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The Finance Ministry plans to examine how life insurance companies realised capital gains through transactions undertaken in June just before the yen bond market began to fall sharply a senior Ministry official said. The move is aimed at cooling fierce competition in the field and will pave the way for a Ministry syste... | JAPAN TO SCRUTINISE LIFE INSURERS' CAPITAL GAINS |
FTSE 100 share index opens 186.0 down at 1,866.3 - London Stock Exchange | |
Growth in Japans M-2 plus certificates of deposit (CD) money supply in the October to December period is not expected to accelerate but will remain at high levels between 11 and 12 pct a senior Bank of Japan official said. The central bank will keep a watch on high growth in liquidity because this is a factor that may ... | JAPAN MONEY GROWTH TO STAY AT 11-12 PCT - OFFICIAL |
West German car and van production rose in September to 407600 from 386000 in September 1986 while exports climbed to 226300 from 218200 the German Automobile Industry Association VDA said. The association added that incoming domestic orders in September were above and foreign orders roughly equal to those in September... | W.GERMAN CAR OUTPUT, EXPORTS RISES IN SEPTEMBER |
Finance Minister Roger Douglas said the fall in share prices on local and world markets demonstrated that New Zealand could not be isolated from global trends. We cant expect to isolate ourselves from developments around the world Douglas told reporters. I think above all what todays problems illustrate is that the sor... | DOUGLAS SAYS N.Z. NOT ISOLATED FROM WORLD MARKETS |
Some economists fear a world recession if stock exchanges continue to plunge. Others are more sanguine. The pessimists say the stocks shakeout is destroying personal assets and dampening consumption. The real economic effects can be significant -- the destruction of wealth and a deflationary impact on the economy said ... | WILL WORLD RECESSION FOLLOW STOCK MARKET PLUNGE? |
Government and monetary authorities today staged a concerted effort to calm spreading panic on Japanese stock exchanges but market analysts said there were limits to their ability to succeed. The ability of the Big Four (Japanese securities houses) and the Finance Ministry is limited said Barclays de Zoete Wedd economi... | JAPAN TRIES TO STEM STOCKS DIVE |
Oil prices would skyrocket for a time if conflict in the Gulf closed the Strait of Hormuz but oil supplies could be adjusted to take care of world demand Indonesian Energy Minister Subroto said. He made no explicit reference to the latest U.S. Military action in the Gulf. But in an address to a conference of the Indone... | WORLD COULD COPE WITH HORMUZ CLOSURE, SUBROTO SAYS |
Bangladesh Petroleum Corp said it floated an international tender for imports of two mln barrels of Jet Kero Superior Kero and High Speed Diesel for shipment during January-June 1988. It said the offer for the petroleum products would be open until 0600 gmt on November 19. REUTER | BANGLADESH TENDERS FOR TWO MLN BARRELS PETROLEUM |
Poehl says German and international interest rate rises are cause for concern | |
Bundesbank has no interest in higher capital market rates - Poehl | |
An Iranian shuttle tanker reported spotting a floating mine in the central Gulf on Tuesday about 50 miles west of Lavan Island regional shipping sources said. The Khark III owned by the National Iranian Tanker Co gave the position of the mine as 27 degrees 14 minutes north 52.06 east. There was no indication of measure... | IRANIAN TANKER REPORTS SIGHTING MINE IN GULF |
Willis Faber Plc <WIFL.L> chairman and chief executive David Palmer said the company would consider any bid for its 20.8 pct shareholding in Morgan Grenfell Group Plc <MGFL.L> but had not yet received any offers. We will entertain any approaches he told Reuters in reply to questions following U.K. Press speculati... | FABER OPEN FOR OFFERS ON MORGAN GRENFELL STAKE |
Inflationary fears are unjustified and exaggerated, Poehl says | |
<Corby Distilleries Ltd> 52 pct owned by Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman & Worts> is to buy the spirits business of <McGuinness Distillers Ltd> of Toronto for 45 mln Canadian dlrs. McGuinness is a producer and marketer of spirits and also has exclusive agencies for some import... | CORBY DISTILLERIES TO EXPAND IN CANADA |
Rises in West German and international interest rates are a cause for concern and the Bundesbank has no interest in higher capital market rates Bundesbank President Karl Otto Poehl said. We consider the interest rate increase that has occurred here and internationally to be a problem and cause for concern Poehl told an... | POEHL SAYS RATE RISES ARE CAUSE FOR CONCERN |
U.K. Chancellor of the Exchequer Nigel Lawson said the Government was going ahead with this months flotation of British Petroleum Co Plc <BP.L> shares despite the collapse on international stock markets. We are going ahead because the whole issue has been underwritten - we had it underwritten because there is always... | LAWSON SAYS BP SHARE OFFER GOING AHEAD |
Bundesbank sets 35-day securities repurchase tender at fixed rpt fixed 3.80 pct | |
Paris share price indicator opens 2.31 pct down - official | |
U.K. Chancellor of the Exchequer Nigel Lawson said the severity of the current rout on world stock markets was an absurd over-reaction sparked on Wall Street by a spreading lack of confidence in the U.S. Economy. Lawson said in a BBC radio interview This began on Wall Street. It has a lot to do with the American stock ... | LAWSON CALLS DEGREE OF SHARE FALL ABSURD |
The Japanese economy is firmly on the recovery path supported by robust domestic demand the Bank of Japan said in a regular monthly report. The report said industrial production is strengthening as manufacturing companies have almost completed adjustments of their plant and equipment investment while non-manufacturing ... | BANK OF JAPAN SEES STEADY ECONOMIC RECOVERY |
London's FTSE 100 share index falls below 1,800 - Stock Exchange | |
The Philippine coconut industry has greeted with relief the defeat in the U.S. Senate of a bill requiring some edible oils to be labelled as saturated fats. The bill which was defeated by the Senate Agriculture Committee on Monday could have cost about 60 mln dlrs a year in lost exports the Philippine Coconut Authority... | PHILIPPINES APPLAUDS DEFEAT OF U.S. LABELLING BILL |
Thai stock prices plunged on Tuesday as nervous investors unloaded shares on reports of steep declines on major world stock markets. Brokers said the Securities Exchange of Thailand Index fell a record 36.64 points or nearly eight pct to close at 422.37. Its impossible to halt the slide in this situation. The market ju... | THAI STOCKS PLUNGE IN REACTION TO WORLDWIDE TREND |
Milan bourse opening delayed one hour to 1200 GMT - official | |
Plunging Tokyo stock prices will prevent the Bank of Japan from raising its discount rate and could even force it to ease monetary policy if the collapse continues government and private economists said. A rise in interest rates now would only serve to spark further selling of shares that could ultimately have a major ... | TOKYO STOCK PLUNGE COULD FORCE EASIER MONEY POLICY |
CORRECTED-Milan Bourse opening delayed an hour to 1000 GMT (NOT 1200 GMT)-official | |
President Corazon Aquino said economic growth took priority over debt repayments but she sought to dispel fears that the Philippines would not honour a July agreement rescheduling 13.2 billion dlrs of debt. In a speech to 13 major business groups Aquino said Our policy has been very clear fm the start -- growth must ta... | AQUINO SAYS GROWTH HAS PRIORITY OVER DEBT PAYMENTS |
Brokerage firm E.F. Hutton Group Inc <EFH> is not facing liquidity problems as a result of the fall on Wall Street nor is the firm on the brink of insolvency London joint managing director Harry Romney said. He was replying to Reuter questions about market rumours that Hutton could be in financial difficulties. Romn... | E.F. HUTTON DENIES RUMOURED SOLVENCY PROBLEMS |
The Manila-based International Rice Research Institute (IRRI) said West German agricultural scientist Klaus Lampe will take over as its director-general in early 1988 succeeding M.S. Swaminathan. An IRRI statement said Lampe 56 is currently senior adviser to the German Agency for Technical Cooperation at Eschborn and w... | RICE RESEARCH INSTITUTE NAMES NEW HEAD |
The opening of the Milan bourse and Italys nine other stock exchanges has been delayed one hour to 1000 GMT by stock market regulatory agency Consob. A Consob spokesman told Reuters the action was taken to give operators time to reflect on the agreement between Treasury Secretary James Baker and West German officials o... | CONSOB DELAYS MILAN BOURSE OPENING ONE HOUR |
A spokeswoman for the London Stock Exchange said there was no question of trading being suspended because of the unprecedented three-day drop in prices which has seen almost 23 pct wiped off share values. Trading on the Hong Kong market has been called off until Monday because of the steep slide on Wall Street amid pan... | STOCK EXCHAGE SAYS NO QUESTION OF HALTING TRADING |
Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI. | |
Blue Arrow says Conservative Party Chairman Norman Tebbit to join board | |
The first convertible bond issued by a South Korean firm overseas -- by Samsung Electronics Co Ltd <SAMS.SE> -- became eligible for conversion but there was no demand for shares as the government still bans direct share ownership by foreigners a Samsung official said. There was no demand from holders so the lead man... | SAMSUNG BOND GOES CONVERTIBLE BUT NO SHARE DEMAND |
The British bulk carrier Envoy which ran aground in the Orinoco river on October 16 was refloated without lightening on October 19 Lloyds Shipping Intelligence service said. The Envoy 75453 tonnes dw was carrying a cargo of 50000 tonnes of bauxite from Brazil to Cuba. REUTER | GROUNDED BRITISH BAUXITE VESSEL REFLOATED IN ORINOCO |
Swiss Stock Index falls 3.7 pct or 38.4 points at opening to 989.5 - official | |
East and West on Monday decided to go ahead with an ambitious nuclear fusion project billed as possibly providing an inexhaustible source of energy the International Atomic Energy Agency (IAEA) said. Representatives of the U.S. The Soviet Union the European Community and Japan agreed to develop plans for a revolutionar... | EAST, WEST APPROVE NUCLEAR FUSION ENERGY PROJECT |
Former Finance Minister Noboru Takeshita chosen on Monday to be Japans next prime minister will face a tough test in managing Japans economy from the very start of his two-year term economists and businessmen said. Takeshita told a news conference on Tuesday that he would do his best to continue the domestic reforms an... | TAKESHITA FACES TOUGH ECONOMIC MANAGEMENT JOB |
U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND. | |
U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL. | |
The massive plunge in Tokyo stock prices on Tuesday could rob the Government of much-needed revenue to spur Japans economy and may hurt banks ability to lend abroad analysts polled by Reuters said. The Japanese Government is depending on the sale of NTT (Nippon Telegraph and Telephone Corp <NCCT.T>) shares for much ... | JAPANESE STOCK PLUNGE RAISES FUNDING PROBLEMS |
Stoltenberg says global share price crash overdone and unfounded | |
Amsterdam all-share index down 13.3 pct at 1015 GMT - bourse | |
U.K. Shares fall further on September bank lending data - dealers | |
Stoltenberg says meeting with Baker underscored monetary cooperation | |
LONDON - U.S., UK GOVT BONDS RISE SHARPLY ON STOLTENBERG COMMENTS -DEALERS | |
West German Finance Minister Gerhard Stoltenberg said the global share price crash was overdone and unfounded. Stoltenberg was speaking at a press conference. REUTER | STOLTENBERG SAYS GLOBAL SHARE CRASH OVERDONE |
West German Finance minister Gerhard Stoltenberg said the meeting on Monday with U.S. Treasury Secretary James Baker underscored the determination of the U.S. And West Germany to continue close cooperation to stabilise foreign exchange rates. Stoltenberg told a news conference The statement released yesterday (Monday) ... | STOLTENBERG SAYS BAKER MEETING UNDERSCORES ACCORD |
LONDON - Goldman Sachs official denies rumours of solvency problems | |
Frankfurt bourse opens up to eight pct down, partially recovers - dealers | |
London' FTSE 100 share index down 300.6 points to 1,751.7 at 1052 GMT | |
Conservative Party chairman Norman Tebbit who plans to give up the post an a date yet to be set is joining Blue Arrow Plc <BAWL.L> as a non-executive director Blue Arrow said. Blue Arrow which has just completed the purchase of U.S. Employment agency <Manpower Inc> said Tebbit is joining the board along with Mich... | U.K. TORY PARTY CHAIRMAN TEBBIT TO JOIN BLUE ARROW |
A 100 mln dlr equity warrant bond for Intec Inc <INTT.T> of Japan has been cancelled because of turbulent market activity following todays 14.9 pct plunge in Tokyo stock prices Nikko Securities Co (Europe) Ltd said as lead manager. The five year issue on launched October 13 had terms fixed yesterday when it last tra... | NIKKO PULLS INTEC EQUITY WARRANT BOND |
<Goldman Sachs and Co> is not facing severe financial problems and has not filed for protection under U.S. Bankruptcy laws Robert Conway managing director of Goldman Sachs International Corp said. He was responding to a Reuter enquiry about rumours in London financial markets that the firm was in financial trouble. ... | GOLDMAN SACHS DENIES RUMOURS OF SOLVENCY PROBLEM |
Stoltenberg says Louvre accord vital to West Germany | |
A Council meeting of the International Natural Rubber Organization (INRO) has been adjourned until Thursday as tomorrow is a Malaysian national holiday officials of the organisation said. The main issue at the talks which opened here yesterday has been the INRO buffer stock and the manner in which the buffer stock mana... | INRO COUNCIL MEETING ADJOURNED UNTIL THURSDAY |
West German Finance Minister Gerhard Stoltenberg said the Louvre accord was vital to West Germany. Stoltenberg told a news conference Given West Germanys unusually high dependence on world trade and exports it is vital for West Germany ... To continue its constructive contribution to trusting (international) cooperatio... | LOUVRE ACCORD VITAL TO W.GERMANY - STOLTENBERG |
Stoltenberg does not rule out central bank intervention to stabilize currencies | |
Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg | |
Stoltenberg declines comment on possible changed targets for currencies | |
LONDON - GOLDMAN SACHS OFFICIAL DENIES RUMOURS OF SOLVENCY PROBLEMS | |
West German new car registrations rose four pct last month compared with September 1986 and were 28 pct higher than Augusts figure the Federal Motor Office said. September new car registrations totalled 234518 up from 225581 in the same month a year ago and from 183224 in August. In the first nine months of this year n... | GERMAN NEW CAR REGISTRATIONS RISE IN SEPTEMBER |
German Boersen-Zeitung share index only 1.2 pct down at bourse start | |
West German Finance Minister Gerhard Stoltenberg declined to comment on whether unpublished target zones for currencies agreed at last Februarys Louvre accord had been changed as a result of the meeting on Monday with U.S. Treasury Secretary James Baker. He was asked about target zones at a news conference in Bonn. Sto... | STOLTENBERG DECLINES COMMENT ON CURRENCY ZONES |
The outlook for Mexicos economy and stockmarket remains optimistic despite the markets worst-ever fall of 52671.56 points on Monday the president of the Mexican stock exchange Manuel Somoza said. He said the 16.51 pct drop in the exchanges index reflected a totally emotional reaction to Mondays fall on the New York sto... | MEXICAN STOCKMARKET HEAD SEES NO CRISIS AFTER FALL |
West German Finance Minister Gerhard Stoltenberg said he could not rule out the possibility of central bank intervention to support currencies. Asked at a news conference whether central banks were prepared to intervene to defend currencies he said We cannot rule out the use of any instrument which leads to foreign cur... | STOLTENBERG DOES NOT RULE OUT INTERVENTION |
U.S. Attacks on two Iranian oil platforms in the Gulf -- both of which were still blazing -- caused damage estimated at 500 mln dlrs Tehran Radio quoted Iranian Oil Minister Gholamreza Aqazadeh as saying. The rigs one of which was heavily shelled by four American destroyers on Monday were still burning almost 24 hours ... | IRAN SAYS U.S. RAID CAUSED 500 MLN DLRS DAMAGE |
Australias Minister for Trade Negotiations is optimistic that progress is possible on reducing the large subsidies which the European Community and United States grant their farmers. Michael Duffy said a European Commission scheme to reform the EC Common Agricultural Policy and U.S. Plans to eliminate farm subsidies ov... | AUSTRALIAN MINISTER SEES HOPE FOR FARM REFORM |
Iranian Premier Mir-Hossein Mousavi reiterated his country would retaliate for U.S. Navy attacks on Gulf oil platforms. The U.S. Attack on Irans oil platforms jeopardises our national sovereignty ... And we will retaliate properly for this perfidious American aggression Mousavi told a news conference in Damascus. On Mo... | IRANIAN PREMIER REITERATES WARNING OF RETALIATION |
The Indonesian state-owned oil company Pertamina has found new offshore oil and gas resources in East Aceh on the western tip of northern Sumatra a company spokesman said. The spokesman said the discovery was made at the GOS IA-1 offshore exploratory well about 38 kms east of Langsa in Aceh. Oil and gas are found in sa... | INDONESIA FINDS NEW OFFSHORE OIL AND GAS RESOURCES |
European Community (EC) ministers backed a commission plan for the reform of world farm trade which is due to be presented to GATT later this month EC diplomats said. The plan has been drawn up by the EC executive Commission in response to U.S. Calls in GATT (General Agreement on Tariffs and Trade) for an end to all fa... | MINISTERS BACK EC FARM TRADE REFORM PLAN |
Indonesia told the oil industry on Tuesday it will extend contracts on producing blocks and improve the investment climate but wants to see increased expenditure on exploration in return. President Suharto in an opening speech to the Indonesian Petroleum Association said Indonesia was ready to extend contracts held by ... | INDONESIA SAYS IT WILL EXTEND OIL CONTRACTS |
COMEX RAISING MARGINS FOR GOLD AND COPPER FUTURES EFFECTIVE AT TODAY'S OPENING - OFFICIAL | |
LONDON-U.S. TREASURY 30-YEAR BOND AT 95-18/32, UP NEARLY 5.0 POINTS -DEALERS | |
LONDON-U.S. TREASURY 30-YEAR BOND AT 95-18/32, UP NEARLY 5.0 POINTS -DEALERS | |
Stockbrokers and legislators welcomed the suspension of trading on the local market after Mondays record fall but some said the suspension was too long and could harm the territorys reputation as a financial centre. Announcing the suspension until next Monday stock exchange chairman Ronald Li said earlier today This wi... | STOCK CLOSURE MAY HARM H.K. REPUTATION - OFFICIALS |
Frankfurt bourse extends trading by half-hour to 1300 GMT - official | |
Iran is preparing lawsuits to file for compensation from the U.S. Over the American raid on its Gulf oil platforms Tehran radio quoted Iranian Oil Minister Gholamreza Aqazadeh as saying. The lawsuits would be filed with competent international bodies once the exact damage was calculated he was quoted telling a news con... | IRAN PLANS TO FILE LAWSUITS OVER U.S. RAID |
The Frankfurt bourse extended official trading hours by half an hour to 1300 GMT due to heavy turnover a spokeswoman for the Frankfurt bourse said. It was not immediately clear whether the other seven German bourses were also affected. Yesterday trading hours were also extended by half an hour. The Boersen-Zeitung 30-s... | FRANKFURT BOURSE EXTENDS TRADING HOURS |
Iranian Premier Mir-Hossein Mousavi reiterated his country would retaliate for U.S. Navy attacks on Gulf oil platforms. The U.S. Attack on Irans oil platforms jeopardises our national sovereignty ... And we will retaliate properly for this perfidious American aggression Mousavi told a news conference in Damascus. On Mo... | IRANIAN PREMIER REITERATES WARNING OF RETALIATION |
DOLLAR EUROBOND TRADING HALTS AS TREASURY MARKET SPIRALS UPWARDS-DEALERS | |
Shr 28 cts vs 14 cts Net 3110000 vs 1286000 Revs 112.7 mln vs 93.8 mln Avg shrs 11.2 mln vs 9148000 Nine mths Shr 58 cts vs 15 cts Net 6377000 vs 1332000 Revs 307.8 mln vs 233.8 mln Avg shrs 10.9 mln vs 9148000 NOTE: Company 81.4 pct owned by Primerica Corp <PA>. Reuter | MUSICLAND GROUP INC <TMG> 3RD QTR NET |
U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN | |
AMERICAN MEDICAL INTERNATIONAL TO REPURCHASE UP TO 150 MLN DLRS OF COMMON STOCK | |
LIFFE T-BOND FUTURES OVER 10 POINTS UP IN UNPRECEDENTED SURGE | |
Direct Action Marketing Inc said it has called a shareholder meeting for a vote on the election of directors for January 27. Last week Ocilla Industries Inc <OCIL.O> a Direct Action shareholder had said it would seek to elect its own board slate at the next shareholder meeting. Reuter | DIRECT ACTION <DMK> CALLS SHAREHOLDER MEETING |
GREAT WESTERN FINANCIAL CORP 3RD QTR NET SHR 45 CTS VS 64 CTS | |
German public bonds surge about 300 basis points in hectic bourse -dealers | |
Shr 22 cts vs 20 cts Net 2963000 vs 2696000 Sales 26.5 mln vs 19.4 mln Reuter | APPLIED BIOSYSTEMS INC <ABIO.O> 1ST QTR SEPT 30 |
Hilton Hotels Corp said it plans to repurchase on the open market or privately up to 3900000 of its 25.0 mln common shares. It said funds for the repurchases would come from working capital and external financing. Hilton set no time limit for the plan. Reuter | HILTON HOTELS <HLT> TO REPURCHASE COMMON |
Plum Holding Inc said it has started its previously-announced offer to purchase 664400 common shares of Holly Sugar Corp at 95 dlrs each. In a newspaper advertisement the firm said the offer proration period and withdrawal rights expire November 17 unless extended. The offer which has been approved by the Holly board a... | <PLUM HOLDING INC> STARTS HOILLY SUGAR <HLY> BID |
Phoenix American Inc said it has terminated its tender offer for up to 600000 of its common shares at five dlrs each due to the dramatic decline in stock prices. Phoenix said it is concerned that the current volatility in the financial markets could hurt its financial condition and prospects. Reuter | PHOENIX AMERICAN <PHXA.O> ENDS SELF-TENDER |
U.S. housing starts rose 4.4 pct in September to a seasonally adjusted annual rate of 1669000 units the Commerce Department said. In August housing starts were unchanged from July levels at 1598000 units instead of being down 1.5 pct as previously reported. The increase in September housing starts was the largest since... | U.S. HOUSING STARTS ROSE 4.4 PCT IN SEPTEMBER |
Shr 51 cts vs 42 cts Net 20.3 mln vs 16.7 mln Sales 216.9 mln vs 184.5 mln Nine mths Shr 1.47 dlrs vs 1.21 dlrs Net 58.2 mln vs 47.6 mln Sales 611.2 mln vs 547.0 mln Reuter | NALCO CHEMICAL CORP <NLC> 3RD QTR NET |
Shr 87 cts vs 62 cts Net 2604000 vs 1856000 Sales 72.7 mln vs 64.6 mln Nine mths Shr 2.71 dlrs vs 1.97 dlrs Net 8121000 vs 5834000 Sales 215.7 mln vs 193.0 mln Reuter | STEPAN CO <SCL> 3RD QTR NET |
Shr profit four cts vs loss 56 cts Net profit 2043000 vs loss 25.7 mln Revs 111.3 mln vs 64.7 mln Avg shrs 48.3 mln vs 45.8 mln Nine mths Shr loss 18 cts vs loss 63 cts Net loss 8695000 vs loss 28.4 mln REvs 308.4 mln vs 228.4 mln Avg shrs 48.0 mln vs 44.8 mln NOTE: 1986 net includes tax credits of 1646000 dlrs in quar... | CONVERGENT INC <CVGT.O> 3RD QTR NET |
DOW CHEMICAL CO 3RD QTR SHR 1.72 DLRS VS 87 CTS | |
GOLDMAN SACHS READY TO LEND ONE BILLION DLRS TO MUTUAL FUNDS SO THEY CAN REDEEM STOCKS | |
TRIBUNE CO 3RD QTR SHR 42 CTS VS 1.53 DLRS |
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