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Abnormally warm and dry weather over most parts of China is seriously affecting crops the New China News Agency said. It said the drought has made rice planting difficult in eight provinces including Guangxi Sichuan and Hunan. Plant diseases and insect pests have increased in wheat-producing areas it said. The agency s... | UNUSUALLY DRY WEATHER AFFECTS CHINA'S AGRICULTURE |
Taiwans state-owned China Shipbuilding Corp (CSBC) plans to seek joint production agreements with Japan and further diversify into ship repairing to try to trim its debts chairman Louis Lo said. He told Reuters in an interview that CSBCs first joint production venture to build two hulls for <Onomichi Dockyard Co Ltd... | TAIWAN SHIPBUILDER LOOKS FOR JAPANESE VENTURES |
<Hyundai Motor Co> exported 49822 cars in the first two months of 1987 up from 37272 in the same period of last year mainly due to booming sales in the U.S. And Canada company officials said. They told reporters Hyundai Motor expects to export 450000 cars in 1987 including 250000 to the U.S. After a record total las... | HYUNDAI MOTOR'S CAR EXPORTS RISE SHARPLY |
A group of creditor banks hopes to work out a rescue package for Japan Line Ltd <JLIT.T> one of the worlds largest tanker operators by the end of Japans business year on March 31 a spokesman for the Industrial Bank of Japan Ltd <IBJT.T> (IBJ) said. Japan Lines cumulative debt was 68.98 billion yen at the end of S... | CREDITORS SEEK SWIFT RESCUE PACKAGE FOR JAPAN LINE |
Argentina will tell its creditors it needs an extension of deadlines for payment of capital and interest on its 50 billion dlr foreign debt Industry and Foreign Trade Secretary Roberto Lavagna told reporters. We the developing countries are going to insist on the application of contingency clauses to extend deadlines f... | ARGENTINA SEEKS NEW DEBT DEADLINES, OFFICIAL SAYS |
Indonesia heads for general elections in six weeks time with its economy in the worst shape in 20 years economists and officials said. The government expects no spillover of people power from the neighbouring Philippines to unsettle the 20-year rule of President Suharto victory for whose ruling Golkar party in the comi... | ECONOMIC SPOTLIGHT - INDONESIA'S ECONOMY |
Australian wheat shipments rose to 1.33 mln tonnes in February from 1.01 mln in January an Australian Wheat Board official said. Februarys shipments were down on the 1.54 mln tonnes shipped in February 1986. Cumulative shipments for the first five months of the October/September wheat year were 6.12 mln tonnes as again... | AUSTRALIAN WHEAT EXPORTS RISE IN FEBRUARY |
Republicans in Congress hailed President Reagans speech on the Iran arms scandal as candid and constructive while Democrats who control both houses said Reagan would now have to match his words with action. Senate Majority Leader Robert Byrd (Democrat) of West Virginia said in a television interview he was heartened th... | REAGAN SPEECH WINS MIXED REACTION FROM CONGRESS |
OPEC countries are all sticking firmly to official crude oil prices but the volatility of spot prices is likely to continue into the third quarter Indonesian Minister of Mines and Energy Subroto told Reuters. Subroto attending a Pacific Energy Cooperation conference blamed recent rapid spot price changes on unbalanced ... | OPEC STICKING FIRM ON OFFICIAL PRICES - SUBROTO |
Thai coffee exports rose to 22068 tonnes in 1986 from 20430 a year earlier the Customs Department said. REUTER | THAI COFFEE EXPORTS RISE IN 1986 |
The easing of rules governing overseas use of the yen has caused an explosion of Euroyen bond activity but has failed to turn the yen into a truly international currency bond managers and traders said. Although yen bonds now rank second only to dollar issues in the Eurobond market few foreigners are interested in keepi... | ECONOMIC SPOTLIGHT - EUROYEN BOND ISSUES INCREASE |
South Koreas M-2 money supply rose 0.39 pct to 33992.0 billion won in February from 33858.4 billion in January when it fell a revised 0.04 pct from December provisional Bank of Korea figures show. The February figure was up 18.89 pct from a year earlier. M-1 money supply rose 4.13 pct to 8492.1 billion won in February ... | SOUTH KOREAN MONEY SUPPLY RISES IN FEBRUARY |
Pakistans foreign exchange reserves fell to 8.43 billion rupees in February from 8.96 billion in January compared with 12.97 billion in February 1986 the State Bank of Pakistan said. The bank gave no reason for the fall but local bankers said big import bills had affected the reserves. The Federal Bureau of Statistics ... | PAKISTAN'S FOREIGN EXCHANGE RESERVES FALL |
Austria has decided to redeem six years early a 20 billion yen 12-year 8.5 pct samurai bond due on August 18 1993 Daiwa Securities Co Ltd said as lead manager. It will redeem 18.4 billion yen at 103.00 and the rest at par this August 18 under an annual redemption obligation probably because of declining yen interest ra... | AUSTRIA DECIDES EARLY REDEMPTION OF SAMURAI BOND |
Thailands main paddy crop is expected to fall to 15.4 mln tonnes in the 1986/87 (Nov/Oct) season from a previous 15.68 mln estimate in November and an actual 17.35 mln a year ago the Thai Rice Mills Association said. It said a joint field survey late last month by the association the Commerce Ministry and the Bank of T... | THAILAND REDUCES MAIN RICE CROP PROJECTION |
New Zealand clearing house <DataBank Systems Ltd> said it will know tomorrow what services it will be able to provide during a strike by bank officers against trading banks and DataBank set for March 9 and 10. Trading banks polled by Reuters said their ability to offer money market services during the strike depends... | N. ZEALAND MARKETS PREPARE FOR TRADING BANK STRIKE |
Hoechst AG <HFAG.F> said its group pre-tax profit in 1986 would be slightly lower than the 3.16 billion marks posted in 1985 while parent company pre-tax profits rose slightly from the 1.62 billion in 1985. Group turnover fell slightly to 38 billion marks from 42.72 billion in 1985 and parent company turnover fell t... | HOECHST GROUP PRE-TAX PROFIT FALLS IN 1986 |
The Broken Hill Pty Co Ltd <BRKN.S> (BHP) said it plans a renounceable one-for-three issue of rights to float a new company <BHP Gold Mines Ltd> (BHPGM) which will hold most of BHPs gold interests. In a statement BHP said the 25-cent par rights would be priced at 50 cents for 430 mln of the BHPGM shares on offer.... | BHP TO FLOAT GOLD UNIT WITH ONE-FOR-THREE ISSUE |
The Hongkong and Shanghai Banking Corp <HKBH.HK> is likely to show a rise in profit of between 10 and 13 pct for 1986 reflecting stronger than expected loan growth share analysts polled by Reuters said. Their estimates of the banks net earnings for last year ranged from 2.99 to 3.1 billion H.K. Dlrs. Results will be... | HK BANK EXPECTED TO POST 10 TO 13 PCT PROFIT RISE |
The directors of Hughes Tool Co <HT> said they would recommend to shareholders that they reject a merger with Baker International Corp <BKO> today. Hughes vice-president Ike Kerridge said the recommendation would be put to shareholders at a meeting scheduled for 10 A.M. Local time (1600 GMT) to discuss the propos... | HUGHES TOOL DIRECTORS REJECT MERGER WITH BAKER |
The Bank of Japan will sell tomorrow 500 billion yen of financing bills it holds to help absorb a projected money market surplus money market traders said. Of the total 300 billion yen will yield 3.9989 pct on the sales from money houses to banks and securities houses in 27-day repurchase agreement due April 2. The rem... | BANK OF JAPAN TO SELL 500 BILLION IN BILLS |
McDonalds Corp is raising 75 mln Australian dollars through a 14-5/8 pct bullet eurobond priced at 101-1/4 and maturing November 5 1991 lead manager Bayerische Vereinsbank AG said. Investors will pay for the bond on May 5 1987 and the bond pays annual interest on November 5 beginning in 1988. There will be a 1-3/8 poin... | MCDONALDS LAUNCHES 75 MLN AUS DLR EUROBOND |
Gunze Sangyo Inc of Tokyo is launching a 25 mln Swiss franc convertible notes issue due May 31 1992 with a coupon indication of 1-5/8 pct lead manager Swiss Volksbank said. Conditions will be set on March 11 and payment date is March 30. REUTER | GUNZE SANGYO SETS 25 MLN SWISS FRANC NOTES ISSUE |
Group shr 18.34 yen vs 58.72 Net 10.73 billion yen vs 37.06 billion Pretax 27.76 billion yen vs 84.78 billion Operating 30.06 billion yen vs 88.81 billion Sales 889.22 billion vs 955.78 billion Note - The company attributed the profit fall largely to the yens appreciation during the period. Domestic sales rose 0.4 pct ... | CANON INC (CANN.T) YEAR ENDED DECMEBER 31 |
Oesterreichische Draukraftwerke AG of Klagenfurt is launching a 100 mln Swiss franc 4-3/4 pct 10-year bond priced at 100-1/4 pct lead manager Swiss Bank Corp said. The issue is guaranteed by the Austrian state. Subscriptions close March 20. REUTER | OESTERREICHISCHE DRAUKRAFTWERKE SETS SFR BOND |
The highly visible drama involving the yens sharp rise against the U.S. Dollar is obscuring the fact that the Japanese currency has hardly budged against major European currencies thus creating a new set of exchange rate distortions Japanese and European research officials said. The officials looking beneath the rhetor... | NEW CURRENCY PROBLEM SEEN AMONG U.S, EUROPE, JAPAN |
Australian Prime Minister Bob Hawke and Treasurer Paul Keating said the governments 1986/87 Budget deficit could hit four billion dlrs against the official forecast of 3.5 billion. Hawke told a Sydney radio station the deficit may turn out at four billion. He and Keating last week warned that the budget deficit was run... | HAWKE SEES FOUR BILLION DLR BUDGET DEFICIT |
The Commonwealth Bank of Australia is issuing a novel 100 mln Australian dlr eurobond due April 6 1992 paying an initial coupon of 16 pct and priced at 101 pct lead manager Swiss Bank Corporation International said. The coupon will then be re-fixed annually at the one-year Australian Treasury rate. There will also be a... | COMMONWEALTH BANK OF AUSTRALIA ISSUES NOVEL BOND |
Thailand exported 1816 tonnes of tin metal in January up from 1731 in December and 1330 a year ago the Mineral Resources Department said. It said major buyers last month were Singapore Japan Britain the Netherlands Malaysia and the U.S. REUTER | THAI TIN EXPORTS RISE IN JANUARY |
Caisse Centrale de Credit Cooperatif is launching a privately-placed 1.2 billion franc bond issue in three tranches of 400 mln francs and with maturities of seven eight and ten years respectively lead-managers Credit Lyonnais and Banque Francaise de Credit Cooperatif said. Interest on the three variable-rate tranches i... | CENTRALE DE CREDIT COOPERATIF ISSUE DETAILED |
The Bank of England said it had invited an early round of bill offers from the discount houses. The Bank forecast the shortage in the system today at around 1.15 billion stg. Among the main factors affecting liquidity bills maturing in official hands and the take-up of treasury bills will drain some 732 mln stg and exc... | U.K. MONEY MARKET OFFERED EARLY ASSISTANCE |
The Belgo-Luxembourg Economic Union (BLEU) moved into a narrow trade surplus of 4.7 billion francs in 1986 after a 140.4 billion franc deficit in 1985 figures given by a spokesman for the National Statistics Institute show. He said imports fell last year to 3061.8 billion francs from 3304.1 in 1985 while exports were a... | BELGOLUX TRADE MOVES INTO SURPLUS IN 1986 |
The Bank of Spain said it raised the reserve requirement for banks and savings banks to 19 pct of deposits from 18 pct to drain excess liquidity which threatened money supply and inflation targets. In a statement issued late last night the central bank said the measure would take effect from March 13. In recent weeks t... | SPAIN RAISES BANKS' RESERVE REQUIREMENT |
The state-owned Minerals and Metals Trading Corp will send a team to Japan next week to negotiate an iron ore export contract for 1987/88 beginning April 1 trade sources said. Japan the biggest buyer of Indian iron ore with imports of around 23 mln tonnes a year has asked India to reduce prices from the current average... | INDIA AND JAPAN TO DISCUSS IRON ORE PRICES |
Japanese creditor banks are close to a decision to jointly establish an offshore firm to which they will transfer part of their title to possibly unrecoverable debts owed by developing nations international financial sources told Reuters. Details of the deal are likely be decided next week and the firm set up before th... | JAPANESE BANKS SEEN AGREEING DEBT RISK SCHEME |
The Ministry of International Trade and Industry has not yet set a car export quota for <Daihatsu Motor Co Ltd> which is scheduled to start exports to the U.S. Later this year a ministry official said. Several local newspapers said the ministry had set a quota of about 10000 cars. Daihatsu is owned 15.1 pct by Toyot... | JAPANESE MINISTRY DENIES EXPORT QUOTA FOR DAIHATSU |
CSR Ltd <CSRA.S> said it will sell its head office group of five buildings in central Sydney as part of plans to decentralise. The 2750 square metre site will be repurchased under existing lease-back agreements and then sold by public tender it said in a statement. CSRs sugar and oil divisions have already moved to ... | CSR LTD SAYS IT WILL SELL HEAD OFFICE BUILDINGS |
Iran said its troops repulsed heavy Iraqi counter-attacks and continued their advance through the rugged mountains of Iraqi Kurdistan in overnight fighting on the northern war front. Iran launched the new offensive codenamed Karbala-7 on Tuesday night among the snow-capped peaks of the Haj Omran border area of northeas... | IRAN REPORTS HEAVY FIGHTING IN IRAQI KURDISTAN |
Rank Organisation says it launching 100 mln stg commercial paper program | |
Taiwans foreign exchange reserves hit a new high of more than 51 billion U.S. Dlrs on March 4 compared with 50 billion in mid-February and 25.1 billion a year earlier the central bank said. Bank governor Chang Chi-Cheng told reporters the increase came mainly from the banks purchases of more than one billion U.S. Dlrs ... | TAIWAN FOREIGN EXCHANGE RESERVES HIT NEW HIGH |
Mitsui and Co Ltd said it plans to issue 300 mln Eurodollar warrant bonds in two tranches with payment on March 30 through a syndicate led by Nomura International Ltd. One tranche is of five-year 150 mln dlr bonds while the rest is of seven-year 150 mln dlr bonds but other issue terms have not yet been decided. REUTER | MITSUI AND CO TO ISSUE EURODOLLAR WARRANT BONDS |
A limited Belgian issue of silver Ecu coins with a face value of five Ecus will go on sale from March 23 at a price of 500 Belgian francs each a Finance Ministry spokesman said. Gold Ecu coins with a face value of 50 Ecus will be sold from the same day. The spokesman told Reuters the price for these would be fixed just... | BELGIAN ECU COIN ISSUE PRICED, SALE DATE SET |
The Bank of England said it provided just 17 mln stg assistance to the money market in response to an early round of bill offers. Earlier the Bank had estimated the shortage in the system today at around 1.15 billion stg. The central bank purchased bills for resale to the market on April 2 at an interest rate of 10-15/... | U.K. MONEY MARKET GIVEN 17 MLN STG EARLY HELP |
The Chinese state-owned Bank of Communications Ltd Hong Kong branch is planning a 200 mln H.K. Dlr certificate of deposit issue banking sources said. They said the five year issue which matures March 23 1992 carries a 7.05 pct coupon payable quarterly. Management fee is 10 basis points. Payment date is March 23. China ... | BANK OF COMMUNICATIONS PLANS 200 MLN H.K. DLR CD |
The Rank Organisation Plc said it has appointed County Natwest Capital Markets Ltd Samuel Montagu and Co Ltd and Swiss Bank Corporation International as dealers in a 100 mln stg commercial paper program. The notes will be issued in any maturity of between seven and 364 days and the funds will be used for the companys g... | RANK ORGANISATION HAS 100 MLN STG CP PROGRAM |
The French sugar market intervention board FIRS raised its estimate of 1986/87 beet sugar production in the 12-member European Community to 13.76 mln tonnes white equivalent in its end-February report from 13.74 mln a month earlier. Its forecast for total EC sugar production including cane and molasses rose to 14.10 ml... | FIRS SLIGHTLY RAISES EC BEET SUGAR OUTPUT ESTIMATE |
Sri Lankas largest bank the government-owned Bank of Ceylon plans to adopt a more aggressive and selective interest rate policy to reduce excess liquidity estimated at some 500 mln rupees and enlarge the countrys export manufacturing base the banks new chairman Nimal Sandaratne told Reuters in an interview. The bank ai... | BANK OF CEYLON TO ADOPT NEW POLICIES |
The Papua New Guinea Government will establish a public corporation to invest in resources projects Minerals and Energy Minister John Kaputin said. We intend to provide a means through which less privileged individuals can become part owners and beneficiaries from the development of mining and petroleum projects he tol... | PAPUA NEW GUINEA PLANS RESOURCES INVESTMENT AGENCY |
The Nigerian naira firmed 2.6 pct against the dollar after 17 banks were disqualified from bidding at todays weekly foreign exchange auction the central bank said. The naira finished at 3.8050 to the dollar against 3.9050 last week. Only 38.39 mln dlrs of the 50 mln dlrs on offer was sold with all 27 bidding banks succ... | NIGERIAN CURRENCY FIRMS AT LATEST AUCTION |
Canada Zero a sole purpose company incorporated in the Cayman Islands is issuing a zero coupon eurobond with a total redemption amount of 150 mln Canadian dlrs lead manager CIBC Ltd said. The issue matures on May 1 2001 and is priced at 30 pct. It is secured with Canadian government bonds. The selling concession is 3/4... | CANADA ZERO ISSUES CANADIAN DLR ZERO COUPON BOND |
U.S. Undersecretary of State for Economic Affairs Allen Wallis said he had urged Japan to do much more to reduce its large trade surplus with the United States. Our central message to Japan this week was that while we have made progress in some areas much needs to be done he told a press conference after three days of ... | U.S. TELLS JAPAN TO DO MORE TO CUT TRADE SURPLUS |
The joint committee of Taiwans maize importers has awarded contracts to two U.S. Companies to supply two shipments of maize totalling 60000 tonnes a committee spokesman told Reuters. Continental Grain Co of New York received the first 30000 tonne cargo contract priced at 93.86 U.S. Dlrs per tonne while Peavey Co of Min... | TAIWAN BUYS 60,000 TONNES OF U.S. MAIZE |
BANK OF FRANCE SELLS 11.05 BILLION FRANCS OF TREASURY TAP STOCK - OFFICIAL | |
President of the Japan Chamber of Commerce and Industry (JCCI) Noboru Gotoh called on the Government to issue additional construction bonds as an emergency measure to stimulate domestic demand. Gotoh told a press conference that increased fiscal spending is the only alternative to prop up the economy as credit conditio... | JAPAN'S CHAMBER OF COMMERCE URGES FISCAL SPENDING |
Japanese private plant and equipment investment will grow 0.1 pct in fiscal 1987 starting April 1 from 1986 due mainly to a continued slump in manufacturing sector spending the Japan Development Bank said. Capital spending by manufacturing industries hit hard by the rise of the yen will fall 5.6 pct a survey said. Plan... | JAPANESE CAPITAL INVESTMENT SEEN SLUGGISH IN 1987 |
Economy and finance ministers of the Gulf Cooperation Council (GCC) states will meet in Abu Dhabi on March 17 and 18 to discuss their unified economic agreement officials said. The semi-official United Arab Emirates (UAE) daily al-Ittihad said they would discuss two clauses effective from March 1 opening up wholesale t... | GULF ARAB FINANCE MINISTERS TO MEET IN ABU DHABI |
Japans ruling Liberal Democratic Party started moves to push through the delayed draft budget for 1987/88 through Parliament deepening a clash with the opposition which called the move rash and unforgivable. In the absence of the opposition LDP members of parliament decided at a meeting of the Lower House Steering Comm... | JAPAN RULING PARTY FIXES DATE OF BUDGET HEARING |
The Bank of France said it sold a total of 11.05 billion francs of Treasury tap stock in an issue of two fixed-rate tranches and one variable rate tranche. It sold 8.25 billion francs of 8.50 pct June 1997 tap stock at a top accepted price of 96.30 pct giving an average yield of 8.72 pct. Demand totalled 18.45 billion ... | BANK OF FRANCE SELLS TAP STOCK |
The outlook for the West German economy is relatively bright with gross national product expected to expand by three pct this year Kiel Universitys Institute for World Economy said. The GNP forecast by the institute one of five leading economic research bodies in West Germany is more optimistic than that of the other i... | GERMAN ECONOMIC OUTLOOK SEEN FAIRLY BRIGHT |
The nine creditor banks of the Singapore coffee trader <Teck Hock and Co (Pte) Ltd> are thinking of buying a controlling stake in the company themselves a creditor bank official said. Since last December the banks have been allowing the company to postpone loan repayments while they try to find an overseas commodity... | CREDITOR BANKS MAY BUY INTO SINGAPORE COFFEE FIRM |
U.K. 4TH QTR TRADE DEFICIT 2.6 BILLION STG, CURRENT ACCOUNT DEFICIT 760 MLN - OFFICIAL | |
A strong earthquake measuring an estimated 8.0 on the open-ended Richter scale hit northern Chile around 0936 the Meteorological Agency here reported. The agency said the information had been received from Honolulu. It gave no further details. REUTER | STRONG EARTHQUAKE REPORTED IN NORTHERN CHILE |
Poland says U.S. Sanctions have cost its economy 15 billion dlrs and has made clear it wants Washington to take a lead in repairing the damage after lifting remaining restrictions two weeks ago. Polish officials are unable to provide a precise breakdown of the figure saying it takes into account a number of hypothetica... | ECONOMIC SPOTLIGHT - POLISH SANCTIONS |
Britain had a visible trade deficit of 2.6 billion stg in the fourth quarter of 1986 against a revised deficit of 2.9 billion in the third quarter official statistics show. Seasonally-adjusted figures issued by the Central Statistical Office (CSO) show the current account was in deficit by 760 mln stg against an upward... | U.K. FOURTH QUARTER TRADE DEFICIT 2.6 BILLION STG |
Belgian wholesale prices fell by 5.9 pct in January from a year earlier after a 5.7 pct year on year fall in December figures from the economics ministry show. A ministry spokesman said the wholesale price index base 1953 and excluding value added tax stood at 250.9 in January. This compared with 251.9 in December 265.... | BELGIAN WHOLESALE PRICES FALL IN JANUARY |
Talks set for today between management and unions to try to solve the labour dispute at Cargill U.K. Ltds Seaforth oilseed crushing plant have been rescheduled for Monday a company spokesman said. Oilseed processing at the mill has been at a standstill since December 19. REUTER | CARGILL U.K. STRIKE TALKS POSTPONED TILL MONDAY |
The Bank of France is likely to cut its money market intervention rate by up to a quarter point at the start of next week. This follows a steady decline in the call money rate over the past 10 days and signals from the Finance Ministry that the time is ripe for a fall dealers said. The call money rate peaked at just ab... | FRENCH INTERVENTION RATE CUT LIKELY, DEALERS SAY |
The Hong Kong dollar fixed rate market was shut down this afternoon after a 200 mln H.K. Dlr certificate of deposit issue for the Chinese state-owned Bank of Communications Ltd Hong Kong branch suddenly surfaced bankers said. Disgruntled dealers said the market was slowly on the road to recovery after a bout of sell-of... | HONG KONG CD MARKET SHUTS DOWN AFTER NEW ISSUE |
Bundesbank says it leaves credit policies unchanged | |
Traded volumes for U.K. Grain and potato futures in February were down on the previous month while pigmeat and pig cash settlement futures were higher official figures show. Combined wheat and barley futures trade declined to 892700 tonnes from 1.19 mln in January and the value fell to 97 mln stg from 129 mln Grain and... | U.K. GRAIN/POTATO FUTURES VOLUME DOWN IN FEBRUARY |
The Bundesbank left credit policies unchanged after todays regular meeting of its council a spokesman said in answer to enquiries. The West German discount rate remains at 3.0 pct and the Lombard emergency financing rate at 5.0 pct. REUTER | BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED |
Mitsui and Co Ltd said it plans to issue 300 mln Eurodollar warrant bonds in two tranches with payment on March 30 through a syndicate led by Nomura International Ltd. One tranche is of five-year 150 mln dlr bonds while the rest is of seven-year 150 mln dlr bonds but other issue terms have not yet been decided. REUTER | MITSUI AND CO TO ISSUE EURODOLLAR WARRANT BONDS |
The Bank of Japan will sell tomorrow 500 billion yen of financing bills it holds to help absorb a projected money market surplus money market traders said. Of the total 300 billion yen will yield 3.9989 pct on the sales from money houses to banks and securities houses in 27-day repurchase agreement due April 2. The rem... | BANK OF JAPAN TO SELL 500 BILLION IN BILLS |
Argentina will tell its creditors it needs an extension of deadlines for payment of capital and interest on its 50 billion dlr foreign debt Industry and Foreign Trade Secretary Roberto Lavagna told reporters. We the developing countries are going to insist on the application of contingency clauses to extend deadlines f... | ARGENTINA SEEKS NEW DEBT DEADLINES, OFFICIAL SAYS |
Turkey has announced a tender to import 100000 tonnes of white crystal sugar with an advertisement in local newspapers. Turkish Sugar Factories said in the advertisement there was a 50 pct option to increase or decrease the amount and bids should reach it before March 24. The semi-official Anatolian Agency recently quo... | TURKEY TO IMPORT 100,000 TONNES OF CRYSTAL SUGAR |
The Bank of England said it provided the money market with a further 20 mln stg of assistance during the morning. It again bought bills for resale to the market on April 2 at a rate of 10-15/16 pct. Earlier this morning it bought 17 mln stg of bills at the same rate and for resale on the same date. The Bank has thus gi... | U.K. MONEY MARKET GIVEN FURTHER SMALL ASSISTANCE |
Matushita Electric Trading Co Ltd is issuing a 100 mln dlr equity warrant eurobond due March 30 1992 paying an indicated coupon of 2-3/4 pct and priced at par lead manager Nomura International Ltd said. Final terms on the non-callable bond will be fixed on March 12. The selling concession is 1-1/2 pct while management ... | MATSUSHITA ELECTRIC TRADING ISSUES WARRANT BOND |
The Gunma Bank Ltd is issuing a 50 mln dlr convertible eurobond due March 31 2002 paying an indicated 2-1/4 pct and priced at par lead manager Nomura International Ltd said. The issue is callable from March 31 1990 at 104 pct declining by 1/2 pct per annum to par thereafter but is not callable until 1992 unless the sha... | GUNMA BANK ISSUES 50 MLN DLR CONVERTIBLE EUROBOND |
General Motors Corp said it ordered temporary layoffs of 5500 hourly workers to cut production and thereby reduce inventories of cars built at two plants later this month. A spokesman said 2000 workers would be laid off one week beginning March 9 at GMs Detroit-Hamtramck luxury car plant. Another 3500 will be laid off ... | GM <GM> LAYING OFF 5,500 AT TWO PLANTS |
Ice conditions are unchanged at the Soviet Baltic oil port of Ventspils with continuous and compacted drift ice 15 to 30 cms thick the latest report of the Finnish Board of Navigation said. Icebreaker assistance to reach Ventspils harbour is needed for normal steel vessels without special reinforcement against ice the ... | ICE UNCHANGED AT SOVIET OIL PORT OF VENTSPILS |
Hughes Tool Co said its board has appointed a committee to search for a chief operating officer in the event that it does not complete its merger with Baker International Corp <BKO>. Last night Hughes directors said it would terminate its agreement to merge with Baker because Baker would only proceed if Hughes signe... | HUGHES TOOL <HT> SEEKS CHIEF OPERATING OFFICER |
The Swiss Finance Ministry is inviting tenders for a new series of three-month money market certificates to raise about 150 mln Swiss francs the Swiss National Bank said. Bids would be due on March 10 and payment on March 12. The last issue of three-month paper conducted on February 12 yielded 2.969 pct. REUTER | SWISS OFFERS NEW SERIES OF MONEY MARKET PAPER |
Egypts Central Bank today set the dollar rate for commercial banks for March 6 at 1.373/87 dollars unchanged from the previous rate. REUTER | EGYPTIAN CENTRAL BANK DOLLAR RATE UNCHANGED |
A tremor hit northern Chile early today but there were no immediate reports of victims or of damage to the countrys vital mining industry the National Bureau for Emergencies ONEMI said. The effects of the tremor at 0620 hrs (0920 GMT) registered four to six degrees on the 12-degree Mercalli scale in Antofagasta 1000 km... | NO MINES DAMAGE REPORTED AFTER CHILE TREMOR |
State-run Tanzania Railway Corporation (TRC) has secured 25.6 mln dlrs aid from banks and European countries for a one-year emergency repair program Transport Minister Mustafa Nyanganyi said. Nyanganyi told Reuters on his return from a World Bank sponsored donors conference in New York that the aid would enable TRC to ... | TANZANIAN RAILWAYS SECURE 25.6 MLN DLRS AID |
The two 150 mln dlr equity warrant eurobonds for Mitsui and Co Ltd reported earlier today from Tokyo have now been formally launched lead manager Nomura International Ltd said. The first tranche matures on March 30 1992 and has an indicated coupon of 2-3/4 pct while the second tranche matures on March 30 1994 and has a... | MITSUI AND CO EUROBONDS FORMALLY LAUNCHED |
BAKER INTERNATIONAL CORP SUES HUGHES TOOL SEEKING MERGER COMPLETION | |
CARTER HAWLEY HALE STORES FEBRUARY SALES UP 7.6 PCT | |
USAIR GROUP REJECTS TRANS WORLD AIRLINES TAKEOVER BID | |
OPEC crude oil output in the first few days of March was running at about 14.7 mln bpd down from a 16 mln bpd average for February and well below the 15.8 mln bpd ceiling the group adopted in December a Reuter survey shows. The figures were polled by Reuters correspondents from oil traders industry executives and analy... | EARLY MARCH OPEC OUTPUT SEEN WELL BELOW CEILING |
Bethlehem Steel Corp has investigated the ramifications of a filing for reorganization under Chapter 11 of the federal bankruptcy laws but has no present plans to file a company spokesman told Reuters. The spokesman said the investigation was made some time ago and was undertaken as a precaution in the interest of prud... | BETHLEHEM <BS> HAS INVESTIGATED CHAPTER 11 |
The City of Quebec is issuing a 40 mln Canadian dlr nine pct bond due April 1 1997 at 100-1/2 pct sole lead manager Societe Generale said. The non-callable issue is of direct unsecured unsubordinated debt. Fees are 1-1/4 pct for selling and 3/8 pct each for management and underwriting. Payment date is April 1 denominat... | CITY OF QUEBEC ISSUES 40 MLN CANADIAN DLR EUROBOND |
Carter Hawley Hale Stores Inc said sales for the four weeks ended February 28 were up 7.6 pct to 240.8 mln dlrs from 223.8 mln dlrs a year before with same-store sales up 5.6 pct. Sales for the prior year exclude John Wanamaker stores sold at the end of 1986. Reuter | CARTER HAWLEY HALE <CHH> FEBRUARY SALES RISE |
Baker International corp said it has filed suit in state court in Houston to compel Hughes Tool Co to complete its proposed merger with Baker. Late yesterday Hughes said it had terminated the merger agreement because Baker would not agree to an alternative divestiture plan devised by Hughes. Hughes board had previously... | BAKER <BKO> SUES TO FORCE HUGHES <HT> MERGER |
Spains Finance Ministry deregulated bank deposit rates in an effort to raise competition among banks and bring legislation into line with the European Community (EC) a ministry spokesman said. The measure was published today in the Official State Gazette. It takes effect tomorrow and lifts restrictions on rates now lim... | SPAIN DEREGULATES BANK DEPOSIT INTEREST RATES |
USAir Group Inc said its board has rejected Trans World Airlines Incs offer to acquire USAir for 52 dlrs per share in cash as grossly in adequate and not in the best interests of USAir shareholders employees or passengers. The company said the unsolicited bid by the Carl C. Icahn-led TWA was highly conditional. USAir s... | USAIR <U> REJECTS TWA <TWA> TAKEOVER BID |
Payless Cashways Inc said its sales for the four weeks ended February 28 rose six pct on a comparable store basis to 108.6 mln dlrs from 89.3 mln dlrs a year ago. Year to date it said sales advanced to 332.1 mln dlrs from 274.5 mln dlrs. Reuter | PAYLESS CASHWAYS INC <PCI> FEBRUARY SALES RISE |
Sterivet Laboratories Ltd said it is proceeding with development of a new drug to treat navicular disease in horses. The company said it received an unspecified financial contribution from the National Research Council of Canada to help develop the drug for treating navicular disease which affects horses feet. Sterivet... | STERIVET <STVTF> TO DEVELOP NEW HORSE DRUG |
The U.S. economy is facing several serious problems which threaten its continued expansion according to a Congressional report released today. The report by the Democratic majority of the Congressional Joint Economic Committee said the outlook was for sluggish growth in the U.S. and the rest of the world for the near f... | U.S. EXPANSION THREATENED - CONGRESSIONAL REPORT |
New applications for unemployment insurance benefits fell to a seasonally adjusted 332900 in the week ended Feb 21 from 368400 in the prior week the Labor Department said. The number of people actually receiving benefits under regular state programs totaled 3014400 in the week ended Feb 14 the latest period for which t... | U.S. FIRST TIME JOBLESS CLAIMS FALL IN WEEK |
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