THREAT, LOWER TRAFFIC MAR SEAWAY OPENING
| The St. Lawrence Seaway, set
to reopen March 31 after the winter, faces another tough year
because of depressed traffic levels and the possibility of the
first strike in 20 years on the Great Lakes, seaway officials
said.
Depressed grain exports, rising costs, and competing modes
of transportation are... | Commodities and Trade |
CHEMLAWN <CHEM>, ECOLAB <ECON> IN MERGER PACT
| Chemlawn Corp and Ecolab Inc
said they signed a definitive merger agreement under which
Ecolab will buy all outstanding Chemlawn common stock for 36.50
dlrs a share in cash, for a total of about 370 mln dlrs.
Under terms of the agreement, Chemlawn said it rescinded
its previously announced rights divide... | Market and Economy |
LILCO REVISES 1986 NET TO INCLUDE 16 MLN DLR LOSS PROVISION
|
LILCO REVISES 1986 NET TO INCLUDE 16 MLN DLR LOSS PROVISION
| Financial Reports |
FALCON CABLE <FAL> SETS INITIAL DISTRIBUTION
| Falcon Cable Systems Co said
its set an initial quarterly cash distribution of 53.75 cts per
unit, payable May 15 to unitholders of record March 31.
The partnership made its initial public offering in
December, 1986.
Falcon said it expects to pay cash distributions to limited
partners at an annual... | Other |
BIDS AWARDED FOR ELK HILLS CRUDE OIL
| The U.S. Department of Energy said
it has awarded bids for about 90,000 barrels per day, bpd, of
crude oil from the Elk Hills Naval Petroleum Reserve in
California. The contract period runs from April one through
July one, the DOE said.
Successful bidders, the amount of crude oil and the price
per bbl... | Market and Economy |
MONTGOMERY STREET INCOME <MTS> MONTHLY DIVIDEND
| Mthly div 15 cts vs 15 cts
Pay April 15
Record April 1
| Financial Reports |
<SULLIVAN MINES INC> YEAR LOSS
| Oper shr loss 12 cts vs profit four cts
Oper loss 1,069,000 vs profit 339,000
Revs 12.8 mln vs 10.9 mln
Note: 1986 shr and net exclude extraordinary gain of
382,000 dlrs or four cts share. 1985 shr and net exclude
extraordinary gain of 183,000 dlrs or two cts share
| Financial Reports |
INVESTMENT FIRM HAS 7.1 PCT OF CYCLOPS <CYL<
| Halcyon Investments, a New York risk
arbitrage and securities dealing partnership, told the
Securities and Exchange Commission it has acquired 288,000
shares of Cyclops Corp, or 7.1 pct of the total outstanding.
Halcyon said it bought the stake for 26.1 mln dlrs as part
of its ordinary risk arbitrage an... | Corporate News |
CHRYSLER'S <C> CREDIT CANADA PLACED ON CREDITWATCH
| Canadian Bond Rating Service said it
placed Chrysler Credit Canada Ltd, a subsidiary of Chrysler
Corp <C>, on creditwatch until all financial details concerning
the proposed acquisition of American Motors Corp <AMO> are
finalized.
The creditwatch affects Chrysler Credit Canada's short term
notes... | Corporate News |
LILCO <LIL> REVISES 1986 NET TO INCLUDE LOSS
| Long Island Lighting Co said
it revised its preliminary 1986 net income to include a 16 mln
dlrs after tax provision for its investment in the Jamesport
Nuclear units.
Due to the provision, it said its revised 1986 net income
was 316.7 mln dlrs or 2.13 dlrs per share after deducting for
preferred stoc... | Corporate News |
ROGERS <ROG> ADOPTS RIGHTS PLAN
| Rogers Corp said its board
approved a shareholder rights plan designed to protect its
shareholders in the event of an attempted hostile takeover.
Rogers said the plan is not being adopted in response to
any specific takeover attempt.
Under the plan, shareholders may buy one share of common
stock a... | Financial Reports |
20-MAR-1987
| 20-MAR-1987
| Other |
SUNBELT NURSERY GROUP INC <SBN> 2ND QTR FEB 28
| Shr loss 40 cts vs loss 29 cts
Net loss 1.5 mln vs loss 1.1 mln
Revs 28.9 mln vs 28.5 mln
Six months
Shr loss 99 cts vs loss 69 cts
Net loss 3.7 mln vs loss 2.6 mln
Revs 52.5 mln vs 51.7 mln
| Commodities and Trade |
MARCOM TELECOMMUNICATIONS <MRCM> 2ND QTR JAN 31
| Oper shr loss five cts vs loss six cts
Oper net loss 157,688 vs loss 96,573
Revs 1,094,331 vs 1,378,973
Avg shrs 3,315,654 vs 1,661,023
Six mths
Oper shr loss seven cts vs loss 24 cts
Oper net loss 198,555 vs loss 394,589
Net 2,243,377 vs 2,440,850
Avg shrs 2,796,848 vs... | Corporate News |
EASTPARK REALTY TRUST <ERT> QTLY DIV
| Qlty div 25 cts vs 25 cts prior
Payable April 22
Record April 10
| Corporate News |
CANADA'S CLARK SEES TRADE AS MOST URGENT PROBLEM
| Trade is the most urgent problem
facing U.S.-Canadian relations because of a pressing need to
reach a new bilateral pact within the coming months, Joe Clark,
Canadian secretary of state for external affairs, said.
Negotiators for the two countries have been meeting for
more than a year in an effort to w... | Financial Reports |
ESSEX CORP <ESEX> YEAR END LOSS
| Oper shr loss 11 cts vs profit 33 cts
Oper net loss 132,000 vs profit 408,000
Revs 25.2 mln vs 23.0 mln
NOTE: 1986 and 1985 oper net excludes a loss of 636,000
dlrs or 52 cts per share and a loss of 994,000 dlrs or 80 cts
per share for discontinued operations.
| Corporate News |
<SULPETRO LTD> YEAR OCT 31 LOSS
| Shr loss 19.22 dlrs vs loss 3.90 dlrs
Net loss 276.4 mln vs loss 45.6 mln
Revs 85.4 mln vs 113.3 mln
NOTE: Shr results after deducting preferred share dividends
of 13.1 mln dlrs in both periods.
Current loss includes a 125 mln dlr writedown of oil and
gas properties, a 67 mln dlr writeoff ... | Other |
STANWOOD CORP <SNW> 4TH QTR JAN 3
| Shr loss 1.12 dlrs vs profit one cts
Net loss 1.7 mln vs profit 8,000 dlrs
Revs 31.8 mln vs 42.1 mln
Year
Shr loss 51 cts vs profit 57 cts
NEt loss 780,000 vs profit 876,000
Revs 117.8 mln vs 117.3 mln
NOTE:1986 4th qtr includes loss of 911,000 for termination
of licensing ... | Commodities and Trade |
SULPETRO LOSS DUE TO WRITEDOWNS, ASSET DISPOSALS
| <Sulpetro Ltd> said its 1986
fiscal year net loss of 276.4 mln dlrs, or 19.22 dlrs per
share, was due to several factors, the largest of which was a
writedown of 125.0 mln dlrs of oil and gas properties.
Sulpetro also recorded a writeoff of deferred charges
amounting to 67.0 mln dlrs, a loss of 22.5 ... | Financial Reports |
AMERICAN EXPRESS <AXP> TO DISCUSS SHEARSON DEAL
| American Express Co's board of
directors Monday will discuss the company's arrangement to sell
13 pct of Shearson Lehman Brothers Inc to Nippon Life Insurance
Co, a company spokesman said.
The spokesman would not say whether the board is planning
to vote on the understanding between American Express and... | Market and Economy |
NATURAL GAS SEEN RECAPTURING SOME MARKET SHARE
| Higher crude oil prices will raise
demand for natural gas, helping it to reclaim market share lost
to heavy oil when prices plunged in 1986, analysts said.
The analysts said that these efforts will be most
successful in the industrial sectors of the economy with large
and growing energy requirements.
... | Industrial and Sector News |
U.S. SENATORS SAY SANCTIONS LIKELY ON MICROCHIPS
| The United States will likely impose
sanctions soon on imports of Japanese microchips, senators said
today after a private meeting with Commerce Secretary Malcolm
Baldrige.
Although the senators said Baldrige told them no decision
would be taken until a final determination is made on whether
Japanese ... | Corporate News |
MULTI-MEDIA SEES YEAR END LOSS
| Multi-Media Barter Ltd said it expects
to report a net loss of 820,000 dlrs or 17 cts a share for the
year ended December 31, compared to a loss of 553,000 or 11 cts
a share in the prior year.
The fourth quarter resulted in a net loss of 227,000 or
four cts compared to a loss of 330,000 or six cts a sha... | Commodities and Trade |
NATIONAL HMO CORP <NHMO> 2ND QTR JAN 31
| Shr loss nine cts vs profit nine cts
Net loss 478,000 vs profit 371,000
Revs 3.4 mln vs 2.6 mln
Six months
Net loss 466,000 vs profit 685,000
Revs 6.2 mln vs 5.0 mln
NOTE:1987 net loss includes writeoff of deferred start up
costs totaling 490,000 dlrs.
| Financial Reports |
MINORCO <MNRCY> HALF YEAR DEC 31
| Shr 26 cts vs 38 cts
Net 44.0 mln vs 65.0 mln
NOTE:1986 net includes one mln dlr extraordinary gain and
1985 net icludes four mln dlrs extraordinary loss.
| Market and Economy |
MINORCO <MNRCY> SEES IMPROVED SECOND HALF
| Minorco said it expects net
earnings to be substantially stronger than the 44.0 mln dlrs
reported for the first half.
In reporting that first half results declined from 65.0 mln
dlrs, Minorco said the contributions from its 50 pct investment
in December 1985 in Adobe Resources Corp was negative as a
r... | Commodities and Trade |
MINORCO <MNRCY> SEES IMPROVED SECOND HALF
| Minorco said it expects net
earnings to be substantially stronger than the 44.0 mln dlrs
reported for the first half.
In reporting that first half results declined from 65.0 mln
dlrs, Minorco said the contributions from its 50 pct investment
in December 1985 in Adobe Resources Corp was negative as a
r... | Corporate News |
ECONOMIC SPOTLIGHT - BOLIVIA
| Bolivia, once Latin America's most
delinquent debtor, is preparing for a second International
Monetary Fund agreement after an economic stabilisation program
has effectively slowed inflation and reduced public spending.
A fund spokesman said an IMF team would visit La Paz
shortly to discuss terms of the... | Financial Reports |
NEOAX INC <NOAX> 4TH QTR
| Shr loss 13 cts vs loss six cts
Net loss 1.4 mln vs loss 635,000
Revs 40.3 mln vs 28.5 mln
Year
Shr profit 40 cts vs profit 26 cts
Net profit 4.2 mln vs 2.6 mln
Revs 166.4 mln vs 94.6 mln
NOTE:1986 4th qtr and year net reflects dividend
requirements of 1.5 mln dlrs and 3.3 ... | Financial Reports |
MAIN FEATURES OF NEW RUBBER PACT
| The new International Natural Rubber
Agreement (INRA), like the 1979 pact, will use a buffer stock
as the sole instrument for market intervention -- excluding
export quotas or production controls.
The new INRA was adopted yesterday at a session held under
the auspices of the United Nations Conference on... | Corporate News |
TAIWAN INDUSTRIAL OUTPUT FALLS, CURRENCY BLAMED
| Taiwan's industrial production index,
fell, largely as the result of the rising Taiwan dollar, by
8.18 pct to 140.06 (base 1981) in February from a revised
152.53 in January, the Economy Ministry said.
It was the second consecutive monthly fall, after dropping
nine pct in January, but it was still 26.49... | Market and Economy |
NO ZIMBABWE DOLLAR DEVALUATION - CENTRAL BANK
| Zimbabwe's Reserve Bank, the nation's
central bank, has denied the Zimbabwe dollar would be devalued.
Bank Governor Kombo Moyana told The Herald daily newspaper
"unfortunate and completely unfounded speculation that a
depreciation of the Zimbabwe dollar was about to occur" had
aggravated a serious forei... | Commodities and Trade |
FORMER GOLD FIRM EXECUTIVES ARRESTED IN JAPAN
| The public prosecutors and police
here arrested five former senior executives of a bankrupt gold
deposit business group for defrauding about 450 clients of
about 1.5 billion yen for gold bars which were never delivered,
police said.
The case involving the Toyota Shoji Company was highlighted
when its ... | Financial Reports |
WORLD BANK LIKELY TO URGE CHANGES ON JAKARTA
| World Bank President Barber Conable is
expected to press Indonesia, the Third World's sixth largest
debtor, to maintain the momentum of economic policy changes to
tackle the slump in its oil revenues, western diplomats said.
Conable, who flew to Indonesia yesterday from Tokyo, will
meet with President S... | Corporate News |
NIGERIA CHANGES AUCTION RULES TO DEFEND THE NAIRA
| Nigeria's Central Bank has changed the
rules governing its foreign exchange auctions in what analysts
see as a means of defending the naira currency, which has
depreciated steadily.
The bank said in a statement that from April 2, banks
bidding for foreign exchange would have to pay at the rate they
of... | Commodities and Trade |
NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ
| Ministers from more than 20
nations were told by New Zealand that the next international
negotiations on liberalising trade would be the last this
century and the cost of failure could not be measured.
Trade minister Mike Moore told his colleagues at a
welcoming ceremony before two days of talks here th... | Corporate News |
AUSTRALIAN OFFER FOR SAN MIGUEL SHARES
| Diversified investment company, <Ariadne
Australia Ltd>, has offered 3.8 billion pesos for 38 mln shares
in the Philippine brewing firm <San Miguel>, a Manila newspaper
reported.
The Sunday Times quoted a letter sent yesterday to
President Corazon Aquino from Ariadne's chairman, New Zealander
Br... | Other |
INDONESIA PROTESTS AGAINST EC VEGETABLE OIL DUTY
| Indonesia has protested to the European
Community (EC) about its plan to raise import duties on
vegetable oils, which will affect the country's palm oil
exports to the EC, Trade Minister Rachmat Saleh said.
"Indonesia, both individually and together with other
members of the Association of South-East As... | Financial Reports |
ALITALIA SPA <AZPI.MI> CALENDAR 1986
| Provisional net profit 55 billion lire vs 48 billion
Turnover 3,750 billion vs 3,369 billion.
NOTE - Official results for Alitalia, Italy's national
airline which is controlled by the state industrial holding
company (Istituto per la Ricostruzione Industriale -IRI), are
expected to be announced at ... | Financial Reports |
RAIMOND EXPECTS EC-GULF PROBLEMS WILL BE SOLVED
| French Foreign Minister Jean-Bernard
Raimond predicted in a published interview a successful end to
negotiations to admit Gulf petrochemical exports into the
European Community (EC).
Negotiations have been under way between the Community and
the six-nation Gulf Cooperation Council (GCC) for three years.... | Commodities and Trade |
EXPLOSION AT BP OIL REFINERY IN SCOTLAND
| An explosion followed by
a fire ripped through a British Petroleum (BP) oil refinery,
killing one man.
A BP spokesman said the fire was confined to one plant at
the 700-acre refinery at Grangemouth, 25 miles west of
Edinburgh. The cause and extent of the damage had yet to be
determined.
Two peop... | Financial Reports |
AUSTRALIAN PLANS PHILIPPINE BRANCH FOR TAKEOVER
| The Australia based <Ariadne
Australia Ltd>, plans to set up a branch in the Philippines to
fulfill a prerequisite for the takeover of the Philippine
brewing firm, <San Miguel Corp>, a Hong Kong newspaper said.
The Hong Kong Economic Journal quoted a spokesman of
Australian stock broker Jacksons L... | Corporate News |
ALITALIA REPORTS HIGHER NET PROFITS
| Italy's national airline, Alitalia Spa
<AZPI.MI>, reporting a 14.6 pct rise in provisional 1986 net
profit, said it carried seven pct more passengers on domestic
routes last year, but 11.5 pct fewer passengers on flights from
North America and Canada.
Alitalia said the drop in North American traffic ... | Financial Reports |
RAFIDAIN BANK'S JORDAN BRANCH RAISES CAPITAL
| The Jordan branch of Iraq's Rafidain Bank
said it will raise paid-up capital to comply with the country's
minimum requirement of five mln dinars by drawing on profits
from its operations in the country.
Jordan's government asked banks in early 1985 to comply
with the new capital requirement -- raised fr... | Market and Economy |
BAKER DENIES DOLLAR TARGET EXISTS
| U.S. Treasury Secretary James Baker
again said the meeting of six major industrial nations in Paris
last month did not establish a target exchange rate for the
dollar.
Baker said in a television interview aired here yesterday:
"We don't have a target for the dollar." He declined to comment
on what mig... | Commodities and Trade |
U.S. CREDIT MARKET OUTLOOK - MINI-REFUNDING
| A hefty slice of new U.S. Treasury
supply is not the most welcome prospect for a slumbering credit
market, but at least this week's offerings should provide it
with some focus, economists said.
"Banks and mutual funds have cash that should be put to
work, so the auctions should breathe some life into th... | Financial Reports |
N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS
| The eight major New York City banks had
64 mln dlrs in average borrowings from the Federal Reserve in
the week to Wednesday February 25, a Fed spokesman said.
The week marked the second half of the two-week bank
statement period that ended on Wednesday. The banks had no
borrowings in the prior week.
... | Financial Reports |
SANTOS BIDS FOR OIL AND GAS COMPANY TMOC RESOURCES
| Cooper Basin oil producer Santos Ltd
<STOS.S> said it will bid 4.00 dlrs a share for the 96.03 pct
it does not already hold in diversified oil and gas company
<TMOC Resources Ltd>.
Santos said the bid values TMOC at 248.5 mln dlrs. It said
it already holds 1.91 mln of TMOC's 25 cent par shares.
... | Financial Reports |
GATT SUCCESS WILL TAKE PRESSURE, N.Z. MINISTER
| Long term pressure by trade
ministers is necessary if the current Uruguay round of talks on
the General Agreement on Trade and Tariffs (GATT) is to
succeed, New Zealand's Overseas Trade minister Mike Moore said.
Moore told the opening meeting of trade ministers from 22
nations gathered for informal talk... | Commodities and Trade |
JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON
| Japan's long-term banks will soon cut
their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
percentage point in response to falling secondary market yields
on their five-year debentures, long-term bankers said.
The long-term prime rate is customarily set 0.9 percentage
point above the coupon on f... | Financial Reports |
COFFEE CONFERENCE ENDS WITH CALL TO CONTINUE TALKS
| A meeting of eight Latin American
coffee producers ended with a call for continued talks aimed at
arriving at an agreement to stabilize international prices.
A statement delivered by the conference's president,
Nicaragua's External Trade Minister Alejandro Martinez Cuenca,
said the object of future meet... | Financial Reports |
YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT
| The United States and Japan
are on the brink of serious conflict on trade, especially over
semiconductors, Japanese unwillingness for public bodies to buy
U.S. Super-computers, and barriers to U.S. Firms seeking to
participate in the eight billion dlr Kansai airport project,
U.S. Trade Representative Clayto... | Corporate News |
NEW COOPER BASIN GAS POOL DISCOVERY REPORTED
| <Delhi Petroleum Pty Ltd> said a
second gas flow has been recorded in the Epsilon formation of
the Toolachee Block on PEL five and six signifying a new pool
discovery.
The Kerna Four appraisal well flowed gas at 235,038 cubic
meters a day with four kiloliters of condensate through a 13mm
surface ch... | Corporate News |
IRAN SAYS IT INTENDS NO THREAT TO GULF SHIPPING
| Iran said reports that it intended to
threaten shipping in the Gulf were baseless, and warned the
U.S. And other countries not to interfere in the region.
Tehran radio, monitored by the BBC, quoted a Foreign
Ministry spokesman as saying any attempt at interference would
be met by "a strong response from... | Financial Reports |
MFS MANAGED MUNCIPAL BOND TRUST SETS PAYOUT
| <MFS Managed Muncipal Trust Bond>
said it declared a monthly payout income distribution of 5.7
cts a share compared with 5.6 cts for the previous month.
It said the distribution is payable March 20 to
shareholders of record March two.
| Financial Reports |
MALAYSIAN 1987 ECONOMIC GROWTH SEEN ABOVE FORECAST
| The Development Bank of Singapore Ltd
(DBS) said Malaysia's real gross domestic product growth (gdp)
in 1987 could be 1.5 to two pct, above a budget target of one
pct.
It said in a report that because of an economic recovery
and higher foreign exchange reserves, the Malaysian ringgit is
unlikely to fa... | Commodities and Trade |
PHILIPPINE COCONUT PRODUCT EXPORTS FALL IN JANUARY
| Coconut product exports fell to 163,924
copra tonnes in January from 196,610 tonnes in December and
167,747 tonnes in January last year, government figures show.
Coconut product sales earned 44.54 mln dlrs compared with
45.30 mln in December and 49.09 mln a year earlier.
| Other |
GERMAN STEEL SUBSIDIES CANNOT CONTINUE - MINISTER
| Economics Minister Martin Bangemann said
the state could not continue to pour money into West Germany's
ailing steel and coal industries because the subsidies
endangered other parts of the economy.
"The situation is completely absurd from an economic point
of view," Bangemann told the newspaper Die Welt... | Financial Reports |
DART GROUP FLEXIBLE ON SUPERMARKETS <SGL> BID
| <Dart Group Corp> said it told
Supermarkets General Corp <SGL> it was flexible on the price it
would pay to acquire the company.
Dart has said it would offer 41.75 dlrs cash for each SGL
share if the SGL board recommended the offer to shareholders.
SGL has termed the 1.62 billion dlr offer uns... | Corporate News |
AUSTRALIA SAID TO RELY TOO MUCH ON OIL TAXES
| The government's
over-reliance on revenue from crude oil is adversely affecting
Australia's economic performance, Australian Petroleum
Exploration Association (APEA) chairman Dennis Benbow said.
Over one-third of Australia's indirect tax income is
derived from oil at a time of falling domestic output an... | Financial Reports |
MINISTER PREDICTS ONE PCT INFLATION FOR SINGAPORE
| Singapore will have an inflation rate
of one pct in 1987, up from a negative 1.4 pct in 1986, Trade
and Industry Minister Lee Hsien Loong told Parliament.
He said the 1986 drop in the inflation rate, the first fall
in a decade, was due largely to lower world prices for oil and
oil-related items.
B... | Commodities and Trade |
WOOLWORTHS LTD REPORTS 9.27 MLN DLR NET PROFIT YR END FEB 1 VS 63.20 MLN
|
WOOLWORTHS LTD REPORTS 9.27 MLN DLR NET PROFIT YR END FEB 1 VS 63.20 MLN
| Commodities and Trade |
Bell Resources says it buys 57.6 mln BHP shares, taking holding to 29.93 pct
|
Bell Resources says it buys 57.6 mln BHP shares, taking holding to 29.93 pct
| Market and Economy |
WOOLWORTHS LTD <WLWA.S> YR ENDED FEB 1
| Shr 4.16 cents vs 28.80
Final Div nil vs 10.5 cents making six for year vs 16.5
Pre-tax profit 2.68 mln dlrs vs 107.71 mln
Net 9.27 mln vs 63.20 mln
Turnover 5.47 billion vs 4.83 billion
Other income 65.33 mln vs 51.68 mln
Shrs 222.94 mln vs 219.54 mln.
NOTE - Net is after ta... | Corporate News |
BELL RESOURCES BOOSTS STAKE IN BHP
| <Bell Resources Ltd> said it has executed
an underwriting agreement with <Equiticorp Tasman Ltd> to
acquire 57.6 mln ordinary shares in The Broken Hill Pty Co Ltd
<BRKN.S> for 540 mln dlrs.
Bell said in a statement that it now holds 29.93 pct of
BHP's 1.2 billion shares.
| Corporate News |
ARIADNE UNIT CONFIRMS BID FOR SAN MIGUEL
| Ariadne group unit <Barwon Farmlands
Ltd> confirmed it offered 3.8 billion pesos in cash for the 38
mln shares of Philippine brewing company <San Miguel Corp>.
The Australia-based Barwon, 30 pct owned by New Zealander
Bruce Judge's Ariadne group, said in a statement released in
Hong Kong that a fo... | Corporate News |
EXXON OFFICIAL URGES PLANNING FOR NEXT OIL SURGE
| World governments
should prepare for an inevitable significant increase in the
price of oil as non-Middle East supplies diminish, Exxon Corp
<XON> director and senior vice-president Donald McIvor said.
Policymakers must also face up to the reality that the bulk
of world oil reserves lies in the Middl... | Financial Reports |
TAIWAN TO BOOST FARM IMPORTS FROM U.S., EUROPE
| Taiwan is expected to boost agricultural
imports from the U.S. And Europe in calendar 1987 to help
balance trade, the Council of Agriculture said.
A council official, who declined to be named, told Reuters
the imports, which will include about seven mln tonnes of
oilseeds, grains and dairy products, wou... | Financial Reports |
AUSTRALIAN OIL TAX CUT SEEN BOOSTING OUTPUT
| A 10 percentage
point reduction in the Australian government's maximum crude
oil levy on old oil would stabilize Bass Straits oil output,
resources analyst Ian Story said here.
A reduction to 70 pct from 80 pct would enable Bass Strait
output to be maintained at the current rate of 420,000 barrels
per... | Commodities and Trade |
GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF
| Debt among African countries
will continue to grow and their economies remain stifled unless
developed countries lower their interest rates, Nigerian Trade
Minister Samaila Mamman said.
He told an informal General Agreement on Tariffs and Trade
(GATT) meeting the widening gap between developed and
dev... | Commodities and Trade |
GERMAN BOND YIELDS SEEN FALLING IN NEAR TERM
| West German bond yields could decline
over the next few months if recent efforts to stabilize
exchange rates, as seen in last month's Paris pact, extend to
keeping down European interest rates, banking economists said.
But in the longer term domestic yields could rise under
agreements to stimulate West ... | Market and Economy |
PHILIPPINES POSTS 68 MLN DLR JANUARY TRADE DEFICIT
| The Philippines posted a trade deficit
of 68 mln dlrs in January, compared with deficits of 57 mln in
January 1986 and 28 mln in December, government figures show.
The National Census and Statistics Office (NCSO) said
imports of 436 mln dlrs in January were up from 371 mln in
January 1986 and 393 mln dl... | Market and Economy |
JAPANESE COMPOUND FEED OUTPUT FALLS IN JANUARY
| Japanese compound feed output fell to
2.06 mln tonnes in January from 2.57 mln in December, against
2.04 mln a year earlier, Agriculture Ministry statistics show.
January sales totalled 2.07 mln tonnes against 2.59 mln in
December and 2.04 mln a year earlier, while end-month stocks
were 233,003 tonnes a... | Commodities and Trade |
JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND
| Japan has assured a meeting
of trade ministers it is making every effort to expand domestic
demand and restructure its economy.
Japanese trade representative Tsomu Hata told an informal
General Agreement on Tariffs and Trade (GATT) meeting that, in
addition to demand boosting measures adopted last Septe... | Corporate News |
Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct
|
Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct
| Corporate News |
BUNDESBANK SETS NEW REPURCHASE TENDER
| The Bundesbank set a new tender for a
28-day securities repurchase agreement, offering banks
liquidity aid at a fixed rate of 3.80 pct, a central bank
spokesman said.
Banks must make their bids by 1000 GMT tomorrow, and funds
allocated will be credited to accounts on Wednesday. Banks must
repurchase s... | Other |
U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG
| The Bank of England said it forecast a
shortage of around 800 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands and the take-up of treasury bills will drain
around 1.18 billion stg while bankers balances below target
will take out some 20 mln... | Corporate News |
INDONESIA'S NON-OIL EXPORTS DECLINE IN 1986
| Indonesia's non-oil and gas exports
fell to 5.79 billion dlrs in calendar 1986 from 5.98 billion in
1985, according to Bank Indonesia figures.
Coffee exports rose to 753 mln dlrs from 580 mln in 1985,
but rubber shipments fell to 625 mln from 720 mln and tin to
180.6 mln from 246 mln, weekly central ban... | Corporate News |
AUSTRALIAN MINISTER SAYS AGRICULTURE GATT PRIORITY
| Australian Trade Minister
John Dawkins said if the General Agreement on Tariffs and Trade
(GATT) does not give high priority to agricultural trade reform
it will be neglecting the area of greatest crisis.
In a statement to the informal GATT trade ministers
conference here he said agriculture is a proble... | Financial Reports |
JAPAN ECONOMY SEEN GROWING 3.6 PCT IN 1987/88
| Japan is expected to post a 3.6 pct rise
in real gross national product in 1987/88, higher than the
official 3.5 pct target, a private economic institute said.
The Research Institute on National Economy said in a report
the economy will start picking up in the April-June quarter,
partly because of an im... | Financial Reports |
BOOKER PLC <BOKL.L> 1986 YEAR
| Shr 27.89p vs 24.24p
Div 9.0p vs 7.75p making 13.75p vs 12.0p
Turnover 1.26 billion stg vs 1.19 billion
Pretax profit 54.6 mln vs 46.5 mln
Tax 16.5 mln vs 13.5 mln
Interest paid 2.2 mln vs 2.4 mln
Minority interests 2.3 mln debit vs same
Extraordinary items 42.3 mln profit vs... | Financial Reports |
PHILIPPINES CRITICISES EC FOR VEGETABLE OIL LEVY
| Philippines Trade and
Industry Secretary Jose Concepcion told world trade ministers
he wondered if their agreement was of any real value after the
European Community (EC) imposed a levy on vegetable oils.
Concepcion, speaking at an informal meeting of the General
Agreement on Tariffs and Trade (GATT) he... | Corporate News |
BURMA SAYS DEBT SERVICE RATIO FALLS TO 48.8 PCT
| Burma's debt service ratio will have
fallen to 48.8 pct in the fiscal year to end-March 1987 from 50
pct in 1985-1986, the official Council of People's Inspectors
(CPI) reported.
Western diplomats in Rangoon estimate the figure at above
70 pct and say the country can no longer depend on foreign
exchan... | Financial Reports |
INDIA BOUGHT 24,000 TONNES OF RBD OLEIN AT TENDER
| The Indian State Trading Corporation
(STC) bought four cargoes of rbd palm olein totalling 24,000
tonnes at its vegetable oil import tender last week, traders
said. Market reports on Friday said the STC had booked two
cargoes.
The business comprised three 6,000 tonne cargoes for June
at 346 dlrs and 6... | Financial Reports |
U.S. BRASS MILL COPPER STOCKS LOWER IN JANUARY
| U.S. brass mill copper stocks fell to
185,400 short tons (copper content) at the end of January from
191,200 short tons at the end of December, according to the
American Bureau of Metal Statistics.
Consumption by brass mills increased to 60,700 short tons
in January from 48,900 short tons in December.
... | Financial Reports |
BP GRANGEMOUTH REFINERY SHUT, HYDROCRACKER DAMAGED
| The entire British Petroleum Co PLC
refinery at Grangemouth in Scotland has been shut down
following the explosion and fire that severely damaged the
hydrocracker at the site, a refinery spokesman said.
He said the rest of the 178,500 bpd refinery, including the
19,000 bpd catalytic cracker, was undamag... | Corporate News |
DENG SETS LIMIT TO CHINA GRAIN IMPORTS, PAPER SAYS
| China's top leader Deng Xiaoping said
China must not import more than 10 mln tonnes of grain, Ming
Pao newspaper of Hong Kong said.
Customs figures show that China imported 7.73 mln tonnes of
grain in 1986, up from 5.97 mln in 1985 but down from a record
16.15 mln in 1982.
The newspaper quoted Den... | Market and Economy |
AUSTRALIA'S WOOLWORTHS LOOKS TO IMPROVED PROFITS
| Woolworths Ltd <WLWA.S> said policy,
management and financial changes initiated during the 1986/87
business year should cause profits to reach more acceptable
levels in 1987/88 end-February 1.
Net profit reported earlier fell 85.3 pct in the year ended
February 1.
Results for the first month of... | Corporate News |
BOOKER SAYS 1987 STARTS WELL
| Booker Plc <BOKL.L> said 1987 had
started well and the group had the resources to invest in its
growth business both organically and by acquisition.
It was commenting on figures for 1986 which showed pretax
profits rising to 54.6 mln from 46.5 mln previously. Profits
from the U.S. Accounted for 39 pc... | Financial Reports |
BANGLADESH FORECASTS GDP GROWTH OF 4.4 PCT
| Gross domestic product is expected to
grow by 4.4 pct in the year ending June 30, Finance Minister
Mohammad Syeduzzaman told reporters.
Inflation fell to an estimated 12 pct this fiscal year from
17 pct in 1981/82, he said last night.
The World Bank and other independent sources have said
inflatio... | Commodities and Trade |
BEGHIN-SAY INCREASES CAPITAL TO FINANCE EXPANSION
| French sugar group Beghin-Say, which is
49.6 pct owned by Italy's Gruppo Ferruzzi, is to raise its
capital to 703 mln francs from 527 mln through a three-for-one
issue of shares and investment certificates to finance
expansion, president Jean-Marc Vernes told analysts.
For the first stage Beghin-Say wil... | Corporate News |
IRAQ REPORTS RAIDS IRAN'S NOWRUZ OIL FIELD
| Iraq said its warplanes launched two
bombing raids on Iran's offshore Nowruz oilfield in the
northern Gulf today.
A military spokesman, quoted by the official Iraqi news
agency, said platforms at the field were reduced "to rubble."
He said attacks on the field, 55 miles northwest of Iran's
Kharg I... | Financial Reports |
BANK OF FRANCE SAYS NO MONEY MARKET TENDER TODAY
| The Bank of France will not hold a money
market intervention tender today, ruling out a further cut in
its 7-3/4 pct intervention rate, central bank sources said.
At the tenders, depending on market conditions, the Bank
injects liquidity into the market by buying up first category
paper. But market sour... | Market and Economy |
23-MAR-1987
| 23-MAR-1987
| Financial Reports |
MFS MUNICIPAL INCOME TRUST <MFM> SETS PAYOUT
| MFS Municipal Income Trust said it
declared a monthly income distribution of 5.7 cts a share
compared with 5.5 cts a share paid in the previous month.
It said the distribution is payable March 27 to
shareholders of record March 13.
| Market and Economy |
BALLADUR SEES ONLY TWO PCT FRENCH GROWTH IN 1987
| French 1987 growth will probably be about
two pct, the same as last year, due to an international
environment that is less favourable than expected, Finance
Minister Edouard Balladur was quoted as saying.
Treasury director Daniel Lebegue said last month that gross
domestic product is expected to grow by... | Financial Reports |
FRENCH GDP SHOULD RISE 2.3 PCT IN 1988 - MINISTRY
| French gross domestic product should grow
by 2.3 pct in 1988 after two pct growth this year and 2.1 pct
in 1986, the Finance Ministry said.
The latest forecast, prepared by the National Accounts and
Budget Commission, assumed an exchange rate of 6.20 francs to
the dollar this year and next and an averag... | Financial Reports |
DANISH TRADE IN BALANCE IN FEBRUARY
| Denmark's balance of payments on
current account was provisionally put at zero in February,
against a 181 mln crown surplus in January and a 1.5 billion
deficit in February 1986, the National Statistics Office said.
Exports rose to 13.94 billion crowns in February from 12.53
billion in January, against ... | Financial Reports |
BEGHIN-SAY SEES SOLUTION TO EC SUGAR DISPUTE
| A settlement could soon be reached in the
dispute between European sugar producers and the European
Community over EC export licencing policies, Jean-Marc Vernes,
president of French sugar producer Beghin-Say, which is leading
the protest, told journalists today.
"Our contacts with the EC authorities ov... | Financial Reports |
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