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REAGAN WARNS CONGRESS ON PROTECTIONISM | President Reagan warned the U.S.
Congress in his weekly radio address against passing what he
called dangerous, protectionist trade legislation that would
tie his hands in trade negotiations with Japan and other
countries.
Reagan, who will hold talks with Japanese Prime Minister
Yasuhiro Nakasone here this week, sa... |
TRADE MINISTERS SAY GOVERNMENTS NEED CREDIBILITY | Four trade ministers ended a
weekend meeting with a frank confession that their governments
are losing credibility in world financial markets and will not
regain it until they back their promises over trade and
currencies with action.
"Until today we have anounced policies, but when it came to
action required it wa... |
EC FARM MINISTERS TO RESUME PRICE TALKS | European Community (EC) agriculture
ministers resume discussions in Luxembourg tomorrow on tough
1987/88 farm price proposals from the bloc"s executive
Commission with only thin hopes of reaching a quick agreement.
Their current chairman, Belgium"s Paul de Keersmaeker,
promised at the end of the group"s last meetin... |
SAUDI RIYAL DEPOSITS STEADY IN DULL MARKET | Saudi riyal interbank deposits were
mainly steady at yesterday"s higher levels in a market which saw
little activity due to the European weekend, dealers said.
They said banks in the kingdom offered two and three month
deposits 1/16 of a percentage point lower, but there were few
takers.
Rates for short-dated a... |
G-7 OFFICIALS TO DECIDE ON SUMMIT AGENDA | Senior officials from the Group of
Seven (G-7) countries will meet next week to decide an agenda
for the body"s June summit scheduled to be held in Venice,
Japanese officials said.
The meeting will provide senior government officials with
their first chance to discuss the recent sharp drop of the
dollar, although t... |
EC MINISTERS LIKELY TO CRITICISE FINANCE IDEAS | Plans for a new-style European
Community (EC) free of damaging budget wrangles receive their
first full review from EC foreign ministers today, but are
unlikely to gather much support.
Diplomats said key EC capitals would voice strong criticism
of proposals that would lead to a sharp increase in EC budget
payments ... |
ADB DELEGATES GATHER IN JAPAN AMID CONTROVERSY | Delegates from 46 countries are
gathering for the 20th meeting of the Asian Development Bank
(ADB) amid concern over the bank"s role in aiding regional
development.
The three-day meeting, the first to be held in Japan since
the bank"s inaugural meeting in Tokyo in 1966, will open
tomorrow with political controversy... |
BANK OF JAPAN INTERVENES IN TOKYO BUYING DOLLARS | The Bank of Japan intervened buying
dollars shortly after the opening of 137.70 yen, dealers said.
Strong selling from life insurance companies and investment
trusts pressured the dollar downward, but the U.S. Unit
steadied on profit-taking buying by petroleum companies and
intervention by the central bank.
The... |
SUMITA SAYS FURTHER YEN RISE UNLIKELY - JIJI PRESS | Japan's Jiji Press quoted Bank of Japan
Governor Satoshi Sumita as telling Japanese reporters the
central bank will continue determined market intervention to
prevent a further rise in the value of the yen.
Sumita, who is attending an annual meeting of the Asian
Development Bank, also said he does not think the yen... |
BUNDESBANK INTERVENES IN TOKYO VIA BANK OF JAPAN | The Bundesbank intervened in the Tokyo
foreign exchange market to buy a small amount of dollars
against marks through the Bank of Japan, dealers said.
The West German central bank bought dollars when the dollar
was at about 1.7770-80 marks. Dealers' estimates of the
intervention amount varied from 100 mln to one bi... |
MIYAZAWA SAYS POLICY COORDINATION KEY TO CURRENCY | Japanese Finance Minister Kiichi Miyazawa
told a press conference the basic solution to currency
instability among major nations is economic policy
coordination.
He said that is a time-consuming process as coordination
does not always proceed in a way policy makers envisage. "That
is democracy," he said. Upon that ... |
CSR PLANS TAKEOVER BID FOR MONIER | CSR Ltd <CSRA.S> said it plans to offer
3.50 dlrs a share cum-bonus for all the issued capital of
building products group Monier Ltd <MNRA.S>.
The offer values Monier's current issued capital of 156.28
mln shares at 547 mln dlrs and compares with the latest share
market price of 2.80 dlrs, equal to last Friday's cl... |
USSR ATTENDS ADB MEET, UNCERTAIN ON MEMBERSHIP | The Soviet Union is attending an
Asian Development Bank (ADB) annual general meeting for the
first time, but has not decided whether to apply for
membership, a senior Soviet State Bank official said.
"No specific plans exist for applying for membership," Yurij
Ponomarev, international managing director of the State... |
RAINFALL EASES DROUGHT IN NORTH CHINA | Spring rain in the last few days has
helped ease a serious drought in most of north China, the New
China News Agency said.
It said rain fell in Peking, Shandong, Hebei, Henan,
Shanxi, Shaanxi, Qinghai, Sichuan and parts of Inner Mongolia.
It said the drought in Shanxi, north Hebei, north Shaanxi and
Peking has basi... |
U.S. MAY TELL JAPAN SANCTIONS CAN END - NY TIMES | President Reagan is expected to tell
Prime Minister Yasuhiro Nakasone this week that the U.S. May be
able to lift trade sanctions against Japan by the end of June,
the New York Times said.
The newspaper, quoting administration officials, said that
under such a scenario the President would announce just before
the J... |
PHILIPPINES TO GET 300 MLN DLR JAPANESE LOAN | The Philippines has received a 300
mln dlr loan from the Japanese Export-Import Bank, Philippine
Finance Minister Jaime Ongpin told Reuters.
Ongpin said the loan, carrying interest of 5.5 pct a year,
matches a 300 mln dlr economic recovery loan approved by the
World Bank in March.
Ongpin said Japanese Finance M... |
U.S. TREASURY SECRETARY CANCELS TRIP TO AUSTRALIA | U.S. Treasury Secretary James Baker
has cancelled a trip to Australia because of pressing business
at home, including the visit this week by Japanese Prime
Minister Yasuhiro Nakasone, a Treasury spokesman said.
The spokesman, who asked not to be identified, said, "I
would not draw any conclusion from the cancellati... |
STRONG INDONESIAN EARTHQUAKE LEADS TO FLOOD FEARS | Fresh tremors hit the northern area of
the Indonesian island of Sumatra after an earthquake measuring
6.6 on the Richter scale yesterday and local officials told
Reuters they fear flooding after a dam was cracked.
Contacted by telephone, they said the area around the town
of Tarutung, south of the city of Medan and... |
EGYPT SEEKS ARAB FUNDS TO BUY ITS MILITARY DEBTS | Egypt is trying to persuade Arab states
and banks to buy its military debts to the United States and
other Western countries so it can repay them on better terms,
an Egyptian official said.
"We want the Arabs to buy the debt and reschedule it at a
more reasonable interest rate of up to seven pct," the official,
who... |
FIRE DAMAGES PAKISTAN SUGAR STOCK | A fire damaged a large stock of
imported sugar stored in a customs warehouse at Karachi on
Saturday night, customs officials said.
They said the warehouse contained about 15,000 tonnes of
sugar in 150,000 bags but they did not know how much had been
destroyed or damaged. They said the cause of the fire was
unknown.... |
MALAYSIA MAY CUT BASE LENDING RATE IN JUNE | Malaysia may cut its base lending
rate by 0.75 to one percentage point from a current 8.5 pct in
June to stimulate economic growth, Finance Minister Daim
Zainuddin said.
The last cut, of 0.5 pct, was effected by banks and finance
companies on April 1 following a Central Bank directive.
The lending rate has been... |
TAIWAN UNEMPLOYMENT FALLS IN MARCH | Taiwan's unemployment rate fell to 2.03
pct of the labour force in March from 2.37 pct in February and
2.79 pct in March 1986, the government statistics department
said.
A department official said the decline was due to rising
employment in the manufacturing sector, including textiles and
footwear.
The unemploy... |
JAPANESE FIRMS TO SELL AUSTRALIAN GOLD COINS | Three Japanese trading companies and one
coin retailer will start selling Australia's Nugget gold coins
in Japan from May 12 after actively buying at the first
international trading of the coins last Thursday, officials
involved in the sale said.
They estimated Japanese companies bought 30 pct of 155,000
ounces sol... |
ALGERIA SIGNS MAJOR LNG DEAL WITH U.S. GROUP | Algeria's national petroleum agency
Sonatrach and the U.S. Panhandle-Trunkline <PEL.N> group signed
a 20-year accord for the delivery of liquefied natural gas
(LNG), the official APS news agency said.
Deliveries will start next winter and rise over three years
to reach 4.5 billion cubic metres annually, with 60 pct... |
FOREIGN INVESTORS NET SELLERS OF JAPANESE STOCKS | Foreigners were net sellers of Japanese
stocks in the week ended April 17 for the seventh consecutive
week, the Tokyo Stock Exchange said.
Net sales were 112.15 billion yen against 105.80 billion
the previous week.
Overseas investors sold shares worth 727.08 billion yen on
the Tokyo, Osaka and Nagoya Exchanges,... |
LATIN AMERICAN, SPANISH BANK GOVERNORS TO MEET | Central bank governors
from Spain, Latin America and the Caribbean will meet here this
week for two separate conferences on finance and monetary
problems, the Central Bank of Barbados said.
The 24th session of Central Bank governors of the American
continent opens today for two days and the central bank
governors o... |
VENEZUELA FINANCE MINISTER TO SEEK JAPANESE CREDIT | Finance minister Manuel Azpurua said he
will visit Japan in mid-May to seek new credits for planned
expansion in Venezuela's state-owned aluminum, steel and
petrochemical industries.
Azpurua told reporters he will be accompanied by central
bank president Hernan Anzola and director of public finance
Jorge Marcano.
... |
JAPAN INDUSTRIAL PRODUCTION RISES IN MARCH | Japan's preliminary industrial production
index (base 1980) rose 0.7 pct to a seasonally adjusted 122.8
in March from the previous month, the Ministry of International
Trade and Industry said.
Production had fallen 0.2 in Feburary from a month earlier.
The preliminary, unadjusted March index fell 0.2 pct from a... |
BANK OF JAPAN INTERVENES IN TOKYO | The Bank of Japan intervened in the
market, buying a moderate amount of dollars around 137.80-85
yen, dealers said.
Some dealers noted talk that the Bundesbank intervened here
directly buying dollars against marks, after reports that it
intervened through the Bank of Japan in the morning.
The dollar moved up on... |
BALDRIGE SAYS FURTHER DOLLAR FALL NOT PRODUCTIVE | The U.S. Secretary of Commerce
Malcolm Baldrige said a further decline of the dollar would not
be productive.
He told reporters here that Treasury Secretary James Baker
"feels, and I feel the same way, that a further dollar fall
would be counterproductive."
Baldrige also said governments cannot determine long-t... |
C. ITOH TO BUY CRAY SUPERCOMPUTER | C. Itoh and Co Ltd <CITT.T> said in a
statement it has agreed in principle to buy a Cray Research Inc
<CYR> X-MP supercomputer worth 8.3 mln dlrs.
The computer will be paid for and used by the Century
Research Center (CRC), a research body specialising in civil
engineering, in which C. Itoh has a 36.2 pct stake, a ... |
CHINA CALLS FOR CAUTION ON NEW CREDIT INSTRUMENTS | A Chinese newspaper said the country
must be careful about introducing credit instruments to avoid
the risk of an uncontrolled credit expansion.
It said: "The introduction of credit, while undoubtedly
facilitating business, could result in unhealthy expansion of
the volume of money in circulation..." adding that th... |
INDIAN BORROWING FROM ADB SEEN RISING | India, which received its first
loans from the Asian Development Bank (ADB) in 1986, expects to
increase borrowing this year, an Indian official said.
The official, a member of the Indian delegation at the
ADB's annual meeting here, told Reuters the bank is likely to
approve three loans totalling between 350 and 40... |
TAIWAN ACCUSES CHINA OF UNDERMINING ITS ADB STATUS | Taiwan accused China of trying to
downgrade its international status by forcing the Asian
Development Bank (ADB) to change its name in the organisation.
Taiwan is boycotting the annual meeting of the ADB, which
opened in Tokyo today, in protest at the Bank's decision to
change its name to "Taipei, China" from "Repu... |
U.S. CONSIDERING OIL INDUSTRY TAX INCENTIVES | The Reagan Administration is
considering tax incentives to boost oil output and restore
100,000 jobs, U.S. Energy Secretary John Herrington said.
A tax credit for new exploration would be part of a package
to bring 1,000 idle drilling rigs back into operation and raise
domestic production by one mln barrels a day, ... |
BANGLADESH PAYMENTS DEFICIT NARROWS IN NOVEMBER | Bangladesh's overall balance of payments
deficit narrowed to 3.03 mln U.S. Dlrs in November from 8.3 mln
in October and 22.63 mln in November 1985, Central Bank
officials said.
The current account deficit increased to 28.68 mln dlrs in
November against 10.69 mln in October and 55.19 mln in November
1985.
The tr... |
WORLD MARCH ZINC SMELTER STOCKS FALL 31,800 TONNES | Total world closing stocks of primary
zinc at smelters, excluding Eastern Bloc countries, fell 31,800
tonnes to 432,800 tonnes in March from a corrected February
figure of 464,600 tonnes, provisional European Zinc Institute
figures show.
This compares with 403,300 tonnes in March last year.
Total European stock... |
VENEZUELA PREPARING NEW WAGE, INFLATION PLAN | President Jaime Lusinchi is preparing
an economic package in response to demands from organised
labour in Venezuela for a general wage increase and controls on
inflation, the state news agency Venpres reported.
Venpres said the plan includes pay hikes and a "strategy
against indiscriminate increases in prices or sp... |
MIYAZAWA DOES NOT THINK DOLLAR IN FREEFALL | Japanese Finance Minister Kiichi Miyazawa
told a parliamentary Upper House budget committee that he does
not think the dollar is in a freefall.
He said concerted intervention is only a supplementary
measure to moderate volatility in exchange rates and repeated
that policy coordination among major industrial nations... |
SOAKING RAINS BOOST DRY AUSTRALIAN SUGAR CANE AREA | Good soaking rain is boosting the sugar
cane crop in the key Mackay region of Queensland following a
prolonged dry spell relieved only by intermittent falls, an
Australian Sugar Producers Association spokesman told Reuters.
The rains began late last week, developed into heavy
downpours over the weekend and are cont... |
BUNDESBANK CALL TO BONN ON OVER-SPENDING RISKS | The Bundesbank urged the West German
government not to relax efforts to rein in spending when taxes
are cut in a 1990 fiscal reform package, saying that higher
expenditure could lead to a dangerous rise in interest rates.
The Bundesbank's 1986 annual report said the government's
choice of measures to compensate for... |
GERMAN TRADE SURPLUS SHOULD NARROW, BUNDESBANK SAYS | Germany's current account and trade
surpluses should narrow sharply in 1987 but they will take a
long time to get back to normal levels, the Bundesbank said in
its 1986 yearly report.
The procedure would be slow as an abrupt turnaround in
external factors such as oil prices and exchange rates was not
expected. It d... |
BANK OF JAPAN DEPUTY SAYS NO NEW MEASURES PLANNED | The Bank of Japan's deputy governor
Yasushi Mieno told a parliamentary Upper House budget committee
that the central bank has no monetary measures other than
intervention planned to stabilize currency rates.
He also said the Bank of Japan is not considering a cut in
its 2.5 pct discount rate.
Mieno said the cen... |
BALDRIGE SAYS U.S. WANTS JAPAN TRADE PROPOSALS | U.S. Secretary of Commerce Malcolm
Baldrige said he hopes Japanese Prime Minister Yasuhiro
Nakasone will make specific proposals to ease U.S.-Japan trade
friction at a meeting with President Reagan this week.
He also told reporters he hopes the U.S. Will soon be able
to lift sanctions imposed against Japan for alle... |
SIGN OF SLOWING IN GERMAN MONEY GROWTH -BUNDESBANK | Central bank money stock was growing
at about seven pct in the first quarter of 1987, down from
9-1/2 pct in the second half of 1986, so there are signs that
the pace of growth is slowing even though it is still above
target, the Bundesbank said in its 1986 annual report.
The Bundesbank set a target range of three ... |
UAE TO RECOGNISE CONTRACTUAL INTEREST RATES | A top United Arab Emirates (UAE)
banker said a new law would be introduced soon obliging courts
to recognise interest rates contracted between bank and
borrower.
Sheikh Suroor bin Sultan al-Dhahiri, Chairman of Abu Dhabi
Commercial Bank, told reporters after the shareholders' meeting
last night the decree would mak... |
EMS INTERVENTION SAID SOMETIMES COUNTERPRODUCTIVE | Attempts to hold currency rates
rigidly within tight ranges through European Monetary System
intramarginal intervention can be counterproductive, bringing
funds into the stronger currency from the weaker at rates still
considered fairly favourable, the Bundesbank said.
"The movements thus sparked can actually promo... |
POEHL TO REMAIN BUNDESBANK CHIEF, MAGAZINE SAYS | Chancellor Helmut Kohl has decided to
keep Bundesbank President Karl Otto Poehl in office for a
further eight years, the news magazine Der Spiegel said.
Government officials were not immediately available to
comment on the report, which said that because Poehl is a
member of the Social Democratic Party (SPD), Kohl ... |
COATS VIYELLA MAKES AGREED BID FOR YOUGHAL | Coats Viyella Plc <CPAT.L> and <Youghal
Carpets (Holdings) Plc> have agreed to merge on the basis of an
offer from Coats, a joint statement said.
Coats is offering one Irish penny in cash per Youghal
ordinary share. The offer also covers shares arising on
conversion of Youghal convertible preference shares.
As ... |
SOUTH AFRICAN TRADE SURPLUS FALLS SHARPLY IN MARCH | South Africa's trade surplus fell
sharply to 940.8 mln rand in March after rising to 1.62 billion
in February, Customs and Excise figures show.
In February last year the surplus stood at 752.8 mln rand.
Exports fell to 3.24 mln rand in March from 3.36 billion in
February while imports rose to 2.30 billion rand ... |
FUNARO'S DEPARTURE COULD LEAD TO BRAZIL DEBT DEAL | The resignation of Finance Minister
Dilson Funaro is bound to focus attention on whether Brazil
will now adopt a more flexible debt stance and move towards an
accord with creditors, bankers and political analysts said.
With Funaro in charge, Brazil's relations with creditors
sank to a low ebb, they said.
Banker... |
KLOECKNER-WERKE SHARES SUSPENDED IN FRANKFURT | Shares in Kloeckner-Werke AG <KLKG.F>
were suspended from stock exchange trading pending an
announcement expected by the company today or tomorrow, a
bourse spokesman said, without giving further details.
Kloeckner shares closed Friday at 67.20 marks. They had
come under pressure in recent sessions on reports the c... |
WORLD OIL DEMAND LIKELY TO INCREASE, SUBROTO SAYS | Oil prices have stabilized in world
markets and demand is likely to increase in the second half of
the year, Indonesia's Mines and Energy Minister Subroto said.
He told a meeting of oil industry executives that oil
prices had stabilized at 18 dlrs a barrel -- the average fixed
price OPEC put into effect in February... |
TOSHIBA TO SET UP MICROCHIP PARTNERSHIP IN U.S. | Toshiba Corp <TSBA.T> will set up a
five-year technology partnership with California-based SDA
Systems Inc with the intention of designing and producing
computer microchips, a company spokesman said.
Toshiba's investment in the project is likely to total less
than 10 mln dlrs over the five years, he said.
REUTER
|
NAKASONE HOPES U.S. VISIT WILL HELP END TRADE ROW | Prime Minister Yasuhiro Nakasone said he
hopes his visit to Washington later this week will help resolve
Japan's severe trade problems with the United States.
Nakasone leaves on his sixth official visit to the United
States on Wednesday, only weeks after President Reagan imposed
punitive tariffs of 300 mln dlrs a y... |
NORTHERN VIETNAMESE RICE CROP THREATENED | Insects are threatening to destroy
367,000 hectares or about one-third of the spring rice crop in
northern Vietnam, Hanoi radio reported.
Drought has hit another 189,000 hectares, with 40,000
hectares very badly affected, it said.
Insecticides are in short supply so only the most
endangered rice fields should b... |
BANK OF JAPAN TO SELL 600 BILLION YEN IN BILLS | The Bank of Japan will sell 600 billion
yen in 60-day financing bills tomorrow through 36-day
repurchase agreements maturing June 3 to roll over a previously
issued 400 billion yen of such bills maturing tomorrow, money
traders said.
The yield on the bills for sale to banks and securities
houses by money houses wil... |
FURTHER TERM FOR POEHL LIKELY, BONN SOURCES SAY | Karl Otto Poehl is likely to be re-elected
President of the Bundesbank when his current term in office
expires at the end of this year, government sources said.
They were commenting on a report in Der Spiegel news
magazine which said Chancellor Helmut Kohl had decided to keep
Poehl in office for another eight years... |
TAIWAN ISSUES MORE CDS TO CURB MONEY SUPPLY GROWTH | The central bank issued 7.53 billion
Taiwan dlrs worth of certificates of deposits (CDs), bringing
issues so far this year to 174.48 billion against 40 billion a
year ago, a bank spokesman said.
The new CDs, with maturities of six months, one and two
years, carry interest ranging from 4.03 to 5.12 pct.
The issu... |
JAPAN HOLDS OUT PROMISE OF FUNDS FOR ASIAN BANK | Japanese Finance Minister Kiichi
Miyazawa opened the 20th annual meeting of the Asian
Development Bank by holding out the promise of more Japanese
money for the organisation.
"We are ... Striving to enhance the flow of capital from
Japan to the developing countries," he said.
"The Asia-Pacific region is an area... |
NIPPON STEEL NOMINATES NEW PRESIDENT | Nippon Steel Corp <NSTC.T> nominated
Hiroshi Saito as president, to replace Yutaka Takeda, subject
to shareholders' approval at a meeting on June 26, company
officials told a press conference.
Takeda will become chairman, and vice president Akira Miki
will be vice chairman, they said. Current chairman Eishiro
Saito... |
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