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The leaders of a U.S. Senate team probing American defense strategy in the MidEast Gulf said they favored a multinational force to keep oil flowing through the waterway. Sen. John Glenn and John Warner in Kuwait as part of a Gulf Arab tour said at a news conference that top officials in the area appeared ready to discu... | U.S. SENATE TEAM WANTS MULTINATIONAL GULF FORCE |
Assistant Secretary of State Elliott Abrams said he was completely honest and completely wrong when he gave assurances last October that the U .S. government was not involved in a flight by a contra supply plane downed over Nicaragua. He was being questioned by the congressional Iran-contra panel about testimony he gav... | ABRAMS SAYS HE "HONEST BUT WRONG" |
A New York investment partnership seeking control of Allegis Corp <AEG> disclosed that it has asked the Department of Transportation to review a 700 mln dlr note agreement Allegis has with Boeing Co <BA>. Citing what it called serious competitive and public interest concerns in the deal Coniston Partners which ho... | CONISTON ASKS DOT TO REVIEW ALLEGIS-BOEING DEAL |
A Colombian group announced the suspension of its bombings of oil pipelines pending the governments levy of a social tax on foreign petroleum companies and an 800 mln dlrs fine on the Occidental Petroleum Corp <OXY>. There was no indication the government would meet the conditions demanded by the leftist National Li... | COLOMBIAN GROUP SUSPENDS BOMBINGS OF PIPELINES |
The U.S. Commodity Futures Trading Commission (CFTC) released guidelines on how commodity trading advisors (CTA) should calculate beginning net asset value (BNAV) for purposes of computing rates of return required by commission disclosure rules. The commission said it was compelled to release the guidelines because it ... | CFTC CLARIFIES COMMODITY TRADING ADVISOR RULES |
Two affiliated investment firms told the Securities and Exchange Commission they have acquired 593000 shares of Midway Airlines Inc or 7.7 pct of the total outstanding common stock. The firms Boston-based FMR Corp and Fidelity International Ltd a Bermuda-based investment advisory firm said they bought the stake to acqu... | INVESTMENT FIRMS HAVE 7.7 PCT OF MIDWAY <MDWY.O> |
Watkins-Johnson Co said it received a contract from General Electric COrps <GE> G.E. Astro Space division for nearly two mln dlrs to provide traveling-wave-tube amplifiers on the Mars Observer spacecraft. The Observer is scheduled to be launched into Mars orbit in the early 1990s. Reuter | WATKINS-JOHNSON <WJ> WINS CONTRACT |
Wickes Cos Inc said it has completed the purchase of Dura Corp for an undisclosed amount. Dura a supplier of automotive equipment had annual sales of over 100 mln dlrs. Reuter | WICKES <WIX> COMPLETES PURCHASE |
Cominco Ltd said it set tentative talks with three striking union locals that rejected on Saturday a three-year contract offer at Comincos Trail and Kimberley British Columbia lead-zinc operations. The locals part of United Steelworkers of America represent 2600 production and maintenance workers. No date has been set ... | COMINCO <CLT> SETS TENTATIVE TALKS ON STRIKE |
<Southern Air Transport> said it sued WPLG-Channel 10 of Miami for compensatory and punitive damages in excess of 50 mln dlrs for false and defamatory statements made by the television station in a series of broadcasts last month. The complaint alleges that the broadcast contained numerous false statements which the... | SOUTHERN AIR SUES MIAMI TV STATION |
Phelps Dodge Corp is prepared to make another large non-copper acquisition and a deal could be struck in the near future chairman G. Robert Durham said. Durham told Reuters the company was examining potential candidates but not yet talking with any. Any acquisition must have a different economic cycle to copper he said... | PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER |
The European Community (EC) should watch very carefully for any developments in the Gulf War and their consequences on the oil market EC Energy Commissioner Nicolas Mosar said today. Speaking two weeks after a U.S. warship was attacked in the Gulf Mosar warned An escalation in the Gulf would increase tensions in the oi... | EC WATCHING GULF WAR DEVELOPMENTS |
Spanish International Communications Corp said the Federal Communications Corp granted the license renewal of five of its stations clearing the way for the sale of the company to <Hallmark Cards Inc>. THe FCC had preliminarily approved the transfer of the stations on September 26 1986 after which several parties had... | FCC GRANTS LICENSE, CLEARS WAY FOR SALE |
Ball Corp said it completed the purchase of privately held <Verac Inc> a San Diego defense systems and software development company. Terms of the acquisition were not disclosed. Verac had 1986 sales of about 23 mln dlrs. Verac will operate in San Diego as part of Balls technical products group. Reuter | BALL CORP <BLL> COMPLETES ACQUISITION |
The Securities and Exchange Commission charged Windsor Holding Co a Chicago-based lamp and ceiling fan maker with fraudulently overstating its 1982 and 1983 pre-tax income by a total of 3.6 mln dlrs. Simultaneously with the filing of the civil case in U.S. District Court here the company formerly Windsor Industries Inc... | SEC SAYS COMPANY INFLATED 1982/83 INCOME |
Brazilian officials are privately expressing concern that the change of command at the Federal Reserve may lead to a tougher U.S. Policy on debt and less understanding of the problems of the Third World. Paul Volcker head of the Federal Reserve was considered here to be understanding of Brazils difficulties. A Finance ... | CONCERN IN BRAZIL OVER VOLCKER DEPARTURE |
Ninety-six pct of Alberta and northeastern British Columbia crops have been seeded about a week ahead of the 10 year average according to the Alberta wheat pool report. Hard red spring wheat accounts for most acreage with 6.0 mln estimated for this year little changed from last year. Oats acreage of 1.95 mln is unchang... | ALBERTA SEEDING VIRTUALLY COMPLETE |
Ford Motor Co praised President Reagans nomination of Alan Greenspan as Federal Reserve Board chairman saying the conservative economist has a sound record to fill the void of (Paul) Volkers departure. The number two U.S. auto maker said in a statement that Volker took office...at the beginning of a critical time for t... | FORD <F> HAILS VOLKER, GREENSPAN |
New Zealands current account deficit narrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln dlrs in March and 224 mln dlrs in April 1986 in a smoothed seasonally-adjusted measurement the Statistics Department said. The March figure was revised from 69 mln dlrs. The department said in a statement seasonally adjuste... | N.Z. APRIL CURRENT ACCOUNT DEFICIT NARROWS |
Very strong demand from all markets including recently Japan has resulted in Perus bismuth exports showing an impressive increase in January/May 1987 Perus state owned mining industrys marketing arm Minpeco S.A. Said. In a statement released by its London office Minpeco said Peruvian customs figures for bismuth exports... | STRONG DEMAND FOR PERU BISMUTH IN JAN/MAY |
Allergy Immuno Technologies Inc said it received federal funding to develop a diagnostic kit for measuring Interleukin-2 and Interleukin-2 receptor. Interleukin is a naturally produced substance important in maintaining the bodys immune system. Reuter | ALLERGY GETS GRANT TO DEVELOP INTERLEUKIN KIT |
Floating Point Systems INc said it implemented a restructuring consolidating eight departments into four and decreasing its worldwide staff to 800 from 1200. It said cost-cutting measures include a significant reduction in its Ireland manufacturing facility. Our expectation that 1987 will be a slow turnaround year requ... | FLOATING POINT <FLP> CUTS WORKFORCE |
Freedom Savings and Loan Association said it will record a net gain of 13.5 mln dlrs on the sale of certain assets of its Freedom Mortgage Co subsidiary to Chase Home Mortgage Corp a subsidiary of Chase Manhattan Corp <CMB>. Freedom also said it had completed the sale. The company said about 9.5 mln dlrs of the gain... | FREEDOM <FRDM> TO RECOGNIZE GAIN ON UNIT SALE |
The U.S. meat industry has launched an aggressive promotion campaign in Japan to increase consumer awareness of U.S. beef and persuade the Japanese government to relax current beef import quotas. U.S. beef sales to Japan currently around 480 mln dlrs annually could increase to over two billion dlrs and as high as six b... | U.S. MEAT INDUSTRY LAUNCHES CAMPAIGN IN JAPAN |
Adolph Coors Co said it expects second quarter net income to be in the range of 45 cts to 50 cts a share compared to 82 cts a share in 1986. Coors said earnings were hurt by start-up expenses at the new Shenandoah Brewery and other marketing expenses. It said it expects to achieve record barrel sales in 1987 but that s... | COORS <ACCO.O> SEES LOWER SECOND QUARTER |
Shr 18 cts vs 15 cts Net 3.3 mln vs 2.5 mln Revs 45.2 mln vs 26.8 mln NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss carryforward. Reuter | COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR |
Merchants National Corp with 3.7 billion dlrs in assets said it will report a loss of 13 mln dlrs for the second quarter due to its decision to increase its provision for losses by 30 mln dlrs mainly due to uncertainties surrounding Latin American debt. In the second quarter last year Merchants reported net income of 6... | MERCHANTS <MCHN.O> TO REPORT 2ND QTR LOSS |
the venezuelan state aluminum company venalum is negotiating a total of 123.9 mln dlr in credits from abroad for a planned expansion of production faciities finance minister manuel azpurua said. Azpurua spoke to reporters after meeting representatives of the kreditanstalt fur wiederaufbau (kfw) bank of germany who tomm... | VENEZUELAN ALUMINUM FIRM TO CREDITS |
The House today approved a bill requiring the Reagan administration to report to Congress on its Mideast Gulf policy but not restricting its actions. The vote in favor was despite a last-minute revolt by an alliance of liberal Democrats and conservative Republicans who sought to defeat it as a signal that a growing num... | U.S. HOUSE PASSES MIDEAST GULF BILL |
The U.S. Postal Service said Unisys Corp <UIS> Bell and Howell Co <BHW> Recognition Equipment Inc <REC> Toshiba and AEG were awarded contracts for automating the postal services mail sorting system. The Postal Service said the contracts will lead to increase use of multiline optical character readers. Based on... | FIRMS AWARDED U.S. POSTAL SERVICE AWARDS |
Paul Volckers resignation as Federal Reserve Board chairman creates a serious leadership vacuum at a time of deep uncertainty about the future management of the third-world debt crisis bankers said. They said Volcker did more than any other official to hold the financial system together when Mexico halted interest paym... | VOLCKER LEAVES VOID ON LDC DEBT, BANKERS SAY |
Currency futures are likely to move higher following the sharp rally today after President Reagan announced that Paul Volcker would not accept a third term as Federal Reserve Chairman and that Alan Greenspan was nominated as his replacement currency analysts said. Contrary to predictions before the Volcker resignation ... | NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES |
The World Bank has suspended loans to Peru because the country has over two months of payment arrears with the lending agency central bank general manager Hector Neyra said. He told reporters the government decided to stop paying the World Bank because scheduled repayments outweighed the loans it was due to receive. Th... | WORLD BANK SUSPENDS LOANS TO PERU - CENTRAL BANK |
Westpac Banking Corp <WSTP.S> said it is cutting its indicator lending rate to 22 pct from 23 pct effective from June 15. Westpac said in a statement various other lending rates are also being revised downwards. The Westpac move follows base rate drops by other New Zealand trading banks recently. <Bank of New Zea... | WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE |
Bank of Japan intervened buying small amount of dollars at 142.85 yen - dealers | |
Daiwa Singapore Ltd wholly-owned by Daiwa Securities Co Ltd of Japan yesterday launched a 100 mln U.S. Dlr tranche of an equity warrant eurobond in Singapore for Japans Minebea Co Ltd <MIAT.T>. The five-year eurobond carries an indicative coupon rate of one and 5/8 pct and will be managed from Singapore. The warrant... | DAIWA SINGAPORE LAUNCHES 100 MLN DLR MINEBEA BOND |
Matsushita Electric Industrial Co Ltd <MC.T> Mazda Motor Corp <MAZT.T> and Ford Motor Co <F> have signed an agreement to set up a joint venture to make car air conditioners in Japan Matsushita said in a statement. The new venture <Japan Climate Systems Corp> will be capitalised at 1.5 billion yen and the th... | MATSUSHITA IN JOINT VENTURE WITH FORD, MAZDA |
South Koreas wholesale price index base 1980 rose 0.4 pct to 127.0 in May after a 1.1 pct rise in April and was 1.5 pct higher than in May 1986 the Bank of Korea said. The May consumer price index which has the same base rose 1.4 pct to 149.1 after a 0.3 pct gain in April for a year-on-year rise of 3.5 pct. Wholesale p... | S. KOREAN WHOLESALE PRICES UP 0.4 PCT IN MAY |
Esso Singapore Pte Ltd will lower the pump price of its premium 97 octane petrol price to 96.8 cents/litre from 97 cents effective midnight tonight a spokeswoman said. The new price is similar to other oil companies price for the same grade. Essos price for 95 octane remains unchanged at 90.8 cents. REUTER | ESS0 LOWERS PREMIUM PETROL PUMP PRICE |
A Matsushita Electric Co Ltd <MC.T> joint venture will make VHS-format video tape recorders (vtrs) in Brazil for the domestic market in the face of government quotas on vtr imports a Matsushita spokesman told Reuters. <Springer National de Amazonia SA> will start output in early 1988 at a rate of 20000 vtrs the f... | MATSUSHITA BRAZIL JOINT VENTURE TO MAKE VTRS |
Brazils new economic plan should enable Brazil to renew negotiations with creditors on its 111-billion dlr foreign debt within the next 30 days Finance Minister Luiz Carlos Bresser Pereira said. The plan which predicted the economy would grow 4.5 pct this year and inflation would drop to 10 pct a month by December from... | BRAZIL'S ECONOMIC PLAN MAY PERMIT NEW DEBT TALKS |
Prime Minister Yasuhiro Nakasone said the dollars sharp fall against the yen overnight was only temporary. The dollar dropped sharply in New York after news that Paul Volcker would step down as chairman of the U.S. Federal Reserve. Nakasone told reporters he did not expect U.S. Policy to change after Volcker steps down... | NAKASONE SAYS DOLLAR FALL ONLY TEMPORARY |
Citibank Ltd said it would lower its Australian prime rate to 16 pct from 16.5 effective tomorrow. The new rate if unmatched by other banks will be the lowest among Australian trading banks. Other primes range from 16.25 to 17.5 pct. Australian prime rates have now retreated from a recent peak of 19 pct in October in l... | CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT |
China is moving to stabilise world prices of tungsten after fluctuating prices this year affected the countrys export earnings the China Daily said. The paper quoted industry officials as saying they would fix export prices on the basis of the world market stop smuggling and encourage producers to reduce exports. Curre... | CHINA MOVES TO STABILISE WORLD TUNGSTEN PRICES |
Australias <Ansett Airlines> will exercise an option to acquire 20 pct of America West Airlines Inc <AWAL.O> for about 31.5 mln U.S. Dlrs <Ansett Transport Industries Ltd> managing director Peter Abeles said. Exercise involving the purchase of about three mln new America West shares for 10.50 U.S. Dlrs each wa... | AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST |
Treasurer Paul Keating said the oppositions tax-cutting policy a key issue in the run up to the July 11 elections was a miscalculation that would severely damage the Australian economy. Opposition leader John Howard disputed Keatings allegations. Keating is engaged in a desperate last ditch panic attempt to deny long-s... | AUSTRALIAN ELECTION CAMPAIGN FOCUSSES ON TAX CUTS |
Aides to South Koreas President Chun Doo Hwan are urging him to reopen talks on electoral reform to defuse nationwide political turmoil the state radio said. It said ruling party officials would tell Chun he should consider reversing an April 13 decision to shelve the debate on reform until after the 1988 Seoul Olympic... | AIDES URGE S. KOREA'S CHUN TO OPEN TALKS - RADIO |
New foreign shipbuilding orders received by Japanese yards in May fell to five vessels totalling 188900 gross tons (gt) from eight ships of 314000 gt in April against four ships of 104500 gt a year earlier the Japan Ship Exporters Association said. The backlog of orders at end-May was 122 ships of 3.70 mln gt against 1... | JAPAN FOREIGN SHIPBUILDING ORDERS FALL IN MAY |
First City Bancorp of Texas Inc <FBT> said it was talking with several parties about its previously announced efforts to bolster its capital position. The statement issued yesterday did not say how close the bank was to a merger or recapitalisation program. Several parties have expressed an interest in working with ... | FIRST CITY BANCORP HOLDS TALKS ON RAISING CAPITAL |
Secretary of State George Shultz said the U.S. Would erase its large foreign trade deficit faster than many predicted and the consequences for its trade partners might be traumatic. The U.S. Economy will inevitably make the adjustment necessary to move from a deficit to a surplus trade balance in order to service our g... | SHULTZ PREDICTS RAPID NARROWING OF U.S. TRADE GAP |
Barclays Plc <BCS.L> expects the global travellers cheque industry to grow three to six pct a year in the next five to 10 years despite growing competition from credit cards divisional manager K.S. Nicklin said. He said the bank expected the size of the market to increase to between 39 and 40 billion dlrs in 1987 fr... | BARCLAYS SEES GROWTH IN TRAVELLERS CHEQUES |
Aegon NV is issuing a 100 mln dlr eurobond due July 23 1990 paying 8-1/4 pct and priced at 101 pct lead manager Goldman Sachs International Corp said. The non-callable bond is available in denominations of 5000 dlrs and is expected to be listed in Amsterdam. The selling concession is one pct while management and underw... | AEGON NV ISSUES 100 MLN DLR EUROBOND |
Japanese vehicle exports fell 9.3 pct in May from a year earlier to 531253 mainly because of lower exports to the U.S. Industry sources said. This compares with 633869 in April. Official figures will be announced by the Japan Automobile Manufacturers Association later this month. May exports included 374482 passenger c... | JAPANESE VEHICLE EXPORTS FALL IN MAY |
HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK SAVE FOR 146.6 MLN STG | |
The Supreme Council of the United Arab Emirates (UAE) has rejected the overthrow of the ruler of the emirate of Sharjah the Emirates news agency WAM reported. The UAE was plunged into a constitutional crisis yesterday after the ruling family of Sharjah said its ruler Sheikh Sultan bin Mohammed al-Qassimi had abdicated ... | UAE LEADERS REJECT OVERTHROW OF SHARJAH RULER |
Marubeni Corp <MART.T> of Japan has been picked to undertake a telecommunications project worth 985 mln rupees the Sri Lankan cabinet said in a statement. It said Marubeni was selected from five Japanese competitors for the project which involves laying new telecommunications cables in the outskirts of Colombo. Japa... | MARUBENI CORP AWARDED SRI LANKAN TELECOM TENDER |
<Dairy Farm International Holdings Ltd> said in a statement it is making a tender offer for 22 pct of Kwik Save Discount Group Plc <KWIK.L> of Britain for a total 146.6 mln stg. Dairy Farm said it will offer to buy up to 32.58 mln Kwik Save shares at 4.50 stg each. The offer will bring Dairy Farms stake in Kwik S... | DAIRY FARM BIDS 146.6 MLN STG FOR 22 PCT KWIK SAVE |
Singapore Petroleum Co Pte Ltd said it will raise posted prices for its products from June 19 by one cent/gallon for lpg naphtha and gasoline two cents for gas oil and by 60 cents/barrel for marine diesel oil. New prices are - lpg 36.0 cents/gallon chemical naphtha 47 unleaded reformate 65.8 0.4 gm lead 97 octane 61.3 ... | SINGAPORE PETROLEUM CO RAISES OIL PRODUCT POSTINGS |
Six months ended April 30 Parent shr 1.66 yen vs 7.28 Div 3.50 yen vs same Net 1.59 billion vs 6.88 billion Current 5.03 billion vs 16.03 billion Sales 804.02 billion vs 839.20 billion Oustanding shrs 955.00 mln vs 944.15 mln REUTER | MAZDA MOTOR CORP <MAZT.T> |
Japanese compound feed output rose 2.3 pct to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a year earlier the Agriculture Ministry said. The marginal rise reflected slight growth in demand for poultry raising and a moderate increase in demand for beef cattle raising Ministry officials said. Compound feed s... | JAPAN 1986/87 COMPOUND FEED OUTPUT UP 2.3 PCT |
six months to March 31 Shr 16.25p vs 15.61p Div 4.0p vs 3.5p Turnover 6.12 billion vs 4.89 billion Interest 25.2 mln vs 37.6 mln Pretax profit 42.7 mln vs 40.3 mln Tax 10.3 mln vs 9.9 mln Minorities 1.3 mln vs 439000 Extraordinary items 2.6 mln credit vs 1.2 mln debit Note - company name is S and W Berisford Plc <BR... | BERISFORD LIFTS FIRST HALF PROFIT 2.5 MLN STG |
N.Z. GOVERNMENT FORECASTS BUDGET SURPLUS 379 MLN DLRS VS 1.95 BILLION DEFICIT | |
Parliament passed a law allowing state-owned industrial companies to sell 49 pct of their shares to staff and private investors the official BSS news agency said. Under the new law passed yesterday 51 pct of shares in the affected companies will be held by the government 34 pct by the public and 15 pct by staff. The la... | NEW BANGLADESH LAW ALLOWS STATE FIRM SHARE SALES |
NEW ZEALAND TO REPAY 600 MLN DLRS FOREIGN DEBT, MINISTER SAYS | |
South African year-on-year broadly defined M-3 money supply growth was revised upward to 10.37 pct for April from a preliminary 10.08 pct but was down from a revised 10.69 pct in March Reserve Bank figures show. M-3 rose to a revised 82.38 billion rand in April from a preliminary 82.17 billion and Marchs revised 81.39 ... | SOUTH AFRICAN M-3 APRIL GROWTH REVISED UPWARD |
The Commonwealth Bank of Australia said it will lower its reference rate for loans to 15.75 pct from 16.25 pct and its overdraft reference rate to 16.25 pct from 16.75 effective June 24. Bank officials have said the bank regards the overdraft reference rate based on short-term rate trends as its key prime lending rate ... | COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME |
The Australian government has given support in principle to the production of platinum and silver bullion coins at the Perth Mint Treasurer Paul Keating said. This followed the success of the Australian Nugget gold bullion coins launched this year he said in a statement. He said that as with the Australian nuggets the ... | AUSTRALIA TO PRODUCE SILVER AND PLATINUM COINS |
South Koreas gross national product (GNP) will exceed 10 pct real growth this year and the won will rise further as long as the current account surplus continues to widen Deputy Prime Minister Chun In-Yong told reporters. Chung who is also Minister of Economic Planning said his GNP estimate was based on the assumption ... | S.KOREA SEES GNP GROWTH MORE THAN 10 PCT THIS YEAR |
The New Zealand government is forecasting a budget surplus of 379 mln N.Z. Dlrs for the year ending March 1988 Finance Minister Roger Douglas said in a statement. This compares with a deficit of 1.95 billion dlrs in the year ending March 1987 and a 1.87 billion dlr deficit a year earlier. Total expenditure is seen at 2... | NEW ZEALAND FORECASTS 379 MLN DLR BUDGET SURPLUS |
British Telecom pretax profit rises 11.7 pct to 2.07 billion stg in yr to end-March | |
Australian crude oil and condensate output fell 7.6 pct to 23480 megalitres or about 147 mln barrels in the first nine months of fiscal 1986/87 ending June 30 the Department of Resources and Energy said. The decline in production in the nine months to end-March reflected mainly a sharp dip early in the fiscal year when... | AUSTRALIAN CRUDE OUTPUT FALLS IN FIRST NINE MONTHS |
New Zealand will repay a portion of its 42.48 billion N.Z. Dlr public debt for the first time since 1952 as a result of a 379 mln N.Z. Dlr budget surplus for fiscal March 1988 Finance Minister Roger Douglas said. Douglas said in a budget statement the surplus is the first achieved in New Zealand in 35 years. It compare... | NEW ZEALAND TO REPAY UP TO 600 MLN DLRS OF DEBT |
Year to end-March Shr 20.9p a 22.3 pct rise Div 5.1p making 8.45p vs vs 7.5p Turnover 9.42 billion a 12.4 pct increase Operating profit 2.35 billion a 10.9 pct increase Pretax profit 2.07 billion a 11.7 pct rise Fourth quarter 1987 Turnover 2.42 billion a 8.4 pct rise Operating profit 629.0 mln a 12.1 pct increase Pret... | BRITISH TELECOM RAISES 1986/87 PROFIT 11.7 PCT |
Austrias current account surplus grew to 11.0 billion schillings in the first four months this year from 8.2 billion in the same period last year the National Bank said. In April the current account recorded a deficit of 300 mln schillings compared with an 800 mln surplus in March and an 800 mln deficit in April 1986 t... | AUSTRIAN CURRENT SURPLUS GROWS IN FOUR MONTHS |
Year to March 31 Fin div 3.5p making 5.5p vs 2.5p Shr 25.2p vs 14.7p Pretax profit 50.5 mln stg vs 30.1 mln Net after tax 36.0 mln vs 21.6 mln Turnover 1.22 billion vs 1.16 billion Extraordinary dbt 10.3 mln vs 8.2 mln Note - Full company name is <Johnson-Matthey Plc>. REUTER | JOHNSON MATTHEY RAISE PRETAX PROFITS BY 67.8 PCT |
A forecast 379 mln N.Z. Dlr surplus in the governments 1987/88 budget will allow a significant reduction in the government debt program Finance Minister Roger Douglas said in a statement. There are however good reasons to maintain a higher borrowing program than the Budget numbers require he said. The government will b... | N.ZEALAND DEBT PROGRAM REVISED ON BUDGET SURPLUS |
S and W Berisford Plc <BRFD.L> said a six pct rise in pretax profits to 42.7 mln stg in the first half had maintained last years momentum despite poor commodities trading conditions and continued rationalisation costs. Its British Sugar Corp Plc unit produced its best ever performance due to greater efficiency and b... | BERISFORD SIX PCT PROFIT RISE MAINTAINS MOMENTUM |
Members of the Bull Moose coking coal mine in British Columbia Canada agreed to cut the base price they charge Japanese steelmakers to 91.77 Canadian dlrs a tonne FOB for the year from April 1 down 14 dlrs from 1986/87 an official at a company involved in the deal said. The Nippon Kokan KK <NKKT.T> official said the... | CANADIAN MINES AGREE TO CUT COAL PRICE |
The Bank of Japan will sell tomorrow 200 billion yen in financing bills through 35-day repurchase agreements maturing July 24 to help mop up a projected money market surplus money traders said. The yield on the bills for sale to banks and securities houses from money houses will be 3.6005 against todays one-month comme... | BANK OF JAPAN TO SELL 200 BILLION YEN IN BILLS |
Swedens Volvo AB <VOLV ST> said its B-Free shares are to be listed on the Zurich Basle and Geneva bourses in the autumn. The company said in a statement that the new listing would further expand the number of international bourses on which Volvo shares are quoted. It is already quoted on stock exchanges in Sweden Br... | VOLVO TO BE LISTED ON SWISS BOURSES |
<Dairy Farm International Holdings Ltd> obtained a 1.2 billion H.K. Dlr loan from the Hongkong and Shanghai Banking Corp to finance its tender offer for a 22 pct stake in Kwik Save Discount Group Plc <KWIK> Dairy Farm chairman Simon Keswick told reporters. He did not disclose the terms of the loan but said they w... | DAIRY FARM GETS 1.2 BILLION H.K. DLR LOAN |
The New Zealand Government will sell 25 pct of state-owned <Air New Zealand Ltd> to the public Civil Aviation minister Richard Prebble said. Prebble said in a statement the government would appoint an adviser to help it decide how the shares should be sold the timing of any sales and the price. Clearly there will be... | GOVERNMENT TO SELL 25 PCT OF AIR NEW ZEALAND |
Alcan Australia Ltd <AL.S> seeks a 100 mln U.S. Dlr eight year underwritten note issuance facility Swiss Bank Corporation International Ltd said as arranger. The facility which allows banks the option to withdraw after five years with three months notice involves the issuance through a tender panel of notes with mat... | ALCAN AUSTRALIA SEEKS 100 MLN DLR FACILITY |
BET pretax profit 157.4 mln stg vs 124.6 in year to end-March | |
The Finance Ministry is putting the finishing touches on a roughly 2000 billion yen supplementary budget for 1987/88 and has started to turn its attention to next years main budget ministry officials said. The supplementary budget is designed to help finance the 6000 billion yen emergency economic package the governmen... | JAPAN FINISHING UP WORK ON SUPPLEMENTARY BUDGET |
 GLAXO HAS NO KNOWLEDGE OF BEARISH PRESS ARTICLE LONDON June 18 - A spokesman for pharmaceuticals giant Glaxo Holdings Plc <GLXO.L> said he had no knowledge of a bearish U.S. Press article which London share dealers said has helped depress the shares in early trading here. Glaxo shares fell to a low of 1725 this... | |
South African year-on-year producer price inflation rose to 16.1 pct in April against 15.8 pct in March Central Statistics Office figures show. The all items index (base 1980) rose a monthly 1.2 pct to 242.5 in April after increasing 1.1 pct to 239.6 in March and standing at 208.9 a year earlier. REUTER | S. AFRICAN PRODUCER PRICE INFLATION RISES IN APRIL |
Finnish industrial investment will rise 10 pct in 1987 from last year reaching its highest rate since 1980 the Bank of Finlands two year survey predicted. Investment will centre on machinery and equipment with a rise of almost 25 pct. There will almost be a rise of 20 pct in investment in manufacturing with notable gro... | BANK OF FINLAND PREDICTS 1987 INVESTMENT SURGE |
BET Plc <BETL.L> said slightly higher than expected results for the year to March showed that its strategy was working. BET raised pretax profits in the year to 157.4 mln stg from 124.6 mln previously. It had continued to build on a range of complementary services through a combination of organic growth and carefull... | BET SAYS RESULTS SHOW STRATEGY IS WORKING |
European Community farm ministers plunged the bloc into a crisis today by ending a marathon negotiation on 1987/88 farm prices without agreement. Their chairman Belgian Paul de Keersmaeker told a press conference this morning ministers gave a majority vote in favour of all aspects of an EC Commission compromise proposa... | EC FARM MINISTERS END MEETING WITHOUT PRICE ACCORD |
Finance Minister Roger Douglas said New Zealand would enact legislation to prevent local companies and individuals from using overseas tax havens. The government would also outlaw the practice of double deduction of losses by dual resident companies known as double dipping Douglas said in a budget statement. The anti-t... | NEW ZEALAND TO CLOSE TAX LOOPHOLES |
Year to March 31 Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p Share 14.11p vs 12.13p Pre-tax profit 27.11 mln stg vs 24.06 mln Net profit 18.12 mln vs 15.21 mln Turnover 252.11 mln vs 225.29 mln Note - London International Group Plc <LONL.L> said that sharply increased sales of condoms had led to a particularly ... | LONDON INTERNATIONAL RAISE PROFITS BY 3.05 MLN |
The state-owned Industrial Development Bank of India (IDBI) has given <Morgan Guaranty Ltd Hong Kong> the mandate to arrange a 10 billion yen loan in Japan a senior IDBI official told Reuters. The 15-year loan to be signed next month carries interest pegged to the Japanese long-term prime rate now at around five pct... | INDIAN DEVELOPMENT BANK TO RAISE 10 BILLION YEN |
Finance Minister Roger Douglas said the government would introduce a full tax imputation system on dividends effective from the 1988/89 income year. Confirming the governments timetable for the imputation system which had been announced in earlier budgets Douglas said in a statement that the system would substantially ... | NEW ZEALAND TAX IMPUTATION SYSTEM BY 1988/89 |
Toyota Motor Corp <TOYO.T> and Nissan Motor Co Ltd <NSAN.T> both said May vehicle exports fell from a year earlier mainly due to the yen rise against the dollar. Toyotas exports fell 9.5 pct from a year earlier to 161266 vehicles in May while Nissans fell 17.6 pct to 100221. Toyotas exports to the U.S. Fell 13.9 ... | TOYOTA AND NISSAN EXPORTS FALL IN MAY |
Belgium cuts three month treasury certificate rate 0.10 points to 6.85 pct - official | |
Toshiba Corp <TSBA.T> and Sharp Corp <SHRP.T> decided to maintain exports of lap-top personal computers to the European Community (EC) at last years levels despite the halt of shipments to the U.S. Company spokesmen told Reuters. They said the voluntary restraints were aimed at averting EC sanctions urged by Euro... | TOSHIBA, SHARP RESTRAIN LAP-TOP PC EXPORTS TO EC |
The Belgian National Bank said it cut one two and three month treasury certificate rates all by 0.10 points effective immediately. The cuts take the one month rate to 6.75 pct the two month rate to 6.80 pct and the key three month rate to 6.85 pct the central bank said in a telex. A National Bank spokesman said the mod... | BELGIUM CUTS TREASURY CERTIFICATE RATES |
<Aramco Corp> has accepted Japanese nominations to lift a higher proportion of Arab Heavy crude oil under term contracts in July oil industry sources said. Japanese companies requested a ratio of 80 pct Arab Heavy to 20 pct Arab Light under a term contract agreement with Aramco for 100000 barrels per day the sources... | ARAB HEAVY TERM CRUDE SUPPLIES TO JAPAN UP IN JULY |
Tehran Radio said all but one Iranian diplomat in London would return home within two weeks. The report monitored by the British Broadcasting Corp followed an announcement by the Foreign Office in London that Britain had withdrawn four of its six remaining diplomats in Tehran. They were the latest moves in a diplomatic... | TEHRAN WITHDRAWS MORE DIPLOMATS FROM BRITAIN |
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