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training/8760 | training/8760 |@title u:1 k:1 money:1 market:1 give:1 10:1 mln:1 stg:1 late:1 assistance:1 |@word bank:2 england:1 say:1 provide:1 money:1 market:1 late:1 help:2 10:1 mln:3 stg:3 take:1 total:1 today:1 229:1 compare:1 forecast:1 300:1 shortage:1 | U.K. MONEY MARKET GIVEN 10 MLN STG LATE ASSISTANCE
The Bank of England said it provided the
money market with late help of about 10 mln stg.
This takes the bank's total help today to some 229 mln stg
and compares with its forecast of a 300 mln stg shortage.
|
training/8761 | training/8761 |@title volvo:1 group:1 company:1 propose:1 two:1 five:1 issue:1 ab:1 |@word catena:6 ab:3 volvo:2 volv:1 st:1 48:1 pct:1 stake:1 say:2 propose:1 two:1 five:1 stock:1 issue:1 raise:1 company:3 equity:1 capital:1 420:1 mln:9 crown:5 300:1 report:1 profit:2 financial:1 income:1 cost:1 231:1 207:1 1985:4 despite:1 increase:2 sale:2 8:1 54:1 billion:2 5:1 59:1 1986:3 performance:1 best:1 reflect:2 earning:2 writeoff:1 rise:2 310:1 221:1 mainly:2 due:1 takeover:1 safveans:1 february:1 change:1 business:1 profile:1 principally:1 operate:1 dealer:1 safvean:1 acquisition:1 trading:1 industrial:1 december:1 sell:1 share:1 stockbroke:1 firm:1 jacobson:1 och:1 ponsbach:1 fondkommission:1 yield:1 386:1 7:1 pre:1 tax:1 724:1 204:1 | VOLVO GROUP COMPANY PROPOSES TWO-FOR-FIVE ISSUE
<AB Catena>, in which AB Volvo
<VOLV.ST> has a 48 pct stake, said it was proposing a
two-for-five stock issue that will raise the company's equity
capital to 420 mln crowns from 300 mln.
Catena reported profits after financial income and costs up
to only 231 mln crowns from 207 mln in 1985, despite an
increase in sales to 8.54 billion crowns from 5.59 billion in
1985.
The company said that its 1986 performance was best
reflected by earnings after writeoffs, which rose to 310 mln
from 221 mln in 1985.
Catena's increase in sales was mainly due to the takeover
of Safveans AB in February 1986, which changed the business
profile of Catena. It had principally operated as a Volvo
dealer. With the Safveans acquisition it is now mainly a
trading and industrial company.
In December 1986 Catena sold its share in the stockbroking
firm Jacobson och Ponsbach Fondkommission AB. This yielded a
profit of 386.7 mln crowns and was reflected in Catena's
pre-tax earnings which rose to 724 mln crowns from 204 mln in
1985.
|
training/8765 | training/8765 |@title u:2 energy:1 secretary:1 optimistic:1 incentive:1 |@word department:2 energy:3 secretary:1 john:1 herrington:9 say:7 optimistic:1 chance:1 provide:1 generous:1 depletion:2 allowance:2 oil:9 gas:1 producer:1 add:1 plan:2 face:1 strong:2 opposition:1 member:1 reagan:2 administration:2 speak:1 houston:1 executive:1 breakfast:1 meeting:1 debate:2 27:1 5:1 pct:1 annual:1 heavy:1 largely:1 fear:1 u:3 industry:4 could:2 eventually:1 become:1 dependent:1 federal:1 subsidy:1 agriculture:1 propose:1 tax:1 incentive:1 issue:1 last:1 week:1 release:1 comprehensive:2 report:3 find:1 national:3 security:2 jeopardize:1 rise:1 import:4 response:1 question:1 mitchell:2 development:1 corp:1 mnd:1 chairman:1 george:1 definitively:1 rule:1 tarrif:1 intend:1 keep:1 open:1 however:1 follow:1 speech:1 tell:1 reuters:1 new:1 show:1 fee:1 economical:1 example:1 10:1 dlr:1 per:1 barrel:1 tariff:1 would:1 cause:1 nation:1 gross:1 product:1 drop:1 much:1 32:1 billion:1 dlrs:1 also:1 believe:1 president:1 request:1 study:1 commit:1 action:1 help:1 ail:1 quite:1 confident:1 understand:1 problem:1 prepared:1 something:1 | U.S. ENERGY SECRETARY OPTIMISTIC ON INCENTIVES
U.S. Department of Energy Secretary
John Herrington said he was 'optimistic' about the chances of
providing a more generous depletion allowance for oil and gas
producers, but added that the plan faces strong opposition from
some members of the Reagan administration.
Herrington, speaking to Houston oil executives at a
breakfast meeting, said administration debate over his plan for
a 27.5 pct annual depletion allowance was 'heavy and strong'
largely because of some fears that the U.S. oil industry could
eventually become as dependent on federal subsidies as the
agriculture industry.
Herrington's proposed tax incentives for the oil industry
were issued last week after the Department of Energy released a
comprehensive report finding U.S. national security could be
jeopardized by rising oil imports.
In response to a question from Mitchell Energy and
Development Corp <MND> chairman, George Mitchell, Herrington
said the report did not definitively rule out an oil import
tarrif. 'We intend to keep that debate open,' Herrington said.
However, following his speech, Herrington told Reuters that
the new report shows an oil import fee 'is not economical.'
Herrington said, for example, a 10 dlr per barrel tariff on
oil imports would cause the nation's gross national product to
drop by as much as 32 billion dlrs.
Herrington also said he believed President Reagan, who
requested the comprehensive national security study, was
committed to some action to help the ailing U.S. oil industry.
'I'm quite confident he understands the problems and is
prepared to do something about it,' Herrington said.
|
training/8767 | training/8767 |@title commercial:1 metal:1 co:1 cmc:1 2nd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 23:1 ct:4 vs:8 34:1 net:2 2:1 091:1 000:4 3:2 053:1 revs:2 203:1 5:1 mln:4 215:1 7:1 avg:2 shrs:2 8:5 967:1 719:1 863:1 945:1 1st:1 half:1 40:1 69:1 616:1 6:1 111:1 411:1 418:1 1:1 958:1 100:1 850:1 656:1 | COMMERCIAL METALS CO <CMC> 2ND QTR FEB 28 NET
Shr 23 cts vs 34 cts
Net 2,091,000 vs 3,053,000
Revs 203.5 mln vs 215.7 mln
Avg shrs 8,967,719 vs 8,863,945
1st half
Shr 40 cts vs 69 cts
Net 3,616,000 vs 6,111,000
Revs 411.8 mln vs 418.1 mln
Avg shrs 8,958,100 vs 8,850,656
|
training/8768 | training/8768 |@title geo:1 hormel:1 hrl:1 vote:1 two:1 one:1 split:1 |@word geo:1 hormel:1 co:1 say:1 director:1 vote:1 two:1 one:2 split:1 payable:1 june:1 record:1 april:1 18:1 | GEO. A. HORMEL <HRL> VOTES TWO-FOR-ONE SPLIT
Geo. A. Hormel and Co said its
directors voted a two-for-one split, payable June one, record
April 18.
|
training/8771 | training/8771 |@title claremont:1 boost:1 champion:1 product:1 ch:1 stake:1 |@word claremont:6 group:1 ltd:1 new:1 york:1 investment:2 banking:1 firm:2 say:4 intend:1 boost:1 current:1 10:1 pct:2 stake:1 champion:6 products:1 inc:1 much:1 15:1 total:1 outstanding:1 common:1 stock:1 add:1 ask:1 put:1 two:1 representative:1 nine:1 member:1 board:1 director:1 previously:1 disclose:1 december:1 agree:1 act:1 concert:1 walsh:3 greenwood:1 co:1 affiliated:1 acquire:1 product:3 make:2 net:1 purchase:1 7:1 800:1 share:1 jan:1 28:1 march:2 18:1 20:1 letter:2 chairman:1 john:2 tanis:1 representatives:1 stephen:1 cirigliano:1 pleased:1 company:2 performance:1 want:1 take:1 active:1 management:1 role:1 believe:1 begin:1 evolve:1 market:1 leader:1 eventually:1 become:1 significant:1 shareholder:1 mutual:1 interest:1 would:1 like:1 actively:1 participate:1 process:1 intention:1 public:1 filing:1 federal:1 securities:1 exchange:1 commission:1 | CLAREMONT TO BOOST CHAMPION PRODUCTS <CH> STAKE
Claremont Group Ltd, a New York
investment banking firm, said it intends to boost its current
10 pct stake in Champion Products Inc to as much as 15 pct of
the total outstanding common stock.
Claremont added that it asked Champion to put two
representatives on its nine-member board of directors.
Claremont previously disclosed in December that it had
agreed to act in concert with Walsh, Greenwood and Co, an
affiliated investment firm, to acquire Champion Products.
Claremont said it made net purchases of 7,800 Champion
Products shares between Jan. 28 and March 18.
In a March 20 letter to Champion Chairman John Tanis,
Claremont and Walsh representatives Stephen Walsh and John
Cirigliano said they were pleased with the company's
performance but wanted to take an active management role.
'We believe that Champion Products has just begun to evolve
into the market leader it will eventually become,' they said. 'As
significant shareholders with mutual interests with the
company, we would like to actively participate in this process.'
Claremont's intentions and the letter were made public in a
filing with the federal Securities and Exchange Commission.
|
training/8777 | training/8777 |@title shell:1 u:1 k:1 ltd:1 year:1 1986:1 |@word sale:1 proceed:2 6:1 57:1 billion:8 stg:1 vs:7 8:1 81:1 duty:1 value:1 add:1 tax:1 1:2 84:1 60:1 net:2 4:1 73:1 7:1 21:1 profit:1 757:1 mln:6 667:1 average:1 capital:2 employ:1 3:2 63:1 71:1 exploration:1 expenditure:1 644:1 618:1 cash:1 surplus:1 423:1 584:1 note:1 company:1 wholly:1 subsidiary:1 royal:1 dutch:1 shell:1 group:1 rd:1 | <SHELL U.K. LTD> YEAR 1986
Sales proceeds 6.57 billion stg vs 8.81 billion
Duty and value added tax 1.84 billion vs 1.60 billion
Net proceeds 4.73 billion vs 7.21 billion
Net profit 757 mln vs 667 mln
Average capital employed 3.63 billion vs 3.71 billion
Capital and exploration expenditure 644 mln vs 618 mln
Cash surplus 423 mln vs 584 mln.
NOTE - Company is wholly owned subsidiary of Royal
Dutch/Shell Group <RD.AS>
|
training/8778 | training/8778 |@title cyclops:1 cyl:1 say:1 dixon:1 agreement:1 bind:1 |@word cyclops:1 corp:2 say:6 already:1 state:1 agreement:3 dixons:1 group:1 plc:1 bind:1 dixon:10 rescind:1 waive:2 provision:3 company:1 merge:1 permit:1 provide:2 nonpublic:2 information:2 cyacq:5 make:1 compete:2 offer:4 cyclop:11 include:1 right:2 recover:1 breakup:2 fee:2 expense:1 buy:1 common:2 share:6 note:1 waiver:1 purchase:1 stock:1 directly:1 condition:1 increase:1 92:1 50:1 dlr:1 per:2 acquire:2 tender:2 90:1 25:2 dlrs:3 yesterday:2 citicorp:3 cci:1 audio:1 video:1 affiliates:1 inc:1 ava:1 owner:1 merger:1 industrial:1 business:1 12:1 8:1 mln:1 alleghany:1 currently:1 schedule:1 pay:1 proposal:2 would:2 allow:1 raise:1 price:1 93:1 accept:1 terminate:1 | CYCLOPS <CYL> SAYS DIXONS AGREEMENTS BINDING
Cyclops Corp said that as it has
already stated, its agreements with <Dixons Group PLC> are
binding and Dixons will not rescind or waive any provisions of
the agreements.
The company said its agreement to merge into Dixons does
not permit it to provide nonpublic information to <CYACQ>,
which is making a competing offer for Cyclops, that had been
provided to Dixons.
It said other provisions Dixons will not waive include its
rights to recover breakup fees or expenses from Cyclops or buy
Cyclops common shares from Cyclops.
Cyclops noted that Dixons' waiver of rights to breakup fees
or the purchase of common stock directly from Cyclops and the
provision of nonpublic information to CYACQ are conditions to
CYACQ's increased 92.50 dlr per share offer to acquire Cyclops
shares.
Dixons is tendering for Cyclops shares at 90.25 dlrs a
share. Yesterday Citicorp <CCI>, with Audio/Video Affiliates
Inc <AVA> an owner of CYACQ, said it had offered to acquire
from Dixons after the merger of Cyclops into Dixons Cyclops'
industrial businesses for 12.8 mln dlrs more than Alleghany
Corp <Y> is currently scheduled to pay for them.
Citicorp said yesterday that its proposal would allow
Dixons to raise its tender price to 93.25 dlrs per share.
Citicorp said if Dixons accepted the proposal, CYACQ would
terminate its competing offer for Cyclops.
|
training/8780 | training/8780 |@title j:2 resources:1 inc:1 merger:1 agreement:1 |@word resources:2 inc:2 say:6 acquire:2 90:1 pct:2 interest:2 dei:3 acquisition:1 corp:2 interfirst:1 venture:1 sam:1 b:1 myers:1 neomar:1 richard:1 l:1 morgan:2 dallas:1 warrant:3 10:2 1:1 mln:2 share:2 j:5 stock:2 three:1 dlrs:1 note:2 exercisable:1 par:1 value:1 currently:1 ct:1 per:1 march:1 20:1 1997:1 company:1 exercise:1 full:1 would:1 represent:1 40:1 7:1 common:1 amount:1 due:1 payable:1 soleley:1 proceed:1 sale:1 security:1 non:1 oil:2 natural:2 gas:2 revenue:1 provide:1 specialty:1 insulation:1 installation:1 asbestos:1 removal:1 services:1 director:1 except:1 jack:1 e:1 manning:2 jr:1 resign:2 myer:2 name:1 board:1 president:2 favor:1 service:1 vice:1 charge:1 operation:1 | <J.M. RESOURCES INC> IN MERGER AGREEMENT
J.M. Resources Inc said it has acquired
a 90 pct interest in DEI Acquisition Corp from InterFirst
Venture Corp, Sam B. Myers, Neomar Resources Inc and Richard L.
Morgan, all of Dallas, for warrants to acquire 10.1 mln shares
of J.M. stock and three mln dlrs of notes.
The warrants are exercisable at par value, currently 10 cts
per share, until March 20, 1997. The company said if the
warrants were exercised in full, they would represent a 40.7
pct interest in J.M. common stock. It said amounts due under
the notes are payable soleley from proceeds of the sale of
securities by J.M. and non-oil and natural gas revenues of DEI.
J.M. said DEI provides specialty insulation installation
and asbestos removal services.
J.M. said all of its directors except Jack E. Manning Jr.
have resigned and Myers and Morgan were named to the board.
It said Manning has resigned as president in favor of Myers
and will service as vice president in charge of oil and natural
gas operations.
|
training/8781 | training/8781 |@title astrotech:1 aix:1 director:1 buy:1 company:1 stock:1 |@word astrotech:3 international:1 corp:1 say:3 director:1 kent:2 rockwell:4 control:1 venture:1 capital:1 inc:1 buy:2 27:1 pct:1 company:1 cumulative:2 preferred:2 stock:2 302:1 300:1 share:2 1:1 80:1 dlrs:1 w:1 f:1 jr:1 chairman:1 chief:1 executive:1 officer:1 father:1 | ASTROTECH <AIX> DIRECTOR BUYS COMPANY STOCK
Astrotech International Corp said
its director S. Kent Rockwell, who controls Rockwell Venture
Capital Inc, will buy 27 pct of the company's cumulative
preferred stock.
It said will buy up to 302,300 shares of Astrotech's 1.80
dlrs cumulative preferred stock.
It said the shares are owned by W.F. Rockwell Jr, chairman
and chief executive officer of Astrotech and S. Kent Rockwell's
father.
|
training/8784 | training/8784 |@title american:1 cyanamid:1 acy:1 change:1 record:1 date:1 |@word american:1 cyanamid:1 co:1 say:1 subject:1 approval:1 board:1 change:1 record:2 date:2 quarterly:1 dividend:2 pay:1 june:1 26:2 may:2 8:1 29:1 coincide:1 two:1 one:1 stock:1 split:2 declare:1 time:1 post:1 basis:1 1:1 4:1 ct:1 per:1 share:1 | AMERICAN CYANAMID <ACY> CHANGES RECORD DATE
American Cyanamid Co said subject
to approval by its board it has changed the record date for the
quarterly dividend it will pay on June 26 to May 8 from May 29
to coincide with the record date for a two-for-one stock split
that was declared at the same time.
The dividend on a post-split basis is 26-1/4 cts per share.
|
training/8785 | training/8785 |@title pneumatic:1 scale:1 co:1 pnu:1 set:1 quarterly:1 |@word qtly:1 div:1 25:2 ct:2 vs:1 prior:1 pay:1 may:1 4:1 record:1 april:1 20:1 | PNEUMATIC SCALE CO <PNU> SETS QUARTERLY
Qtly div 25 cts vs 25 cts prior
Pay May 4
Record April 20
|
training/8788 | training/8788 |@title curtice:1 burns:1 foods:1 inc:1 cbi:1 raise:1 payout:1 |@word qtly:1 div:1 26:1 ct:2 vs:1 24:1 prior:1 pay:1 april:2 30:1 record:1 15:1 | CURTICE-BURNS FOODS INC <CBI> RAISES PAYOUT
Qtly div 26 cts vs 24 cts prior
Pay April 30
Record April 15
|
training/879 | training/879 |@title cra:1 |@word ltd:2 1986:2 net:2 profit:2 138:2 2:2 mln:4 dlrs:2 vs:2 87:2 8:2 cra:1 | CRA Ltd 1986 net profit 138.2 mln dlrs vs 87.8 mln
CRA Ltd 1986 net profit 138.2 mln dlrs vs 87.8 mln
|
training/8791 | training/8791 |@title hydraulic:1 thc:1 split:1 3:1 2:1 hike:1 dividend:1 |@word hydraulic:3 co:1 say:4 board:1 approve:1 three:1 two:1 stock:7 split:4 common:3 increase:1 quarterly:3 cash:3 dividend:4 occur:1 50:2 pct:1 distribution:1 payable:2 april:4 30:1 stockholder:2 record:2 3:2 15:1 pay:1 pre:1 share:5 currently:1 outstanding:2 company:2 54:1 75:1 ct:3 per:3 52:1 represent:1 36:1 | HYDRAULIC <THC> SPLITS 3-FOR-2, HIKES DIVIDEND
The Hydraulic Co said its
board approved a three-for-two stock split of its common stock
and increased its quarterly cash dividend.
It said the stock split will occur through a 50 pct stock
distribution on Hydraulic's common stock, payable April 30 to
stockholders of record on April 3.
The quarterly cash dividend, payable April 15 to
stockholders of record on April 3, is to be paid on Hydraulic's
pre-split shares that are currently outstanding, the company
said.
The dividend will be 54.75 cts per share, up from 52 cts
per share.It will represent a quarterly common stock cash
dividend of 36.50 cts per share on the share that will be
outstanding after the stock split, the company said.
|
training/8793 | training/8793 |@title hughes:1 supply:1 inc:1 hug:1 4th:1 qtr:1 net:1 |@word shr:4 52:1 ct:2 vs:8 49:1 dilute:2 1:8 95:2 dlrs:6 99:3 net:2 751:1 609:1 622:1 503:1 sale:2 85:2 9:1 mln:4 year:1 2:1 10:1 6:3 822:1 493:1 601:1 717:1 347:1 8:1 324:1 | HUGHES SUPPLY INC <HUG> 4TH QTR NET
Shr 52 cts vs 49 cts
Shr diluted 1.95 dlrs vs 1.99 dlrs
Net 1,751,609 vs 1,622,503
Sales 85.9 mln vs 85.1 mln
Year
Shr 2.10 dlrs vs 1.99 dlrs
Shr diluted 1.95 dlrs vs 1.99 dlrs
Net 6,822,493 vs 6,601,717
Sales 347.8 mln vs 324.6 mln
|
training/8794 | training/8794 |@title preway:1 inc:1 prew:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:8 64:1 ct:1 vs:8 1:2 29:1 dlrs:3 net:2 5:1 732:1 000:4 4:1 924:1 sale:2 18:1 8:4 mln:8 23:1 6:2 avg:2 shrs:2 9:1 0:1 3:4 year:1 82:1 65:1 12:1 267:1 13:1 911:1 112:1 129:1 7:1 | PREWAY INC <PREW> 4TH QTR LOSS
Shr loss 64 cts vs loss 1.29 dlrs
Net loss 5,732,000 vs loss 4,924,000
Sales 18.8 mln vs 23.6 mln
Avg shrs 9.0 mln vs 3.8 mln
Year
Shr loss 1.82 dlrs vs loss 3.65 dlrs
Net loss 12,267,000 vs loss 13,911,000
Sales 112.8 mln vs 129.3 mln
Avg shrs 6.7 mln vs 3.8 mln
|
training/8795 | training/8795 |@title moore:1 mccormack:1 mmr:1 complete:1 unit:1 sale:1 |@word moore:3 mccormack:3 resources:1 inc:2 say:2 complete:1 previously:1 announce:1 sale:1 interlake:1 steamship:1 co:1 bulk:2 transport:1 great:1 lakes:1 ocean:1 shipping:1 unit:1 james:1 r:1 barker:2 company:1 president:1 paul:1 tregurtha:1 succeed:1 chairman:1 chief:1 executive:1 officer:1 | MOORE-MCCORMACK <MMR> COMPLETES UNIT SALE
Moore McCormack Resources Inc
said it has completed the previously-announced sale of its
Interlake Steamship Co and Moore McCormack Bulk Transport Inc
Great Lakes and ocean bulk shipping units to James R. Barker.
The company said president Paul Tregurtha has succeeded
Barker as chairman and chief executive officer of Moore
McCormack.
|
training/8796 | training/8796 |@title sudan:1 reject:1 imf:1 demand:1 devaluation:1 |@word sudan:12 reject:2 demand:2 international:1 monetary:1 fund:2 currency:4 devaluation:3 move:1 would:3 negative:1 impact:1 economy:1 official:3 news:1 agency:1 suna:3 report:1 finance:3 minister:2 beshir:1 omer:3 quote:1 say:11 government:4 also:2 imf:10 lift:1 state:1 subsidy:1 basic:1 consumer:2 good:1 monitor:2 british:1 broadcasting:1 corporation:1 make:1 remark:1 meeting:2 khartoum:4 yesterday:1 envoy:1 abdel:1 shakour:1 shaalan:1 burden:1 foreign:4 debt:5 10:1 6:1 billion:2 dlrs:6 500:1 mln:4 arrear:3 declare:1 ineligible:1 fresh:1 loan:1 february:2 last:2 year:3 1985:1 announce:1 48:1 pct:2 pound:4 dollar:4 adjust:1 exchange:1 rate:2 2:1 5:4 u:1 since:1 resist:1 pressure:1 main:1 creditor:3 adjustment:1 argue:1 past:2 fail:1 boost:1 export:1 raise:1 local:1 price:1 incentive:1 four:2 visitor:1 remittance:1 expatriate:1 worker:1 dealer:1 thriving:1 black:2 market:2 sell:1 today:1 stringent:1 import:2 regulation:1 increasingly:1 short:1 use:1 smuggle:1 neighbouring:1 country:3 mainly:1 egypt:1 kenya:1 ethiopia:1 zaire:1 western:2 diplomat:3 sudanese:1 amount:1 formal:1 talk:1 rather:1 effort:1 economic:3 performance:1 hope:1 plan:1 recovery:1 program:1 acceptable:1 serious:1 attempt:1 tackle:1 trouble:1 persuade:1 gulf:1 arab:1 pay:3 could:2 provide:1 clean:1 bill:1 health:1 take:1 group:1 informally:1 call:1 paris:2 club:2 reschedule:1 payment:1 twenty:1 three:1 total:1 owe:2 member:1 month:2 representative:2 tell:1 executive:1 board:1 pleased:1 18:1 couple:1 manage:1 director:1 michel:1 camdessus:1 ask:1 saudi:1 arabia:1 1:1 4:1 help:1 annual:1 liability:1 nearly:1 900:1 set:1 aside:1 200:1 service:1 fiscal:1 end:1 next:1 june:1 30:1 | SUDAN REJECTS IMF DEMAND FOR DEVALUATION
Sudan has rejected a demand by the
International Monetary Fund for a currency devaluation because
such a move would have a negative impact on its economy, the
official Sudan News Agency (SUNA) reported.
Finance Minister Beshir Omer, quoted by SUNA, said his
government also rejected an IMF demand to lift state subsidies
on basic consumer goods.
SUNA, monitored by the British Broadcasting Corporation,
said Omer made the remarks after a meeting in Khartoum
yesterday with IMF envoy Abdel-Shakour Shaalan.
Sudan, burdened by a foreign debt of 10.6 billion dlrs, is
some 500 mln dlrs in arrears to the IMF, which declared it
ineligible for fresh loans in February last year.
In February 1985, Sudan announced a 48 pct devaluation of
its pound against the dollar, adjusting the official exchange
rate to 2.5 pounds to the U.S. Currency.
Since then, it has resisted pressure from main creditors
for more currency adjustments, arguing that past devaluations
had failed to boost exports but raised local consumer prices.
Sudan also has an incentive rate of four pounds to the dollar
for foreign visitors and remittances by expatriate workers.
Dealers in Khartoum's thriving black market said the dollar
was sold at 5.5 pounds today.
With stringent import regulations and the government
increasingly short of foreign currency, black market dollars
are used to finance smuggled imports from neighbouring
countries, mainly Egypt, Kenya, Ethiopia and Zaire.
Western diplomats in Khartoum say the meetings between IMF
and Sudanese government officials do not amount to formal
talks, but rather an effort by the IMF to monitor Sudan's
economic performance.
The diplomats said Sudan hoped a planned four-year economic
recovery program would be acceptable to the IMF as a serious
attempt to tackle the country's economic troubles and persuade
its Gulf Arab creditors to pay the IMF arrears.
This, they said, could provide Sudan with a clean bill of
health from the IMF that it could take to Western government
creditors, grouped informally in the so-called Paris Club, to
reschedule debt payments.
Twenty-three pct of Sudan's total foreign debt is owed to
members of the Paris Club, the diplomats said.
Sudan's Finance Minister said last month the country's IMF
representative had told him the fund's executive board was 'very
pleased with the 18.5 mln dlrs arrears we have paid in the past
couple of months.'
The representative, Omer Said, said IMF Managing Director
Michel Camdessus said he would ask Saudi Arabia, to which Sudan
owes about 1.4 billion dlrs, to help Khartoum to pay more.
Sudan has an annual debt liability of nearly 900 mln dlrs
but set aside only some 200 mln dlrs to service debts in the
fiscal year ending next June 30.
|
training/8797 | training/8797 |@title southern:1 national:1 corp:1 snat:1 set:1 stock:1 split:1 |@word southern:1 national:1 corp:1 say:2 board:1 declare:1 three:1 two:1 stock:1 split:2 payable:2 shareholder:1 record:2 may:1 22:1 company:1 spokeswoman:1 date:2 yet:1 fix:1 would:1 shortly:1 | SOUTHERN NATIONAL CORP <SNAT> SETS STOCK SPLIT
Southern National corp said its
board declared a three-for-two stock split, payable to
shareholders of record on May 22.
A company spokeswoman said the payable date for the split
has not yet been fixed but would be shortly after the record
date.
|
training/8799 | training/8799 |@title national:1 semiconductor:1 nsm:1 cite:1 improved:1 result:1 |@word national:1 semiconductor:4 corp:1 say:6 improve:2 result:3 group:3 help:1 reduce:2 loss:3 third:3 quarter:8 nine:3 month:3 end:1 march:1 8:1 modest:1 sale:3 increase:1 major:1 improvement:2 operate:1 performance:1 compare:1 year:4 ago:1 company:2 soften:1 prior:1 low:1 booking:2 last:1 fall:1 shipment:1 holiday:1 shutdown:1 maker:1 cut:1 net:1 25:2 6:1 mln:5 dlrs:6 31:1 ct:3 share:1 39:1 4:2 47:1 32:1 7:1 44:1 84:1 one:1 dlr:1 grow:1 23:1 5:2 pct:2 398:1 1:2 36:1 billion:1 recover:1 latter:1 part:1 despite:1 order:2 rate:1 operating:1 pricing:1 continue:3 aggressive:1 many:1 product:2 nevertheless:1 expect:1 business:1 information:1 system:1 strong:1 growth:1 base:1 recent:1 trend:1 new:1 introduction:1 | NATIONAL SEMICONDUCTOR<NSM> CITES IMPROVED RESULTS
National Semiconductor Corp
said improved results at its Semiconductor Group helped reduce
losses in the third quarter and nine months.
In the quarter ended March 8, the group had a modest sales
increase and major improvement in operating performance
compared to the year-ago quarter, the company said.
But results softened from the prior quarter because of low
bookings last fall for third quarter shipment and holiday
shutdowns, it said.
The semiconductor maker cut net losses to 25.6 mln dlrs or
31 cts a share from 39.4 mln dlrs or 47 cts in the quarter.
Losses in the nine months were reduced to 32.7 mln dlrs or
44 cts from 84.4 mln dlrs or one dlr. Sales grew 23.5 pct in
the quarter to 398.1 mln dlrs and 25.5 pct in the nine months
to 1.36 billion dlrs.
Bookings recovered in the latter part of the third quarter,
the company said. Despite the improvement in order rates and
operating results year-to-year, pricing continues to be
'aggressive for many products,' it said.
Nevertheless, it expects the semiconductor business will
continue to improve this year. The Information Systems Group
will continue strong sales growth based on recent order trends
and new product introductions, it said.
|
training/880 | training/880 |@title n:1 z:1 quarterly:1 current:1 account:1 deficit:1 narrow:1 |@word new:1 zealand:1 current:1 account:2 deficit:4 quarter:11 end:6 december:9 31:1 1986:4 narrow:2 567:1 mln:10 dlrs:8 738:1 revise:3 742:1 september:7 733:1 year:9 earlier:2 statistic:1 department:1 say:1 2:9 75:1 billion:22 91:1 92:2 calendar:2 1985:5 61:1 show:2 182:1 dlr:2 surplus:2 merchandise:1 trade:1 unchanged:1 271:1 13:1 import:2 655:1 883:1 454:1 early:3 export:2 837:1 3:5 065:1 440:1 10:1 74:1 compare:2 11:3 14:1 20:1 36:1 government:1 borrowing:2 stand:2 9:1 26:1 15:1 rise:1 1:3 79:1 611:1 repayment:2 5:2 4:2 260:1 334:1 official:1 reserve:1 total:1 7:1 205:1 723:1 255:1 one:1 | N.Z. QUARTERLY CURRENT ACCOUNT DEFICIT NARROWS
New Zealand's current account deficit
for the quarter ended December 31, 1986 narrowed to 567 mln
dlrs from 738 mln, revised down from 742 mln, for the September
quarter and from 733 mln a year earlier, the statistics
department said.
The deficit for the year ended December narrowed to 2.75
billion dlrs from 2.91 billion dlrs, revised down from 2.92
billion, for the year ended September. The deficit for calendar
1985 was 2.61 billion.
The December quarter showed a 182 mln dlr surplus for
merchandise trade, unchanged from the September quarter surplus
which was revised down from 271 mln dlrs. The 1985 December
quarter showed a 13 mln dlr deficit.
Imports for the December 1986 quarter were 2.655 billion
against 2.883 billion in the September quarter and 2.454 a year
earlier. Exports were 2.837 billion against 3.065 billion and
2.440 billion.
Imports for the year ended December 1986 were 10.74 billion
dlrs compared with 11.14 billion in 1985. Exports were 11.20
billion against 11.36 billion.
Government borrowing stood at 9.26 billion dlrs for
calendar 1986 against 3.15 billion for 1985. Borrowing in the
December quarter rose to 3.92 billion from 1.79 in the
September quarter and 611 mln a year earlier.
Repayments stood at 5.5 billion for the year, up from 3.1
billion in 1985. Repayments in the December quarter accounted
for 1.4 billion dlrs against 260 mln in the September quarter
and 334 mln a year earlier.
Official reserves totalled 7.205 billion dlrs at end
December compared with 4.723 billion at end September and 3.255
billion one year earlier.
|
training/8800 | training/8800 |@title ec:1 cold:1 aid:1 food:1 scheme:1 may:1 make:1 permanent:1 |@word emergency:2 action:1 distribute:2 european:2 community:1 ec:5 food:6 surplus:3 poor:2 prove:1 successful:1 executive:1 commission:6 may:1 propose:2 permanent:1 scheme:5 spokesman:2 say:3 almost:1 60:1 000:5 tonne:8 take:2 store:2 january:2 20:1 agriculture:1 minister:2 approve:2 march:3 13:3 accord:1 late:1 figure:1 include:2 30:1 cereal:2 6:1 sugar:1 4:1 beef:2 300:1 butter:2 needy:1 charity:1 present:1 measure:1 help:1 people:1 affect:1 year:2 unusually:1 cold:1 winter:1 end:1 31:2 consider:1 whether:1 replace:1 round:1 system:1 estimate:1 temporary:2 cost:2 63:1 68:1 mln:6 currency:1 unit:1 72:1 78:1 dlrs:1 50:1 ecu:1 57:1 dlr:1 ceiling:1 originally:1 envisage:1 however:1 source:1 real:1 small:1 account:1 expense:1 keep:1 quality:1 value:1 deteriorate:1 hand:1 impact:1 slight:1 stock:1 1:1 28:1 520:1 10:1 | EC COLD AID FOOD SCHEME MAY BE MADE PERMANENT
Emergency action to distribute
European Community (EC) food surpluses to the poor has proved
so successful that the EC executive Commission may propose a
permanent scheme, a Commission spokesman said.
Almost 60,000 tonnes of food was taken out of EC stores
between January 20, when Agriculture Ministers approved the
scheme, and March 13, according to latest commission figures.
The food, including 30,000 tonnes of cereals, 6,000 tonnes
of sugar, 4,000 tonnes of beef and 13,300 tonnes of butter, has
been distributed to the needy through charities.
The present scheme was approved as an emergency measure to
help poor people affected by this year's unusually cold winter
and will end on March 31.
But the spokesman said the commission will consider whether
to propose it be replaced by an all-year-round system.
The commission estimates that up to March 13 the temporary
scheme cost between 63 and 68 mln European currency units
(72/78 mln dlrs). This is above the 50 mln Ecu (57 mln dlr)
ceiling originally envisaged by the Ministers.
However, commission sources said the real cost was small if
account is taken of the expense of keeping food in store until
its quality and value deteriorates.
On the other hand, the impact of the temporary scheme on EC
food surpluses has been slight. EC surplus food stocks at
January 31 included 1.28 mln tonnes of butter, 520,000 tonnes
of beef and over 10 mln tonnes of cereals.
|
training/8802 | training/8802 |@title fed:1 may:1 add:1 reserve:1 economist:1 say:1 |@word federal:2 reserve:3 may:1 intervene:2 government:1 security:1 market:1 add:3 today:1 economist:1 say:2 although:1 feel:1 fed:4 likely:1 refrain:1 action:1 believe:1 would:1 probably:1 temporary:1 indirectly:1 via:1 1:2 5:1 two:1 billion:1 dlrs:1 customer:1 repurchase:1 agreement:1 note:1 current:1 need:1 large:1 also:1 expect:1 fund:2 rate:1 edge:1 low:1 average:1 6:2 21:1 pct:2 monday:1 open:1 8:1 remain:1 level:1 early:1 trading:1 | FED MAY ADD RESERVES, ECONOMISTS SAY
The Federal Reserve may intervene in
the government securities market to add reserves today, some
economists said, although others felt that the Fed was likely
to refrain from any action.
Those who believed the Fed will intervene said it would
probably add temporary reserves indirectly via 1.5 to two
billion dlrs of customer repurchase agreements.
But others noted the Fed's current add-need is not large.
They also expected the federal funds rate to edge lower.
Fed funds, which averaged 6.21 pct on Monday, opened at
6-1/8 pct and remained at that level in early trading.
|
training/8806 | training/8806 |@title berliner:1 bank:1 outlines:1 loss:1 |@word berliner:1 bank:4 ag:1 suffer:1 loss:3 25:1 mln:2 30:1 mark:1 credit:2 extend:1 stuttgart:2 branch:1 official:1 exceed:1 power:1 spokesman:2 say:3 reply:1 query:1 press:1 report:1 could:1 rule:1 possibility:1 final:1 figure:1 may:1 slightly:1 range:1 late:1 last:1 week:1 would:1 double:1 digit:1 million:1 | BERLINER BANK OUTLINES LOSSES
<Berliner Bank AG> has suffered
losses of between 25 mln and 30 mln marks on credits extended
by its Stuttgart branch by bank officials who exceeded their
powers, a bank spokesman said.
The spokesman, replying to queries about press reports,
said he could not rule out the possibility that the final loss
figure may be slightly above this range.
Late last week the bank said only that the losses from the
credits in Stuttgart would be in the 'double-digit millions.'
|
training/8808 | training/8808 |@title hughes:1 supply:1 inc:1 hug:1 set:1 quarterly:1 |@word qtly:1 div:1 10:2 ct:2 vs:1 prior:1 pay:1 may:2 22:1 record:1 8:1 | HUGHES SUPPLY INC <HUG> SETS QUARTERLY
Qtly div 10 cts vs 10 cts prior
Pay May 22
Record May 8
|
training/8810 | training/8810 |@title kleinert:1 inc:1 klrt:1 1st:1 qtr:1 end:1 feb:1 28:1 net:1 |@word shr:1 24:1 ct:2 vs:5 18:1 net:1 359:1 000:7 297:1 revs:1 5:1 724:1 6:1 430:1 avg:1 shrs:1 1:3 475:1 0000:1 668:1 note:1 qtrs:1 include:1 tax:1 gain:1 147:1 137:1 prior:1 qtr:1 end:1 march:1 1986:1 | KLEINERT'S INC <KLRT> 1ST QTR ENDS FEB 28 NET
Shr 24 cts vs 18 cts
Net 359,000 vs 297,000
Revs 5,724,000 vs 6,430,000
Avg shrs 1,475,0000 vs 1,668,000
NOTE: qtrs include tax gain of 147,000 vs 137,000.
Prior qtr ended March 1, 1986.
|
training/8812 | training/8812 |@title u:2 supreme:2 court:2 allow:2 offshore:2 alaskan:2 oil:2 gas:2 exploration:2 |@word | U.S. SUPREME COURT ALLOWS OFFSHORE ALASKAN OIL AND GAS EXPLORATION
U.S. SUPREME COURT ALLOWS OFFSHORE ALASKAN OIL AND GAS EXPLORATION
|
training/8814 | training/8814 |@title microdyme:1 corp:1 mcdy:1 1st:1 qtr:1 feb:1 one:1 loss:1 |@word shr:1 loss:2 nine:1 ct:2 vs:3 profit:2 two:1 net:1 397:1 000:4 76:1 revs:1 3:1 763:1 6:1 467:1 | MICRODYME CORP <MCDY> 1ST QTR FEB ONE LOSS
Shr loss nine cts vs profit two cts
Net loss 397,000 vs profit 76,000
Revs 3,763,000 vs 6,467,000
|
training/8815 | training/8815 |@title u:1 court:1 allow:1 offshore:1 alaskan:1 exploration:1 |@word unanimous:1 supreme:2 court:6 rule:1 oil:8 gas:2 exploration:7 proceed:1 two:3 tract:2 alaska:3 coast:1 lease:7 federal:2 government:1 eight:1 major:1 company:5 ruling:1 important:1 victory:1 reagan:1 administration:3 controversial:1 shore:2 leasing:1 program:1 setback:1 small:1 alaskan:2 village:2 challenge:1 claim:1 damage:1 environment:1 say:5 order:2 halt:3 drilling:2 create:1 uncertainty:1 4:2 2:2 billion:1 dlrs:4 pay:1 621:1 since:1 december:1 1980:1 appeal:2 remove:1 drill:1 rig:1 bering:1 sea:1 possible:1 harm:2 subsistence:3 need:1 culture:1 native:3 eskimos:1 wrong:1 issue:1 injunction:1 injury:1 resource:2 probable:1 justice:1 byron:1 white:1 write:1 side:1 balance:1 fact:1 commit:1 approximately:1 70:1 mln:5 conduct:1 summer:1 1985:1 would:4 lose:1 without:1 chance:1 recovery:1 enjoin:1 amoco:1 corp:3 arco:1 exxon:1 xon:1 mobil:1 mob:1 sohio:1 shell:1 texaco:1 inc:1 tx:1 union:1 void:1 previously:1 grant:1 result:1 staggering:1 financial:1 loss:1 first:1 sale:3 1983:1 involve:1 acre:2 generate:1 318:1 second:1 1984:1 cover:1 37:1 produce:1 516:1 official:1 precede:1 intense:1 environmental:1 impact:1 study:1 deny:1 hurt:2 gambell:1 stebbin:1 along:1 organization:1 eskimo:1 yukon:1 delta:1 argue:1 hunting:1 fishing:1 | U.S. COURT ALLOWS OFFSHORE ALASKAN EXPLORATION
A unanimous Supreme Court ruled that
oil and gas exploration can proceed on two tracts off the
Alaska coast which were leased by the federal government to
eight major oil companies.
The ruling was an important victory for the oil companies
and the Reagan administration's controversial off-shore leasing
program and a setback for two small Alaskan villages that
challenged the leases by claiming damage to the environment.
The administration said that the court-ordered halt in
drilling had created uncertainty over the 4.2 billion dlrs paid
for 621 leases off the shores of Alaska since December 1980.
A federal appeals court ordered the oil companies to halt
all exploration and remove all drilling rigs from two tracts in
the Bering Sea off Alaska because of possible harm to the
subsistence needs and culture of native Eskimos.
But the Supreme Court said the appeals court was wrong in
issuing an injunction halting exploration.
'Here, injury to subsistence resources from exploration was
not at all probable,' Justice Byron White wrote for the court.
'And on the other side of the balance of harms was the fact
that the oil companies had committed approximately 70 mln dlrs
to exploration to be conducted during the summer of 1985 which
they would have lost without chance of recovery had exploration
been enjoined,' he said.
The oil companies, Amoco Corp <AN>, ARCO, Exxon Corp <XON>,
Mobil Corp <MOB>, Sohio, Shell, Texaco Inc <TX> and Union Oil,
had said that voiding previously granted leases would result in
staggering financial losses.
The first lease sale in 1983 involved 2.4 mln acres and
generated 318 mln dlrs while the second lease sale in 1984
covered 37 mln acres and produced 516 mln dlrs.
Administration officials, saying the lease sales were
preceded by an intense environmental impact study, denied that
the oil and gas exploration would hurt subsistence resources.
The Alaskan villages of Gambell and Stebbins, along with an
organization of Eskimo natives on the Yukon Delta, argued that
the drilling would hurt native hunting and fishing.
|
training/882 | training/882 |@title transamerica:1 sell:1 occidental:1 life:1 australia:1 |@word equity:1 investment:1 company:1 battery:6 group:5 ltd:3 say:6 agree:1 buy:1 occidental:2 life:3 insurance:2 co:2 australia:1 transamerica:1 corp:1 ta:1 u:1 105:1 mln:6 australian:1 dlrs:3 acquisition:2 make:1 possible:1 effort:1 major:2 shareholder:2 pratt:4 financial:1 service:1 pty:1 statement:1 purchase:1 partly:1 fund:3 issue:2 eight:1 share:4 4:2 50:2 four:2 free:1 option:2 control:1 entrepreneur:1 dick:1 plus:1 professional:1 investor:1 balance:1 debt:1 subject:1 approval:1 completion:1 placement:1 effectively:1 51:1 pct:1 enlarge:1 capital:1 assume:1 exercise:1 22:1 underwriter:1 individual:2 term:1 recent:1 fast:1 grow:1 entrant:1 account:1 superannuation:1 market:1 200:1 management:1 | TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA
Equity investment company <Battery
Group Ltd> said it had agreed to buy <Occidental Life Insurance
Co of Australia Ltd> from TransAmerica Corp <TA> of the U.S.
For 105 mln Australian dlrs.
The acquisition has been made possible by the efforts of
its major shareholder, <Pratt and Co Financial Services Pty
Ltd>, Battery Group said in a statement.
The purchase will be partly funded by the issue of eight
mln shares at 4.50 dlrs each and four mln free options to the
Pratt Group, controlled by entrepreneur Dick Pratt, plus four
mln shares to professional investors at 4.50 each, it said.
The balance will be funded by debt, Battery Group said.
The acquisition is subject to the approval of its
shareholders.
On completion of the share placements, Pratt Group will
effectively have 51 pct of Battery's enlarged capital, assuming
exercise of all options, it said. Battery now has 22 mln shares
on issue.
Battery said Occidental Life is a major underwriter of
individual term life insurance and a recent but fast-growing
entrant in the individual account superannuation market.
It has some 200 mln dlrs in funds under management.
|
training/8820 | training/8820 |@title low:2 tax:1 offset:1 shell:1 u:1 k:1 upstream:1 profit:1 |@word shell:8 u:5 k:5 ltd:1 pre:1 tax:6 profit:6 exploration:3 production:4 operation:3 fall:8 869:1 mln:15 stg:11 1986:5 2:2 12:2 billion:5 1985:4 due:3 oil:10 price:7 last:6 year:8 finance:1 director:2 nigel:1 haslam:2 say:13 tell:1 press:1 conference:1 high:1 marginal:1 rate:1 north:4 sea:4 main:1 impact:1 drop:1 absorb:1 taxation:1 330:1 1:1 45:1 bulk:1 corporation:1 petroleum:1 revenue:1 prt:3 represent:1 16:1 result:1 post:1 sector:4 126:1 539:1 earlier:1 subsidiary:1 royal:1 dutch:1 group:1 rd:1 report:1 overall:1 net:1 757:1 667:1 sale:1 6:1 57:1 8:2 81:1 chairman:1 bob:1 reid:4 company:4 crude:3 output:7 record:1 373:1 000:2 bpd:3 would:3 almost:1 certainly:1 prove:1 peak:1 expect:4 around:4 10:4 pct:4 current:1 340:1 mainly:1 decline:1 major:1 brent:1 field:5 gas:2 5:2 9:1 cubic:1 metre:1 natural:1 liquid:1 one:1 tonne:1 maintain:1 1987:2 final:1 decision:1 development:3 kittiwake:2 osprey:1 make:1 next:1 18:2 month:2 originally:1 part:1 gannet:1 project:1 abandon:1 estimate:2 cost:5 350:1 economy:1 tern:1 eider:1 approve:1 bring:3 30:1 35:1 original:1 budget:2 day:2 operate:1 cut:1 target:1 keep:1 per:1 barrel:1 constant:1 drill:1 17:1 well:2 offshore:1 lead:1 discovery:2 hydrocarbon:1 although:2 early:1 gauge:1 commercial:1 viability:1 restructuring:1 downstream:2 contribute:1 rise:2 187:1 91:1 jaap:1 klootwijk:1 manage:1 unit:1 refining:2 margin:3 first:2 quarter:3 bit:1 bad:1 fourth:1 november:1 december:2 particular:1 show:1 negative:2 follow:2 product:1 continue:1 generally:1 positive:1 summer:2 could:1 dip:1 become:1 time:2 depend:1 movement:1 new:1 catalytic:1 cracker:1 stanlow:1 refinery:1 come:2 stream:1 end:1 1988:1 five:1 behind:1 schedule:1 crane:1 accident:1 severely:1 damage:1 plant:1 chemical:2 33:1 11:1 rationalisation:1 carrington:1 site:1 announcement:1 relief:1 allow:1 offset:1 qualify:1 expenditure:1 certain:1 future:1 helpful:1 rather:1 less:1 hope:1 range:1 15:2 dlrs:1 go:1 much:1 opec:3 official:1 ceiling:1 tend:1 back:1 look:1 pact:1 restrain:1 hold:1 supply:1 demand:2 balance:1 test:1 | LOWER TAX OFFSETS LOWER SHELL U.K. UPSTREAM PROFIT
<Shell U.K. Ltd's> pre-tax profit on
exploration and production operations fell to 869 mln stg in
1986 from 2.12 billion in 1985 due to the fall in oil prices
last year, Shell U.K. Finance director Nigel Haslam said.
But he told a press conference that due to the high
marginal tax rate on North Sea operations, the main impact of
the drop in profit was absorbed by a fall in taxation to 330
mln stg from 1.45 billion in 1985.
The bulk of tax last year was Corporation Tax, with
Petroleum Revenue Tax (PRT) representing only 16 mln stg, he
said.
As a result, post-tax profit from the exploration and
production sector fell by only 126 mln stg to 539 mln.
Earlier, Shell U.K., a subsidiary of Royal Dutch/Shell
Group <RD.AS>, reported an overall net profit of 757 mln stg,
up from 667 mln in 1985, on sales of 6.57 billion stg against
8.81 mln.
Shell U.K. Chairman Bob Reid said the company's crude oil
output from the North Sea was at a record 373,000 bpd in 1986,
which would almost certainly prove to be a peak for the
company. Shell expects a fall in output of around 10 pct in the
current year to around 340,000 bpd, due mainly to the decline
in output from the major Brent field, he said.
Gas output of 5.9 billion cubic metres and natural gas
liquids output of around one mln tonnes in 1986 are expected to
be maintained in 1987, he said.
A final decision on development of the Kittiwake and Osprey
North Sea oil fields will be made in the next 12 to 18 months,
Reid said. The Kittiwake field, originally part of the 2.5
billion stg Gannet project abandoned last year when the oil
price fell, is now estimated to cost around 350 mln stg.
Economies on development costs for the Tern and Eider North
Sea fields, which were approved last year, have brought the
cost down to 30 to 35 pct below the original budget.
Day to day operating costs of the exploration and
production sector had been cut 10 pct last year, and the target
is to keep costs per barrel constant.
The company drilled 17 wells offshore, with 10 leading to
the discovery of hydrocarbons, although it is too early to
gauge the commercial viability of these discoveries, Reid said.
Restructuring of the downstream oil sector contributed to a
profit rise to 187 mln stg in 1986 from 91 mln stg in 1985.
Jaap Klootwijk, managing director of downstream unit <Shell
U.K. Oil>, said refining margins in the first quarter of 1987
were a 'bit better than the very bad fourth quarter 1986.'
In November and December in particular, refining operations
had shown negative margins following the fall in crude and oil
product prices, he said. He expected margins to continue
generally positive over the summer, although they could dip to
become negative from time to time, depending on price
movements.
A new catalytic cracker at Shell's Stanlow refinery will
now come on stream by the end of first quarter 1988, about five
months behind schedule, following a crane accident which
severely damaged the plant last year, he said.
Profits from the chemicals sector rose to 33 mln stg from
11 mln after the rationalisation of the Carrington chemical
site.
Haslam said the Budget announcement on PRT relief, by which
companies will be allowed to offset up to 10 pct of qualifying
development expenditure on certain future oil fields against
PRT, was 'helpful,' but rather less than had been hoped for.
Reid said his estimate of crude oil prices this year was in
the range of 15 to 18 dlrs. If prices went much above that, he
would expect some over-production above OPEC's official 15.8 mln
bpd output ceiling which would tend to bring prices back down.
He said it looked as if the December OPEC pact to restrain
output was holding, bringing supply and demand into balance,
but the test will come in summer when demand for OPEC oil will
fall.
|
training/8822 | training/8822 |@title calny:2 inc:4 rejects:2 pepsico:2 acquisition:2 offer:2 |@word | CALNY INC REJECTS PEPSICO INC ACQUISITION OFFER
CALNY INC REJECTS PEPSICO INC ACQUISITION OFFER
|
training/8823 | training/8823 |@title dixon:1 plan:1 let:1 cyclop:1 cyl:1 offer:1 expire:1 |@word dixons:1 group:1 plc:1 say:6 plan:1 extend:3 expiration:1 date:1 tender:4 offer:5 common:2 share:5 cyclops:2 corp:2 beyond:1 tonight:2 dixon:7 would:3 accept:2 validly:1 withdraw:1 midnight:1 90:1 25:2 dlrs:3 cyclop:4 last:1 week:2 54:1 pct:1 originally:1 schedule:2 expire:1 march:2 17:1 one:1 yesterday:3 citicorp:4 cci:1 audio:1 video:1 affiliates:1 inc:1 ava:1 owner:1 cyacq:2 acquire:1 merger:1 industrial:1 business:1 12:1 8:1 mln:1 alleghany:1 currently:1 pay:1 proposal:2 allow:1 raise:1 price:2 93:1 per:1 terminate:1 compete:1 92:1 50:1 dlr:1 suggest:1 31:1 connection:1 increase:1 | DIXONS PLANS TO LET CYCLOPS <CYL> OFFER EXPIRE
Dixons Group PLC said it does not plan
to extend the expiration date of its tender offer for any and
all common shares of Cyclops Corp beyond tonight.
Dixons said it would accept shares validly tendered and not
withdrawn by midnight tonight.
Dixons, which is offering 90.25 dlrs a share for Cyclops,
said last week it had about 54 pct of Cyclops common shares.
Its offer originally was scheduled to expire March 17 but was
extended for one week.
Yesterday Citicorp <CCI>, with Audio/Video Affiliates Inc
<AVA> an owner of CYACQ, said it had offered to acquire from
Dixons after the merger of Cyclops into Dixons, Cyclops'
industrial businesses for 12.8 mln dlrs more than Alleghany
Corp <Y> is currently scheduled to pay for them.
Citicorp said yesterday that its proposal would allow
Dixons to raise its tender price to 93.25 dlrs per share.
Citicorp said if Dixons accepted the proposal, CYACQ would
terminate its competing 92.50 dlr offer for Cyclops.
Citicorp had suggested yesterday that Dixons extend its
tender until March 31 in connection with the price increase.
|
training/8826 | training/8826 |@title international:1 clinical:1 laboratories:1 inc:1 iclb:1 |@word shr:2 nine:1 ct:4 vs:6 seven:1 net:3 676:1 000:5 509:1 revs:2 48:1 5:2 mln:4 39:1 9:1 1st:1 half:2 12:1 17:1 923:1 1:2 248:1 94:1 79:1 note:1 current:1 include:1 charge:1 500:1 dlrs:1 reversal:1 investment:1 tax:1 credit:1 | INTERNATIONAL CLINICAL LABORATORIES INC <ICLB>
Shr nine cts vs seven cts
Net 676,000 vs 509,000
Revs 48.5 mln vs 39.9 mln
1st half
Shr 12 cts vs 17 cts
Net 923,000 vs 1,248,000
Revs 94.1 mln vs 79.5 mln
NOTE:Current half net includes charge 500,000 dlrs from
reversal of investment tax credits.
|
training/8829 | training/8829 |@title norwegian:1 central:1 bank:1 reserve:1 fall:1 january:1 |@word norway:1 central:3 bank:3 reserve:3 total:3 91:1 06:1 billion:9 crown:5 january:2 93:1 07:1 december:3 105:1 29:1 1986:1 say:1 monthly:1 balance:1 sheet:1 foreign:1 exchange:1 83:1 68:1 compare:2 85:1 52:1 99:1 19:1 year:3 ago:3 gold:1 284:1 7:1 mln:1 unchanged:1 previous:1 month:1 figure:1 special:1 draw:1 right:1 holding:1 2:3 82:1 89:1 13:1 | NORWEGIAN CENTRAL BANK RESERVES FALL IN JANUARY
Norway's Central Bank reserves totalled
91.06 billion crowns in January, against 93.07 billion in
December and 105.29 billion in January 1986, the central bank
said in its monthly balance sheet.
Foreign exchange reserves totalled 83.68 billion crowns,
compared with 85.52 billion in December and 99.19 billion
crowns a year ago. Gold reserves totalled 284.7 mln crowns,
unchanged from the previous month and the year-ago figure.
Central bank special drawing right holdings were 2.82
billion crowns, compared with 2.89 billion in December and 2.13
billion a year ago.
|
training/883 | training/883 |@title cra:1 ltd:1 craa:1 1986:1 net:1 |@word net:3 138:1 20:1 mln:14 dlrs:2 vs:10 87:1 80:1 shr:1 24:1 8:2 cent:2 17:1 final:2 div:1 announce:1 july:1 1:1 10:1 make:1 15:1 sale:1 revenue:1 4:2 81:1 billion:2 69:1 investment:1 income:1 116:1 93:1 60:1 61:1 shrs:1 494:2 35:1 22:1 note:1 tax:1 171:1 03:2 188:1 52:1 interest:1 337:1 39:1 308:1 68:1 depreciation:1 352:1 32:1 333:1 05:1 extraordinary:1 loss:1 250:1 28:2 profit:1 | CRA LTD <CRAA.S> 1986 NET
Net 138.20 mln dlrs vs 87.80 mln.
Shr 24.8 cents vs 17.8
Final div to announced after July 1, vs final 10 cents
making 15.
Sales revenue 4.81 billion vs 4.69 billion
Investment income 116.93 mln vs 60.61 mln
Shrs 494.35 mln vs 494.22 mln.
NOTE - Net is after tax 171.03 mln dlrs vs 188.52 mln,
interest 337.39 mln vs 308.68 mln, depreciation 352.32 mln vs
333.05 mln but before net extraordinary loss 250.28 mln vs
profit 28.03 mln.
|
training/8830 | training/8830 |@title gnb:2 join:1 leveraged:1 buyout:1 french:1 unit:1 |@word inc:1 say:2 join:1 management:1 french:2 company:3 compagnie:1 francaise:1 electro:1 chimie:1 purchase:1 undisclosed:1 amount:1 produce:1 lead:1 acid:1 battery:1 sale:1 1986:1 75:1 mln:1 dlrs:1 gnb:1 | GNB JOINS IN LEVERAGED BUYOUT OF FRENCH UNIT
<GNB Inc> said it joined
with the management of the French company Compagnie Francaise
d'Electro-Chimie to purchase the company for an undisclosed
amount.
The French company, which produces lead-acid batteries, had
sales in 1986 of 75 mln dlrs, GNB said.
|
training/8835 | training/8835 |@title oil:1 tax:1 break:1 ridicule:1 u:1 house:1 taxwriter:1 |@word house:2 taxwriter:1 say:4 energy:2 secretary:1 james:1 herrington:2 outrageous:1 plan:2 restore:1 old:1 tax:6 break:1 oil:2 company:1 bad:1 policy:1 rep:1 pete:1 stark:2 california:1 democrat:1 senior:1 way:1 means:1 committee:1 member:1 27:2 5:2 pct:4 depletion:1 allowance:1 effect:1 special:1 deduction:1 would:1 cost:1 seven:1 billion:1 dlrs:1 year:2 must:1 miss:1 last:1 two:1 federal:1 reform:1 sleep:1 soundly:1 rip:1 van:1 winkle:1 statement:1 industry:1 already:1 pay:1 effective:1 low:1 rate:1 u:1 investment:2 15:1 versus:1 aggregate:1 corporate:1 34:1 accord:1 recent:1 congressional:1 research:1 service:1 study:1 | OIL TAX BREAK RIDICULED BY U.S. HOUSE TAXWRITER
A House taxwriter said Energy
Secretary James Herrington's 'outrageous' plan to restore an old
tax break for oil companies was both bad tax and energy policy.
Rep. Pete Stark, a California Democrat and senior House
Ways and Means Committee member, said Herrington's plan for a
27.5 pct depletion allowance--which in effect is a special 27.5
pct tax deduction --would cost seven billion dlrs a year.
'He must have missed the last two years of federal tax
reform by sleeping as soundly as Rip Van Winkle,' Stark said.
He said in a statement the oil industry already pays an
effective lower rate of U.S. tax on investment, 15 pct versus
aggregate corporate tax on all investment of 34 pct, according
to a recent Congressional Research Service study.
|
training/8836 | training/8836 |@title calny:1 clny:1 rejects:1 pepsico:1 acquisition:1 offer:1 |@word calny:5 inc:3 say:3 board:1 reject:1 inadequate:1 unsolicited:1 offer:1 pepsico:1 pep:1 subsidiary:1 taco:2 bell:2 corp:1 outstanding:2 common:1 stock:2 11:1 50:1 dlrs:1 cash:1 per:1 share:1 recently:1 acquire:1 9:2 pct:1 retain:1 oppenheimer:1 co:1 consider:1 various:1 financial:1 strategic:1 alternative:1 available:1 company:1 | CALNY <CLNY> REJECTS PEPSICO ACQUISITION OFFER
Calny Inc said its board
rejected as inadequate the unsolicited offer by PepsiCo Inc
<PEP> subsidiary Taco Bell Corp for all Calny's outstanding
common stock at 11.50 dlrs cash per share.
Taco Bell recently acquired 9.9 pct of Calny's outstanding
stock, Calny said.
Calny said it retained Oppenheimer and Co Inc to consider
various financial and strategic alternatives available to the
company.
|
training/8837 | training/8837 |@title k:2 mart:2 corp:2 raise:2 dividend:2 17:2 6:2 pct:2 vote:2 three:2 two:2 stock:2 split:2 |@word | K MART CORP RAISES DIVIDEND 17.6 PCT, VOTES THREE-FOR-TWO STOCK SPLIT
K MART CORP RAISES DIVIDEND 17.6 PCT, VOTES THREE-FOR-TWO STOCK SPLIT
|
training/884 | training/884 |@title malaysia:1 imposes:1 export:1 duty:1 rubber:1 |@word malaysian:1 government:1 say:1 impose:1 export:1 duty:3 rubber:1 3:2 8:1 cent:5 per:4 kilo:4 gazetted:2 price:3 move:1 threshold:1 210:1 effective:1 march:1 1:2 rise:1 213:1 2:1 february:1 207:1 research:1 remain:1 85:1 replanting:1 also:1 unchanged:1 9:1 92:1 | MALAYSIA RE-IMPOSES EXPORT DUTIES ON RUBBER
The Malaysian government said it
has re-imposed export duties on rubber at 3/8 cent per kilo
after the gazetted price moved above the threshold price of 210
cents per kilo.
The gazetted price, effective March 1, rose to 213-1/2
cents per kilo from February's 207.
The duty for research remains at 3.85 cents per kilo and
the replanting duty is also unchanged at 9.92 cents.
|
training/8845 | training/8845 |@title fed:1 governor:1 support:1 commodity:1 price:1 guide:1 |@word robert:1 heller:4 member:1 board:1 governor:1 federal:1 reserve:1 system:1 say:8 commodity:11 price:10 could:1 form:1 useful:1 guide:2 set:1 domestic:1 international:1 monetary:6 policy:7 speak:1 conservative:1 heritage:1 foundation:1 broadly:1 base:2 index:2 may:4 worth:1 explore:1 time:2 rise:1 tighten:1 fall:1 ease:1 also:2 standardize:1 avoid:1 measurement:1 problem:1 occur:1 beginning:1 production:1 give:1 early:1 warning:1 sign:1 wholesale:1 retail:1 change:1 need:1 react:1 every:1 small:1 fluctuation:1 daily:1 basis:1 prepared:1 text:1 exhibit:1 broad:2 trend:1 action:1 consider:1 use:2 indicator:1 would:2 contribute:1 stabilize:2 currency:1 exchange:1 rate:1 generally:1 uniform:1 worldwide:1 consistent:1 type:1 good:1 beneficial:1 effect:1 export:1 develop:1 country:1 basket:1 guidepost:1 | FED GOVERNOR SUPPORTS COMMODITY PRICE GUIDE
Robert Heller, a member of the Board
of Governors of the Federal Reserve System, said commodity
prices could form a useful guide for setting domestic and
international monetary policy.
Speaking to the conservative Heritage Foundation, Heller
said, 'A broadly based commodity price index may be worth
exploring' as a guide to monetary policy.
'In times of rising commodity prices, monetary policy might
be tightened and in times of falling commodity prices, monetary
policy might be eased,' he said.
Commodities are also standardized to avoid measurement
problems and occur at the beginning of production so as to give
'early warning' signs of wholesale and retail changes.
'There is no need to react to every small fluctuation in
commodity prices or to do so on a daily basis,' Heller said in a
prepared text.
'But if commodity prices exhibit a broad trend, a policy
action might be considered,' he said.
Heller said using a broad-based commodity price index as an
indicator for monetary policy would also contribute to
stabilized currency exchange rates.
Commodity prices are generally uniform worldwide and prices
for them are more consistent than for other types of goods, he
said.
He said other beneficial effects would be to stabilize
export commodity prices for developing countries by using a
commodity basket as a guidepost for monetary policy.
|
training/8846 | training/8846 |@title k:2 mart:1 km:1 raise:1 payout:1 vote:1 split:1 |@word mart:1 corp:1 say:2 board:1 approve:1 17:1 6:1 pct:1 increase:1 quarterly:2 dividend:3 declare:1 three:1 two:1 stock:1 split:2 company:1 raise:1 43:1 5:1 ct:3 presplit:1 share:4 previous:1 37:1 new:1 rate:1 equivalent:1 29:1 payable:1 june:2 eight:1 record:2 may:2 21:2 additional:1 distribute:1 five:1 | K MART <KM> RAISES PAYOUT, VOTES SPLIT
K mart Corp said its board approved
a 17.6 pct increase in the quarterly dividend and declared a
three-for-two stock split.
The company raised its dividend to 43.5 cts a presplit
share, up from the previous 37 cts a share. After the split,
the new quarterly dividend rate is equivalent to 29 cts a
share. It is payable June Eight, record May 21.
It said the additional shares will be distributed June
Five, record May 21.
|
training/8849 | training/8849 |@title southmark:1 sm:1 sell:1 national:1 heritage:1 stake:1 |@word national:3 heritage:3 inc:2 unit:1 southmark:3 corp:1 say:1 begin:1 initial:1 public:1 offering:1 two:1 mln:2 share:4 common:2 stock:1 price:1 9:1 50:1 dlrs:1 offer:2 trade:1 symbol:1 nher:1 nasdaq:1 lead:1 underwriter:1 drexel:1 burnham:1 lambert:1 proceeds:1 use:1 increase:1 working:1 capital:1 complete:1 renovation:1 lease:1 facility:2 repay:1 certain:1 debt:1 retain:1 82:1 pct:1 11:1 outstanding:1 operate:1 201:1 long:1 term:1 nursing:1 care:1 | SOUTHMARK <SM> SELLS NATIONAL HERITAGE STAKE
National Heritage Inc, a unit of
Southmark Corp, said it began an initial public offering of two
mln shares of common stock at a price of 9.50 dlrs a share.
All the shares are being offered by National Heritage,
which will trade under symbol NHER on Nasdaq, through lead
underwriter Drexel Burnham Lambert Inc.
Proceeds will be used to increase working capital, complete
renovations at leased facilities and repay certain debts to
Southmark.
After the offer, Southmark will retain about 82 pct of the
11 mln outstanding common shares of National Heritage, which
operates 201 long-term nursing care facilities.
|
training/885 | training/885 |@title malaysia:1 raise:1 duty:1 process:1 palm:1 oil:1 |@word government:1 say:1 raise:1 export:3 duty:3 process:1 palm:3 oil:2 ppo:2 64:1 06:2 ringgit:6 per:4 tonne:4 40:1 96:1 effective:1 march:1 1:1 crude:1 cpo:2 unchanged:2 16:1 gazetted:2 price:2 rise:1 796:1 8604:1 719:1 8286:1 remain:1 617:1 8238:1 kernel:1 leave:1 191:1 15:1 955:1 75:1 respectively:1 | MALAYSIA RAISES DUTY ON PROCESSED PALM OIL
The government said it raised the
export duty on processed palm oil (PPO) to 64.06 ringgit per
tonne from 40.96 ringgit, effective from March 1.
Export duty on crude palm oil (CPO) was unchanged at 16.06
ringgit per tonne.
The gazetted price of PPO rose to 796.8604 ringgit per
tonne from 719.8286. That of CPO remained at 617.8238 ringgit.
The export duty and gazetted price of palm kernel were left
unchanged at 191.15 and 955.75 ringgit per tonne respectively.
|
training/8850 | training/8850 |@title ghana:1 cocoa:1 purchase:1 still:1 ahead:1 last:1 year:1 |@word ghana:1 cocoa:2 board:2 say:2 purchase:3 456:1 tonne:5 23rd:3 week:4 end:2 march:2 12:1 1986:1 87:1 main:1 crop:1 season:4 compare:1 684:1 previous:1 784:1 20:1 1985:1 86:1 cumulative:1 far:1 stand:1 217:1 235:1 ahead:1 203:1 884:1 last:1 | GHANA COCOA PURCHASES STILL AHEAD OF LAST YEAR
The Ghana Cocoa Board said it purchased
456 tonnes of cocoa in the 23rd week, ended March 12, of the
1986/87 main crop season, compared with 684 tonnes the previous
week and 784 tonnes in the 23rd week ended March 20 of the
1985/86 season.
Cumulative purchases so far this season stand at 217,235
tonnes, ahead of the 203,884 tonnes purchased by the 23rd week
of last season, the board said.
|
training/8853 | training/8853 |@title owens:1 illinois:1 oi:1 acquisition:1 complete:1 oii:1 |@word holdings:1 corp:1 concern:1 form:1 kohlberg:1 kravis:1 roberts:1 co:1 say:7 complete:1 previously:1 announce:1 acquisition:1 owens:1 illinois:2 inc:2 term:1 february:1 10:1 agreement:1 oii:5 pay:1 60:2 50:2 dlrs:5 per:4 common:2 share:6 363:1 4:2 75:1 convertible:1 preferred:1 still:1 outstanding:1 time:1 merger:2 convert:2 right:1 receive:1 preference:2 redeemd:1 april:2 22:1 redemption:1 price:1 100:1 plus:1 accrue:1 unpaid:1 dividend:1 assume:1 owen:2 3:2 pct:3 sinking:1 fund:2 debenture:3 due:3 june:1 1:3 1988:1 9:1 35:1 sink:1 november:1 1999:1 7:1 5:1 8:1 2001:1 new:1 york:1 stock:1 exchange:1 security:2 delist:1 result:1 anticipate:1 trade:1 counter:1 market:1 survive:1 company:1 know:1 | OWENS-ILLINOIS <OI> ACQUISITION COMPLETED
OII HoLdings Corp, a concern formed by
Kohlberg Kravis Roberts and Co, said it completed its
previously announced acquisition of Owens-Illinois Inc.
Under terms of the February 10 agreement, OII paid 60.50
dlrs per common share and 363 dlrs per 4.75 dlrs convertible
preferred share.
OII said each common share still outstanding at the time of
the merger has been converted into the right to receive 60.50
dlrs per share and all preference shares not converted will be
redeemd on April 22 at a redemption price of 100 dlrs per
preference share plus accrued and unpaid dividends.
OII said it has assumed Owen's 3-3/4 pct sinking fund
debentures due June 1, 1988, 9.35 pct sinking fund debentures
due November 1, 1999, and 7-5/8 pct debentures due April 1,
2001.
OII said the New York Stock Exchange said the securities
will be delisted as a result of the merger. OII said it is
anticipated that the securities will be traded in the over-the-
counter market.
The surviving company will be known as Owen-Illinois Inc,
it said.
|
training/8854 | training/8854 |@title hecla:1 hl:1 buy:1 mine:1 stake:1 bp:2 unit:1 |@word hecla:3 mining:1 co:2 say:6 agree:1 purchase:1 28:1 pct:3 interest:3 greens:2 creek:2 joint:1 venture:2 british:1 petroleum:1 plc:1 amselco:2 minerals:1 inc:1 unit:1 expect:2 bring:1 production:2 gold:2 silver:3 lead:1 zinc:3 ore:4 body:1 admiralty:1 island:1 alaska:1 contain:1 3:2 500:1 000:2 short:2 ton:3 assay:1 0:2 18:1 ounce:2 24:1 9:2 7:1 per:2 significant:1 potential:1 discovery:1 additional:1 initial:1 trackless:1 underground:1 mine:3 schedule:1 late:1 1988:1 rate:2 1:1 day:1 large:1 domestic:1 one:1 low:1 cost:2 producer:1 company:1 estimate:1 total:1 investment:1 project:2 include:1 share:1 preproduction:1 45:1 mln:1 dlrs:1 fund:1 internally:1 generate:1 cash:1 exist:1 line:1 credit:1 retain:1 majority:1 holder:1 csx:2 corp:2 exaias:1 resources:1 | HECLA <HL> TO BUY MINE STAKE FROM BP <BP> UNIT
Hecla Mining Co said it
has agreed to purchase a 28 pct interest in the Greens Creek
Joint Venture from British Petroleum Co PLC's Amselco Minerals
Inc unit.
The venture expects to bring into production a
gold-silver-lead-zinc ore body on Admiralty Island, Alaska,
containing about 3,500,000 short tons of ore assaying about
0.18 ounce of gold, 24.0 ounces of silver, 9.7 pct zinc and 3.9
pct zinc per short ton, Hecla said. It said there is
significant potential for the discovery of additional ore.
Hecla said initial production from a trackless underground
mine is scheduled for late 1988 at a rate of about 1,000 tons
or ore per day. 'At this rate, the Greens Creek mine will be
the largest domestic silver mine and is expected to be one of
the lowest cost producers.'
The company said it estimates its total investment in the
project, including its share of preproduction costs, at about
45 mln dlrs, to be funded through internally generated cash and
existing lines of credit. It said Amselco will retain a
majority interest in the project. Other interest holders are
CSX Corp <CSX> and <Exaias Resources Corp>.
|
training/8855 | training/8855 |@title chrysler:1 lamborghini:1 still:1 joint:1 venture:1 talk:1 |@word joint:2 venture:2 talk:1 could:1 lead:1 chrysler:5 corp:1 c:1 take:1 stake:1 italian:3 car:3 maker:1 automobili:1 lamborghini:5 spa:2 continue:1 spokesman:3 say:4 tell:1 reuters:1 two:3 company:2 discuss:2 number:1 topic:1 range:1 production:2 area:1 become:1 shareholding:1 partner:1 firm:1 decline:1 comment:1 whether:1 interested:1 acquire:1 control:2 side:1 close:1 accord:1 possibility:1 jointly:1 develop:1 sport:2 aim:1 primarily:1 u:1 market:1 official:1 detroit:1 already:1 visit:2 plant:1 bologna:1 another:1 may:1 schedule:1 mimran:1 group:1 switzerland:1 break:1 even:1 last:1 year:1 sale:1 29:1 billion:1 lira:1 also:1 hold:1 15:1 pct:1 interest:1 producer:1 alfieri:1 maserati:1 | CHRYSLER, LAMBORGHINI STILL IN JOINT VENTURE TALKS
Joint venture talks that could
lead to Chrysler Corp <C> taking a stake in Italian car maker
<Automobili Lamborghini SpA> are continuing, a Lamborghini
spokesman said.
He told Reuters the two companies are discussing a number
of topics ranging from 'a joint venture in the production area
to Chrysler becoming a shareholding partner' in the Italian
firm.
The spokesman declined to comment on whether Chrysler was
interested in acquiring control of Lamborghini or if the two
sides were close to an accord.
He said the two companies are discussing the possibility of
jointly developing a sports car aimed primarily at the U.S.
Market.
The spokesman said Chrysler officials in Detroit had
already visited Lamborghini's production plant in Bologna and
another visit may be scheduled.
Lamborghini, which is controlled by the Mimran Group of
Switzerland, broke even last year on sales of 29 billion lire,
he said.
Chrysler also holds a 15 pct interest in Italian sports car
producer <Alfieri Maserati Spa>.
|
training/8856 | training/8856 |@title moscow:1 support:1 free:1 gulf:1 navigation:1 envoy:1 say:1 |@word soviet:1 union:1 support:3 freedom:2 navigation:2 gulf:3 act:1 would:1 cause:1 deterioration:1 situation:1 region:1 ambassador:1 kuwait:1 ernest:1 zverev:2 tell:1 kuwaiti:3 news:1 agency:2 kuna:2 arabian:1 strait:5 hormuz:2 quote:1 say:5 also:1 envoy:1 discuss:1 deployment:1 iranian:2 missile:6 near:1 foreign:1 undersecretary:1 suliman:1 majed:1 al:1 shaheen:1 british:1 naval:1 source:2 today:1 iran:3 test:2 fire:1 new:1 silkworm:1 set:1 launch:1 site:1 area:1 successful:1 could:1 use:2 shipping:1 add:1 parliamentary:1 speaker:1 hojatoleslam:1 akbar:1 hashemi:1 rafsanjani:1 need:1 close:2 artillery:1 u:1 allow:1 choke:1 oil:1 shipment:1 offer:1 warship:1 escort:1 tanker:1 past:1 battery:1 | MOSCOW SUPPORTS FREE GULF NAVIGATION, ENVOY SAYS
The Soviet Union supports the freedom
of navigation in the Gulf and does not support any act which
would cause the deterioration of the situation in the region,
its ambassador to Kuwait, Ernest Zverev, told the Kuwaiti news
agency KUNA.
'We support the freedom of navigation in the Arabian Gulf
and the Strait of Hormuz,' the agency quoted Zverev as saying.
KUNA also said the envoy had discussed the deployment of
Iranian missiles near the Strait of Hormuz with Kuwaiti Foreign
Undersecretary Suliman Majed al-Shaheen.
A British naval source in the Gulf said today Iran had
test-fired its new Silkworm missiles and set up launching sites
in the area.
The tests had been successful and the missiles could be
used against shipping in the strait, the source added.
But Iranian Parliamentary Speaker Hojatoleslam Akbar
Hashemi Rafsanjani said Iran did not need missiles to close the
strait because 'we can close it with artillery only.'
The U.S. Has said it will not allow Iran to use missiles to
choke off oil shipments and offered its warships to escort
Kuwaiti tankers past the missile batteries in the strait.
|
training/8857 | training/8857 |@title belgium:1 detail:1 pricing:1 plan:1 ecu:1 gold:1 coin:1 |@word 50:2 european:2 currency:1 unit:1 gold:4 coin:4 go:1 sale:1 tomorrow:1 belgium:2 price:2 premium:1 seven:1 pct:1 value:2 contain:2 finance:1 ministry:1 spokesman:1 say:1 calculate:1 daily:2 base:1 fixing:1 london:1 mint:1 initial:1 000:2 celebrate:1 30th:1 anniversary:1 community:1 found:1 treaty:1 rome:1 final:1 production:1 expect:1 around:1 200:1 17:1 27:1 gram:2 55:1 fine:1 metal:1 two:1 mln:1 silver:1 face:1 five:1 ecus:1 sell:1 500:1 franc:1 | BELGIUM DETAILS PRICING PLAN FOR ECU GOLD COIN
The 50 European Currency Unit gold
coins which go on sale tomorrow in Belgium will be priced at a
premium of seven pct to the value of the gold they contain, a
Finance Ministry spokesman said. The price will be calculated
daily, based on the daily gold fixing in London.
Belgium is minting an initial 50,000 gold coins to
celebrate the 30th anniversary of the European Community's
founding Treaty of Rome, but final production is expected to be
around 200,000. Each 17.27 gram coin will contain 55 grams of
fine metal.
Two mln silver coins, face value five Ecus, will be sold at
500 francs each.
|
training/8858 | training/8858 |@title data:1 architects:1 inc:1 drch:1 1st:1 qtr:1 feb:1 28:1 net:1 |@word shr:1 19:1 ct:2 vs:3 14:1 net:1 487:1 000:4 344:1 revs:1 7:1 492:1 5:1 883:1 | DATA ARCHITECTS INC <DRCH> 1ST QTR FEB 28 NET
Shr 19 cts vs 14 cts
Net 487,000 vs 344,000
Revs 7,492,000 vs 5,883,000
|
training/8859 | training/8859 |@title passport:1 travel:1 inc:1 ppti:1 1st:1 qtr:1 feb:1 28:1 net:1 |@word shr:1 two:1 ct:1 vs:3 nil:1 net:1 20:1 406:1 2:1 348:1 sale:1 6:2 191:1 000:2 249:1 | PASSPORT TRAVEL INC <PPTI> 1ST QTR FEB 28 NET
Shr two cts vs nil
Net 20,406 vs 2,348
Sales 6,191,000 vs 6,249,000
|
training/886 | training/886 |@title |@word comalco:2 ltd:2 1986:2 net:2 profit:2 57:2 1:4 mln:4 dlrs:2 vs:2 loss:2 69:2 | comalco ltd 1986 net profit 57.1 mln dlrs vs loss 69.1 mln
comalco ltd 1986 net profit 57.1 mln dlrs vs loss 69.1 mln
|
training/8860 | training/8860 |@title hi:1 shear:1 industries:1 inc:1 hsi:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word oper:4 shr:2 28:1 ct:4 vs:6 33:1 net:4 1:3 647:1 000:7 910:1 revs:2 19:1 7:1 mln:4 17:1 5:1 nine:3 mth:3 82:1 84:1 4:1 787:1 8:1 748:1 55:1 9:1 53:1 0:1 note:1 prior:2 year:1 exclude:1 tax:1 credit:1 29:1 dlrs:3 quarter:1 761:1 include:1 gain:1 sale:1 real:1 estate:1 3:1 820:1 | HI-SHEAR INDUSTRIES INC <HSI> 3RD QTR FEB 28 NET
Oper shr 28 cts vs 33 cts
Oper net 1,647,000 vs 1,910,000
Revs 19.7 mln vs 17.5 mln
Nine mths
Oper shr 82 cts vs 84 cts
Oper net 4,787,000 vs 8,748,000
Revs 55.9 mln vs 53.0 mln
NOTE: Prior year net excludes tax credits of 29,000 dlrs in
quarter and 1,761,000 dlrs in nine mths.
Prior nine mths net includes gain from sale of real estate
of 3,820,000 dlrs.
|
training/8861 | training/8861 |@title prudential:1 record:1 good:1 result:1 six:1 year:1 |@word prudential:2 corporation:1 plc:1 earlier:1 announce:1 62:1 pct:2 rise:2 1986:4 pre:2 tax:2 profit:7 say:4 record:1 good:1 general:3 insurance:2 result:2 six:1 year:2 reach:2 satisfactory:2 level:2 area:1 group:2 chief:1 executive:1 brian:1 corby:3 tell:1 news:1 conference:1 despite:1 return:1 trading:2 international:2 division:3 mercantile:2 welcome:1 optimistic:1 acquisition:1 u:1 life:1 company:2 jackson:1 national:1 small:1 effect:2 full:1 would:1 feel:1 1987:1 also:1 intend:1 expand:1 number:1 estate:2 agency:2 firm:1 buy:1 last:1 hope:2 comprise:1 10:1 15:1 total:1 future:1 profitable:1 shortly:1 look:1 well:1 product:1 associate:1 1985:1 110:1 1:2 mln:2 stg:2 178:1 | PRUDENTIAL RECORDS BEST RESULTS IN SIX YEARS
<Prudential Corporation Plc>, which
earlier announced a 62 pct rise in 1986 pre-tax profits, said
it had recorded its best general insurance result for six years
but had not reached satisfactory levels of profit in other
areas.
Group Chief Executive Brian Corby told a news conference
that despite returning to trading profits, the International
division and the Mercantile and General division had not
reached satisfactory levels.
But he said he welcomed Mercantile and General trading
profits in 1986 and was optimistic about both that and the
International division.
The acquisition of the U.S. Life company <Jackson National>
had a small effect in 1986 but its full effect would be felt in
the 1987 results, Corby said.
The Group also intended to expand the number of its estate
agency firms bought last year, and hoped they will comprise
between 10 and 15 pct of total company profits in the future.
'We hope they will be very profitable very shortly. We are
looking for profits from the estate agencies themselves as well
as the insurance products associated with them,' Corby said.
Prudential's pre-tax profits rose from 1985's 110.1 mln stg
to 178.1 mln stg in 1986.
|
training/8863 | training/8863 |@title crs:2 sirrine:1 da:1 take:1 write:1 |@word sirrine:1 inc:1 say:5 plan:3 major:1 restructuring:1 balance:1 sheet:1 include:2 write:2 39:1 mln:4 43:1 dlrs:4 would:5 intangible:1 goodwill:1 company:7 past:1 acquisition:1 remainder:1 one:2 time:1 expense:1 future:1 cost:1 relate:1 early:1 retirement:2 program:1 office:1 consolidation:1 increase:1 general:1 reserve:1 adjustment:1 contingency:1 bruce:1 wilkinson:2 president:1 charge:1 third:2 quarter:4 earning:3 period:1 end:3 march:1 31:2 significantly:1 impact:1 result:1 affect:1 cash:1 position:1 expect:1 big:1 operating:1 backlog:1 history:1 june:1 30:1 1987:2 fiscal:3 year:1 believe:1 action:1 propose:1 begin:1 contribute:1 improve:1 fourth:1 throughout:1 1988:1 nation:1 large:1 construction:1 firm:1 also:1 termination:1 define:1 benefit:2 produce:1 pre:1 tax:1 10:1 due:1 overfunding:1 second:1 dec:1 crss:1 net:1 800:1 000:1 revenue:1 82:1 5:1 | CRS SIRRINE <DA> TO TAKE WRITE-OFF
CRS Sirrine Inc said it plans a major
restructuring of its balance sheet that will include a
write-off of between 39 mln and 43 mln dlrs, most of which
would be intangible goodwill from the company's past
acquisitions.
The company said the remainder of its write-off would
include a one-time expense for future costs related to early
retirement programs, office consolidations and an increase in
the general reserve for adjustments and contingencies.
Bruce Wilkinson, president of the company, said the charges
to the company's third quarter earnings, for the period ending
March 31, would 'significantly impact' third quarter results
but would not affect the company's cash position.
'We expect to have the biggest operating backlog in the
company's history by June 30, 1987, the end of our fiscal
year,' Wilkinson said. 'We believe the action being proposed
will begin to contribute to improved earnings in the fourth
quarter of our fiscal 1987 and throughout fiscal 1988.'
The company, which is one of the nation's largest
construction firms, also said termination of its defined
benefit retirement plan would produce a pre-tax benefit of
about 10 mln dlrs due to overfunding of the plan.
In its second quarter ended Dec. 31, CRSS had net earnings
of 800,000 dlrs on revenues of 82.5 mln dlrs.
|
training/8865 | training/8865 |@title flowers:1 industries:1 inc:1 flo:1 3rd:1 qtr:1 march:1 7:1 |@word march:1 7:2 end:1 shr:2 17:1 ct:4 vs:6 23:1 net:2 3:1 998:1 000:2 5:1 317:1 sale:2 189:1 4:1 mln:5 159:1 6:1 nine:1 mth:1 64:1 68:1 14:1 9:3 ln:1 15:1 540:1 464:1 note:1 twelve:1 36:1 week:1 period:1 | FLOWERS INDUSTRIES INC <FLO> 3RD QTR MARCH 7
March 7 end
Shr 17 cts vs 23 cts
Net 3,998,000 vs 5,317,000
Sales 189.4 mln vs 159.6 mln
Nine mths
Shr 64 cts vs 68 cts
Net 14.9 ln vs 15.9 mln
Sales 540.9 mln vs 464.7 mln
NOTE: Twelve and 36-week periods.
|
training/8866 | training/8866 |@title flower:1 industry:1 flo:1 see:1 low:1 year:1 net:1 |@word flowers:1 industries:1 inc:1 say:4 expect:3 low:2 earning:2 current:1 year:4 due:2 operating:1 loss:3 incur:1 recent:1 acquisition:1 possible:1 nonrecurring:1 result:2 restructure:1 effort:2 end:3 june:1 28:1 flower:3 earn:1 29:1 5:1 mln:3 dlrs:3 today:1 report:1 nine:1 month:1 14:1 9:2 15:1 fiscal:2 1988:1 however:1 show:1 good:1 growth:1 profit:2 history:1 grow:1 profitability:2 ongoing:1 business:1 cost:1 control:1 high:1 productvitiy:1 taxis:1 suffer:1 west:2 texas:2 operation:2 five:1 plant:2 acquire:1 start:1 third:1 quarter:2 cfs:2 staley:1 continental:1 wolf:2 baking:1 co:1 severely:1 hurt:1 contribute:1 seek:1 bring:1 acceptable:1 level:1 fourth:1 well:1 | FLOWERS INDUSTRIES <FLO> SEES LOWER YEAR NET
Flowers Industries Inc said it
expects lower earnings for the current year due to operating
losses incurred by recent acquisitions and possible
nonrecurring losses resulting from its restructuring efforts.
For the year ended June 28, Flowers earned 29.5 mln dlrs.
Today it reported nine month earnings of 14.9 mln dlrs, down
from 15.9 mln dlrs a year before.
Flowers said it expects fiscal 1988, however, to show the
best growth in profits in its history due to the growing
profitability of ongoing businesses, cost control efforts,
higher productvitiy and lower taxes.
Flowers said losses suffered in its West Texas operations
and in five plants acquired at the start of the third quarter
from <CFS Staley Continental> and <Wolf Baking Co> severely
hurt results.
It said the CFS and Wolf plants are expected to be
contributing to profit by the end of the fiscal year and it is
seeking to bring the West Texas operations to acceptable levels
of profitability by the end of the fourth quarter as well.
|
training/8868 | training/8868 |@title technitrol:1 inc:1 tnl:1 4th:1 qtr:1 |@word shr:2 54:1 ct:2 vs:6 47:1 net:2 1:4 mln:7 941:1 000:1 revs:2 8:1 9:1 10:1 3:5 year:1 65:1 dlrs:2 64:1 37:1 4:1 39:1 0:1 | TECHNITROL INC <TNL> 4TH QTR
Shr 54 cts vs 47 cts
Net 1.1 mln vs 941,000
REvs 8.9 mln vs 10.3 mln
Year
Shr 1.65 dlrs vs 1.64 dlrs
Net 3.3 mln vs 3.3 mln
Revs 37.4 mln vs 39.0 mln
|
training/887 | training/887 |@title comalco:1 ltd:1 cmac:1 1986:1 net:1 |@word net:6 profit:2 57:1 1:8 mln:18 dlrs:3 vs:12 loss:6 69:1 equity:3 account:2 pre:2 39:1 90:1 49:1 11:1 shr:1 7:2 cent:2 8:1 final:2 div:1 announce:1 july:1 first:1 0:1 sale:1 88:1 billion:2 78:1 income:1 52:1 75:1 15:1 22:1 shrs:1 560:1 61:1 note:1 tax:2 pay:1 46:1 85:1 credit:1 5:2 02:1 interest:1 127:1 68:1 117:1 19:1 depreciation:1 109:1 29:1 100:1 73:1 minority:1 50:1 331:1 000:1 extraordinary:1 140:1 nil:1 extraordinarie:1 comprise:1 exchange:1 102:1 9:1 provision:2 goldendale:1 smelter:1 closure:1 cost:1 27:1 3:2 increase:1 future:1 10:1 | COMALCO LTD <CMAC.S> 1986 NET
Net profit 57.1 mln dlrs vs loss 69.1 mln.
Net is equity accounted
Pre-equity accounted net 39.90 mln dlrs vs loss 49.11 mln
Pre-equity shr profit 7.1 cents vs loss 8.7
Final div to be announced after July 1 vs first and final
1.0 cent.
Sales 1.88 billion vs 1.78 billion
Other income 52.75 mln vs 15.22 mln
Shrs 560.61 mln vs same.
NOTE - Net is after tax paid 46.85 mln dlrs vs credit 5.02
mln, interest 127.68 mln vs 117.19 mln, depreciation 109.29 mln
vs 100.73 mln and minorities 1.50 mln vs loss 331,000.
But net is before net extraordinary loss 140.5 mln vs nil.
Extraordinaries comprise exchange losses 102.9 mln, provision
for Goldendale smelter closure costs 27.3 mln and increase in
future tax provision 10.3 mln.
|
training/8873 | training/8873 |@title alcan:1 aluminium:1 ingot:1 billet:1 price:1 |@word alcan:4 aluminium:3 ltd:1 montreal:1 say:4 increase:1 yesterday:1 price:4 unalloyed:2 ingot:2 extrusion:2 billet:2 two:1 cent:3 lb:3 effective:1 shipment:1 begin:1 may:1 1:3 new:2 64:1 5:2 72:1 feel:1 confident:1 raise:1 see:1 demand:1 supply:3 sustainable:1 time:2 ian:1 rugeroni:3 president:1 metal:2 sale:1 recycle:1 u:1 sheet:1 booking:1 company:1 total:2 mln:1 tonne:2 north:1 american:1 smelter:1 system:1 less:1 week:1 short:1 buy:1 add:1 expect:1 international:1 primary:1 aluminum:1 institute:1 report:1 drop:1 non:1 socialist:1 stock:1 february:1 march:1 estimate:1 latter:1 month:1 fall:1 100:1 000:2 150:1 base:1 part:1 current:1 low:1 inventory:1 japan:1 london:1 exchange:1 | ALCAN UPS ALUMINIUM INGOT AND BILLET PRICES
Alcan Aluminium Ltd. in Montreal said
it increased yesterday its prices for unalloyed ingot and
extrusion billet by two cents a lb, effective with shipments
beginning May 1.
The new price for unalloyed ingot is 64.5 cents a lb while
the new price for extrusion billet is 72.5 cents a lb.
'We feel very confident about raising our prices because we
see demand over supply as being sustainable for some time,'
said Ian Rugeroni, Alcan's president of metal sales and
recycling - U.S.A.
Rugeroni said sheet and can bookings for Alcan aluminium
were up at a time when the company's total 1.1 mln tonne North
American smelter system had less than a week's supply.
'We're short and we're buying,' he said.
Rugeroni added that Alcan expects the International Primary
Aluminum Institute to report a drop in total non-Socialist
stocks in February and March. He estimated supply in the latter
month will have fallen 100,000 to 150,000 tonnes, based in part
on current low inventories of aluminium in Japan and on the
London Metal Exchange.
|
training/8877 | training/8877 |@title correct:1 hecla:1 hl:1 buy:1 mine:1 stake:1 bp:1 |@word hecla:2 minging:1 co:2 say:3 agree:1 purchase:1 28:1 pct:3 interest:1 greens:1 creek:1 joint:1 venture:2 british:1 petroleum:1 plc:1 bp:1 amselco:1 minerals:1 inc:1 unit:1 expect:1 bring:1 production:1 gold:2 silver:2 lead:3 zinc:3 ore:3 body:1 admiralty:1 island:1 alaska:1 contain:1 3:2 500:1 000:1 short:2 ton:2 assay:2 0:2 18:1 ounce:2 24:1 9:2 7:1 per:1 significant:1 potential:1 discovery:1 additional:1 correct:1 last:1 result:1 | CORRECTED-HECLA <HL> TO BUY MINE STAKE FROM BP
Hecla Minging Co said it
has agreed to purchase a 28 pct interest in the Greens Creek
Joint Venture from British Petroleum Co PLC's <BP> Amselco
Minerals Inc unit.
The venture expects to bring into production a
gold-silver-lead-zinc ore body on Admiralty Island, Alaska,
containing about 3,500,000 short tons of ore assaying about
0.18 ounce of gold, 24.0 ounces of silver, 9.7 pct zinc and 3.9
pct lead per short ton, Hecla said. It said there is
significant potential for the discovery of additional ore.
Corrects last assay result to lead from zinc.
|
training/8879 | training/8879 |@title general:1 nutrition:1 inc:1 gnc:1 4th:1 qtr:1 net:1 |@word qtr:5 end:1 jan:1 31:1 shr:2 profit:4 eight:1 ct:4 vs:6 loss:4 38:1 net:2 2:1 466:1 000:7 12:2 691:1 revs:2 111:1 1:4 mln:6 106:1 8:1 mth:1 20:1 47:1 6:2 591:1 15:1 5:1 342:1 370:1 4:1 note:1 include:2 provision:2 store:2 closing:2 foreign:1 operation:1 3:1 897:1 1986:2 403:1 prior:2 cost:1 unproductive:1 inventory:1 25:1 | GENERAL NUTRITION INC <GNC> 4TH QTR NET
Qtr ends Jan 31
Shr profit eight cts vs loss 38 cts
Net profit 2,466,000, vs loss 12,691,000
Revs 111.1 mln vs 106.8 mln
12 mths
Shr profit 20 cts vs loss 47 cts
Net profit 6,591,000 vs loss 15.5 mln
Revs 342.6 mln vs 370.4 mln
NOTE: includes provision for store closings of foreign
operations of 3,897,000 for 1986 qtr, and 1,403,000 for qtr
prior.
includes provision for store closing costs and unproductive
inventory of 1,000,000 for 1986 qtr, and 25.1 mln for qtr
prior.
|
training/8880 | training/8880 |@title cp:1 air:1 pacific:1 western:1 airlines:1 set:1 new:1 name:1 |@word pacific:7 western:4 airlines:5 corp:1 say:2 airline:3 result:1 previously:2 announce:1 merger:1 ltd:4 unit:1 canadian:4 air:1 lines:1 would:2 name:1 international:1 effective:1 april:2 26:2 two:1 service:1 schedule:1 also:1 integrate:1 appoint:1 management:1 new:2 canada:1 second:1 large:1 81:1 plane:1 fly:1 89:1 destination:1 13:1 country:1 recently:1 acquire:1 300:1 mln:1 dlrs:1 cp:1 | CP AIR, PACIFIC WESTERN AIRLINES SET NEW NAME
<Pacific Western Airlines Corp>
said the airline resulting from the previously announced merger
of its Pacific Western Airlines Ltd unit and Canadian Pacific
Air Lines Ltd would be named Canadian Airlines International
Ltd, effective April 26.
Pacific Western said the two airlines' services and
schedules would also be integrated on April 26. It previously
appointed management for the new airline.
The new airline, Canada's second largest, will have 81
planes flying to 89 destinations in 13 countries.
Pacific Western recently acquired Canadian Pacific Airlines
for 300 mln dlrs from Canadian Pacific Ltd <CP>.
|
training/8882 | training/8882 |@title drawdown:1 see:1 u:1 distillate:1 stock:1 |@word tonight:1 american:1 petroleum:1 institute:1 oil:3 inventory:3 report:4 expect:4 show:1 another:2 drawdown:1 distillate:2 stock:7 two:1 7:2 5:1 mln:10 barrel:10 week:10 end:8 march:8 20:2 analyst:5 trader:3 say:8 gasoline:2 deplete:1 one:2 four:2 divide:2 crude:7 see:3 unchanged:4 much:3 three:2 high:6 could:2 five:2 throughput:2 volume:1 slightly:2 low:3 13:5 api:3 record:1 4:3 stockdraw:2 u:2 draw:3 reflect:2 historic:1 seasonal:1 trend:1 2:1 9:1 look:1 fairly:1 consumption:1 rate:1 spring:1 summer:1 drive:1 season:1 get:1 underway:1 year:2 retail:1 price:2 still:1 compare:1 recent:1 outcome:1 last:2 uncertainty:1 whether:1 level:2 increase:3 decrease:2 think:1 previous:1 estimate:2 support:1 belief:1 run:4 import:1 fall:1 154:1 000:1 b:1 call:1 expectation:1 product:1 already:1 firm:1 range:1 add:1 effect:1 bullish:1 stockbuild:1 would:2 negative:1 factor:1 normally:1 friendly:1 market:1 peter:1 beutel:1 elders:1 energy:1 futures:1 inc:1 | DRAWDOWN SEEN IN U.S. DISTILLATE STOCKS
Tonight's American Petroleum Institute
oil inventory report is expected to show another drawdown in
distillate stocks of between two and 7.5 mln barrels for the
week ending March 20, oil analysts and traders said.
They said they expect gasoline inventories to be depleted
by about one to four mln barrels.
Analysts were divided on the crude stocks. Some saw stocks
unchanged to as much as three mln barrels higher. Others said
stocks could be down one to five mln barrels. Crude throughput
volumes are expected to be unchanged to slightly higher or
lower than the week ended March 13, traders said.
The API recorded a 7.4 mln barrel stockdraw for U.S.
distillates in the week ended March 13. Analysts see another
draw reflecting historic seasonal trends.
For the week ended March 13, API reported gasoline stocks
down 2.9 mln barrels.
Those expecting a draw of as much as four mln barrels said
they are looking for fairly high consumption rates as the
spring and summer driving season gets underway this year,
because retail prices are still low compared to recent years.
U.S. crude oil stocks were reported down by 4.4 mln barrels
for the week ended March 13. Analysts are divided over the
outcome for last week because there is uncertainty about
whether throughput levels increased or decreased last week.
Some see crude stock levels unchanged to three mln barrels
higher, while others think inventories could be as much as five
mln barrels below the previous week.
The lower estimates are supported by the belief that crude
runs increased and imports fell.
The API reported crude runs 154,000 b/d higher for the week
ended March 13. Analysts are calling it unchanged to slightly
up or down for the week ended March 20.
Expectations for product stockdraws are already being
reflected in firmer prices, traders said. But if draws are at
the higher end of the estimated range, they added, the effect
will be bullish. Any stockbuild would be a negative factor,
they said.
Crude runs normally increase in March, and any decrease in
runs would be friendly to the market, said Peter Beutel of
Elders Energy Futures Inc.
|
training/8884 | training/8884 |@title sterling:1 outlook:1 cloud:1 test:1 paris:1 accord:1 |@word move:1 foreign:5 exchange:3 market:10 test:3 strength:1 paris:3 currency:3 accord:5 throw:1 question:1 near:1 term:1 outlook:3 sterling:12 recently:1 one:2 main:1 beneficiary:1 agreement:1 analyst:6 say:8 since:1 six:1 nation:1 last:2 month:1 rise:2 sharply:1 add:1 almost:1 five:1 pct:4 trade:1 weight:1 index:1 effectively:2 stifle:1 dollar:5 yen:1 mark:1 movement:2 turn:2 attention:2 investor:2 rush:1 take:1 advantage:1 relatively:3 high:4 u:9 k:9 interest:4 rate:6 pound:3 sideline:1 first:1 tentative:1 see:2 yesterday:1 look:2 set:1 sooner:1 later:1 push:1 willingness:1 central:1 bank:3 intervene:2 could:1 collapse:2 balance:1 would:2 net:1 sufferer:1 g:1 6:1 phillip:1 draw:1 stephen:1 lewis:1 lose:1 capital:1 whereas:1 previously:1 restrict:1 yield:1 however:2 although:1 dealer:2 forecast:3 brief:1 period:1 consolidation:1 even:1 retracement:1 none:1 expect:3 sharp:1 drop:3 remain:1 support:3 optimism:1 political:1 economic:2 firm:1 oil:1 price:2 bullish:1 sentiment:1 run:2 especially:1 week:3 budget:1 popular:1 british:1 voter:1 also:2 sign:1 weakening:1 west:1 german:1 japanese:1 economy:1 growth:1 1987:1 trail:1 behind:2 three:1 recent:1 opinion:1 poll:1 show:1 britain:1 rule:1 conservative:1 party:2 ahead:1 opposition:1 popularity:1 addition:1 far:1 shrug:1 two:2 half:2 point:3 cut:3 base:3 lending:1 less:1 widely:1 next:2 already:1 largely:1 discount:1 10:1 still:1 compare:1 western:1 country:1 9:1 1:1 2:1 unlikely:1 affect:1 today:1 appear:1 resilient:1 decline:1 slightly:1 cross:1 basis:1 worry:1 renew:1 turbulence:1 reflect:1 government:1 bond:1 gilt:2 5:1 16:1 major:1 reason:1 hold:1 quietly:1 steady:1 day:1 await:1 development:1 thursday:1 current:1 account:1 figure:1 february:1 deficit:1 around:1 250:1 mln:1 stg:1 january:1 small:1 surplus:1 | STERLING OUTLOOK CLOUDED BY TEST OF PARIS ACCORD
The move by foreign exchange markets to
test the strength of the Paris currency accord has thrown into
question the near-term outlook for sterling, until recently one
of the main beneficiaries of the agreement, analysts said.
Since the six-nation accord last month, sterling has risen
sharply, adding almost five pct on its trade-weighted index.
While the accord effectively stifled dollar/yen and
dollar/mark movements, the markets turned their attention to
sterling as foreign investors rushed to take advantage of
relatively high U.K. Interest rates.
But analysts say the pound has been sidelined by the first
tentative test of the Paris accord seen yesterday.
The market now looks set sooner or later to push the dollar
down further in a test of the willingness of central banks to
intervene. Analysts say if the banks do not intervene
effectively, the Paris accord could collapse.
'On balance, sterling would be a net sufferer if G-6
collapses,' Phillips and Drew analyst Stephen Lewis said.
He said sterling would lose out as markets turned their
attention to capital movements whereas previously they had been
restricted to looking only at the interest yield on currencies.
However, although most analysts and foreign exchange
dealers were forecasting a brief period of consolidation or
even retracement for sterling, none were expecting a very sharp
drop in the U.K. Currency.
Sterling remained supported by optimism on the U.K.
Political and economic outlook, firmer oil prices and
relatively high interest rates, they said.
Bullish sentiment on the U.K. Economic outlook has been
running especially high after last week's budget, seen as
popular both with the markets and with British voters.
Sterling was also supported by signs of a weakening in the
West German and Japanese economies, where growth for 1987 is
trailing behind the three pct forecast for the U.K.
Recent opinion polls showing Britain's ruling conservative
party ahead of opposition parties in popularity have also
supported the pound.
In addition, sterling has so far shrugged off two
half-point cuts in U.K. Bank base lending rates in less than
two weeks. A further half-point cut, widely expected in the
next week or so, has already been largely discounted.
U.K. Base rates, now running at 10 pct, are still
relatively high compared to other western countries, and
analysts said a further base rate cut to 9-1/2 pct was unlikely
to affect sterling.
Sterling today appeared resilient to the dollar's decline,
dropping only slightly on a cross-rate basis.
Worries about renewed turbulence in the foreign exchange
markets, however, were reflected in the U.K. Government bond
(gilt) market, where prices dropped by up to 5/16 point.
Until now foreign investor interest in the gilt market has
been one of the major reasons behind the rise in sterling.
Dealers said they expected the pound to hold quietly steady
for the next few days while the market awaits further
developments on the dollar and this Thursday's U.K. Current
account figures for February.
Market forecasts are for a deficit of around 250 mln stg
after January's small surplus.
|
training/889 | training/889 |@title japan:1 unemployment:1 rate:1 see:1 rise:1 3:1 5:1 pct:1 |@word japan:3 unemployment:5 rate:4 expect:2 continue:1 climb:1 3:1 5:1 pct:4 within:1 next:2 year:4 january:3 three:2 record:2 senior:2 economist:7 include:1 susumu:1 taketomi:1 industrial:1 bank:3 say:10 december:1 2:1 9:1 previous:1 bad:1 level:1 since:1 government:4 management:1 coordination:1 agency:1 begin:1 compile:1 statistic:2 current:1 system:1 1953:1 general:2 fear:1 become:1 country:1 high:2 takashi:1 kiuchi:1 long:1 term:1 credit:1 ltd:2 publish:1 figure:3 today:1 make:2 prediction:1 present:1 forecast:1 difficult:2 foresee:1 situation:1 improve:1 labour:1 ministry:1 official:1 finance:1 minister:2 kiichi:1 miyazawa:1 increase:2 set:1 aside:1 money:1 help:1 300:1 000:2 people:1 find:1 job:1 fiscal:1 1987:2 beginning:1 april:1 prime:1 yasuhiro:1 nakasone:1 tell:1 press:1 conference:1 underline:1 need:2 pass:1 budget:1 hold:1 opposition:1 propose:1 tax:1 reform:1 yen:1 surge:1 cause:1 layoff:1 mainstay:1 steel:1 shipbuilding:1 industry:3 export:2 dependent:1 car:1 textile:1 lay:1 part:1 time:1 employee:1 cease:1 hiring:1 although:2 grow:2 service:3 sector:4 absorb:1 great:1 number:1 worker:2 trend:1 start:1 slow:1 koichi:1 tsukihara:2 deputy:1 manager:1 sumitomo:2 economics:1 department:1 however:1 disagree:1 would:1 able:1 hire:1 longer:1 manufacturing:1 five:1 stimulate:1 domestic:1 demand:1 program:1 transform:1 economy:1 away:1 japanese:1 appear:1 low:1 industrialise:1 nation:1 method:2 calculate:1 compare:1 warn:1 could:1 translate:1 relatively:1 european:1 use:1 one:1 half:1 170:1 jobless:1 earlier:1 age:1 15:1 24:1 | JAPAN'S UNEMPLOYMENT RATE SEEN RISING TO 3.5 PCT
Japan's unemployment rate is expected to
continue to climb to about 3.5 pct within the next year from
January's three pct record, senior economists, including Susumu
Taketomi of Industrial Bank of Japan, said.
December's 2.9 pct was the previous worst level since the
government's Management and Coordination Agency began compiling
statistics under its current system in 1953.
'There is a general fear that we will become a country with
high unemployment,' said Takashi Kiuchi, senior economist for
the Long-Term Credit Bank of Japan Ltd.
The government, which published the January unemployment
figures today, did not make any predictions.
'At present we do not have a forecast for the unemployment
rate this year, but it is difficult to foresee the situation
improving,' a Labour Ministry official said.
Finance Minister Kiichi Miyazawa said the government had
expected the increase and had set aside money to help 300,000
people find jobs in fiscal 1987 beginning in April.
Prime Minister Yasuhiro Nakasone told a press conference
the record rate underlines the need to pass the 1987 budget
which has been held up by opposition to proposed tax reforms.
The yen's surge has caused layoffs in the mainstay steel
and shipbuilding industries. Other export-dependent industries,
such as cars and textiles, have laid off part-time employees
and ceased hiring, economists said.
Although the growing service industry sector has absorbed a
great number of workers the trend is starting to slow down,
said Koichi Tsukihara, Deputy General Manager of Sumitomo Bank
Ltd's economics department.
However, other economists disagreed, saying the service
sector would be able to hire workers no longer needed by the
manufacturing sector over the next five years.
The economists said the service sector should grow as the
government stimulates domestic demand under its program to
transform the economy away from exports.
Although Japanese unemployment rates appear lower than
those of other industrialised nations, methods for calculating
statistics make them difficult to compare, economists warned.
'The three pct figure could translate into a relatively
high figure if European methods were used,' one economist said.
More than half of January's 170,000 increase in jobless from a
year earlier were those aged between 15 and 24, Sumitomo's
Tsukihara said.
|
training/8890 | training/8890 |@title plenum:1 publishing:1 corp:1 plen:1 4th:1 qtr:1 net:1 |@word shr:2 63:1 ct:2 vs:8 45:1 net:3 3:2 623:1 067:1 2:3 607:1 977:1 gross:2 income:2 10:3 1:5 mln:6 year:2 12:2 dlrs:6 74:1 0:1 38:1 36:1 8:1 note:1 share:1 adjust:1 five:1 two:1 stock:1 split:1 effective:1 yesterday:1 include:1 gain:1 sale:1 security:1 pretax:1 860:1 213:1 392:1 975:1 quarter:1 5:1 023:1 401:1 223:1 008:1 | PLENUM PUBLISHING CORP <PLEN> 4TH QTR NET
Shr 63 cts vs 45 cts
Net 3,623,067 vs 2,607,977
Gross income 10.1 mln vs 10.1 mln
Year
Shr 2.12 dlrs vs 1.74 dlrs
Net 12.2 mln vs 10.0 mln
Gross income 38.1 mln vs 36.8 mln
NOTE: Share adjusted for five-for-two stock split effective
yesterday.
Net includes gains on sale of securities pretax of
1,860,213 dlrs vs 392,975 dlrs in quarter 5,023,401 dlrs vs
3,223,008 dlrs in year.
|
training/8892 | training/8892 |@title honeybee:1 inc:1 hbe:1 4th:1 qtr:1 net:1 |@word oper:4 shr:2 11:1 ct:4 vs:8 five:1 net:4 248:1 000:10 122:1 sale:2 7:1 269:1 5:1 481:1 year:3 55:1 14:1 1:1 288:1 333:1 26:1 2:1 mln:2 17:1 6:1 note:1 exclude:2 discontinue:2 operation:2 nil:1 gain:1 103:1 dlrs:3 quarter:1 loss:2 82:1 50:1 1986:1 133:1 dlr:1 provision:1 disposal:1 | HONEYBEE INC <HBE> 4TH QTR NET
Oper shr 11 cts vs five cts
Oper net 248,000 vs 122,000
Sales 7,269,000 vs 5,481,000
Year
Oper shr 55 cts vs 14 cts
Oper net 1,288,000 vs 333,000
Sales 26.2 mln vs 17.6 mln
NOTE: Net excludes discontinued operations nil vs gain
103,000 dlrs in quarter and losses 82,000 dlrs vs 50,000 dlrs
in year.
1986 year net excludes 133,000 dlr provision for loss on
disposal of discontinued operations.
|
training/8893 | training/8893 |@title scientific:1 measurement:1 systems:1 inc:1 scms:1 net:1 |@word 2nd:1 qtr:1 jan:1 31:1 shr:2 loss:8 three:1 ct:4 vs:8 seven:1 net:2 352:1 000:10 568:1 revs:2 636:1 640:1 avg:2 shrs:2 12:1 7:1 mln:2 8:2 377:1 1st:1 half:1 six:1 10:2 594:1 865:1 1:2 245:1 063:1 5:1 333:1 | SCIENTIFIC MEASUREMENT SYSTEMS INC <SCMS> NET
2nd qtr Jan 31
Shr loss three cts vs loss seven cts
Net loss 352,000 vs loss 568,000
Revs 636,000 vs 640,000
Avg shrs 12.7 mln vs 8,377,000
1st half
Shr loss six cts vs loss 10 cts
Net loss 594,000 vs loss 865,000
Revs 1,245,000 vs 1,063,000
Avg shrs 10.5 mln vs 8,333,000
|
training/8895 | training/8895 |@title ec:1 member:1 state:1 cool:1 cereal:1 plan:1 |@word european:2 community:1 ec:4 member:2 state:2 generally:1 give:1 cool:1 initial:1 reaction:1 proposal:2 commission:3 cereal:2 price:3 change:2 related:1 measure:1 come:1 season:1 diplomat:1 say:4 meeting:2 special:1 committee:1 agriculture:1 representative:1 take:1 together:1 would:1 harsh:1 impact:1 farmer:1 income:1 britain:1 netherlands:1 show:1 willingness:1 accept:1 overall:1 package:1 well:1 cut:1 two:1 pct:1 common:1 propose:1 limitation:1 intervention:2 february:1 march:1 period:1 reduce:1 monthly:1 increment:1 farm:1 minister:1 first:1 discussion:1 begin:1 next:1 monday:1 | EC MEMBER STATES COOL ON CEREAL PLANS
European Community (EC) member states
have generally given a cool initial reaction to proposals by
the European Commission for cereal price changes and related
measures in the coming season, EC diplomats said.
They said that in meetings of the EC Special Committee on
Agriculture representatives of most member states had said the
changes, taken together, would have too harsh an impact on
farmers' incomes.
Only Britain and the Netherlands had shown willingness to
accept the commission's overall package, they said.
As well as cuts of over two pct in common prices for most
cereals, the commission proposes a limitation of intervention
to the February to March period and reduced monthly increments
in intervention prices.
EC Farm Ministers will have a first discussion of the
proposals at a meeting beginning next Monday.
|
training/8898 | training/8898 |@title public:1 service:1 co:1 colorado:1 psr:1 payout:1 |@word qtly:1 div:1 50:2 ct:2 vs:1 prior:1 pay:1 may:1 one:1 record:1 april:1 10:1 | PUBLIC SERVICE CO OF COLORADO <PSR> IN PAYOUT
Qtly div 50 cts vs 50 cts prior
Pay May One
Record April 10
|
training/8899 | training/8899 |@title corrected:1 manhattan:1 national:1 corp:1 mlc:1 4th:1 |@word oper:4 shr:2 loss:9 20:1 ct:4 vs:6 81:1 net:2 1:2 042:1 000:4 4:1 077:1 revs:2 38:1 5:1 mln:4 50:1 3:1 12:2 mth:2 six:1 43:1 336:1 2:1 176:1 137:1 8:1 209:1 note:1 item:1 move:1 march:1 23:1 company:1 correct:1 error:1 show:1 current:1 qtr:1 profit:1 | CORRECTED - MANHATTAN NATIONAL CORP <MLC> 4TH
Oper shr loss 20 cts vs loss 81 cts
Oper net loss 1,042,000 vs loss 4,077,000
Revs 38.5 mln vs 50.3 mln
12 mths
Oper shr loss six cts vs loss 43 cts
Oper net loss 336,000 vs loss 2,176,000
Revs 137.8 mln vs 209.1 mln
NOTE: In item moved March 23, company corrects its error to
show loss for current 12 mths and qtr, not profit.
|
training/89 | training/89 |@title systematics:1 inc:1 syst:1 regular:1 payout:1 |@word qtly:1 div:1 three:2 ct:2 vs:1 prior:1 pay:1 march:1 13:1 record:1 february:1 27:1 | SYSTEMATICS INC <SYST> REGULAR PAYOUT
Qtly div three cts vs three cts prior
Pay March 13
Record February 27
|
training/890 | training/890 |@title south:1 korean:1 trade:1 surplus:1 narrow:1 february:1 |@word south:1 korea:1 customs:1 clear:1 trade:2 surplus:1 narrow:1 110:1 mln:3 dlrs:3 february:5 525:1 january:3 provisional:1 ministry:1 figure:1 show:1 1986:2 deficit:1 264:1 export:1 rise:1 2:6 87:1 billion:6 fob:1 83:1 30:1 cif:1 import:1 76:1 31:1 57:1 last:1 year:1 | SOUTH KOREAN TRADE SURPLUS NARROWS IN FEBRUARY
South Korea's customs-cleared trade
surplus narrowed to 110 mln dlrs in February from 525 mln in
January, provisional trade ministry figures show.
In February 1986 there was a deficit of 264 mln dlrs.
February exports rose to 2.87 billion dlrs, fob, from 2.83
billion in January and 2.30 billion in February 1986. CIF
imports were 2.76 billion against 2.31 billion in January and
2.57 billion in February last year.
|
training/8902 | training/8902 |@title standard:1 chartered:1 boost:1 bad:1 debt:1 provision:1 |@word standard:1 chartered:1 plc:1 stch:1 l:2 face:1 recession:1 key:1 singapore:2 malaysian:1 market:1 ongoing:1 depression:1 shipping:2 industry:2 boost:1 bad:5 debt:4 provision:7 1986:4 chairman:1 lord:1 barber:5 say:9 statement:1 bank:4 result:2 doubtful:2 general:3 specific:3 stand:2 545:1 6:2 mln:8 stg:6 416:1 end:2 1985:3 figure:1 show:2 increase:3 almost:1 exclusively:1 risk:3 qualify:1 u:2 k:2 tax:3 break:1 new:1 rise:1 111:1 5:2 71:1 2:3 reallocate:1 184:1 charge:3 make:4 profit:4 compare:1 100:1 7:2 total:2 pre:2 fall:1 254:1 268:1 continue:2 serious:1 recessionary:1 condition:2 malaysia:1 depressed:1 necessary:1 provide:1 heavily:1 debs:1 arise:1 loan:2 asia:3 pacific:2 region:2 top:1 normal:1 level:1 provisioning:2 decision:1 also:1 take:1 build:1 loss:1 reeserve:1 sizeable:1 commercial:1 cross:2 border:2 due:1 negligible:1 contribution:2 business:1 well:1 maintain:1 although:1 report:1 affect:1 californian:1 subsidiary:1 union:1 continued:1 growth:1 tropical:1 africa:1 middle:1 east:1 south:1 turn:1 excellent:1 performance:1 revival:1 europe:1 group:1 succesfully:1 fight:1 takeover:1 bid:1 lloyds:1 lloy:1 last:1 year:2 strengthen:1 capital:3 resource:1 three:1 billion:2 asset:1 32:1 adequacy:1 ratio:2 remain:1 strong:1 primary:1 pct:1 | STANDARD CHARTERED BOOSTED BAD-DEBT PROVISIONS
Standard Chartered Plc <STCH.L>, faced
with a recession in the key Singapore and Malaysian markets and
an ongoing depression in the shipping industry, boosted its
bad-debt provisions in 1986, chairman Lord Barber said.
Barber said in a statement on the bank's 1986 results that
bad and doubtful debt provisions, both general and specific,
stood at 545.6 mln stg against 416.6 mln at end-1985.
Bank figures showed the increase was almost exclusively in
the specific bad risk provision, which qualifies for U.K. Tax
breaks. New specific provisions rose by 111.5 mln stg while
71.2 mln stg were reallocated from the general risk provision.
In all, a 184.2 mln stg charge was made against profits for
1986, compared with a 100.7 mln stg charge in 1985. Total
pre-tax profits fell to 254 mln after 268 mln in 1985.
'The continuing serious recessionary conditions in Singapore
and Malaysia and the depressed condition of the shipping
industry made it necessary to provide heavily against bad and
doubtful debs arising from loans in the Asia Pacific region, on
top of the normal level of provisioning,' Barber said.
He said, 'the decision was also taken to build up loan loss
reeserves by making a sizeable increase in the charges for
general provisions for commercial and cross border risks.'
Barber said due to bad-debt provisioning, the Asia Pacific
region made 'a negligible contribution to pre-tax profits.'
He said the profits contribution from the U.K. Businesses
was 'well maintained, although the reported result was affected
by cross border debt provisioning,' while Californian subsidiary
Union Bank 'showed continued growth.'
'Tropical Africa, Middle East and South Asia all turned in
excellent performances and the revival in Europe continued,' he
said.
Barber said the group, which succesfully fought off a
takeover bid by Lloyds Bank <LLOY.L> last year, strengthened
its capital resources during that year to just over three
billion stg, while total assets increased to 32.2 billion.
Capital adequacy ratios remained strong, with the primary
capital ratio standing at 7.5 pct at end 1986, he said.
|
training/8903 | training/8903 |@title colombia:1 coffee:1 revenue:1 sharply:1 jan:1 feb:1 |@word colombia:4 coffee:5 export:5 revenue:3 drop:3 97:1 mln:5 dlrs:5 233:1 6:1 first:1 two:1 month:1 year:1 330:1 9:1 similar:1 period:1 1986:2 central:1 bank:2 preliminary:1 figure:1 show:1 expert:1 attribute:1 fall:1 low:1 world:1 market:1 price:2 follow:1 failure:1 introduce:2 international:1 quota:1 say:1 could:1 compensate:1 high:1 calendar:1 1987:1 2:1 33:1 billion:1 accord:1 jorge:1 cardenas:1 manager:1 national:1 grower:1 federation:1 last:1 week:1 estimate:1 recent:1 30:1 cent:1 lb:1 would:2 mean:1 net:1 loss:1 457:1 stress:1 stockpile:1 10:1 60:1 kg:1 bag:1 capacity:1 use:1 recently:1 flexible:1 marketing:1 policy:1 | COLOMBIA COFFEE REVENUE SHARPLY DOWN IN JAN/FEB
Colombia's coffee export revenue dropped
97 mln dlrs to 233.6 mln dlrs for the first two months of the
year against 330.9 mln dlrs in the similar period of 1986,
central bank preliminary figures show.
Experts attributed the fall to lower world market prices
following the failure to re-introduce international coffee
export quotas, but they said Colombia could compensate the drop
with higher exports in calendar 1987.
Coffee export revenue for 1986 was 2.33 billion dlrs,
according to the bank.
Jorge Cardenas, manager of the National Coffee Growers'
Federation, last week estimated the recent drop of 30 cents a
lb in coffee prices would mean a net loss revenue of 457 mln
dlrs for Colombia.
But he stressed that Colombia, with stockpiles of 10 mln
(60-kg) bags, had the capacity to export more and would use a
recently-introduced more flexible marketing policy to do so.
|
training/8905 | training/8905 |@title ste:1 francaise:1 des:1 petrole:1 bp:1 pbpf:1 pa:1 1986:1 year:1 |@word net:3 result:3 breakeven:2 profit:1 loss:2 vs:4 operate:1 836:1 mln:6 franc:4 654:1 turnover:1 12:1 70:1 billion:2 24:1 34:1 sale:1 petroleum:2 product:1 9:1 7:1 tonne:1 10:1 6:1 note:1 company:2 say:1 statement:1 1986:1 affect:1 sharp:1 fall:1 crude:1 oil:1 price:1 include:1 extraordinary:1 recovery:1 731:1 provision:1 currency:1 fluctuation:1 361:1 depreciation:1 fix:1 asset:1 subsidiary:1 british:1 co:1 plc:1 bp:1 l:1 | STE FRANCAISE DES PETROLES BP <PBPF.PA> 1986 YEAR
Net result breakeven (no profit or loss) vs breakeven
Operating loss 836 mln francs vs 654 mln
Net turnover 12.70 billion francs vs 24.34 billion
Sales of petroleum products 9.7 mln tonnes vs 10.6 mln
Note - Company said in a statement 1986 results were
affected by the sharp fall in crude oil prices. Net result
included an extraordinary recovery of 731 mln francs from
provisions for currency fluctuations and 361 mln francs in
depreciation of fixed assets. Company is a subsidiary of The
British Petroleum Co Plc <BP.L>.
|
training/8906 | training/8906 |@title olivetti:1 exclude:1 stake:1 sgs:1 thomson:1 |@word ing:1 c:1 olivetti:6 ec:1 spa:2 oliv:1 exclude:2 possibility:2 invest:2 semiconductor:2 venture:3 currently:1 discussion:1 italy:1 stet:2 societa:1 finanziaria:1 telefonica:1 p:1 france:1 thomson:3 csf:1 tcsf:1 pa:1 spokesman:2 say:5 approach:1 two:2 partner:1 involve:2 financial:1 condition:1 proposal:1 consider:1 interesting:1 company:1 however:1 make:1 decision:1 investment:1 disposal:1 information:1 evaluate:1 move:1 last:1 thursday:1 negotiate:1 accord:2 respective:1 subsidiary:1 sgs:1 microelettronica:1 semiconducteur:1 civil:1 field:1 conclude:1 would:1 put:1 approval:1 french:1 italian:2 authority:1 respond:1 reuters:1 query:1 press:1 report:1 today:1 may:1 participate:1 pct:1 stake:1 | OLIVETTI DOES NOT EXCLUDE STAKE IN SGS-THOMSON
Ing C Olivetti EC SpA <OLIV.M> does not
exclude the possibility of investing in a semiconductor venture
currently under discussion between Italy's <STET - Societa
Finanziaria Telefonica P.A.> and France's Thomson-CSF
<TCSF.PA>, an Olivetti spokesman said.
He said that if Olivetti were approached by the two
partners involved and the financial conditions of any proposal
were considered interesting, the company did not exclude the
possibility of investing in the venture. However, Olivetti had
made no decision on any such investment and did not have at its
disposal information to evaluate such a move.
Stet and Thomson said last Thursday they were negotiating
an accord involving their respective subsidiaries <SGS
Microelettronica SpA> and <Thomson Semiconducteurs> in the
civil semiconductor field.
They said the accord, once concluded, would be put for
approval to the French and Italian authorities.
The Olivetti spokesman was responding to a Reuters query
about Italian press reports today saying that Olivetti might
participate in the venture with a two pct stake.
|
training/8908 | training/8908 |@title enserch:1 corp:1 ens:1 set:1 quarterly:1 |@word qtly:1 div:1 20:2 ct:2 vs:1 prior:1 pay:1 june:1 one:1 record:1 may:1 15:1 | ENSERCH CORP <ENS> SETS QUARTERLY
Qtly div 20 cts vs 20 cts prior
Pay June One
Record May 15
|
training/8909 | training/8909 |@title nestle:1 acquire:1 nabisco:1 canada:1 business:1 |@word swiss:1 base:1 nestle:3 enterprises:1 ltd:2 unit:1 say:2 sign:2 letter:1 intent:1 acquire:1 nabisco:3 brands:1 club:1 melrose:1 dickson:1 chase:1 sanborn:1 business:2 undisclosed:1 term:1 final:1 agreement:1 subject:1 require:1 approval:1 would:1 shortly:1 involve:1 deal:1 provide:1 product:1 hotel:1 restaurant:1 part:1 food:1 beverage:1 industry:1 80:1 pct:1 rjr:2 inc:1 | NESTLE TO ACQUIRE NABISCO CANADA BUSINESSES
Swiss-based <Nestle S.A.>'s Nestle
Enterprises Ltd unit said it signed a letter of intent to
acquire <Nabisco Brands Ltd>'s Club, Melrose, Dickson and Chase
and Sanborn businesses for undisclosed terms.
Nestle said the final agreement, subject to required
approvals, would be signed shortly.
The businesses involved in the deal provide products to
hotels, restaurants and other parts of the food and beverage
industry. Nabisco is 80 pct-owned by RJR Nabisco Inc <RJR>.
|
training/8911 | training/8911 |@title fed:2 heller:2 say:2 want:2 see:2 strong:2 japanese:2 demand:2 american:2 good:2 |@word | FED'S HELLER SAYS HE WANTS TO SEE STRONGER JAPANESE DEMAND FOR AMERICAN GOODS
FED'S HELLER SAYS HE WANTS TO SEE STRONGER JAPANESE DEMAND FOR AMERICAN GOODS
|
training/8912 | training/8912 |@title metropolitan:1 financial:1 corp:1 mfc:1 vote:1 payout:1 |@word qtly:1 div:1 11:2 ct:2 vs:1 prior:1 qtr:1 pay:1 30:1 april:2 record:1 15:1 | METROPOLITAN FINANCIAL CORP <MFC> VOTES PAYOUT
Qtly div 11 cts vs 11 cts prior qtr
Pay 30 April
Record 15 April
|
training/8914 | training/8914 |@title goodyear:1 gt:1 unit:1 start:1 pipeline:1 |@word goodyear:1 tire:1 rubber:1 co:1 say:2 american:1 pipeline:2 celeron:1 corp:1 subsidiary:1 start:1 line:4 fill:1 activity:1 march:1 30:2 begin:1 operate:1 company:1 five:1 mln:1 barrel:3 oil:2 require:1 pack:1 complete:1 segment:1 run:1 1:1 225:1 mile:2 near:1 santa:1 barbara:1 calif:1 exist:1 connection:1 west:1 texas:1 construction:1 also:1 staqrte:1 week:1 43:1 16:1 inch:2 diameter:1 gathering:1 deliver:1 75:1 000:3 100:1 day:1 san:1 joaquin:1 valley:1 california:1 main:1 underground:1 transport:1 300:1 daily:1 | GOODYEAR <GT> UNIT TO START UP PIPELINE
Goodyear Tire and Rubber Co said the All
American Pipeline of its Celeron Corp subsidiary will start
line fill activities on March 30 as it begins operating.
The company said about five mln barrels of oil will be
required to pack the completed segment of the line, which runs
1,225 miles from near Santa Barbara, Calif., to existing
pipeline connections in West Texas. Construction has also
staqrted this week on a 43-mile, 16-inch diameter gathering
line to deliver 75,000 to 100,000 barrels a day of oil from the
San Joaquin Valley in California. The 30-inch main underground
line can transport over 300,000 barrels daily.
|
training/8915 | training/8915 |@title microsize:1 inc:1 msiz:1 2nd:1 qtr:1 end:1 feb:1 28:1 net:1 |@word shr:2 profit:4 one:2 cent:2 vs:6 loss:4 2:1 6:1 ct:2 net:2 59:1 198:1 132:1 702:1 revs:2 634:1 616:1 485:1 730:1 six:1 mth:1 four:1 49:1 669:1 208:1 278:1 1:1 056:1 452:1 944:1 330:1 | MICROSIZE INC <MSIZ> 2ND QTR ENDS FEB 28 NET
Shr profit one cent vs loss 2.6 cts
Net profit 59,198 vs loss 132,702
Revs 634,616 vs 485,730
six mths
Shr profit one cent vs loss four cts
Net profit 49,669 vs loss 208,278
Revs 1,056,452 vs 944,330
|
training/8916 | training/8916 |@title paul:1 place:1 inc:1 control:1 change:1 |@word paul:2 place:1 inc:2 say:2 chairman:2 president:3 treasurer:1 lambert:2 sell:1 240:1 mln:1 common:1 share:1 board:2 members:2 advisory:1 alan:2 h:1 marcove:2 gerald:1 unaffiliated:1 purchaser:1 name:3 term:1 disclose:1 company:1 marvoce:1 replace:1 chief:1 executive:1 officer:1 michael:1 fuller:2 formerly:1 mr:1 steak:1 | <PAUL'S PLACE INC> CONTROL CHANGES
Paul's Place Inc said chairman,
president and treasurer Paul D. Lambert has sold 240 mln common
shares to other board members, advisory board members Alan H.
Marcove and Gerald M. Marcove and an unaffiliated purchaser it
did not name.
Terms were not disclosed.
The company said Alan Marvoce has been named to replace
Lambert as chairman and chief executive officer and Michael T.
Fuller has been named president.
Fuller was formerly president of <Mr. Steak Inc>.
|
training/8918 | training/8918 |@title cyacq:2 amend:2 cyclops:1 offer:2 condition:2 say:2 citicorp:2 expand:2 financing:2 cyclop:1 |@word | CYACQ AMENDS CYCLOPS OFFER CONDITIONS, SAYS CITICORP EXPANDS FINANCING
CYACQ AMENDS CYCLOPS OFFER CONDITIONS, SAYS CITICORP EXPANDS FINANCING
|
training/8919 | training/8919 |@title gordon:1 jewelry:1 gor:1 complete:1 sale:1 unit:1 |@word gordon:1 jewelry:1 corp:2 say:1 complete:1 previously:1 announce:1 sale:1 asset:1 catalog:1 showroom:1 store:1 privately:1 hold:1 carlisle:1 capital:1 undisclosed:1 amount:1 cash:1 note:1 excess:1 book:1 value:1 | GORDON JEWELRY <GOR> COMPLETES SALE OF UNIT
Gordon Jewelry Corp said it has
completed the previously-announced sale of the assets of its
catalog showroom stores to privately-held Carlisle Capital Corp
for an undisclosed amount of cash and notes in excess of book
value.
|
training/8922 | training/8922 |@title fed:1 heller:1 urge:1 japanese:1 buy:1 u:1 good:1 |@word member:1 federal:2 reserve:1 board:1 robert:1 heller:3 say:4 want:1 see:2 strong:1 japanese:2 demand:1 american:2 good:2 advocate:1 purchase:1 response:1 question:1 dollar:1 weakness:1 currency:1 market:2 tell:1 heritage:1 foundation:1 forum:1 happy:1 formal:1 remark:1 support:1 idea:1 use:1 commodity:2 price:2 indicator:1 monetary:1 policy:1 ask:1 would:2 raise:2 issue:1 next:1 open:1 committee:1 meeting:4 even:1 previous:1 add:1 expect:1 future:1 different:1 past:1 respect:1 | FED'S HELLER URGES JAPANESE TO BUY U.S. GOODS
A member of the Federal Reserve
Board, Robert Heller, said he wanted to see stronger Japanese
demand for American goods.
'What I was advocating here was more Japanese purchases of
American goods,' Heller said in response to a question about the
dollar's weakness in currency markets.
He told a Heritage Foundation forum, 'I'd be very happy to
see that.'
In his formal remarks, Heller said he supported the idea of
using commodity prices as an indicator for monetary policy.
Asked if he would raise the issue at the next Federal Open
Market Committee meeting, he said, 'Even at previous meetings
commodity prices were raised.'
He added, 'I would not expect future meetings to be
different from past meetings in that respect.'
|
training/8925 | training/8925 |@title tajon:1 ranch:1 co:1 trc:1 4th:1 qtr:1 net:1 |@word shr:2 five:1 ct:4 vs:6 nine:1 net:2 560:1 000:6 1:2 247:1 rev:1 7:1 597:1 4:1 619:1 year:1 ten:1 17:1 225:1 2:1 161:1 revs:1 26:1 5:1 mln:2 23:1 3:1 | TAJON RANCH CO <TRC> 4TH QTR NET
Shr five cts vs nine cts
Net 560,000 vs 1,247,000
Revs 7,597,000 vs 4,619,000
Year
Shr ten cts vs 17 cts
Net 1,225,000 vs 2,161,000
Revs 26.5 mln vs 23.3 mln
|
training/8928 | training/8928 |@title centerior:1 energy:1 corp:1 cx:1 set:1 quarterly:1 |@word qtly:1 div:1 64:2 ct:2 vs:1 prior:1 pay:1 may:1 15:1 record:1 april:1 16:1 | CENTERIOR ENERGY CORP <CX> SETS QUARTERLY
Qtly div 64 cts vs 64 cts prior
Pay May 15
Record April 16
|
training/8930 | training/8930 |@title suffield:1 financial:1 corp:1 sfcp:1 raise:1 quarterly:1 |@word qtly:1 div:1 five:1 ct:2 vs:1 three:1 prior:1 pay:1 april:1 10:1 record:1 march:1 31:1 | SUFFIELD FINANCIAL CORP <SFCP> RAISES QUARTERLY
Qtly div five cts vs three cts prior
Pay April 10
Record March 31
|
training/8932 | training/8932 |@title cyacq:1 cut:1 condition:1 cyclop:1 cyl:1 bid:1 |@word cyacq:11 corp:3 investor:1 group:8 bid:1 cyclops:2 say:7 amend:2 outstanding:2 92:1 50:1 dlrs:12 share:3 tender:5 offer:10 cyclop:8 eliminate:2 two:1 condition:4 modify:2 third:1 one:1 include:2 audio:2 video:2 affiliates:1 inc:2 unit:4 citicorp:6 cci:1 also:2 obtain:1 additional:1 financing:2 commitment:5 increase:3 capital:1 investors:1 ltd:1 request:1 non:1 public:1 information:2 previously:2 provide:2 dixon:8 plc:1 satisifie:1 adequate:1 basis:1 publish:1 financial:1 projection:1 agree:2 acquire:3 90:1 25:2 earlier:1 would:1 allow:1 expire:2 tonight:1 require:1 satisfied:1 break:1 fee:3 obligation:1 rescind:1 ineffective:1 shall:1 pay:2 expense:2 prior:1 consummation:1 midnight:1 new:2 york:1 time:1 april:1 three:1 1987:1 unless:1 extended:1 manufacturers:1 hanover:2 trust:1 co:1 cit:1 business:1 credit:1 197:1 mln:10 166:1 merger:2 275:1 250:1 additionally:1 185:1 total:1 150:1 commit:1 estimate:1 need:1 407:1 5:4 buy:1 may:1 related:1 seek:1 arrange:1 balance:1 necessary:1 complete:1 announce:1 regard:1 lending:1 lead:1 manufacturer:1 remain:1 effect:1 except:1 loan:1 subject:1 concurrent:1 receipt:1 equity:1 contribution:1 less:1 210:1 facility:2 213:1 receive:1 indication:1 interest:1 alternative:2 make:1 alleghany:1 industrial:2 approval:1 propose:1 | CYACQ CUTS CONDITIONS ON CYCLOPS <CYL> BID
Cyacq Corp, an investor group bidding
for Cyclops Corp, said it amended its outstanding 92.50 dlrs a
share tender offer for Cyclops to eliminate two conditions and
modify a third one.
The group, which includes Audio/Video Affiliates Inc and a
unit of Citicorp <CCI>, said it also obtained additional
financing commitments, including an increased commitment from
Citicorp Capital Investors Ltd.
The conditions that were eliminated are Cyacq's request for
non-public information about Cyclops that was previously
provided to Dixons Group PLC and Cyacq's being satisified that
the information provides an adequate basis for Cyclop's
published financial projections.
Cyclops has agreed to be acquired Dixons Group, which has a
90.25 dlrs a share tender offer for Cyclops outstanding. Dixons
said earlier it would allow the offer to expire tonight.
The condition that was modified, which required Cyacq to be
satisfied that break up fees or other obligations to Dixons
were rescinded or ineffective, now says Cyclops shall not have
paid any such fees or expenses to Dixons prior to the
consummation of Cyacq's offer.
Cyacq's amended offer expires midnight New York time on
April three, 1987, unless extended.
Manufacturers Hanover Trust Co and CIT Group/Business
Credit Inc increased its tender offer commitment to 197 mln
dlrs from 166 mln dlrs and its merger commitment to 275 mln
dlrs from 250 mln dlrs.
Additionally, the Citicorp unit and Audio/Video have
increased their commitments to Cyacq to 185 mln dlrs. Of the
new total, 150 mln dlrs has been committed by Citicorp.
Cyacq said it estimates that it needs 407.5 mln dlrs to buy
all Cyclops shares that may be tendered and pay related fees
and expenses.
It said it is seeking to arrange the balance of about 25.5
mln dlrs necessary to complete the offer.
All previously announced conditions regarding the lending
group led by Manufacturers Hanover remain in effect, except
that the loans are subject to the concurrent receipt by Cyacq
of equity contributions and other financing of not less than
210.5 mln dlrs for the tender offer facility and 213.5 mln dlrs
for the merger facility.
Cyacq also said the Citicorp unit had received no
indications of interest in an alternative offer it had made
from Dixons, Cyclops or Alleghany Corp <Y>, which has agreed to
acquire Cyclops' industrial group from Dixons.
Under the alternative offer, the Citicorp unit, with
Cyacq's approval, proposed to acquire the industrial group from
Dixons.
|
training/8933 | training/8933 |@title tin:1 pact:1 extension:1 likely:1 itc:1 delegate:1 |@word extension:1 sixth:1 international:2 tin:3 agreement:1 ita:1 one:2 two:1 year:2 beyond:1 june:2 30:2 increasingly:1 likely:2 council:4 itc:6 delegate:2 say:3 follow:1 special:1 session:2 today:1 formal:1 decision:2 take:1 quarterly:1 april:1 8:1 9:1 need:1 budget:1 activity:1 begin:1 july:1 state:1 country:1 favour:1 continued:1 legal:3 presence:1 answer:1 still:1 unresolved:1 dispute:1 outstanding:1 debt:1 buffer:1 stock:1 court:4 hearing:1 continue:1 well:1 expiry:1 pact:1 informally:1 tell:1 appeal:2 make:1 yesterday:1 amalgamate:1 metal:1 trading:1 ltd:1 amt:2 january:2 ruling:2 bid:1 lead:1 behalf:1 creditor:1 broker:1 wind:2 judge:1 rule:1 u:2 k:2 jurisdiction:1 association:1 within:1 meaning:1 companies:1 act:1 winding:2 petition:2 proceeding:1 respect:2 arbitration:2 award:1 point:1 important:1 accept:1 move:1 enforce:1 | TIN PACT EXTENSION LIKELY - ITC DELEGATES
An extension of the sixth International
Tin Agreement, ITA, for one or two years beyond June 30 is
increasingly likely, International Tin Council, ITC, delegates
said following a special council session today.
A formal decision will be taken at the quarterly council
session on April 8-9 when decisions are needed on the budget
and activities for the year beginning July one, they stated.
Delegates said most countries now favour a continued legal
ITC presence to answer the still unresolved legal disputes over
the outstanding debts of its buffer stock with court hearings
likely to continue well after the June 30 expiry of the pact.
The ITC was informally told of the appeal made yesterday by
Amalgamated Metal Trading Ltd, AMT, against the January court
ruling against it in the legal bid it led on behalf of ITC
creditor brokers to have the ITC wound up.
In January the judge ruled that the U.K. Court had no
jurisdiction to wind up the tin council, the ITC was not an
association within the meaning of the U.K. Companies act, and
the winding-up petition was not a proceeding in respect in
respect of an arbitration award.
AMT is appealing on all points and has said it is important
for the court to accept that a winding-up petition is a move to
enforce an arbitration ruling.
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training/8935 | training/8935 |@title sigma:1 research:1 onc:1 sigr:1 2nd:1 qtr:1 dec:1 31:1 loss:1 |@word shr:2 loss:4 27:1 ct:4 vs:6 profit:4 one:1 net:3 532:1 376:1 15:1 584:1 revs:2 1:2 899:1 719:1 2:1 432:1 256:1 six:1 mth:1 78:1 two:1 521:1 002:1 30:1 145:1 3:1 235:1 907:1 5:2 276:1 119:1 note:1 year:2 ago:1 include:1 gain:1 tax:1 carryforward:1 000:2 dlrs:2 quarter:1 9:1 | SIGMA RESEARCH ONC <SIGR> 2ND QTR DEC 31 LOSS
Shr loss 27 cts vs profit one ct
Net loss 532,376 vs profit 15,584
Revs 1,899,719 vs 2,432,256
Six mths
Shr loss 78 cts vs profit two cts
Net loss 1,521,002 vs profit 30,145
Revs 3,235,907 vs 5,276,119
Note: year ago net includes gain from tax carryforwards of
5,000 dlrs in quarter and 9,000 dlrs in year.
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training/894 | training/894 |@title japan:1 move:1 tighten:1 chip:1 export:1 curb:1 |@word ministry:2 international:1 trade:3 industry:3 miti:5 act:1 tighten:1 restriction:1 microchip:1 export:3 country:3 u:3 preserve:1 japan:2 pact:2 semiconductor:2 major:1 japanese:4 chipmaker:3 doubt:2 usefulness:2 spokesman:4 say:5 ask:3 issue:1 certificate:2 specify:1 trading:1 house:2 state:1 authorise:1 exporter:1 apply:1 licence:2 require:1 show:1 without:1 automatically:1 deny:1 official:3 predict:1 government:2 measure:1 likely:1 limited:1 effect:1 long:2 world:1 market:4 remain:1 weak:1 complain:1 repeatedly:1 continue:1 sell:1 cost:2 third:3 despite:1 july:1 agreement:2 firm:2 turn:1 argue:1 flow:1 cheap:1 chip:2 due:1 grey:2 sale:2 party:1 broker:1 seek:1 profit:1 gap:3 low:1 price:4 high:1 base:1 production:1 set:2 maker:2 percentage:1 increase:1 one:1 specific:1 company:1 suggest:1 distribute:1 product:1 network:1 know:1 mean:1 case:1 reduce:1 figure:1 earlier:1 cut:1 output:1 certain:1 10:1 pct:1 first:1 quarter:1 1987:1 late:1 move:1 people:1 want:1 exploit:1 make:1 money:1 hitachi:1 ltd:1 hit:1 | JAPAN MOVES TO TIGHTEN CHIP-EXPORT CURBS
The Ministry of International Trade and
Industry (MITI) acted to tighten restrictions on microchip
exports to countries other than the U.S. To preserve a
U.S.-Japan pact on semiconductor trade, but major Japanese
chipmakers doubt its usefulness.
A MITI spokesman said his ministry had asked chipmakers to
issue certificates to specified trading houses stating they are
authorised exporters.
Trading houses applying for a MITI export licence will be
required to show such a certificate, but those without it will
not automatically be denied licences, he said.
But some industry officials predicted any government
measures were likely to have limited effect as long as the
world semiconductor market remained weak.
U.S. Government and industry officials have complained
repeatedly that Japanese chipmakers continue to sell at below
cost to third countries despite the July agreement.
Japanese firms and officials in turn argue the flow of
cheap chips to third countries is due to grey-market sales by
third-party brokers, who seek to profit from the gap between
low prices in Japan and higher prices based on production costs
and set for Japanese makers under the agreement.
The MITI spokesman said, 'If the percentage of grey market
is increasing for one specific company, it suggests they are
distributing their products through their sales network knowing
they will be exported by some means. In that case we will ask
them what they are doing to reduce the figure.'
MITI earlier asked makers to cut output of certain chips by
10 pct in first-quarter 1987, spokesmen for the firms said.
But they doubt the usefulness of the latest move. 'As long
as there is a gap between prices set under the pact and market
prices, there will be people who want to exploit the gap to
make money,' a Hitachi Ltd <HIT.T> spokesman said.
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training/8940 | training/8940 |@title kodak:1 ek:1 cut:1 polyester:1 fiber:1 operation:1 |@word eastman:9 kodak:6 co:3 say:10 reduce:2 capacity:3 employment:1 level:1 two:1 polyester:4 fiber:4 operation:1 chemical:2 division:2 company:5 spokesman:2 take:1 writeoff:3 connection:1 action:1 first:1 quarter:2 probably:1 carryover:1 second:1 cover:1 cost:1 plant:4 equipment:1 involve:1 well:1 expense:1 connect:1 staff:2 cut:1 discontinue:1 production:5 partially:1 orient:1 filament:1 yarn:1 poy:3 carolina:5 columbia:3 c:1 idle:1 100:2 mln:5 pound:4 old:1 staple:3 mostly:1 350:2 job:2 affect:2 perform:1 contract:1 worker:1 225:1 tennessee:1 kingsport:3 tenn:1 part:1 reduction:2 achieve:1 enhanced:1 voluntary:1 separation:1 retirement:1 plan:1 employee:1 products:1 inc:1 unit:2 except:1 holsten:1 defense:1 corp:1 workforce:1 expect:1 complete:1 april:1 30:1 depressed:1 price:1 poor:1 financial:1 performance:1 lead:1 decision:2 50:1 shut:1 result:1 exit:1 business:1 since:1 last:1 year:1 annual:1 kodel:1 400:1 500:1 due:1 less:1 demand:1 proceed:1 previous:1 phase:1 new:1 employ:1 1:1 10:1 800:1 later:1 charge:1 insignificant:1 impact:1 earning:1 estimate:1 | KODAK <EK> TO CUT POLYESTER FIBER OPERATIONS
Eastman Kodak Co said it will
reduce capacity and employment levels in two polyester fiber
operations of its Eastman Chemicals division.
A company spokesman said the company will take 'some
writeoff' in connection with the action in the first quarter
and there will probably be a further 'carryover' writeoff in
the second quarter. The writeoffs will cover the costs of
plants and equipment involved, as well as expenses connected
with the staff cuts.
Kodak said the division will discontinue production of
polyester partially-oriented filament yarn, or POY, at its
Carolina Eastman Co plant in Columbia, S.C., and will idle 100
mln pounds of older polyester staple fiber production capacity,
mostly in Columbia.
The company said about 350 jobs will be affected in
Columbia, most of which are now performed by contract workers,
and about 225 jobs at its Tennessee Eastman Co plant in
Kingsport, Tenn.
Kodak said part of the staff reduction will be achieved
through an enhanced voluntary separation and retirement plan
for employees of Carolina Eastman, Eastman Chemical Products
Inc and other Kodak units in Kingsport, except Holsten Defense
Corp. Most of the workforce reduction is expected to be
completed by April 30.
Kodak said depressed prices and poor financial performance
have led to the decision. It said about 50 mln pounds of POY
production will be shut down as a result of its exit from the
business. All Kodak POY production has been at Carolina Eastman
since last year.
The company said annual capacity for production of Kodel
polyester staple fiber will be reduced to 400 mln pounds from
500 mln due to lesser demand.
It said it will proceed with a previous decision to phase
in a new 100 mln pound staple fiber plant at Carolina Eastman.
Carolina Eastman employs about 1,350 and the Kingsport
units affected about 10,800.
The company spokesman later said the charges will be
insignificant and will have no impact on earnings estimates.
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training/8941 | training/8941 |@title heavy:1 signup:1 see:1 1987:1 corn:1 program:1 usda:1 |@word less:1 week:2 remain:1 enroll:2 1987:3 feedgrain:3 program:8 agriculture:1 department:1 official:6 say:5 final:2 signup:5 probably:1 exceed:1 last:1 year:1 level:1 85:1 pct:5 enrollment:1 usda:3 basic:1 acreage:2 reduction:1 likely:2 total:1 close:2 90:1 agricultural:1 stabilization:1 conservation:1 service:1 ascs:2 50:1 70:1 enrolling:1 farmer:3 also:1 expect:2 sign:1 pay:2 land:2 diversion:2 period:1 officially:1 end:1 business:1 day:1 march:1 30:1 release:1 report:2 around:1 april:1 15:2 personnel:1 corn:1 belt:1 state:1 iowa:1 illinois:1 indiana:1 heavy:1 activity:1 tell:1 reuters:1 surge:1 acitivity:1 lot:1 drag:1 foot:1 anticipate:1 change:1 look:1 set:1 aside:1 20:1 base:1 option:1 idle:1 additional:1 | HEAVY SIGNUP SEEN IN 1987 CORN PROGRAM - USDA
With less than a week remaining to
enroll in the 1987 feedgrains program, Agriculture Department
officials said that final signup will probably exceed last
year's level of 85 pct.
Enrollment in USDA's basic acreage reduction program will
likely total close to 90 pct, Agricultural Stabilization and
Conservation Service, ASCS, officials said, with 50 to 70 pct
of the enrolling farmers also expected to sign up for the paid
land diversion program.
The signup period of the 1987 feedgrains program officially
ends at the close of the business day on March 30.
USDA will release its official signup report around April
15, an official said.
USDA personnel in the corn belt states of Iowa, Illinois,
and Indiana have been reporting heavy signup activity, an ASCS
official told Reuters.
A surge of acitivity is expected during this final week of
signup, the official said.
'A lot of farmers have been dragging their feet because
they were anticipating some changes in the program, but that
doesn't look very likely now,' he said.
To enroll in the 1987 feedgrains program, farmers have to
set aside 20 pct of the program acreage base, and have the
option to idle an additional 15 pct under a paid land diversion
program.
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