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training/9549

training/9549 |@title ferc:1 decision:1 could:1 cut:1 columbia:1 gas:1 cg:1 net:1 |@word columbia:6 gas:9 system:1 inc:1 say:8 federal:2 energy:1 regulatory:1 commission:1 decision:4 today:1 natural:1 cost:4 recovery:3 could:3 reduce:1 1987:5 earning:3 1:2 25:1 dlrs:4 share:4 company:4 bring:1 state:1 goal:2 earn:2 less:1 3:1 18:1 per:1 dividend:2 2:1 12:1 1986:1 management:1 expect:1 recommend:1 board:2 rate:2 maintain:1 impact:1 ferc:2 may:1 offset:1 one:1 time:1 account:1 change:1 rleate:1 future:1 tax:3 liability:2 new:2 law:1 record:1 base:1 old:1 high:1 action:1 consider:1 financial:1 accounting:1 standards:1 result:1 gain:1 20:1 explain:1 thus:1 good:1 chance:1 attain:1 although:1 way:1 originally:1 plan:1 would:1 limit:1 certain:1 contract:2 transmission:1 corp:1 principal:1 pipeline:2 subsidiary:3 specifically:1 exclude:2 purchase:2 adjustment:1 filing:2 relate:1 amortize:1 payment:1 make:2 producer:1 reform:1 ground:1 fail:1 sufficiently:1 support:2 preclude:1 provide:1 sufficient:1

FERC DECISION COULD CUT COLUMBIA GAS <CG> NET Columbia Gas System Inc said a Federal Energy Regulatory Commission decision today on natural gas cost recovery could reduce its 1987 earnings by about 1.25 dlrs a share. The company said 'this could bring earnings for 1987 below Columbia's stated goal of earning no less than its 3.18 dlrs per share dividend.' It earned 2.12 dlrs a share in 1986. It said management expects to recommend to the board that the dividend rate be maintained in 1987. Columbia Gas said the impact of the FERC decision may be offset by a one-time accounting change rleated to future tax liabilities under the new federal tax laws. The company recorded these liabilities based on older, higher tax rates, but an action being considered by the Financial Accounting Standards Board could result in a gain of about 1.20 dlrs a share in 1987, it explained. 'Thus there is a good chance that we will attain our 1987 earnings goal -- although not in the way originally planned,' Columbia Gas said. Columbia Gas said the FERC decision would limit the recovery of certain gas contract costs by Columbia Gas Transmission Corp, the company's principal pipeline subsidiary. It said the decision specifically excluded from a purchased gas adjustment filing by the pipeline costs related to amortizing payments made to producers to reform gas purchase contracts. These were excluded on the grounds the subsidiary failed to sufficiently support cost recovery. The company said its subsidiary is not precluded from making a new filing to provide sufficient support.

training/955

training/955 |@title japan:1 unemployment:1 rate:1 see:1 rise:1 3:1 5:1 pct:1 |@word japan:3 unemployment:4 rate:3 expect:2 continue:1 climb:1 3:1 5:1 pct:3 within:1 next:2 year:3 january:2 three:1 record:2 senior:2 economist:4 include:1 susumu:1 taketomi:1 industrial:1 bank:3 say:7 december:1 2:1 9:1 previous:1 bad:1 level:1 since:1 government:3 management:1 coordination:1 agency:1 begin:1 compile:1 statistic:1 current:1 system:1 1953:1 general:2 fear:1 become:1 country:1 high:1 takashi:1 kiuchi:1 long:1 term:1 credit:1 ltd:2 publish:1 figure:1 today:1 make:1 prediction:1 present:1 forecast:1 difficult:1 foresee:1 situation:1 improve:1 labour:1 ministry:1 official:1 finance:1 minister:2 kiichi:1 miyazawa:1 increase:1 set:1 aside:1 money:1 help:1 300:1 000:1 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:1 dependent:1 car:1 textile:1 lay:1 part:1 time:1 employee:1 cease:1 hiring:1 although:1 grow:1 service:2 sector:3 absorb:1 great:1 number:1 worker:2 trend:1 start:1 slow:1 koichi:1 tsukihara:1 deputy:1 manager:1 sumitomo:1 economics:1 department:1 however:1 disagree:1 would:1 able:1 hire:1 longer:1 manufacturing:1 five: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.

training/9550

training/9550 |@title u:1 offer:1 credit:1 veg:1 oil:1 n:1 yemen:1 |@word u:3 commodity:1 credit:4 corporation:1 ccc:1 authorize:1 additional:1 10:2 0:1 mln:5 dlrs:5 guarantee:4 cover:2 sale:5 vegetable:2 oil:2 north:2 yemen:2 agriculture:1 department:2 say:2 also:1 request:1 government:1 five:1 previously:1 earmark:1 wheat:2 switch:1 mixed:2 poultry:2 feed:2 action:1 increase:2 value:1 current:1 fiscal:1 year:1 38:1 reduce:1 coverage:2 eight:1 export:1 must:1 complete:1 september:1 30:1 1987:1

U.S. OFFERS MORE CREDITS FOR VEG OIL TO N. YEMEN The U.S. Commodity Credit Corporation (CCC) has authorized an additional 10.0 mln dlrs in credit guarantees to cover sales of U.S. vegetable oils to North Yemen, the U.S. Agriculture Department said. The department also said at the request of the North Yemen Government five mln dlrs in credit guarantees previously earmarked for sales of wheat have been switched to cover sales of mixed poultry feed. The actions increase the value of credit guarantees for vegetable oil for the current fiscal year to 38 mln dlrs, reduce the guarantee coverage for sales of wheat to eight mln dlrs and increase the coverage for sales of mixed poultry feed to 10 mln dlrs. All exports must be completed by September 30, 1987.

training/9551

training/9551 |@title puerto:1 rican:1 cement:1 co:1 prn:1 set:1 payout:1 |@word qtly:1 div:1 five:2 ct:2 vs:1 prior:1 pay:1 may:2 13:1 record:1 april:1 14:1 note:1 company:1 say:1 20:1 pct:1 dividend:1 payment:1 withhold:1 accordance:1 puerto:1 rico:1 tax:1 law:1

PUERTO RICAN CEMENT CO <PRN> SETS PAYOUT Qtly div five cts vs five cts prior Pay May 13 Record April 14 NOTE: Company said up to 20 pct of dividend payment may be withheld in accordance with Puerto Rico tax law.

training/9554

training/9554 |@title canada:1 may:1 monitor:1 steel:1 shipment:1 |@word canada:3 may:1 begin:1 monitor:1 steel:10 flow:1 country:4 determine:1 illegally:1 trans:1 ship:1 u:7 senior:2 government:3 trade:2 official:6 say:6 ask:2 identify:1 investigate:1 industry:1 contention:1 import:5 south:2 korea:1 taiwan:1 divert:1 ultimately:1 exasperating:1 concern:1 level:2 canadian:7 export:2 border:1 indentifie:1 despite:1 intense:1 pressure:1 reagan:1 administration:1 ottawa:2 consider:1 kind:1 formal:1 limit:2 shipment:4 sense:1 hope:1 buy:1 time:2 one:1 claim:1 company:2 fair:1 trader:1 big:1 american:2 market:4 approve:1 cabinet:1 monitoring:1 system:1 establish:1 next:1 three:1 four:1 month:2 guess:1 find:1 tran:1 problem:1 would:1 something:1 rise:2 5:1 7:1 pct:1 recent:1 almost:1 double:1 two:2 year:2 ago:1 increase:1 come:1 grow:1 anger:1 several:1 face:1 decline:1 among:1 domestic:1 producer:1 lawmaker:1 propose:1 share:1 2:1 4:1 per:1 cent:1 ontario:1 urge:1 require:2 foreign:1 obtain:1 permit:1 currently:1 licence:1 carbon:1 raw:1 make:1 less:1 half:1 billion:1 dlrs:2 worth:2 1986:1 944:1 mln:1 product:1

CANADA MAY MONITOR STEEL SHIPMENTS Canada may begin monitoring steel flowing in and out of the country to determine if any steel is being illegally 'trans-shipped' to the U.S., senior government trade officials said. The officials, asking not to be identified, said the government will investigate an industry contention that steel imported from countries such as South Korea and Taiwan is being diverted to the U.S. and ultimately exasperating concerns about the level of Canadian exports south of the border. But the senior officials, asking not to be indentified, said that despite intense pressure from the Reagan Administration, Ottawa was not considering any kind of formal limits on Canadian shipments to the U.S. 'In a sense what I hope we are doing is buying some time,' said one official who claimed Canadian companies were 'fair traders' in the big American market. If approved by the Canadian cabinet, the officials said a monitoring system will be established in the next three or four months. 'I guess if we find trans-shipment is a problem, we would have to do something about it,' said a trade official. Canadian steel shipments to the U.S. have risen to 5.7 pct of the U.S. market in recent months, almost double the level just two years ago. The increase in Canadian shipments comes at a time of growing anger in the U.S. over rising steel imports from several countries in the face of a decline among domestic steel producers. Some U.S. lawmakers have proposed Canada's share of the American market be limited to 2.4 per cent. The Ontario Government has urged Ottawa to require foreign companies to obtain permits to import steel into the country. Currently, import licences are required only for carbon or raw steel, which makes up less than half the steel market. Canada exported two billion Canadian dlrs worth of steel in 1986, while importing 944-mln dlrs worth of the product in the same year.

training/9556

training/9556 |@title wesco:1 financial:1 corp:1 wsc:1 4th:1 qtr:1 net:1 |@word shr:2 79:1 ct:3 vs:8 5:4 05:1 dlrs:9 net:2 628:1 000:4 35:1 936:1 revs:2 41:2 8:1 mln:8 39:1 4:3 year:2 2:3 32:1 7:1 24:1 16:1 524:1 51:1 541:1 160:1 114:1 9:1 note:1 current:2 qtr:1 figure:2 include:2 security:2 gain:4 1:1 29:1 per:4 share:4 34:1 3:1 81:1 6:1 64:1 83:1

WESCO FINANCIAL CORP <WSC> 4TH QTR NET Shr 79 cts vs 5.05 dlrs Net 5,628,000 vs 35,936,000 Revs 41.8 mln vs 39.4 mln Year Shr 2.32 dlrs vs 7.24 dlrs Net 16,524,000 vs 51,541,000 Revs 160.2 mln vs 114.9 mln Note: Current qtr figures include securities gain of 2.1 mln dlrs, or 29 cts per share, vs gain of 34.3 mln dlrs, or 4.81 dlrs per share. Current year figures include security gain of 4.6 mln dlrs, or 64 cts per share, vs gain of 41.5 mln dlrs, or 5.83 dlrs per share.

training/9557

training/9557 |@title helm:1 h:1 sell:1 additional:1 share:1 bamberger:1 |@word helm:2 resources:1 inc:2 say:1 pursuant:1 exercise:1 overallotment:1 option:1 underwriter:1 bamberger:5 polymers:1 initial:1 public:1 offering:2 sell:3 another:1 35:1 000:3 share:2 reduce:1 ownership:1 51:1 pct:2 55:1 date:1 435:1 3:1 5:1 mln:2 dlrs:2 total:1 600:1 receive:1 net:1 proceed:1 4:1 8:1 since:1 february:1 1987:1

HELM <H> SELLS ADDITIONAL SHARES IN BAMBERGER Helm Resources Inc said that, pursuant to the exercise of an overallotment option by underwriters in Bamberger Polymers INc's initial public offering, it has sold another 35,000 Bamberger shares and reduced its ownership in Bamberger to 51 pct from 55 pct. To date, Helm has sold 435,000 Bamberger's for 3.5 mln dlrs. Bamberger has sold a total of 600,000 shares and received net proceeds of about 4.8 mln dlrs since the February 1987 offering.

training/9558

training/9558 |@title ampal:1 american:1 israel:1 corp:1 ais:1 year:1 net:1 |@word shr:2 27:1 ct:3 vs:3 25:1 net:1 6:1 416:1 000:3 5:1 988:1 revs:1 112:1 2:1 mln:2 99:1 8:1 note:1 1985:2 include:1 extraordinary:1 income:1 647:1 dlrs:1 three:1 restate:1

AMPAL-AMERICAN ISRAEL CORP <AIS.A> YEAR NET Shr 27 cts vs 25 cts Net 6,416,000 vs 5,988,000 Revs 112.2 mln vs 99.8 mln NOTE: 1985 includes extraordinary income of 647,000 dlrs or three cts/shr. 1985 restated.

training/9559

training/9559 |@title cocoa:1 council:1 chairman:1 seek:1 buffer:1 compromise:1 |@word international:2 cocoa:6 organization:1 icco:1 council:2 chairman:1 denis:1 bra:3 kanon:3 say:5 attempt:2 reach:1 compromise:1 buffer:6 stock:6 rule:2 agreement:1 call:1 bilateral:1 consultation:1 among:1 producer:2 consumer:6 thursday:1 morning:1 resolve:1 outstanding:1 difference:2 much:1 non:2 member:2 purchase:3 differential:2 fix:1 different:1 origin:2 delegate:5 tell:1 reporter:1 expect:1 meet:1 eight:1 delegation:1 individually:1 iron:1 remain:3 problem:1 indicate:1 support:1 principle:1 draft:2 package:2 formulate:1 past:1 week:1 small:1 work:1 group:1 despite:1 confident:1 accord:1 would:3 agree:1 friday:1 session:1 end:1 certain:2 technical:1 point:1 need:1 clarification:1 concerned:1 include:1 line:1 market:1 reality:1 unless:1 modify:1 fear:1 promote:1 quality:1 cocoas:1 ghana:1 normally:1 require:1 manufacturer:1 restriction:1 may:1 lead:1 supply:1 overhang:1 malaysian:1 depress:1 price:1 add:1

COCOA COUNCIL CHAIRMAN SEEKS BUFFER COMPROMISE International Cocoa Organization, ICCO, Council chairman, Denis Bra Kanon, said he will attempt to reach a compromise on buffer stock rules for the International Cocoa Agreement. Bra Kanon called for bilateral consultations among producers and consumers Thursday morning to resolve outstanding differences on how much non-member cocoa the buffer stock can purchase and differentials to be fixed for different origin cocoa, consumer delegates told reporters. Bra Kanon is expected to meet with about eight delegations individually in attempt to iron out remaining problems. Producers and consumers indicated support 'in principle' for the draft buffer stock rules package formulated over the past week by a small working group, consumer delegates said. Despite remaining differences delegates remained confident a buffer stock accord would be agreed to by Friday when the council session ends, but certain technical points need further clarification, the delegates said. Certain consumers are concerned that differentials included in the draft buffer stock package are out of line with market realities, consumer delegates said. Unless these are modified there are fears it would promote purchases of quality cocoas, such as Ghana origin, which are normally required by manufacturers, they said. Restrictions on buffer stock purchases of non-member cocoa might lead to a supply overhang in Malaysian cocoa, which would depress prices, they added.

training/9560

training/9560 |@title snc:2 group:1 expect:1 high:1 1987:1 earning:1 sale:1 |@word group:2 inc:1 expect:1 1987:4 earning:2 rise:1 1:2 20:1 40:1 dlrs:6 share:2 91:1 ct:1 last:4 year:4 revenue:3 climb:1 430:1 mln:6 350:1 president:1 alex:1 taylor:3 say:4 annual:1 meeting:1 snc:3 canada:1 second:1 big:1 engineering:3 construction:3 become:1 country:1 large:1 ammunition:1 manufacturer:1 90:1 dlr:1 acquisition:1 canadian:2 arsenal:1 ltd:1 government:1 impact:1 several:1 small:2 deal:1 feel:1 fully:1 defense:2 preoduct:1 manufacturing:1 operation:2 account:1 half:1 total:2 help:1 counterbalance:1 cyclical:1 acivitie:1 earn:1 8:1 7:1 include:1 extraordinary:1 gain:1 manufacture:1 activity:1 generate:1 235:1 200:1 add:1 product:1 major:1 contributor:1

SNC GROUP EXPECTS HIGHER 1987 EARNINGS, SALES <SNC Group Inc> expects 1987 earnings to rise to 1.20-1.40 dlrs a share from 91 cts a share last year, with revenues climbing to about 430 mln dlrs from last year's 350 mln dlrs, president Alex Taylor said before the annual meeting. SNC, Canada's second biggest engineering and construction group, became the country's largest ammunition manufacturer last year with its 90 mln dlr acquisition of Canadian Arsenals Ltd from the Canadian government. The impact of that and several smaller deals will be felt fully in 1987, Taylor said. Defense preoducts and other manufacturing operations will account for more than half SNC's total 1987 revenues, helping to counterbalance the more cyclical engineering and construction acivities, Taylor said. Last year, SNC earned 8.7 mln dlrs, including a small extraordinary gain. In 1987, a total manufacturing activities will generate about 235 mln dlrs in revenues, and engineering and construction about 200 mln dlrs, he said, adding that defense products operations should be a major contributor to earnings.

training/9561

training/9561 |@title mine:1 safety:1 mnes:1 sell:1 south:1 africa:1 unit:1 |@word mine:1 safety:1 appliance:1 co:1 say:4 sell:2 german:1 subsidiary:2 auergesellschaft:1 control:1 interest:1 msa:2 africa:4 pty:2 ltd:3 johannesburg:1 south:3 boart:2 international:1 wholly:1 anglo:1 american:1 corp:1 angl:1 company:3 term:1 sale:1 disclose:1 operate:1 l:1 n:1 short:1 jr:1 president:1 unit:1 slump:1 profit:1 due:1 economic:1 decline:1

MINE SAFETY <MNES> SELLS SOUTH AFRICA UNIT Mine Safety Appliances Co said it will sell through its German subsidiary, Auergesellschaft, its controlling interest in MSA (Africa), (PTY) Ltd, of Johannesburg, South Africa to Boart International, a wholly- owned subsidiary of Anglo American Corp of South Africa Ltd <ANGL>. The company said the terms of the sale were not disclosed. The company will operate as Boart-MSA (PTY) Ltd, it said. L.N. Short Jr, president of the company, said it sold the unit because of slumping profits due to South Africa's economic decline.

training/9562

training/9562 |@title medar:1 inc:1 mdxr:1 4th:1 qtr:1 dec:1 31:1 loss:1 |@word shr:3 loss:8 10:2 ct:6 vs:11 nine:2 net:3 558:1 800:1 469:1 200:1 sale:3 5:4 mln:6 two:2 mth:1 end:3 dec:1 31:3 profit:4 four:1 91:1 045:1 207:1 000:1 17:1 3:1 8:1 4:3 avg:2 shrs:2 465:1 433:1 037:1 819:1 year:2 march:1 28:1 19:1 1:1 356:1 321:1 818:1 723:1 9:1 12:1 2:1 862:1 499:1 683:1 591:1 note:1 medar:1 change:1 fiscal:1 december:1 phase:1 business:1 cycle:1 major:1 customer:1

MEDAR INC <MDXR> 4TH QTR DEC 31 LOSS Shr loss 10 cts vs loss nine cts Net loss 558,800 vs loss 469,200 Sales 5.5 mln vs two mln Nine mths ended Dec 31 Shr profit two cts vs loss four cts Net profit 91,045 vs loss 207,000 Sales 17.3 mln vs 8.4 mln Avg shrs 5,465,433 vs 5,037,819 Year ended March 31 Shr loss 28 cts vs profit 19 cts Net loss 1,356,321 vs profit 818,723 Sales 10.9 mln vs 12.2 mln Avg shrs 4,862,499 vs 4,683,591 Note: Medar changed end of fiscal year to December 31 to be more in phase with business cycle of its major customers.

training/9563

training/9563 |@title medar:1 mdxr:1 change:1 fiscal:1 year:1 |@word medar:2 inc:1 say:3 change:2 end:1 fiscal:1 year:1 december:1 31:2 march:1 company:1 report:1 annual:1 result:1 make:1 bring:1 financial:1 reporting:1 phase:1 order:1 cycle:1 major:1 customer:1 earlier:1 lose:1 558:1 800:1 dlrs:2 final:1 1986:1 quarter:2 compare:1 loss:1 469:1 200:1 1985:1

MEDAR <MDXR> CHANGES FISCAL YEAR Medar Inc said it changed the end of its fiscal year to December 31 from March 31. The company, in reporting its annual results, said the change was made to bring its financial reporting in phase with the order cycle of its major customers. Medar earlier said it lost 558,800 dlrs in its final 1986 quarter, compared to a loss of 469,200 dlrs in the same 1985 quarter.

training/9565

training/9565 |@title u:2 security:2 industry:2 assn:2 back:2 restraint:2 takeover:2 insider:2 trading:2 |@word

U.S. SECURITIES INDUSTRY ASSN BACKS RESTRAINTS ON TAKEOVERS, INSIDER TRADING U.S. SECURITIES INDUSTRY ASSN BACKS RESTRAINTS ON TAKEOVERS, INSIDER TRADING

training/9566

training/9566 |@title chemfix:1 technologies:1 inc:1 cfix:1 2nd:1 qtr:1 net:1 |@word end:1 feb:1 28:1 shr:2 profit:4 one:1 ct:4 vs:6 loss:4 four:1 net:2 53:1 040:1 255:1 568:1 revs:2 2:1 252:1 246:1 755:1 605:1 six:1 mth:1 three:1 eight:1 217:1 884:1 517:1 538:1 4:1 895:1 720:1 1:1 569:1 662:1

CHEMFIX TECHNOLOGIES INC <CFIX> 2ND QTR NET Ended Feb 28 Shr profit one ct vs loss four cts Net profit 53,040 vs loss 255,568 Revs 2,252,246 vs 755,605 Six mths Shr profit three cts vs loss eight cts Net profit 217,884 vs loss 517,538 Revs 4,895,720 vs 1,569,662

training/9570

training/9570 |@title allis:1 chalmers:1 ah:1 sell:1 swiss:1 unit:1 |@word allis:1 chalmers:1 corp:1 say:2 sell:1 elex:2 ag:1 unit:1 zurich:1 switzerland:1 private:1 investor:1 undisclosed:1 amount:1 company:1 produce:1 electrostatic:1 precipitator:1 use:1 air:1 pollution:1 control:1

ALLIS-CHALMERS <AH> SELLS SWISS UNIT Allis-Chalmers Corp said it has sold its Elex Ag unit in Zurich, Switzerland, to private investors for an undisclosed amount. The company said Elex produces electrostatic precipitators used in air pollution control.

training/9572

training/9572 |@title florida:1 employer:1 insurance:1 co:1 flae:1 year:1 1986:1 |@word shr:1 29:1 ct:2 vs:2 nine:1 net:2 651:1 000:3 214:1 note:1 1986:1 include:1 loss:1 500:1 dlrs:1 extraordinary:1 item:1

FLORIDA EMPLOYERS INSURANCE CO <FLAE> YEAR 1986 Shr 29 cts vs nine cts Net 651,000 vs 214,000 NOTE: 1986 net includes loss of 500,000 dlrs for extraordinary item.

training/9573

training/9573 |@title shell:1 oil:1 get:1 104:1 3:1 mln:1 dlr:1 contract:1 |@word shell:1 oil:1 co:1 houston:1 award:1 104:1 3:1 mln:1 dlr:1 contract:1 jet:1 fuel:1 defense:1 logistics:1 agency:1 say:1

SHELL OIL GETS 104.3 MLN DLR CONTRACT Shell Oil Co of Houston has been awarded a 104.3 mln dlr contract for jet fuel, the Defense Logistics Agency said.

training/9576

training/9576 |@title nike:2 inc:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 12:1 ct:3 vs:6 30:1 net:2 4:3 255:1 000:1 11:1 5:2 mln:7 revs:2 199:1 258:1 7:2 nine:1 mth:1 64:1 1:1 19:1 dlrs:1 24:1 45:1 639:1 824:1 3:1

NIKE INC <NIKE> 3RD QTR FEB 28 NET Shr 12 cts vs 30 cts Net 4,255,000 vs 11.5 mln Revs 199.4 mln vs 258.7 mln Nine mths Shr 64 cts vs 1.19 dlrs Net 24.4 mln vs 45.5 mln Revs 639.7 mln vs 824.3 mln

training/9577

training/9577 |@title zenith:1 national:1 insurance:1 znat:1 qtly:1 dividend:1 |@word shr:1 20:2 ct:2 vs:1 prior:1 qtr:1 pay:1 may:1 14:1 record:1 april:1 30:1 note:1 full:1 name:1 zenith:1 national:1 insurance:1 corp:1

ZENITH NATIONAL INSURANCE <ZNAT> QTLY DIVIDEND Shr 20 cts vs 20 cts prior qtr Pay May 14 Record April 30 Note: Full name Zenith National Insurance Corp.

training/9578

training/9578 |@title redkin:1 laboratories:1 inc:1 rdkn:1 qtly:1 dividend:1 |@word shr:1 five:2 ct:2 vs:1 prior:1 qtr:1 pay:1 april:2 17:1 record:1 3:1

REDKIN LABORATORIES INC <RDKN> QTLY DIVIDEND Shr five cts vs five cts prior qtr Pay April 17 Record April 3.

training/958

training/958 |@title 3:2 mar:2 1987:2 07:2 35:2 58:2 11:2 |@word

3-MAR-1987 07:35:58.11 3-MAR-1987 07:35:58.11

training/9580

training/9580 |@title coopervision:1 inc:1 eye:1 qtly:1 dividend:1 |@word shr:1 10:2 ct:2 vs:1 prior:1 qtr:1 pay:1 april:2 17:1 record:1 9:1

COOPERVISION INC <EYE> QTLY DIVIDEND Shr 10 cts vs 10 cts prior qtr Pay April 17 Record April 9.

training/9582

training/9582 |@title u:1 security:1 group:1 back:1 insider:1 restraint:1 |@word securities:2 industry:2 association:6 back:3 variety:2 restraint:1 insider:5 trading:6 hostile:2 corporate:4 takeover:5 ask:1 congress:1 define:2 law:5 trade:1 call:3 u:2 security:4 firm:6 take:1 step:1 protect:1 sensitive:3 secret:1 guard:1 illegal:1 employee:3 also:1 broad:1 federal:3 restriction:1 tactic:2 use:1 say:11 investment:1 banking:1 allow:1 continue:1 engage:1 arbitrage:1 merger:2 acquisition:2 activity:1 long:1 function:1 keep:1 separate:1 sia:1 report:2 adopt:1 yesterday:1 board:1 director:1 high:1 enforcement:1 budget:1 exchange:2 commission:1 stock:4 beef:1 supervision:1 member:1 brokerage:1 rigorous:1 restrict:1 information:2 need:2 know:1 basis:1 train:1 understand:1 confidentiality:1 market:3 legislation:1 avoid:1 expand:1 current:4 way:1 would:1 impede:1 definition:1 exempt:1 liability:1 violation:1 unless:1 participate:1 aware:1 wrongdoing:1 area:1 advocate:1 ban:1 greenmail:1 payment:1 poison:1 pill:1 protection:1 plan:1 without:1 prior:1 shareholder:2 approval:1 group:4 individual:1 buying:1 company:4 require:1 file:1 public:1 disclosure:2 statement:1 acquire:1 five:2 pct:4 share:1 may:1 make:2 late:1 ten:1 day:3 exceed:2 limit:3 purchase:2 20:1 vote:1 shoul:1 tender:2 offer:2 open:3 government:1 preempt:1 state:1 regulation:1 defensive:1 remain:1 least:1 30:1 calendar:1 requirement:1 express:1 business:1 lockup:1 device:1 issue:1 friendly:1 investor:2 seal:1 deal:1 fend:1 unfriendly:1 predator:1 18:1 5:1 target:1 total:1 common:1 president:1 edward:1 brien:1 act:1 concern:1 ad:1 hoc:1 restructuring:1 america:1 wall:1 street:1 fear:1 fairness:1 marketplace:1

U.S. SECURITIES GROUP BACKS INSIDER RESTRAINTS The Securities Industry Association backed a variety of restraints on insider trading and hostile corporate takeovers and asked Congress to define insider trading in law. The industry trade association called on U.S. securities firms to take steps to protect sensitive corporate secrets to guard against illegal trading by employees. The association also backed broad federal restrictions on a variety of tactics used in hostile corporate takeovers. But it said investment banking firms should be allowed to continue to engage in both arbitrage and merger and acquisition activities so long as those functions were kept separate. The SIA, in a report adopted yesterday by its board of directors, backed a higher enforcement budget for the federal Securities and Exchange Commission and called on U.S. stock exchanges to beef up their supervision of member brokerages. The report said securities firms 'should be more rigorous in restricting sensitive information on a need-to-know basis.' It said firms should train their employees to understand the need for confidentiality of market-sensitive information. It said legislation to define insider trading should avoid expanding current law in a way that would impede the market. It said an insider trading definition should exempt a securities firm from liability for law violations by its employees unless the firm had participated in or was aware of the wrongdoing. In the mergers and acquisitions area, the association advocated a ban on greenmail payments or poison pill takeover protection plans without prior shareholder approval. It said a group or individual buying up a company's stock should be required to file a public disclosure statement before acquiring more than five pct of the company's shares. Under current law, disclosure may be made as late as ten days after exceeding the five pct limit. The association said all purchases exceeding 20 pct of a company's voting stock shouls be made only through a tender offer open to all shareholders. Under current law there is no limit on open market purchases. The group said the federal government should preempt state regulation of defensive takeover tactics. The group said all tender offers should remain open for at least 30 calendar days. The current requirement is expressed in business days. It said so-called 'lockup' devices, in which securities are issued to a friendly investor to seal a takeover deal or fend off an unfriendly predator should be limited to 18.5 pct of the target company's total common stock. Association president Edward O'Brien said the group acted out of concern over the ad hoc restructuring of corporate America on Wall Street and investor fears about insider trading and fairness in the marketplace.

training/9583

training/9583 |@title texaco:1 tx:1 reserve:1 despite:1 low:1 output:1 |@word texaco:9 inc:1 oil:4 gas:2 reserve:7 decline:5 1986:3 despite:1 reduce:2 production:4 upward:2 revision:2 company:5 previous:3 estimate:2 annual:1 report:2 say:6 statement:1 auditor:2 qualified:1 one:1 unkonwn:1 final:1 impact:1 judgement:2 win:1 pennzoil:2 co:2 pzl:1 charge:1 interfere:1 pannzoil:1 contract:1 acquire:1 getty:1 point:1 past:1 loss:1 several:1 pende:1 court:3 decision:1 case:1 could:1 cause:1 face:1 prospect:1 seek:1 protection:1 asset:1 business:1 pursuant:1 bankruptcy:2 reorganization:1 provision:1 chapter:1 11:1 federal:1 code:1 comment:1 texas:1 appeal:2 ruling:1 two:1 billion:8 dlrs:2 9:1 1:3 file:1 motion:1 rehearing:1 later:1 march:1 30:1 prove:1 crude:2 consolidated:2 subsidiary:2 total:3 2:3 54:1 barrel:7 end:4 69:1 year:4 earlier:1 however:1 inclusion:1 equity:1 eastern:1 hemisphere:1 nonsubsidiary:1 limit:1 91:1 3:1 00:1 1985:4 worldwide:1 341:1 mln:4 last:2 362:1 rise:1 143:1 117:1 respectively:1 large:1 drop:2 come:1 united:1 states:1 46:1 55:1 u:1 liquid:1 average:1 660:1 000:3 per:2 day:2 714:1 44:1 pct:1 24:1 represent:1 high:1 cost:1 shut:1 curtail:1 response:1 price:1 natural:1 8:2 16:1 trillion:2 cubic:2 foot:2 87:1

TEXACO <TX> RESERVES DOWN DESPITE LOWER OUTPUT Texaco Inc's oil and gas reserves declined in 1986 despite reduced production and upward revisions in the company's previous reserve estimates, its annual report said. The statement of the report's auditor was qualified -- as was the previous one -- because of the unkonwn final impact of the judgement won by Pennzoil Co <PZL> against Texaco on charges Texaco interfered with Pannzoil's contract to acquire Getty Oil Co. The auditor's point out, as Texaco has in the past, the company's loss of any of several pending court decisions in this case could cause it 'to face prospects such as having to seek protection of its assets and business pursuant to the bankruptcy and reorganization provisions of Chapter 11' of the federal bankruptcy code. Commenting on a Texas Court of Appeals ruling which reduced Pennzoil's judgement by two billion dlrs, to 9.1 billion dlrs, Texaco said it will file a motion for a rehearing by the appeals court no later than March 30. Texaco said the proven crude oil reserves of the company and its consolidated subsidiaries totaled 2.54 billion barrels at the end of 1986, down from 2.69 billion a year earlier. However, inclusion of Texaco's equity in the Eastern Hemisphere reserves of a nonsubsidiary company limited the decline to 2.91 billion barrels from 3.00 billion at the end of 1985. Worldwide production by the consolidated subsidiaries declined to 341 mln barrels last year from 362 mln in 1985 and upward revisions in previous reserve estimates rose to 143 mln barrels from 117 mln, respectively. Texaco said the largest drop in reserves came in the United States -- where the total dropped to 1.46 billion barrels from 1.55 billion. The company said U.S. liquids production averaged 660,000 barrels per day last year, down from 714,000 in 1985, with about 44 pct of the decline -- some 24,000 barrels per day -- representing high-cost production shut-in or curtailed in response to the decline in crude oil prices during 1986. Texaco said its natural gas reserves totaled 8.16 trillion cubic feet at year end, down from 8.87 trillion cubic feet at the end of 1985.

training/9585

training/9585 |@title int:1 l:1 mineral:1 project:1 boost:1 hog:1 lean:1 weight:1 |@word international:2 minerals:1 chemical:1 corp:1 say:3 board:1 approve:1 50:1 mln:1 dlrs:1 budget:1 next:1 several:1 year:1 build:1 production:2 facility:2 newly:1 develop:1 product:2 use:1 improve:2 lean:2 weight:3 hog:2 new:1 porcine:1 somatotropin:1 pst:2 describe:1 natural:1 bio:1 synthetic:1 protein:1 rate:1 gain:1 well:1 reduce:1 cost:1 feed:1 market:1 company:1 specific:1 detail:1 project:1 include:1 site:1 propose:1 engineering:1 plan:1 disclose:1 mineral:1 set:1 completion:1 target:1 spring:1 1989:1 time:1 necessary:1 food:1 drug:1 administration:1 approval:1 expect:1 obtain:1

INT'L MINERALS PROJECT TO BOOST HOG LEAN WEIGHT International Minerals and Chemical Corp said its board approved a 50 mln dlrs budget over the next several years to build production facilities for a newly developed product to be used to improve the lean weight of hogs. The new product, porcine somatotropin (PST) is described as a natural bio-synthetic protein that improves the lean weight and rate of weight gain, as well as reduces the cost of feed for market hogs, the company said. Specific details of the PST production project, including sites for proposed facilities and engineering plans, were not disclosed. International Minerals said it set a completion target for the spring of 1989, by which time necessary Food and Drug Administration approvals are expected to be obtained.

training/9587

training/9587 |@title pulitzer:1 publishing:1 co:1 pltzc:1 declare:1 qtly:1 div:1 |@word qtly:1 div:1 10:3 ct:2 vs:1 prior:1 pay:1 may:1 1:1 record:1 april:1

PULITZER PUBLISHING CO <PLTZC> DECLARES QTLY DIV Qtly div 10 cts vs 10 cts prior Pay May 1 Record April 10

training/9588

training/9588 |@title federal:1 co:1 fff:1 set:1 regular:1 payout:1 |@word qtly:1 29:2 1:4 2:2 ct:2 vs:1 prior:1 payable:1 june:1 record:1 may:1

FEDERAL CO <FFF> SETS REGULAR PAYOUT Qtly 29-1/2 cts vs 29-1/2 cts prior Payable June 1 Record May 1.

training/9590

training/9590 |@title southwestern:1 bell:1 sbc:1 see:1 earning:1 dilution:1 |@word southwestern:4 bell:5 corp:1 say:6 planned:1 acquisition:2 cellular:1 telephone:2 page:1 system:1 include:1 metromedia:1 inc:1 result:1 initial:1 earning:2 dilution:2 increase:2 debt:4 ratio:3 letter:1 shareholder:1 1986:4 annual:1 report:1 regional:1 company:5 indicate:1 degree:1 expect:2 total:1 1:4 38:1 billion:5 dlrs:8 however:2 rise:1 temporary:1 leave:1 level:1 within:1 acceptable:1 range:1 yearend:1 financial:1 statement:1 list:1 equity:1 43:2 4:1 pct:4 slightly:1 7:4 1985:2 earn:1 02:1 10:2 26:1 share:2 compare:1 996:1 2:1 mln:1 revenue:1 dip:1 90:1 93:1 new:1 tax:3 law:1 negative:1 impact:2 cash:2 flow:2 due:1 mainly:1 loss:1 investment:1 credit:1 mid:1 year:2 reduce:1 corporate:1 rate:1 positive:1 net:1 income:1 addition:1 project:1 gain:1 customer:1 line:1 three:1 four:1 long:1 distance:1 call:1 volume:1 1987:1 capital:1 expenditure:2 low:1 97:1 spend:1 hold:1 budget:1

SOUTHWESTERN BELL <SBC> SEES EARNINGS DILUTION Southwestern Bell Corp said that its planned acquisitions of cellular telephone and paging systems, including those of <Metromedia Inc>, will result in some initial earnings dilution and an increase in debt ratio. In a letter to shareholders in its 1986 annual report, the regional Bell company did not indicate the degree of earnings dilution it expects from the acquisitions, which total some 1.38 billion dlrs. However, the company said the rise in its debt ratio will be temporary and will leave its debt level within an acceptable range. In its 1986 yearend financial statement, Southwestern Bell listed a debt-to-equity ratio of 43.4 pct, down slightly from 43.7 pct in 1985. In 1986, the company earned 1.02 billion dlrs, or 10.26 dlrs a share, compared with 996.2 mln dlrs, or 10 dlrs a share in 1985. Revenues dipped to 7.90 billion dlrs from 7.93 billion dlrs. Southwestern Bell said it expects the new tax law to have a negative impact on its cash flow, due mainly to the loss of investment tax credits. By mid-year, however, the company said a reduced corporate tax rate should have a positive impact on its net income and cash flow. In addition, the company said it is projecting a 1.7 pct gain in customer telephone lines and a three to four pct increase in long distance calling volumes. Southwestern Bell said 1987 capital expenditures will be lower that the 1.97 billion dlrs spent in 1986, a year in which expenditures were held below budget.

training/9592

training/9592 |@title brazil:1 want:1 increase:1 steel:1 export:1 u:1 |@word brazil:4 want:1 increase:3 steel:4 export:4 united:3 states:3 limit:1 tough:1 import:1 restraint:2 set:2 1984:3 reagan:1 administration:1 spokeswoman:2 brazilian:3 institute:1 ibs:1 say:2 u:4 trade:1 official:2 hold:1 first:1 three:2 day:1 meeting:1 today:1 brasilia:1 discuss:1 issue:1 month:1 painstaking:1 negotiation:1 government:1 reach:1 accord:1 seven:1 nations:1 australia:1 japan:1 mexico:1 spain:1 south:2 africa:1 korea:1 reduce:1 shipment:1 30:1 pct:1 1985:1 establish:1 1987:1 could:1 exceed:1 632:1 000:3 tonne:3 640:1 1988:1 670:1 1989:1 last:1 five:1 year:1 deadline:1 agreement:1 try:1 share:1 non:1 flat:1 product:1 market:1 report:1 domestic:1 supply:1 problem:1

BRAZIL WANTS TO INCREASE STEEL EXPORTS TO U.S. Brazil wants to increase its steel exports to the United States, now limited because of tough import restraints set in 1984 by the Reagan administration, a spokeswoman for the Brazilian Steel Institute (IBS) said. Brazilian and U.S. Trade officials held the first of a three-day meeting today in Brasilia to discuss the issue. In 1984, after three months of painstaking negotiations, the U.S. Government reached accords with seven steel-exporting nations - Australia, Brazil, Japan, Mexico, Spain, South Africa and South Korea - to reduce their shipments to the United States by about 30 pct in 1985. The 1984 restraints established that for 1987 Brazil's steel exports to the U.S. Could not exceed 632,000 tonnes, increasing to 640,000 tonnes in 1988 and 670,000 tonnes in 1989, the last of the five-year deadline set by the agreements. Brazilian officials are trying to increase Brazil's export share of non-flat products to the U.S. Market. The spokeswoman said there were reports of domestic supply problems in the United States.

training/9597

training/9597 |@title lear:2 siegler:2 holding:2 corp:2 plan:2 divest:2 aerospace:2 subsidiary:2 |@word

LEAR SIEGLER HOLDING CORP PLANS TO DIVEST AEROSPACE SUBSIDIARY LEAR SIEGLER HOLDING CORP PLANS TO DIVEST AEROSPACE SUBSIDIARY

training/9598

training/9598 |@title varity:2 corp:2 year:2 shr:2 loss:4 21:2 ct:4 vs:2 16:2 |@word

VARITY CORP YEAR SHR LOSS 21 CTS VS LOSS 16 CTS VARITY CORP YEAR SHR LOSS 21 CTS VS LOSS 16 CTS

training/9599

training/9599 |@title nordson:1 ndsn:1 set:1 3:1 2:1 split:1 |@word nordson:1 corp:1 say:2 board:1 declare:1 3:1 2:2 stock:2 split:1 pay:1 50:1 pct:1 dividend:1 april:2 30:1 shareholder:1 record:1 10:2 result:1 number:1 share:1 outstanding:1 increase:1 mln:2 6:1 8:1 maker:1 industrial:1 equipment:1

NORDSON <NDSN> SETS 3-FOR-2 SPLIT Nordson Corp said its board declared a 3-for-2 stock split to be paid as a 50 pct stock dividend on April 30 to shareholders of record April 10. As a result, the number of shares outstanding will increase to 10.2 mln from 6.8 mln, the maker of industrial equipment said.

training/96

training/96 |@title investment:1 firm:1 cut:1 cyclop:1 cyl:1 stake:1 |@word group:2 affiliate:1 new:1 york:1 investment:1 firm:1 say:2 lower:1 stake:1 cyclops:1 corp:2 260:1 500:2 share:3 6:1 4:1 pct:2 total:1 outstanding:1 common:2 stock:1 370:1 9:1 2:1 filing:1 securities:1 exchange:1 commission:1 lead:1 mutual:1 shares:1 sell:1 110:1 000:1 cyclop:1 feb:1 17:1 19:1 10:1 0:1 mln:1 dlrs:1

INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE A group of affiliated New York investment firms said they lowered their stake in Cyclops Corp to 260,500 shares, or 6.4 pct of the total outstanding common stock, from 370,500 shares, or 9.2 pct. In a filing with the Securities and Exchange Commission, the group, led by Mutual Shares Corp, said it sold 110,000 Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs.

training/960

training/960 |@title hk:1 hotels:1 soar:1 takeover:1 speculation:1 |@word price:3 hongkong:1 shanghai:1 hotels:6 ltd:5 shlh:1 hk:14 stock:3 soar:1 speculation:1 takeover:3 battle:1 major:1 shareholder:1 kadoorie:6 family:6 evergo:12 industrial:1 enterprise:1 evgh:1 group:5 broker:1 say:10 note:2 heavy:1 buying:1 hotel:10 share:4 announcement:1 china:4 entertainment:4 land:1 investment:2 co:2 unit:1 buy:2 20:4 pct:4 firm:1 deputy:1 chairman:2 david:1 liang:3 1:1 06:1 billion:1 dlrs:9 rise:1 12:1 h:1 k:1 62:1 today:2 thomas:1 lau:4 executive:1 director:1 decline:1 comment:1 whether:1 seek:1 stake:4 tell:1 reuters:1 hold:1 long:1 term:1 attract:1 underlie:1 strength:1 analyst:6 may:4 look:1 possible:1 redevelopment:1 peninsula:1 one:2 asia:1 best:1 know:1 another:2 site:1 hong:1 kong:1 island:1 lai:6 sun:6 garment:2 yesterday:2 acquire:1 10:1 530:1 mln:1 deny:2 link:1 acquisition:1 purely:1 coincidence:1 certain:1 reputation:1 corporate:1 raider:1 team:1 also:1 contact:1 estimate:1 michael:1 two:1 representative:1 nominate:1 board:1 source:1 close:1 consider:1 countermove:1 far:1 would:1 difficult:1 cooperate:1 different:1 management:2 style:1 want:1 split:1 property:1 development:1 strategy:1 fit:1 conservative:1 ask:1 name:1 distort:1 talk:1 net:1 asset:1 value:1 worth:1 50:3 offer:1 53:1 though:1 well:1 current:1 trading:2 suspend:1 associate:1 chinese:2 estates:1 estate:1 lose:1 25:1 cent:3 15:1 five:1 8:1 60:1 74:1 gain:1 70:1

HK HOTELS SOARS ON TAKEOVER SPECULATION The price of Hongkong and Shanghai Hotels Ltd <SHLH.HK>'s stock soared on speculation of a takeover battle between major shareholders the Kadoorie family and the Evergo Industrial Enterprise Ltd <EVGH.HK> group, stock brokers said. They noted heavy buying in Hk Hotel shares after an announcement by Evergo's <China Entertainment and Land Investment Co Ltd> unit that it bought about 20 pct of Hk Hotels from the firm's deputy chairman David Liang for 1.06 billion dlrs. The stock rose 12 H.K. Dlrs to 62 dlrs today. Thomas Lau, Evergo's executive director, declined comment on whether the group is seeking a further stake in Hk Hotels. But he told Reuters the group will hold the 20 pct stake bought from Liang as long term investment. He said Evergo 'was attracted by the underlying strength of Hk Hotels.' Analysts said Evergo may be looking for a possible redevelopment of the Peninsula Hotel, one of Asia's best known hotels, and another site on Hong Kong island. Both are owned by Hk Hotels. <Lai Sun Garment Co ltd> yesterday said it acquired a 10 pct stake in Hk Hotels from Liang for 530 mln dlrs. Lau denied any link between China Entertainment and Lai Sun on their acquisitions of the Hk Hotels stake. 'It is purely coincidence,' he said. But analysts were not so certain, saying that the Evergo group, which has a reputation as a corporate raider, may team up with Lai Sun Garment for a takeover. Lau also denied any contact with the Kadoorie family, which analysts estimate has more than 20 pct of Hk Hotels. Michael Kadoorie is chairman of Hk Hotels. Lau said two representatives of Evergo will be nominated to the Hk Hotels board. A source close to the Kadoorie family said the family has not considered any countermoves so far. Analysts said it would be difficult for Evergo and the Kadoorie family to cooperate because of different management styles. 'Evergo may want to split up the hotel management and property developments of Hk Hotels but that strategy may not fit the conservative Kadoorie family,' said an analyst who asked not to be named. Another analyst noted the price of Hk Hotels had been distorted by the takeover talks because its net asset value is only worth about 50 dlrs a share. The offers by Evergo and Lai Sun were for 53 dlrs a share, though that is well below the current trading price. Trading was suspended today in shares of Lai Sun, Evergo, China Entertainment and the group's associate <Chinese Estates Ltd>. Chinese Estates lost 25 cents to 20.15 dlrs yesterday, China Entertainment five to 8.60 dlrs and Evergo one to 74 cents. Lai Sun gained 50 cents to 70.50 dlrs.

training/9600

training/9600 |@title baldrige:2 see:2 u:2 trade:2 deficit:2 start:2 decline:2 feb:2 march:2 data:2 |@word

BALDRIGE SEES U.S. TRADE DEFICIT STARTING TO DECLINE IN FEB OR MARCH DATA BALDRIGE SEES U.S. TRADE DEFICIT STARTING TO DECLINE IN FEB OR MARCH DATA

training/9603

training/9603 |@title baldrige:1 see:1 u:1 trade:1 gap:1 dropping:1 soon:1 |@word commerce:1 secretary:2 malcolm:1 baldrige:5 say:6 u:1 trade:6 deficit:4 start:2 decline:3 soon:1 possibly:1 figure:3 february:4 march:2 could:1 see:2 appearance:1 senate:1 governmental:1 affairs:1 committee:2 predict:1 170:1 billion:2 dlrs:2 1986:2 would:1 30:1 40:1 1987:1 1988:1 make:1 prediction:1 without:1 volume:1 import:1 drop:2 begin:1 fourth:1 quarter:2 continue:1 eventual:1 turnaround:1 monthly:1 reflect:1 impact:1 dollar:1 eali:1 treasury:1 james:1 baker:1 tell:1 level:1 optimistic:1 adding:1 think:1 turn:1 corner:1

BALDRIGE SEES U.S. TRADE GAP DROPPING SOON Commerce Secretary Malcolm Baldrige said the U.S. trade deficit should start to decline soon, possibly in the figures for February or March. 'We could see the trade deficit start down in February or March,' Baldrige said in an appearance before the Senate Governmental Affairs Committee. He predicted the trade deficit, which was 170 billion dlrs in 1986, would decline by 30 to 40 billion dlrs in 1987 and in 1988. Baldrige said he was making his prediction without having seen the February trade figures, but he said that the volume of imports has dropped beginning with the fourth quarter of 1986 and will continue to drop in this quarter. The eventual turnaround in the monthly trade figures will reflect the impact of the decline in the dollar, Baldrige said. Ealier, Treasury Secretary James Baker told the committee that the trade deficit had levelled off, but Baldrige said he was more optimistic, adding, 'I think we turned the corner in February.'

training/9604

training/9604 |@title normal:1 work:1 resume:1 new:1 zealand:1 port:1 |@word normal:1 work:2 resume:2 new:1 zealand:1 port:2 negotiation:2 harbour:3 board:3 worker:3 employer:1 continue:1 wellington:1 workers:1 union:3 secretary:2 ross:1 wilson:2 tell:1 reporter:1 talk:2 late:1 yesterday:1 end:2 agreement:1 take:1 unresolved:1 issue:2 industrial:2 conciliator:1 say:2 remain:1 length:1 award:1 dispute:1 originally:1 wage:1 rate:1 form:1 industry:1 cook:1 strait:1 ferry:1 sailing:1 marlborough:1 return:1 morning:1 action:1 day:2 early:1 waterside:1 federation:1 strike:1 last:1 week:1 hold:1 one:1 mln:1 tonne:1 shipping:1 meet:1 monday:1 tuesday:1 conciliation:1 waterfront:1 employers:1 association:1 sam:1 jennings:1 get:1 two:1 clean:1 know:1 happen:1

NORMAL WORK RESUMES AT NEW ZEALAND PORTS Normal work has resumed at New Zealand ports as negotiations between harbour board workers and employers continue. Wellington Harbour Board Workers' Union secretary Ross Wilson told reporters talks late yesterday ended with agreement to take unresolved issues before an industrial conciliator. Wilson said the only remaining issue is the length of the union award. The dispute originally was about wage rates and the form of industry negotiations. Cook Strait ferry sailings resumed after Marlborough Harbour Board workers returned to work this morning, ending their industrial action a day early. The Waterside Workers' Federation, which struck for most of last week and held more than one mln tonnes of shipping in ports, meets on Monday and Tuesday in conciliation with the Waterfront Employers' Association. Union Secretary Sam Jennings said: 'We've got two days of talks. If it's not all cleaned up by then ... I don't know what will happen.'

training/9605

training/9605 |@title varity:1 corp:1 vat:1 4th:1 qtr:1 jan:1 31:1 loss:1 |@word shr:3 loss:7 13:1 ct:4 vs:7 one:1 net:2 18:1 600:1 000:4 profit:2 3:2 300:2 revs:1 394:1 0:2 mln:4 351:1 year:1 21:1 16:1 23:1 900:1 rev:1 1:2 36:1 billion:2 29:1 note:1 current:1 yr:2 include:1 reorganization:2 charge:2 15:1 2:1 dlrs:3 ago:1 17:1 6:1 prefer:1 divs:1 u:1

VARITY CORP <VAT> 4TH QTR JAN 31 LOSS Shr loss 13 cts vs loss one ct Net loss 18,600,000 vs profit 3,300,000 Revs 394.0 mln vs 351.0 mln YEAR Shr loss 21 cts vs loss 16 cts Net loss 23,300,000 vs profit 3,900,000 Revs 1.36 billion vs 1.29 billion Note: Current yr loss includes reorganization charge of 15.2 mln dlrs vs yr-ago reorganization charge of 17.6 mln dlrs. Shr after preferred divs. U.S. dlrs.

training/9606

training/9606 |@title indiana:1 federal:1 ifsl:1 4th:1 qtr:1 net:1 |@word net:2 492:1 000:4 vs:2 677:1 year:1 2:2 650:1 566:1 note:1 company:1 full:1 name:1 indiana:1 federal:1 savings:1 loan:1 association:1 per:1 share:1 information:1 available:1 bank:1 go:1 public:1 february:1 11:1 1987:1

INDIANA FEDERAL <IFSL> 4TH QTR NET Net 492,000 vs 677,000 Year Net 2,650,000 vs 2,566,000 NOTE: Company's full name is Indiana Federal Savings and Loan Association. Per share information not available. Bank went public on February 11, 1987.

training/9607

training/9607 |@title lear:1 siegler:1 hold:1 divest:1 aerospace:1 unit:1 |@word forstmann:3 little:2 co:2 say:4 lear:7 siegler:4 holding:1 corp:9 plan:4 divest:1 aerospace:3 group:10 subsidiary:4 comprise:1 defense:4 electronic:2 component:3 divestiture:2 expect:2 since:1 diversified:1 conglomerate:1 acquire:1 last:2 december:1 2:1 1:2 billion:1 dlr:1 leverage:1 buyout:1 wall:1 street:1 firm:1 revenue:1 fiscal:1 1987:1 700:1 mln:1 dlrs:1 design:1 manufacture:2 weapon:1 management:2 system:3 flight:1 control:2 remotely:1 pilot:1 vehicle:1 reference:1 navigation:1 mainly:1 military:1 market:1 astronics:1 base:7 santa:3 monica:1 calif:3 employ:9 076:1 people:9 instrument:1 avionic:1 systems:1 grand:1 rapids:1 mich:1 3:1 479:1 international:1 stamford:1 conn:1 266:1 development:1 sciences:1 ontario:1 237:1 pump:1 bearing:1 industrial:1 well:1 nuclear:1 drive:1 rod:1 mechanism:1 valve:1 include:1 power:1 equipment:1 cleveland:1 880:1 energy:1 products:2 ana:2 755:1 romek:1 elyria:1 ohio:1 262:1 transport:1 dynamic:1 254:1 overall:1 eight:1 7:1 200:1 retain:2 services:1 engage:1 aircraft:2 maintenance:1 modification:1 various:1 department:1 agency:1 morgan:1 stanley:1 act:1 financial:1 advsior:1 month:1 sell:1 smith:1 wesson:1 handgun:1 business:1 starcraft:1 recreational:1 ltd:1 peerless:1 truck:1 trailer:1 operation:1 unit:2 part:1 restructuring:1 apparently:1 piper:1

LEAR-SIEGLER HOLDING TO DIVEST AEROSPACE UNIT Forstmann Little and Co said Lear Siegler Holding Corp plans to divest its aerospace group subsidiary, comprised of the Defense Electronics Group and the Components Group. Divestitures had been expected since Lear-Siegler, a diversified conglomerate, was acquired last December in a 2.1- billion-dlr-leveraged buyout by the Wall Street firm of Forstmann Little. Lear's aerospace group revenues for fiscal 1987 are expected to be about 700 mln dlrs, said Forstmann. The Defense Electronics Group designs and manufactures weapons, management systems, flight control systems, remotely piloted vehicles and reference and navigation systems, mainly for military markets. The Defense Group subsidiaries are Astronics Corp, which is based in Santa Monica, Calif., and employs 1,076 people; Instrument and Avionic Systems Corp, based in Grand Rapids, Mich., and employs 3,479 people; International Corp, based in Stamford, Conn., and employs 266 people; and Development Sciences Corp, based in Ontario, Calif., and employs 237 people. The Components Group manufactures pumps, bearings, and other industrial components as well as nuclear control drive rod mechanisms and valves. The Group's subsidiaries include Power Equipment Corp, based in Cleveland, which employs 880 people; Energy Products Corp, based in Santa Ana, Calif., which employs 755 people; Romek Corp, based in Elyria, Ohio, which employs 262 people; and Transport Dynamics in Santa Ana, which employs 254 people. Overall, Lear's Aerospace Group's eight subsidiaries employs 7,200 people. Lear Siegler said it plans to retain Management Services Corp, engaged in aircraft maintenance modification for various Department of Defense agencies. Morgan Stanley and Co will act as financial advsiors for the group's divestitures. Last month, Lear Siegler said it planned to sell its Smith and Wesson handgun business, Starcraft Recreational Products Ltd, the Peerless truck trailer operations, and other units, as part of its restructuring plans. Lear apparently will retain its Piper Aircraft unit.

training/9608

training/9608 |@title rubbermaid:1 rbd:1 complete:1 acquisition:1 |@word rubbermaid:1 inc:1 say:1 complete:1 previously:1 announce:1 acquisition:2 vike:1 brush:2 ltd:1 canadian:1 maker:1 broom:1 clean:1 aid:1 little:2 tike:3 manufacturing:1 licensee:2 ireland:1 term:1 disclose:1 part:1 expansion:1 european:1 toy:1 market:1

RUBBERMAID <RBD> COMPLETES ACQUISITIONS Rubbermaid Inc said it completed the previously announced acquisitions of Viking Brush Ltd, a Canadian maker of brushes, brooms and other cleaning aids, and the Little Tikes' manufacturing licensee in Ireland. Terms were not disclosed. The acquisition of the Tikes' licensee is part of the expansion of Little Tikes in the European toy market.

training/9610

training/9610 |@title crystal:1 oil:1 co:1 cor:1 4th:1 qtr:1 loss:1 |@word oper:5 shr:2 loss:9 16:1 ct:2 vs:8 44:1 net:3 8:2 926:1 000:4 14:2 4:6 mln:8 revs:2 9:1 920:1 21:1 2:3 year:2 30:1 dlrs:6 24:1 221:1 53:1 7:1 51:1 94:1 note:1 exclude:1 discontinue:1 operation:1 228:1 253:1 qtr:1 10:1

CRYSTAL OIL CO <COR> 4TH QTR LOSS Oper shr loss 16 cts vs loss 44 cts Oper net loss 8,926,000 vs loss 14.4 mln Revs 9,920,000 vs 21.2 mln Year Oper shr loss 4.30 dlrs vs loss 2.24 dlrs Oper net loss 221.8 mln vs loss 53.7 mln Revs 51.4 mln vs 94.4 mln Note: Oper net excludes losses from discontinued operations of 228,000 dlrs vs 4,253,000 dlrs for qtr and 10.4 mln dlrs vs 14.2 mln dlrs for year.

training/9611

training/9611 |@title chemfix:1 technologies:1 cfix:1 2nd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 profit:4 one:1 ct:4 vs:6 loss:4 four:1 net:2 53:1 040:1 255:1 568:1 rev:2 2:1 252:1 246:1 755:1 605:1 six:1 month:1 three:1 eight:1 217:1 884:1 517:1 538:1 4:1 9:1 mln:2 1:1 6:1 note:1 company:1 full:1 name:1 chemfix:1 technologies:1 inc:1

CHEMFIX TECHNOLOGIES <CFIX> 2ND QTR FEB 28 NET Shr profit one ct vs loss four cts Net profit 53,040 vs loss 255,568 Rev 2,252,246 vs 755,605 Six months Shr profit three cts vs loss eight cts Net profit 217,884 vs loss 517,538 Rev 4.9 mln vs 1.6 mln NOTE: Company's full name is Chemfix Technologies Inc.

training/9612

training/9612 |@title federal:1 mogul:1 corp:1 fmo:1 set:1 regular:1 dividend:1 |@word qtly:1 div:1 40:2 ct:2 vs:1 prior:1 pay:1 june:1 10:1 record:1 may:1 27:1

FEDERAL-MOGUL CORP <FMO> SETS REGULAR DIVIDEND Qtly div 40 cts vs 40 cts prior Pay June 10 Record May 27

training/9613

training/9613 |@title iowa:1 resources:1 inc:1 ior:1 declare:1 qtly:1 dividend:1 |@word qtly:1 div:1 41:2 ct:2 vs:1 prior:1 pay:1 may:1 1:1 record:1 april:1 8:1

IOWA RESOURCES INC <IOR> DECLARES QTLY DIVIDEND Qtly div 41 cts vs 41 cts prior Pay May 1 Record April 8

training/9614

training/9614 |@title eia:2 say:2 distillate:2 stock:2 3:2 2:6 mln:6 bbls:2 gasoline:2 crude:2 7:2 5:2 |@word

EIA SAYS DISTILLATE STOCKS OFF 3.2 MLN BBLS, GASOLINE UP 2.2 MLN, CRUDE UP 7.5 MLN EIA SAYS DISTILLATE STOCKS OFF 3.2 MLN BBLS, GASOLINE UP 2.2 MLN, CRUDE UP 7.5 MLN

training/9615

training/9615 |@title u:1 home:1 resale:1 february:1 realtor:1 say:1 |@word national:1 association:2 realtors:1 say:3 sale:2 previously:1 home:2 rise:2 six:1 pct:2 february:2 january:2 level:1 seasonally:1 adjust:1 annual:1 rate:2 3:1 69:1 mln:1 unit:1 realtor:1 group:1 apparent:1 across:1 country:1 reflect:1 low:1 mortgage:1 interest:1 well:1 housing:1 demand:1 actual:1 resale:1 total:2 241:1 000:2 11:1 6:1 216:1

U.S. HOME RESALES UP IN FEBRUARY, REALTORS SAY The National Association of Realtors said sales of previously owned homes rose six pct during February from January levels to a seasonally adjusted annual rate of 3.69 mln units. The realtors' group said the sales rise was apparent across the country and reflected lower mortgage interest rates as well as more housing demand. Actual resales of homes during February totaled 241,000, up 11.6 pct from the January total of 216,000, the association said.

training/9617

training/9617 |@title low:1 u:2 soybean:1 loan:1 idea:1 sharply:1 criticize:1 |@word soybean:16 lobbyist:1 congressional:1 aide:4 criticize:1 proposal:2 senior:2 agriculture:2 department:1 official:1 congress:6 allow:2 u:2 loan:10 level:2 officially:1 lower:1 4:5 56:3 dlrs:5 per:2 bushel:2 next:1 year:1 know:1 would:5 propose:1 happen:1 politically:1 totally:1 unacceptable:1 farm:1 state:1 senator:1 say:8 usda:4 undersecretary:1 daniel:1 amstutz:3 week:1 give:1 authority:1 keep:1 current:2 effective:2 rate:4 rather:1 increase:3 minimum:1 77:2 convince:1 go:1 along:1 american:1 association:1 president:1 dave:1 haggard:1 tell:1 reporter:1 follow:1 senate:1 hearing:1 could:1 consider:2 way:2 make:2 competitive:3 comment:1 see:1 possibly:1 indicate:1 administration:1 position:1 debate:1 time:1 protect:1 farmer:1 income:1 use:1 specific:1 certificate:2 buydown:2 implementation:1 marketing:3 point:1 get:1 price:1 secretary:1 richard:1 lyng:1 however:1 continue:1 maintain:1 opposition:1 move:1 costly:1 alot:1 option:1 look:2 one:1 bill:1 conner:2 rep:1 edward:1 madigan:1 r:2 ill:1 rank:1 minority:1 leader:1 committee:1 anybody:1 represent:1 large:1 group:1 producer:1 excited:1 support:2 low:1 may:1 likely:1 decide:1 5:2 02:2 dlr:1 basic:1 something:1 mandate:1 competitiveness:1 david:1 graves:1 sen:1 thad:1 cochran:2 miss:1 staunch:1 supporter:1 grave:1

LOWER U.S. SOYBEAN LOAN IDEA SHARPLY CRITICIZED U.S. soybean lobbyists and congressional aides criticized a proposal from a senior Agriculture Department official that Congress allow the U.S. soybean loan level to be officially lowered to 4.56 dlrs per bushel next year. 'I don't know who in Congress would propose that happening. Politically it would be totally unacceptable,' an aide to a senior farm-state senator said. USDA undersecretary Daniel Amstutz said this week that Congress should give USDA authority to keep the soybean loan at its current effective rate of 4.56 dlrs per bushel rather than increasing it to its minimum allowed level of 4.77 dlrs. 'I'm convinced that Congress will not go along with this,' American Soybean Association President Dave Haggard said. Amstutz told reporters following a senate hearing that if the soybean loan rate were 4.56 dlrs, USDA could then consider ways to make U.S. soybeans more competitive. His comments were seen as possibly indicating what the the administration's position is in the debate over what should be done to make soybeans competitive and at the same time protect soybean farmers' income. Using soybean specific certificates to further buydown the loan rate or implementation of a marketing loan have been pointed to as the most effective ways to get soybean prices competitive. USDA secretary Richard Lyng, however, continues to maintain his opposition to a marketing loan, saying such a move would be too costly. 'There will be alot of other options that will be considered before Congress looks at that one (the Amstutz proposal,' said Bill O'Conner, aide to Rep. Edward Madigan (R-Ill), ranking minority leader of the Agriculture Committee. 'Anybody representing large groups of soybean producers would not be very excited about supporting a lower soybean loan,' O'Conner said. Congress may very likely look at the soybean loan and decide that they cannot increase it from its current 5.02 dlr basic rate, but that there has to be something mandated to increase soybean's competitiveness, David Graves, aide to Sen. Thad Cochran (R-Miss) said. Cochran, a staunch supporter of a soybean marketing loan, would support a soybean loan of 5.02 or 4.77 dlrs with a certificate buydown, Graves said.

training/9618

training/9618 |@title fiduciary:1 trust:1 co:1 five:1 one:1 stock:1 split:1 |@word fiduciary:1 trust:1 co:1 international:1 say:3 shareholder:1 annual:1 meeting:1 approve:1 five:2 one:2 stock:2 split:3 effective:1 may:1 15:2 1987:2 holder:1 record:1 april:1 company:3 would:2 increase:1 number:1 authorized:1 common:1 share:5 440:1 000:4 2:3 200:1 issue:2 addition:1 authorize:1 another:1 800:1 time:1 also:1 change:1 par:2 value:2 10:1 dlrs:5 50:2 explain:1 transfer:1 1:1 100:1 undivided:1 profit:1 account:2 capital:1 order:1 raise:1 new:1 two:1

FIDUCIARY TRUST CO IN FIVE-FOR-ONE STOCK SPLIT <Fiduciary Trust Co International> said its shareholders at the annual meeting approved a five-for-one stock split effective May 15, 1987, to holders of record on April 15, 1987. The company said the split would increase the number of authorized common shares from 440,000 to 2,200,000 shares issued. In addition, the company said it authorized another 800,000 shares, but would not issue them at this time. The company also changed the stock's par value from 10 dlrs a share to 2.50 dlrs a share. It explained it transferred 1,100,000 dlrs from its undivided profits account to its capital account in order to raise the new par value from two dlrs, under the five-for-one split, to 2.50 dlrs.

training/9619

training/9619 |@title modulaire:1 modx:1 buy:1 boise:1 homes:1 property:1 |@word modulaire:2 industries:1 say:2 acquire:1 design:1 library:1 manufacturing:1 right:1 privately:1 boise:2 home:2 undisclosed:1 amount:1 cash:1 sell:1 commercial:1 residential:1 prefabricated:1 structure:1

MODULAIRE <MODX> BUYS BOISE HOMES PROPERTY Modulaire Industries said it acquired the design library and manufacturing rights of privately-owned Boise Homes for an undisclosed amount of cash. Boise Homes sold commercial and residential prefabricated structures, Modulaire said.

training/9625

training/9625 |@title la:1 quinta:1 motor:1 inns:1 inc:1 lqm:1 3rd:1 qtr:1 feb:1 28:1 net:1 |@word shr:2 profit:6 25:1 ct:4 vs:7 loss:2 nine:3 net:3 3:3 433:1 000:6 1:2 310:1 revs:2 37:1 mln:6 39:1 0:2 mth:2 28:1 27:1 883:1 908:1 133:1 2:2 132:1 avg:1 shrs:1 13:1 8:1 14:1 note:1 current:1 include:1 gain:1 sale:1 31:1 inn:1 7:2 719:1 dlrs:2 qtr:1 975:1

LA QUINTA MOTOR INNS INC<LQM>3RD QTR FEB 28 NET Shr profit 25 cts vs loss nine cts Net profit 3,433,000 vs loss 1,310,000 Revs 37.1 mln vs 39.0 mln Nine mths Shr profit 28 cts vs profit 27 cts Net profit 3,883,000 vs profit 3,908,000 Revs 133.2 mln vs 132.0 mln Avg shrs 13.8 mln vs 14.2 mln Note: Current net includes gain on sale of 31 inns of 7,719,000 dlrs for qtr and 7,975,000 dlrs for nine mths.

training/9626

training/9626 |@title kansas:2 city:2 southern:4 industries:2 say:2 eager:2 purchase:2 pacific:2 railroad:2 |@word

KANSAS CITY SOUTHERN INDUSTRIES SAYS IT EAGER TO PURCHASE SOUTHERN PACIFIC RAILROAD KANSAS CITY SOUTHERN INDUSTRIES SAYS IT EAGER TO PURCHASE SOUTHERN PACIFIC RAILROAD

training/9628

training/9628 |@title u:1 chipmaker:1 urge:1 sanction:1 japan:1 |@word semiconductor:4 industry:2 association:1 urge:1 u:3 government:2 impose:2 trade:4 sanction:3 japan:6 violate:1 agreement:4 letter:1 treasury:1 secretary:1 james:1 baker:1 group:4 say:4 japanese:3 chipmaker:1 april:1 1:1 continue:1 united:1 states:1 satisfied:1 full:1 compliance:1 action:1 cut:1 back:1 export:1 require:2 america:1 interest:1 honor:1 bear:1 burden:1 persistent:1 unwillingness:1 inability:1 deliver:1 commitment:1 white:1 house:1 economic:1 policy:1 council:1 expect:1 discuss:1 possible:1 meeting:1 schedule:1 thursday:1 live:1 term:1 last:1 year:1 aim:1 end:1 dumping:1 open:1 market:1 foreign:1 base:1 manufacturer:1

U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN The Semiconductor Industry Association urged the U.S. government to impose trade sanctions against Japan for violating the U.S.-Japan Semiconductor Trade Agreement. In a letter to Treasury Secretary James Baker the group said sanctions should be imposed against Japanese chipmakers as of April 1 and should continue until the United States is satisfied that there is full compliance with the agreement. The group said action by Japan to cut back on semiconductor exports is not what is required. 'America's interests require that agreements be honored and that U.S. industries not bear the burden for the persistent unwillingness or inability of the government of Japan to deliver on its commitments,' the trade group said. The White House Economic Policy Council is expected to discuss possible sanctions against Japan at a meeting scheduled for Thursday. The trade group said Japan has not lived up to the terms of the agreement last year which was aimed at ending Japanese dumping of semiconductors and at opening Japanese markets to foreign-based manufacturers.

training/963

training/963 |@title bryson:1 pay:1 5:1 4:1 mln:1 dlrs:1 cenergy:1 corp:1 stake:1 |@word bryson:2 oil:2 gas:2 plc:1 say:2 pay:1 cash:1 consideration:1 around:1 5:1 4:1 mln:3 dlrs:3 8:1 6:1 pct:1 cenergy:3 corp:1 u:2 exploration:1 production:1 company:2 board:1 consider:1 number:1 possible:1 investment:2 expand:1 interest:1 believe:1 opportunity:1 acquire:1 provide:1 suitable:1 extension:1 exist:1 interests:1 report:1 net:1 loss:1 7:1 27:1 nine:1 month:1 september:1 30:1 1986:1 total:1 stockholder:1 equity:1 date:1 40:1 72:1

BRYSON PAYS 5.4 MLN DLRS FOR CENERGY CORP STAKE <Bryson Oil and Gas Plc> said it paid a cash consideration of around 5.4 mln dlrs for about 8.6 pct of <Cenergy Corp>, a U.S. Oil and gas exploration and production company. Bryson said its board has been considering a number of possible investments to expand the company's interests and believes the opportunity to acquire an investment in Cenergy provides a suitable extension to its existing U.S. Interests. Cenergy reported a net loss of 7.27 mln dlrs in the nine months to September 30, 1986 while total stockholders equity on the same date was 40.72 mln dlrs.

training/9634

training/9634 |@title recent:1 u:2 oil:1 demand:1 0:1 1:1 pct:1 year:1 ago:1 |@word oil:2 demand:8 measure:1 product:2 supply:1 rise:2 0:5 1:14 pct:14 four:2 week:2 end:1 march:1 20:1 16:6 mln:28 barrel:1 per:1 day:2 15:1 period:3 year:11 ago:4 energy:2 information:1 administration:1 eia:5 say:9 weekly:1 petroleum:2 status:1 report:1 department:1 agency:1 distillate:2 3:8 258:1 bpd:13 260:1 early:1 gasoline:2 average:5 6:4 72:1 2:3 80:1 last:1 residual:2 fuel:2 38:1 41:2 domestic:2 crude:5 production:1 estimate:2 8:5 35:1 7:3 9:2 06:1 gross:2 daily:1 import:2 exclude:1 spr:1 44:1 95:1 refinery:2 run:2 11:3 90:1 4:2 74:1 earlier:1 first:1 78:1 12:2 25:1 04:2 date:2 32:1 1986:2 far:1 31:1 30:1 60:1 59:1 fall:1 42:1 43:1 output:1 96:1 28:1 09:1

RECENT U.S. OIL DEMAND UP 0.1 PCT FROM YEAR AGO U.S. oil demand as measured by products supplied rose 0.1 pct in the four weeks ended March 20 to 16.16 mln barrels per day from 16.15 mln in the same period a year ago, the Energy Information Administration (EIA) said. In its weekly petroleum status report, the Energy Department agency said distillate demand was off 0.1 pct in the period to 3.258 mln bpd from 3.260 mln a year earlier. Gasoline demand averaged 6.72 mln bpd, off 1.2 pct from 6.80 mln last year, while residual fuel demand was 1.38 mln bpd, off 2.1 pct from 1.41 mln, the EIA said. Domestic crude oil production was estimated at 8.35 mln bpd, down 7.8 pct from 9.06 mln a year ago, and gross daily crude imports (excluding those for the SPR) averaged 3.44 mln bpd, up 16.3 pct from 2.95 mln, the EIA said. Refinery crude runs in the four weeks were 11.90 mln bpd, up 1.4 pct from 11.74 mln a year earlier, it said. In the first 78 days of the year, refinery runs were up 1.8 pct to an average 12.25 mln bpd from 12.04 mln in the year-ago period, the EIA said. Year-to-date demand for all petroleum products averaged 16.32 mln bpd, up 1.8 pct from 16.04 mln in 1986, it said. So far this year, distillate demand rose 0.1 pct to 3.31 mln bpd from 3.30 mln in 1986, gasoline demand was 6.60 mln bpd, up 0.1 pct from 6.59 mln, and residual fuel demand fell 0.4 pct to 1.42 mln bpd from 1.43 mln, the EIA said. Year-to-date domestic crude output was estimated at 8.41 mln bpd, off 7.7 pct from 9.11 mln a year ago, while gross crude imports averaged 3.96 mln bpd, up 28.1 pct from 3.09 mln, it said.

training/9635

training/9635 |@title fed:2 approve:2 chemical:2 bank:2 acquisition:2 texas:2 commerce:2 bancshare:1 bancshares:1 |@word

FED APPROVES CHEMICAL BANK ACQUISITION OF TEXAS COMMERCE BANCSHARES FED APPROVES CHEMICAL BANK ACQUISITION OF TEXAS COMMERCE BANCSHARES

training/9637

training/9637 |@title kansas:1 city:1 ksu:1 ready:1 buy:1 southern:1 pacific:1 |@word kansas:7 city:5 southern:19 industries:1 inc:3 say:11 ready:1 promptly:1 purchase:1 pacific:10 transportation:1 co:2 santa:8 fe:9 corp:1 sfx:1 interstate:1 commerce:1 commission:2 reject:2 sante:1 attempt:1 reopen:1 merger:6 atchison:1 tokepa:1 railway:1 filing:1 icc:4 late:1 today:2 company:2 outline:1 four:2 condition:3 offer:5 acquire:1 among:1 enter:1 agreement:2 indemnify:1 contigent:1 liabilite:1 exist:2 closing:1 date:1 financial:1 remain:1 largely:1 unchanged:1 onward:1 willing:1 even:2 eager:1 make:3 fair:1 market:1 value:3 cash:1 president:1 chief:2 executive:2 officer:1 landon:1 h:1 rowland:2 disprove:1 constant:1 derogation:1 sourthern:1 sfsp:3 management:2 best:1 exemplify:1 john:1 schmidt:1 comment:1 hearing:1 bankrupt:1 merge:1 achieve:1 benefit:1 end:2 preseve:1 independece:1 versus:1 prime:1 competitor:1 estimate:1 railroad:3 1983:2 range:1 281:1 mln:3 dlrs:4 1:1 2:1 billion:1 morgan:1 stanley:1 salomon:1 brothers:1 hire:1 advise:1 appraise:1 worth:1 500:1 800:1 less:1 internal:1 valuations:1 kanasa:1 book:1 record:1 property:1 examine:1 examination:1 complete:1 absence:1 willingne:1 negotiate:1 kcsi:1 writing:1 also:1 argue:2 file:1 meet:1 legal:1 requirement:1 justify:1 reconsideration:2 propose:1 two:1 basically:1 parallel:1 throughout:1 route:1 vote:1 one:1 last:1 summer:1 inherently:1 anticompetitive:1 petition:1 trackage:1 union:1 denver:1 rio:1 grande:1 western:1 add:1

KANSAS CITY <KSU> READY TO BUY SOUTHERN PACIFIC Kansas City Southern Industries Inc said it is ready to promptly purchase the Southern Pacific Transportation Co from Santa Fe Southern Pacific Corp <SFX> if the Interstate Commerce Commission rejects Sante Fe's attempt to reopen the merger of Southern and the Atchison, Tokepa and Santa Fe Railway. In a filing with the ICC late today, the company outlined four conditions of its offer to acquire Southern Pacific. Among the conditions are that Santa Fe enter into an agreement to indemnify Kansas City for any contigent liabilites of Southern Pacific existing as of the closing date, and that the financial condition of Southern remain largely unchanged from today onward. 'We are willing, even eager, to make a fair market value offer in cash for the Southern Pacific,' said Kansas City Southern president and chief executive officer Landon H. Rowland. 'This offer disproves the constant derogation of the Sourthern Pacific by SFSP management, best exemplified by SFSP Chief Executive John Schmidt's comment in ICC hearings that the Southern Pacific was 'bankrupt,'' said Rowland. He said that merging Southern with Kansas City will achieve the benefits of an end-to-end merger while preseving the independece of the Southern Pacific versus its existing prime competitor, Santa Fe. Kansas said that Southern's management had estimated the value of the railroad in 1983 in the range of 281 mln dlrs to 1.2 billion dlrs. It said that Morgan Stanley and Co Inc and Salomon Brothers Inc, hired in 1983 to advise Southern and Santa Fe in their merger, appraised Southern as worth between 500 mln dlrs and 800 mln dlrs less than Southern's own internal valuations. Kanasa City Southern said it will make an offer for Southern after its books, records and properties are examined. 'Once that examination has been completed (and even in the absence of a willingnes of SFSP to negotiate) KCSI will make an offer in writing....' said the company. Kansas also said it argued in the ICC filing that Santa Fe had not met the legal requirements justifying the Commission's reconsideration of the proposed merger of Santa Fe and Southern Pacific, two railroads that it said basically parallel each other throughout their routes. ICC voted four to one last summer to reject the merger as inherently anticompetitive. Kansas said Santa Fe in petitioning for reconsideration now argues that the trackage agreements with the Union Pacific, the Denver and Rio Grande Western and other railroads, adds to the value of the merger.

training/9638

training/9638 |@title gencorp:1 gy:1 bid:1 could:1 raise:1 group:1 say:1 |@word investor:2 group:4 say:18 may:3 willing:1 raise:1 100:2 dlr:2 per:2 share:2 offer:7 gencorp:11 far:1 company:3 turn:1 request:3 meeting:2 able:1 see:1 additional:1 value:1 could:2 meet:1 get:2 financial:2 datum:1 joel:1 reed:9 speak:1 tell:1 reuters:1 chairman:1 william:1 reynolds:2 interested:1 sit:1 talk:1 time:2 cyril:1 wagner:2 seek:1 recent:1 telephone:1 conversation:1 brown:1 along:1 afg:3 industries:1 inc:2 recently:1 launch:1 surprise:1 tender:3 worth:1 2:2 23:1 billion:1 dlrs:4 circumstance:1 expire:1 april:1 15:1 fair:1 gain:1 3:1 1:1 114:1 today:1 nyse:1 outline:1 plan:5 reshape:1 event:1 win:1 control:1 aerospace:2 soft:1 drink:1 bottling:1 entertainment:1 unit:2 potential:1 divestiture:2 candidate:1 tire:4 business:4 want:1 keep:1 viable:1 merge:1 another:1 one:2 option:1 would:5 try:1 grow:1 combination:1 acquisition:1 believe:1 merger:1 create:1 strong:1 force:1 industry:1 gary:1 miller:1 chief:1 officer:1 record:1 acquire:3 mature:1 boost:1 productivity:1 automation:1 incentive:1 tie:1 profit:1 sharing:1 use:1 success:1 case:1 rko:2 general:2 broadcasting:1 station:4 partner:7 step:1 shoe:1 proceed:2 sell:2 succe:1 intend:1 consummate:1 sale:2 wor:1 tv:2 new:1 york:1 mca:2 last:1 year:1 enter:1 agreement:1 387:1 mln:3 also:3 propose:2 khj:1 los:1 angeles:1 walt:1 disney:1 co:1 dis:1 receive:2 217:1 fidelilty:1 television:1 challenge:1 license:1 103:1 federal:1 communications:1 commission:1 establish:1 expedite:2 schedule:2 comment:1 special:1 temporary:1 authorization:1 trust:1 arrangement:1 fcc:1 consider:1 formal:1 application:1 transfer:1 broadcast:1 pleased:1 provide:2 agency:1 act:1 expiration:1 aim:1 move:1 quickly:1 possible:1 eliminate:1 uncertainty:1 surround:1 ask:1 criticism:1 takeover:1 attempt:1 voice:1 municipal:1 official:1 akron:1 ohio:2 headquarter:1 long:2 term:2 growth:2 note:1 slate:1 locate:1 california:1 program:1 overall:1 great:1 segment:1

GENCORP <GY> BID COULD BE RAISED, GROUP SAYS An investor group said it might be willing to raise its 100 dlr per share offer for GenCorp but so far the company has turned down requests for a meeting. 'We might be able to see some additional value if we could meet' and get more financial data, said Joel Reed, speaking for the investor group. Reed told Reuters that GenCorp chairman A. William Reynolds 'was not interested in sitting down and talking with us at this time.' Cyril Wagner sought the meeting in a recent telephone conversation with Reynolds, Reed said. Wagner and Brown, along with AFG Industries Inc <AFG>, recently launched a surprise tender offer for GenCorp. The offer is worth 2.23 billion dlrs. Reed said under the circumstances the 100 dlr per share tender offer, which expires April 15, is a fair offer. GenCorp gained 3-1/2 to 114 today on the NYSE. Reed outlined a plan to reshape GenCorp in the event his group wins control. He said aerospace, soft drink bottling and entertainment units are potential divestiture candidates. He said the tire business, which the group wants to keep, may be more viable if merged with another tire company. 'One option would be to try to grow the tire business through combination or an acquisition,' Reed said. He said he believes such a merger could create a stronger force in the tire industry. Gary Miller, chief financial officer of AFG, said his company has a record of acquiring mature businesses and boosting productivity. Automation and incentives tied to profit sharing have been used with success, he said. In the case of GenCorp's RKO General broadcasting stations, Reed said the plan of the partners is to step into GenCorp's shoes and proceed with plans to sell the stations. The partners said if they succed in acquiring GenCorp they intend to consummate sale of WOR-TV in New York to MCA Inc <MCA>. GenCorp last year entered into an agreement to sell the station for 387 mln dlrs. The partners also said if they acquire Gencorp they would also proceed with the proposed sale of KHJ-TV in Los Angeles to Walt Disney Co <DIS>. RKO General would receive 217 mln dlrs and Fidelilty Television, which challenged the license, would get about 103 mln dlrs. The partners also said the Federal Communications Commission established an expedited schedule for receiving comments on their request for special temporary authorization of proposed trust arrangements while the FCC considers a formal application for transfer of the broadcast unit. Reed said he was pleased with the expedited schedule because it provides time for the agency to act on the request before the expiration of the tender offer. He said it was the aim of the partners to move as quickly as possible to eliminate uncertainty surrounding the stations. Asked about criticism of the takeover attempt voiced by some municipal officials in Akron, Ohio, where GenCorp is headquartered, Reed said, 'the plan of the partners offers long term growth for Ohio.' He noted that the aerospace business, slated for divestiture under the partners' plan, is located in California. 'Our program is one that overall would provide the greatest long term growth for all segments,' he said.

training/9639

training/9639 |@title unocal:1 ucl:1 plan:1 increase:1 capital:1 spending:1 |@word unocal:7 corp:1 say:12 intend:1 increase:2 spending:3 capital:1 project:1 929:1 mln:8 dlrs:12 1987:2 eight:1 pct:4 862:1 spend:2 1986:10 company:5 annual:3 report:3 would:1 exploration:2 development:1 petroleum:1 resource:1 three:1 614:1 595:1 assume:1 oil:9 price:5 hold:1 around:1 current:1 level:1 plan:2 production:4 remain:1 well:1 1:3 billion:3 1985:8 prove:1 developed:1 undeveloped:1 reserve:3 crude:6 rise:2 slightly:1 net:3 condensate:2 752:1 bbls:2 dec:1 31:1 compare:4 751:1 end:1 average:5 248:1 200:1 barrel:4 per:5 day:2 251:1 300:1 bpd:1 worldwide:2 natural:4 gas:4 6:2 07:1 cubic:3 foot:3 19:1 output:1 976:1 10:1 084:1 sale:2 12:1 67:1 23:1 81:2 2:2 03:1 thousand:1 24:1 cost:1 decline:1 nearly:1 30:1 3:1 41:1 bbl:1 equivalent:1 4:1 call:1 imposition:1 import:2 fee:1 u:2 government:1 set:1 floor:1 25:1 simply:1 stabilize:1 18:1 materialy:1 slow:1 drop:1 chairman:1 fred:1 hartley:2 without:1 decisive:1 action:1 washington:1 nation:1 become:1 hostage:1 opec:1 policy:1

UNOCAL <UCL> PLANS INCREASE IN CAPITAL SPENDING Unocal Corp said it intends to increase its spending for capital projects to 929 mln dlrs in 1987, eight pct more than the 862 mln spent in 1986. The company said in its annual report that it would increase spending for exploration and development of petroleum resources by about three pct to 614 mln dlrs from 1986's 595 mln dlrs, assuming oil prices hold around current levels. The planned spending for exploration and production in 1987 remains well below the 1.1 billion dlrs spent in 1985, Unocal said. The company's proved developed and undeveloped reserves of crude oil rose slightly in 1986, Unocal said. Net crude oil and condensate reserves were 752 mln bbls as of Dec 31, 1986, compared to 751 mln bbls at the end of 1985, Unocal said. The company said its net crude oil and condensate production averaged 248,200 barrels per day in 1986 compared to 251,300 bpd in 1985. Unocal said its worldwide natural gas reserves were 6.07 billion cubic feet in 1986 compared to 1985's 6.19 billion. Net natural gas output averaged 976 mln cubic feet per day in 1986, down 10 pct from 1985's 1,084 mln, the company said. Unocal said its average sales prices for crude oil was 12.67 dlrs a barrel worldwide in 1986 compared to 23.81 dlrs in 1985, and its average sales price for natural gas was 2.03 dlrs per thousand cubic feet in 1986 against 2.24 dlrs in 1985. Average production costs for crude oil and natural gas declined nearly 30 pct to 3.41 dlrs per bbl of oil equivalent in 1986 from 4.81 dlrs in 1985, Unocal said. In the annual report, the company called for imposition of an oil import fee by the U.S. government to set a floor price of about 25 dlrs a barrel for crude oil. 'Simply stabilizing prices at about 18 dlrs per barrel will not materialy slow the drop in U.S. production or the rise in imports,' Chairman Fred Hartley said in the annual report. 'Without decisive action in Washington, this nation will once again become a hostage to OPEC's plans and policies,' Hartley said.

training/9640

training/9640 |@title fed:1 approve:1 chemical:1 new:1 york:1 chl:1 merger:1 |@word chemical:2 new:1 york:1 corp:1 texas:2 bancshares:1 inc:1 tcb:1 say:3 federal:1 reserve:1 board:1 approve:1 propose:1 1:1 19:1 billion:2 dlr:1 merger:4 company:2 also:1 securities:1 exchange:1 commission:1 declare:1 effective:1 march:1 24:1 registration:1 statement:1 cover:1 security:1 issue:1 bancshare:1 shareholder:2 part:1 expect:1 complete:1 create:1 bank:1 80:1 dlrs:1 asset:1 end:1 second:1 quarter:1 still:1 require:1 approval:1

FED APPROVES CHEMICAL NEW YORK <CHL> MERGER Chemical New York Corp and Texas Bancshares Inc <TCB> said the Federal Reserve Board approved their proposed 1.19 billion dlr merger. The companies also said the Securities and Exchange Commission declared effective as of March 24 the registration statement covering the securities Chemical will issue to Texas Bancshares shareholders as part of the merger. The companies said they expect to complete the merger, which will create a bank with 80 billion dlrs of assets, by the end of the second quarter. The merger still requires shareholder approval.

training/9641

training/9641 |@title varity:1 vat:1 see:1 improved:1 result:1 1st:1 qtr:1 |@word varity:5 corp:1 earlier:2 report:2 full:2 year:6 loss:3 prior:1 profit:2 say:6 improvement:1 expect:1 balance:1 fiscal:3 1987:1 new:2 product:1 fill:1 inventory:1 pipeline:1 cutback:1 operating:2 cost:1 realize:1 newly:1 acquire:1 dayton:1 walther:1 business:1 fully:1 integrate:1 however:2 result:1 likely:1 remain:1 pressure:1 first:1 quarter:1 end:2 april:1 30:1 1986:1 january:1 31:1 23:1 3:2 mln:2 u:2 dlrs:2 compare:1 early:1 9:1 continued:1 deterioration:1 major:2 market:2 weakening:1 dollar:1 unforeseen:1 delay:1 launch:1 line:1 tractor:3 contribute:1 industry:2 demand:1 farm:1 machinery:1 continue:1 erode:1 late:1 worldwide:1 retail:1 sale:2 slide:1 10:1 pct:3 last:1 depressed:1 level:1 company:1 increase:1 share:1 global:1 one:1 18:1 2:1 combined:1 impact:1 costly:1 incentive:1 foreign:1 exchange:1 adjustment:1 margin:1 substantial:1

VARITY<VAT> SEES IMPROVED RESULTS AFTER 1ST QTR Varity Corp, earlier reporting a full year loss against a prior year profit, said improvement is expected in the balance of fiscal 1987 as new products fill the inventory pipeline, cutbacks in operating costs are realized and its newly acquired Dayton Walther business is fully integrated. However, operating results are likely to remain under pressure in the first quarter ending April 30, it said. Varity earlier reported a loss for fiscal 1986 ended January 31 of 23.3 mln U.S. dlrs, compared to a year-earlier profit of 3.9 mln dlrs. Varity said continued deterioration in major markets, a weakening U.S. dollar and unforeseen delays in launching major new lines of tractors contributed to the full year loss. Industry demand for farm machinery continued to erode during the latest fiscal year, with worldwide industry retail sales of tractors sliding more than 10 pct below last year's depressed levels, the company said. However, Varity increased its share of the global tractor market by more than one pct to 18.2 pct, it said. The combined impact of costly sales incentives and foreign exchange adjustments on margins was substantial, Varity said.

training/9642

training/9642 |@title campbell:1 resources:1 cch:1 meston:1 lake:1 stake:1 |@word campbell:3 resources:2 inc:2 say:2 raise:1 voting:1 stake:1 meston:4 lake:2 64:1 pct:2 52:1 acquisition:1 another:1 870:1 000:1 share:6 previously:1 report:1 takeover:1 bid:2 expire:1 march:1 23:1 offer:2 80:1 ct:1 cash:1 1:2 25:1 legended:2 tradeable:1 one:1 year:1 3:2 4:1 mln:2 tender:1 hold:1 550:1 stockholder:1 include:1 quebec:1 la:2 societe:1 de:2 developpement:1 baie:1 james:1

CAMPBELL RESOURCES <CCH> UPS MESTON LAKE STAKE Campbell Resources Inc said it raised its voting stake in <Meston Lake Resources Inc> to about 64 pct from 52 pct through acquisition of another 870,000 Meston Lake shares in its previously reported takeover bid. Campbell, in its bid that expired March 23, offered 80 cts cash and 1.25 'legended' Campbell shares for each Meston share. The legended shares are not tradeable for one year. It said the 3.4 mln Meston shares not tendered in the offer were held by about 550 stockholders, including Quebec's La Societe de developpement de la Baie James, with 1.3 mln shares.

training/9644

training/9644 |@title metrobanc:1 mtbc:1 shareholder:1 approve:1 merger:1 |@word metrobanc:2 federal:1 saving:1 bank:2 say:2 shareholder:1 approve:1 previously:1 announce:1 merger:2 comerica:1 inc:1 cmca:1 hold:1 company:1 still:1 subject:1 regulatory:1 approval:1

METROBANC <MTBC> SHAREHOLDERS APPROVE MERGER Metrobanc, a federal savings bank, said its shareholders approved the previously announced merger with Comerica Inc <CMCA>, a bank holding company. Metrobanc said the merger is still subject to regulatory approval.

training/9647

training/9647 |@title plains:1 resources:1 inc:1 plns:1 year:1 loss:1 |@word oper:3 shr:1 loss:2 31:1 ct:2 vs:3 profit:2 three:1 net:2 887:1 886:1 646:1 250:1 revs:1 9:1 724:1 418:1 10:1 8:1 mln:1 note:1 year:1 ago:1 exclude:1 tax:1 credit:1 230:1 000:1 dlrs:1

PLAINS RESOURCES INC <PLNS> YEAR LOSS Oper shr loss 31 cts vs profit three cts Oper net loss 887,886 vs profit 646,250 Revs 9,724,418 vs 10.8 mln Note: Year-ago oper net excludes tax credit of 230,000 dlrs.

training/9650

training/9650 |@title pennzoil:1 pzl:1 willing:1 settle:1 texaco:1 tx:1 lawsuit:1 |@word pennzoil:10 co:1 say:11 yet:2 receive:2 meaningful:2 settlement:2 offer:2 texaco:3 inc:1 add:1 company:5 remain:3 willing:1 consider:1 proposal:1 settle:2 10:1 2:3 billion:2 dlr:1 jury:1 judgment:2 win:1 newly:1 release:1 annual:2 report:2 shareholder:1 expect:2 texas:1 state:2 court:2 uphold:2 appeal:2 february:1 12:1 date:1 though:1 open:1 realistic:1 effort:1 matter:1 chairman:1 hugh:1 liedtke:1 also:2 budget:1 212:1 mln:9 dlrs:8 capital:1 spending:1 1987:2 drop:4 233:1 spend:1 last:5 year:8 prove:1 u:2 foreign:1 reserve:2 natural:2 gas:4 decline:4 964:1 cubic:3 foot:3 1:2 01:1 trillion:1 1985:6 virtual:1 halt:1 exploration:1 program:1 crude:2 oil:2 140:1 barrel:6 158:1 houston:1 base:1 sell:1 average:4 339:1 domestic:1 day:5 17:1 pct:3 sale:2 price:2 60:1 cent:1 per:5 mcf:2 16:1 liquid:1 production:5 fall:2 33:1 290:1 34:1 102:1 total:2 revenue:1 1986:2 482:1 3:1 762:1 5:1 previous:1 operate:1 income:1 80:1 38:1 0:1 goal:1 include:1 development:1 point:1 arguello:1 oilfield:1 california:2 coast:1 maintain:1 current:2 level:1 bluebell:1 altamont:1 field:1 utah:1 drill:1 prospect:1 gulf:1 mexico:1 mobile:1 bay:1 area:1 begin:1 late:1 harvest:1 platform:1 santa:1 maria:1 basin:1 offshore:1 share:1 initially:1 five:1 thousand:2 increase:1 peak:1 15:1 net:1 1989:1 sulphur:3 business:1 long:3 ton:2 18:1 138:1 25:1 141:1 05:1 term:1 outlook:1 operation:1 bright:1 pricing:1 structure:1 strengthen:1 probably:1 third:1 fourth:1 quarter:1

PENNZOIL (PZL) WILLING TO SETTLE TEXACO (TX) LAWSUIT Pennzoil Co said it had not yet received any 'meaningful settlement offer' from Texaco Inc but added that the company remained willing to consider proposals to settle the 10.2 billion dlr jury judgment it won against Texaco. In its newly-released annual report to shareholders, Pennzoil said it expected the Texas state court judgment, which was upheld by a state appeals court on February 12, to be upheld if appealed again. 'To date, Pennzoil has yet to receive any meaningful settlement offer from Texaco, though it remains open to any realistic effort to settle the matter,' Pennzoil chairman Hugh Liedtke said in the annual report. Pennzoil also said it had budgeted 212 mln dlrs for capital spending in 1987, a drop from the 233 mln dlrs spent last year. Proved U.S. and foreign reserves of natural gas declined to 964 billion cubic feet last year, from 1.01 trillion cubic feet in 1985, because of a virtual halt in its exploration program, Pennzoil said. Its crude oil reserves dropped to 140 mln barrels from 158 mln barrels in 1985. The Houston-based company said it sold an average of 339 mln cubic feet of domestic natural gas each day last year, a 17 pct drop from 1985. The average sales price for gas dropped by 60 cents per mcf to 2.16 dlrs per mcf, Pennzoil said. U.S. crude oil and gas liquids production last year fell to an average of 33,290 barrels per day from 34,102 barrels per day in 1985. The company's total revenues in 1986 declined to 482.3 mln dlrs, from 762.5 mln dlrs the previous year. Operating income in 1986 fell more than 80 pct, to 38.0 mln dlrs. Pennzoil said its goals for 1987 included development of its Point Arguello oilfield off the California coast, to maintain current production levels in its Bluebell-Altamont Field in Utah and to drill for prospects in the Gulf of Mexico's Mobile Bay area. 'Production should begin late in the year from the Harvest Platform in the Santa Maria Basin offshore California,' the company said. 'Pennzoil's share of this production initially should be five thousand barrels a day, increasing to a peak of 15 thousand barrels a day, net, by 1989.' In its sulphur business, Pennzoil said production totaled 2.1 mln long tons last year, a decline of 18 pct from 1985. The average sales price also declined, to 138.25 dlrs per long ton from 141.05 dlrs in 1985. 'The long term outlook for our sulphur operations remains bright,' the company said. 'We expect sulphur's pricing structure to strengthen during the current year, probably in the third and fourth quarters.'

training/9652

training/9652 |@title gv:1 medical:1 inc:1 gvmi:1 4th:1 qtr:1 loss:1 |@word shr:2 loss:8 20:1 ct:3 vs:8 26:1 net:2 798:1 289:1 777:1 667:1 rev:2 262:1 738:1 nil:2 avg:2 share:2 3:4 930:1 360:1 2:2 959:1 029:1 year:1 96:1 1:1 25:1 dlrs:1 202:1 355:1 060:1 407:1 676:1 341:1 339:1 174:1 445:1 423:1

GV MEDICAL INC <GVMI> 4TH QTR LOSS Shr loss 20 cts vs loss 26 cts Net loss 798,289 vs loss 777,667 Rev 262,738 vs nil Avg shares 3,930,360 vs 2,959,029 Year Shr loss 96 cts vs loss 1.25 dlrs Net loss 3,202,355 vs loss 3,060,407 Rev 676,341 vs nil Avg shares 3,339,174 vs 2,445,423

training/9654

training/9654 |@title ibc:1 president:1 attend:1 ico:1 executive:1 board:1 |@word brazilian:1 coffee:2 institute:1 ibc:2 president:2 jorio:1 dauster:3 say:4 attend:2 ico:3 executive:2 board:3 meeting:4 surprised:1 hear:1 report:1 absence:1 slightly:1 depressing:1 effect:1 new:1 york:1 market:1 today:1 much:1 work:1 accomplish:1 brazil:2 moment:1 besides:1 presence:1 tradition:1 except:1 rare:1 case:1 always:1 send:1 london:1 base:1 representative:1 ambassador:1 lindenberg:1 sette:1

IBC PRESIDENT NOT TO ATTEND ICO EXECUTIVE BOARD Brazilian Coffee Institute (IBC) president Jorio Dauster said he will not attend the ICO executive board meeting and was surprised to hear that a report of his absence had a slightly depressing effect on the New York coffee market today. 'I have too much work to accomplish here in Brazil at the moment. Besides the presence of the IBC president at an ICO executive board meeting is not a tradition,' Dauster said. Dauster said except in rare cases, Brazil has always sent its London-based representative to ICO board meetings. Ambassador Lindenberg Sette will attend the meeting, he said.

training/9656

training/9656 |@title exchange:1 rate:1 bill:1 clear:1 u:1 house:1 panel:1 |@word house:2 banking:4 committee:2 adopt:2 legislation:1 direct:2 u:8 treasury:2 begin:1 negotiation:2 aim:1 seek:1 regular:1 adjustment:1 exchange:2 rate:3 country:3 taiwan:1 south:1 korea:1 whose:1 currency:1 peg:1 value:1 dollar:1 measure:1 part:1 wide:1 range:1 trade:1 bill:6 consider:1 full:1 april:1 move:1 senate:1 many:1 provision:1 also:1 set:3 priority:1 stable:1 urge:1 government:1 intervention:1 necessary:1 offset:1 fluctuation:1 addition:1 would:5 authorize:2 bank:1 use:1 variety:1 mean:1 deal:1 debt:7 problem:1 develop:2 lower:1 interest:1 exist:1 renegotiate:1 loan:1 forgiveness:1 give:1 blanket:1 waiver:1 federal:1 regulation:1 bar:1 action:1 secretary:1 james:1 baker:1 discuss:1 ride:1 possibility:1 public:1 management:1 agency:2 purchase:1 discount:1 negotiate:1 restructuring:1 participation:1 multilateral:1 investment:1 guarantee:1 miga:1 request:1 administration:2 congress:1 approve:1 initial:1 subscription:1 22:1 mln:1 dlrs:1 council:1 industrial:1 competitiveness:1 compose:1 industry:1 member:1 explore:1 way:1 make:1 competitive:1 world:1 market:1

EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL The House Banking Committee adopted legislation to direct the U.S. Treasury to begin negotiations aimed at seeking regular adjustment of exchange rates by countries such as Taiwan and South Korea, whose currencies are pegged to the value of the U.S. dollar. The measure was adopted as part of a wide-ranging trade bill that will be considered by the full House in April before it moves on to the Senate. The bill's many provisions also set as a priority for the U.S. the negotiation of stable exchange rates and urge government intervention as necessary to offset fluctuations. In addition, the Banking Committee bill would authorize U.S. banks to use a variety of means to deal with the debt problems of developing countries, such as lowering interest rates on existing debt, renegotiating loans or debt forgiveness. The bill would give a blanket waiver of any federal banking regulations that bar such actions. The bill would direct Treasury Secretary James Baker to discuss with debt-ridden developing countries the possibility of the U.S. setting up a public debt management agency that would purchase their debt at a discount and negotiate the restructuring of the debt. The Banking bill authorizes U.S. participation in a multilateral investment guarantee agency (MIGA) as requested by the administration. Congress would approve an initial U.S. subscription of 22 mln dlrs. And, it sets up a council on industrial competitiveness composed of industry and administration members to explore ways to make the U.S. more competitive in world markets.

training/9657

training/9657 |@title u:1 chipmaker:1 urge:1 sanction:1 japan:1 |@word semiconductor:4 industry:2 association:1 urge:1 u:4 government:2 impose:2 trade:4 sanction:3 japan:6 violate:1 agreement:4 letter:1 treasury:1 secretary:1 james:1 baker:1 group:4 say:4 japanese:3 chipmaker:1 april:1 1:1 continue:1 satisfied:1 full:1 compliance:1 action:1 cut:1 back:1 export:1 require:2 america:1 interest:1 honor:1 bear:1 burden:1 persistent:1 unwillingness:1 inability:1 deliver:1 commitment:1 white:1 house:1 economic:1 policy:1 council:1 expect:1 discuss:1 possible:1 meeting:1 schedule:1 thursday:1 live:1 term:1 last:1 year:1 aim:1 end:1 dumping:1 open:1 market:1 foreign:1 base:1 manufacturer:1

U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN The Semiconductor Industry Association urged the U.S. government to impose trade sanctions against Japan for violating the U.S.-Japan Semiconductor Trade Agreement. In a letter to Treasury Secretary James Baker the group said sanctions should be imposed against Japanese chipmakers as of April 1 and continue until the U.S. is satisfied there is full compliance with the agreement. The group said action by Japan to cut back on semiconductor exports is not what is required. 'America's interests require that agreements be honored and that U.S. industries not bear the burden for the persistent unwillingness or inability of the government of Japan to deliver on its commitments,' the trade group said. The White House Economic Policy Council is expected to discuss possible sanctions against Japan at a meeting scheduled for Thursday. The trade group said Japan has not lived up to the terms of the agreement last year which was aimed at ending Japanese dumping of semiconductors and at opening Japanese markets to foreign-based manufacturers.

training/9661

training/9661 |@title clabir:1 clg:1 ambrit:1 abi:1 call:1 merger:1 |@word clabir:3 corp:2 ambrit:4 say:3 call:1 plan:2 buy:1 16:1 pct:1 voting:1 interest:1 already:1 company:1 agree:1 pursue:1 merger:2 several:1 action:1 recently:1 take:1 would:1 mean:1 substantial:1 delay:1 complete:1 deal:1 may:1 revive:1 later:1 date:1 seek:1 way:1 increase:1 holding:1

CLABIR <CLG>, AMBRIT <ABI> CALL OFF MERGER Clabir Corp and AmBrit Corp said they called off their plans for Clabir to buy the 16 pct voting interest in AmBrit that it does not already own. The companies said they agreed not to pursue the merger because several actions recently taken by AmBrit would mean substantial delays in completing the deal. They said they might revive merger plans at a later date or seek other ways for Clabir to increase its holdings in AmBrit.

training/9667

training/9667 |@title cost:1 pik:1 certificate:1 eye:1 congress:1 |@word congress:2 eager:1 find:2 budget:6 saving:4 launch:1 review:1 u:2 agriculture:3 department:3 generic:1 commodity:4 certificate:15 program:3 tomorrow:2 amid:1 sign:1 usda:7 general:1 accounting:1 office:2 gao:9 odd:1 much:1 cost:11 taxpayer:1 conclude:1 preliminary:1 report:2 last:3 week:2 payment:3 kind:2 pik:6 five:2 20:2 pct:3 cash:9 outlay:4 administration:3 official:5 ask:1 identify:1 say:7 however:3 take:2 issue:5 account:1 storage:3 handling:1 transport:2 accrue:1 government:9 decide:2 examine:1 source:3 important:1 one:2 congressional:3 committee:5 know:2 consider:3 limit:2 use:6 means:1 cut:2 spending:1 secretary:1 daniel:1 amstutz:3 senior:2 associate:2 director:2 brian:2 crowley:2 set:1 testify:1 senate:2 expect:2 tell:1 uncertainty:1 determine:1 compare:1 credit:1 corp:1 ccc:4 almost:1 equal:1 estimate:5 75:1 cent:2 store:1 handle:1 bushel:3 put:1 unclear:1 whether:1 investigative:1 arm:1 would:2 stick:1 original:1 analysis:1 instead:1 farm:1 price:4 income:1 support:1 reagan:1 point:1 help:1 relieve:1 tight:1 move:1 grain:1 otherwise:1 may:1 sell:1 testimony:1 come:1 intensify:1 effort:1 pinpoint:1 way:1 federal:2 deficit:1 include:1 dollar:1 denominate:1 cert:3 partial:1 substitute:1 direct:1 farmer:1 subsidy:1 exporter:1 repay:1 nonrecourse:1 loan:3 exchange:2 april:1 december:1 1986:1 3:1 8:1 billion:4 dlrs:5 worth:2 accord:5 another:1 6:1 7:1 could:1 january:1 august:2 1987:1 primarily:1 recipient:1 pay:1 back:1 level:1 rate:1 eliminate:1 practice:1 call:1 roll:2 save:1 1:1 4:1 1988:1 92:1 cbo:2 base:2 assumption:1 15:1 house:1 curb:1 transaction:1 among:1 alternative:1 reach:1 tentative:1 conclusion:1 three:1 redeem:1 date:1 150:1 mln:3 600:1 reassess:1 part:1 criticism:1 broad:1 range:1 partly:1 attributable:1 different:1 effect:1 market:1 course:1 crop:1 year:2 economic:1 research:1 service:1 example:1 june:1 215:1 corn:3 lower:1 35:1 45:1 per:1 september:1 november:1 marginal:1 impact:1 ers:1 study:1 obtain:1 reuters:1

COST OF PIK CERTIFICATES TO BE EYED BY CONGRESS Congress, eager to find budget savings, launches a review of the U.S. Agriculture Department's generic commodity certificate program tomorrow, amid signs USDA and the General Accounting Office, GAO, are at odds over how much the program has cost U.S. taxpayers. The GAO concluded in a preliminary report last week that payment-in-kind, or PIK, certificates cost between five and 20 pct more than cash outlays, administration officials who asked not to be identified said. USDA officials, however, took issue with the report, saying it did not take into account storage, handling and transport savings that accrue to the government. The GAO then decided to re-examine the costs, sources said. The issue is an important one, because congressional budget committees are known to be considering limiting the use of certificates as a means of cutting spending. Agriculture Under Secretary Daniel Amstutz and GAO Senior Associate Director Brian Crowley are set to testify before the Senate Agriculture Committee tomorrow. Amstutz is expected to tell the committee that there are uncertainties in determining the cost of certificates compared to cash outlays, and that savings to the Commodity Credit Corp, CCC, almost equal costs, department sources said. USDA estimates that it costs the government about 75 cents to store, handle and transport each bushel of commodity put in government storage. It was unclear whether the GAO, Congress' investigative arm, would stick by its original analysis that it costs the government more to use certificates instead of cash in farm price and income support programs, Reagan administration sources said. The GAO is expected to point out that use of payment-in-kind, PIK, certificates has helped relieve tight storage by moving grain that otherwise might not have been sold. The testimony by Amstutz and GAO Senior Associate Director Brian Crowley comes as congressional budget committees intensify their efforts to pinpoint ways to cut the federal budget deficit -- including considering limits on the use of PIK certificates. The CCC issues dollar-denominated PIK certificates, or certs, as a partial substitute for direct cash outlays to farmers or cash subsidies to exporters. Certs can be used to repay nonrecourse loans or exchanged for CCC commodities or cash. Between April and December 1986, CCC issued 3.8 billion dlrs worth of certificates, according to USDA. Up to another 6.7 billion dlrs worth could be issued between January and August 1987, according to USDA. Certs can cost the government more than cash primarily because recipients can use the certificates to pay back government loans at levels below the loan rate. Eliminating this practice, called 'PIK and roll,' would save the government 1.4 billion dlrs between 1988-92, according to the Congressional Budget Office, CBO. That estimate, according to a CBO official, was based on an assumption that certificates cost the government about 15 pct more than cash payments. The Senate and House Budget Committees are known to be considering curbs on PIK-and-roll transactions among other savings alternatives. The GAO last week reached the tentative conclusion that the estimated three billion dlrs of certificates redeemed to date have cost the federal government between 150 mln and 600 mln dlrs, or between five and 20 pct, more than cash outlays, one administration official said. However, the GAO has decided to reassess those estimates based in part on USDA criticism, department officials said. The broad range of the cost estimate is partly attributable to the different effect certificates can have on market prices over the course of a crop year. USDA's Economic Research Service, for example, has found that between June and August last year, the 215 mln bushels of corn exchanged for certificates lowered the price of corn by between 35 and 45 cents per bushel. Between September and November, however, certificates had only a marginal impact on corn prices, according to the ERS study, obtained by Reuters.

training/9668

training/9668 |@title daily:1 telegraph:1 deal:1 news:1 international:1 |@word hollinger:2 inc:1 say:3 58:1 pct:2 daily:1 telegraph:5 plc:2 london:1 agree:1 form:1 joint:2 venture:1 print:3 company:2 manchester:1 england:1 news:3 international:2 financial:1 term:1 undisclose:1 deal:1 involve:1 acquisition:1 50:1 stake:1 trafford:1 park:1 printing:1 ltd:1 subsidiary:1 continue:1 northern:1 edition:1 sunday:1 spare:1 capacity:1 use:1 sun:1 world:1 arrangement:1 significantly:1 cut:1 cost:1

DAILY TELEGRAPH IN DEAL WITH NEWS INTERNATIONAL <Hollinger Inc> said 58 pct-owned <The Daily Telegraph PLC>, of London, agreed to form a joint venture printing company in Manchester, England with <News International PLC>. Financial terms were undisclosed. It said the deal involved News International's acquisition of a 50 pct stake in the Telegraph's Trafford Park Printing Ltd subsidiary. The joint company will continue to print northern editions of the Telegraph and Sunday Telegraph, with spare capacity used to print The Sun and News of the World. The arrangement will significantly cut Telegraph costs, Hollinger said.

training/9671

training/9671 |@title friedman:1 industries:1 inc:1 frd:1 quarterly:1 div:1 |@word qtly:1 div:1 seven:2 ct:2 vs:1 prior:1 pay:1 june:1 one:1 record:1 may:1 four:1

FRIEDMAN INDUSTRIES INC <FRD> QUARTERLY DIV Qtly div seven cts vs seven cts prior Pay June one Record May four

training/9674

training/9674 |@title latin:1 oil:1 producer:1 meet:1 caracas:1 |@word five:1 regional:1 oil:5 produce:1 nation:2 gather:1 caracas:2 tommorrow:1 two:2 day:1 meeting:2 expect:1 center:1 way:1 combat:1 proposal:3 u:1 tax:4 import:3 petroleum:2 venezuela:4 ministry:2 energy:3 mine:1 say:4 minister:3 mexico:2 trinidad:1 tobago:1 ecuador:1 hand:1 fifth:1 informal:1 group:2 latin:1 american:1 caribbean:1 exporter:1 form:1 1983:1 colombia:1 also:1 attend:1 first:1 time:1 observer:1 mines:1 arturo:1 hernandez:2 grisanti:1 conference:1 set:1 agenda:1 one:1 entire:1 session:1 friday:1 devote:1 member:1 second:1 third:1 large:1 foreign:1 supplier:1 united:1 states:1 respectively:1 follow:1 canada:1 concern:1 effect:1 would:1 export:1 undertake:1 diplomatic:1 push:1 coordinate:1 strategy:1 measure:1 february:1 canadian:1 marcel:1 masse:1 invite:1 talk:1

LATIN OIL PRODUCERS TO MEET IN CARACAS Five regional oil producing nations will gather in Caracas tommorrow for a two-day meeting expected to center on ways to combat proposals for a U.S. tax on imported petroleum, the Venezuela's ministry of energy and mines said. Oil ministers from Mexico, Trinidad and Tobago, Ecuador and Venezuela will be on hand for the fifth meeting of the informal group of Latin American and Caribbean Petroleum Exporters, formed in 1983, it said. Colombia will also attend for the first time, as an observer nation, the ministry said. Energy and Mines Minister Arturo Hernandez Grisanti said the conference has no set agenda but one entire session Friday will be devoted to proposals for a tax on imported oil. Two of the group's members, Venezuela and Mexico, are second and third largest foreign suppliers of oil to the United States, respectively, following Canada. Venezuela, concerned about the effect such a tax would have on its exports, undertook a diplomatic push to coordinate strategy against such measures. In February, Canadian Energy Minister Marcel Masse was invited to Caracas for talks with Hernandez on proposals for an oil import tax.

training/9675

training/9675 |@title australian:1 reserve:1 bank:1 cut:1 rediscount:1 rate:1 |@word reserve:1 bank:2 australia:1 morning:1 cut:2 rediscount:2 rate:3 17:2 30:1 pct:3 00:1 buy:1 back:1 treasury:2 note:4 market:2 source:1 say:1 reflect:1 recent:1 easing:1 interest:1 also:1 point:1 yesterday:1 tender:1 400:1 mln:2 dlrs:2 13:1 week:4 go:2 average:2 yield:1 15:4 473:1 870:1 last:2 100:1 26:1 414:1 790:1

AUSTRALIAN RESERVE BANK CUTS REDISCOUNT RATE The Reserve Bank of Australia this morning cut the rediscount rate from 17.30 pct to 17.00 pct. The rediscount is the rate at which the bank buys back treasury notes. Market sources said the cut reflected the recent easing in market interest rates. They also pointed to yesterday's treasury note tender where the 400 mln dlrs of 13-week notes went at an average yield of 15.473 pct, down from 15.870 last week. The 100 mln dlrs of 26-week notes went at an average 15.414 from 15.790 last week.

training/9677

training/9677 |@title genova:1 gnva:1 sign:1 definitive:1 merger:1 agreement:1 |@word genova:4 inc:2 say:2 sign:1 definitive:1 agreement:2 previously:1 announce:1 merger:1 products:1 product:1 pay:1 5:1 3:1 8:1 dlrs:1 share:2 29:1 pct:1 outstanding:1 common:1 already:1 company:1 plan:1 complete:1 transaction:1 require:1 shareholder:1 approval:1 end:1 march:1

GENOVA <GNVA> SIGNS DEFINITIVE MERGER AGREEMENT Genova Inc said it signed a definitive agreement for the previously announced merger with <Genova Products Inc>. Under the agreement, Genova Products will pay 5-3/8 dlrs a share for the 29 pct of Genova's outstanding common shares it does not already own. The company said it plans to complete the transaction, which requires shareholder approval, by the end of March.

training/9678

training/9678 |@title penobscot:1 shoe:1 co:1 pso:1 1st:1 qtr:1 feb:1 27:1 net:1 |@word shr:1 69:1 ct:2 vs:3 six:1 net:2 421:1 306:1 44:1 132:1 revs:1 3:2 721:1 178:1 125:1 935:1 note:1 current:1 qtr:1 include:1 gain:1 281:1 000:1 dlrs:1 mostly:1 sale:1 security:1 property:1

PENOBSCOT SHOE CO <PSO> 1ST QTR FEB 27 NET Shr 69 cts vs six cts Net 421,306 vs 44,132 Revs 3,721,178 vs 3,125,935 Note: Current qtr net includes a gain of 281,000 dlrs, mostly from the sale of securities and property.

training/968

training/968 |@title ashton:1 tate:2 4th:1 qtr:1 net:1 |@word shr:2 43:1 ct:3 vs:8 30:2 net:2 10:1 6:3 mln:11 5:2 967:1 000:1 revs:2 62:1 9:2 41:1 avg:2 shrs:2 200:1 7:1 20:1 2:1 year:1 1:2 26:1 dlrs:1 85:1 16:1 210:1 8:1 121:1 23:1 19:1 4:1 note:1 share:1 adjust:1 january:1 1987:1 two:1 one:1 split:1

ASHTON-TATE <TATE> 4TH QTR NET Shr 43 cts vs 30 cts Net 10.6 mln vs 5,967,000 Revs 62.9 mln vs 41.5 mln Avg shrs 200.7 mln vs 20.2 mln Year Shr 1.26 dlrs vs 85 cts Net 30.1 mln vs 16.6 mln Revs 210.8 mln vs 121.6 mln Avg shrs 23.9 mln vs 19.4 mln NOTE: Share adjusted for January 1987 two-for-one split.

training/9680

training/9680 |@title dauster:1 say:1 change:1 brazil:1 coffee:1 policy:1 |@word brazil:3 announce:1 change:1 coffee:4 export:2 policy:1 brazilian:1 institute:1 ibc:1 president:1 jorio:1 dauster:3 say:3 tell:1 reuters:1 plan:1 modify:1 position:1 hold:1 recent:1 international:2 organisation:1 meeting:4 earlier:1 month:1 talk:1 london:1 set:1 new:1 ico:1 quota:1 fail:1 comment:1 outcome:1 producer:2 meet:1 managua:2 last:1 weekend:1 discuss:1 nothing:1 involve:1 market:1 agree:1 work:1 behalf:1 union:1 matter:1 relate:1 agreement:1 attend:1 representative:1 mexico:1 guatemala:1 el:1 salvador:1 honduras:1 costa:1 rica:1 nicaragua:1 panama:1 latter:1 represent:1 merely:1 observer:1

DAUSTER SAYS NO CHANGE IN BRAZIL'S COFFEE POLICY Brazil will not announce any changes to its coffee export policy, Brazilian Coffee Institute (IBC) president Jorio Dauster said. He told Reuters Brazil was not planning to modify the position it held before the recent International Coffee Organisation meeting. Earlier this month, talks in London to set new ICO export quotas failed. Commenting on the outcome of a coffee producers' meeting in Managua last weekend, Dauster said that they discussed nothing involving the market. 'In the meeting we agreed to work on behalf of the union of the producers in matters related to an international agreement,' Dauster said. The Managua meeting was attended by representatives from Brazil, Mexico, Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua and Panama, the latter represented at the meeting merely as an observer.

training/9681

training/9681 |@title exchange:1 rate:1 bill:1 clear:1 u:1 house:1 panel:1 |@word house:2 banking:1 committee:1 adopt:2 legislation:1 direct:1 u:3 treasury:1 begin:1 negotiation:2 aim:1 seek:1 regular:1 adjustment:1 exchange:2 rate:2 country:1 taiwan:1 south:1 korea:1 whose:1 currency:1 peg:1 value:1 dollar:1 measure:1 part:1 wide:1 range:1 trade:1 bill:2 consider:1 full:1 april:1 move:1 onto:1 senate:1 many:1 provision:1 also:1 set:1 priority:1 stable:1 urge:1 government:1 intervention:1 necessary:1 offset:1 fluctuation:1

EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL The House Banking Committee adopted legislation to direct the U.S. Treasury to begin negotiations aimed at seeking regular adjustment of exchange rates by countries such as Taiwan and South Korea whose currencies are pegged to the value of the U.S. dollar. The measure was adopted as part of a wide-ranging trade bill that will be considered by the full House in April before it moves onto the Senate. The bill's many provisions also set as a priority for the U.S. the negotiation of stable exchange rates and urge government intervention as necessary to offset fluctuations.

training/9682

training/9682 |@title consolidate:1 capital:1 trust:1 ciot:1 4th:1 qtr:1 net:1 |@word shr:2 32:1 ct:2 vs:6 nil:1 net:3 1:3 2:2 mln:2 100:1 000:6 avg:2 shrs:2 3:4 692:1 148:1 year:1 02:1 dlrs:1 54:1 7:1 800:1 607:1 461:1 note:1 depreciation:1 full:1 name:1 consolidate:1 captial:1 income:1 opportunity:1 trust:1

CONSOLIDATE CAPITAL TRUST <CIOTS> 4TH QTR NET Shr 32 cts vs nil Net 1.2 mln vs 100,000 Avg shrs 3,692,000 vs 3,148,000 Year Shr 1.02 dlrs vs 54 cts Net 3.7 mln vs 800,000 Avg shrs 3,607,000 vs 1,461,000 Note: Net is after depreciation. Full name is Consolidated Captial Income Opportunity Trust/2.

training/9686

training/9686 |@title treasury:2 baker:2 say:2 stand:2 paris:2 pact:2 foster:2 stable:2 currency:2 |@word

TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT TO FOSTER STABLE CURRENCIES TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT TO FOSTER STABLE CURRENCIES

training/9689

training/9689 |@title baker:1 say:1 stand:1 paris:1 currency:1 agreement:1 |@word treasury:2 secretary:2 james:1 baker:6 say:7 stand:1 paris:4 agreement:5 among:1 lead:1 industrial:1 nation:2 foster:2 exchange:4 rate:4 stability:2 around:2 current:2 level:2 would:2 refer:1 recognition:1 currency:3 within:1 range:1 broadly:1 consistent:2 economic:2 fundamental:1 tell:1 cable:1 news:1 network:1 interview:1 quite:1 satisfied:1 otherwise:1 party:1 also:3 note:2 agree:1 accord:1 co:2 operate:1 great:1 refuse:1 comment:1 directly:1 yen:1 dollar:3 flatly:1 foreign:1 market:1 recently:1 tend:1 draw:1 unwarranted:1 inference:1 quote:1 british:1 television:1 weekend:1 target:1 u:2 statement:1 trigger:1 week:1 renew:1 decline:1 think:1 represent:1 evidence:1 international:1 policy:1 ordination:1 alive:1 well:1 stress:1 however:1 important:1 main:2 surplus:1 country:2 grow:2 fast:2 could:1 low:1 inflation:1 resolve:1 trade:4 imbalance:1 add:1 federal:1 reserve:1 board:1 chairman:1 paul:1 volcker:1 outspoken:1 suggest:1 trading:1 partner:1 j:1 curve:1 delay:1 beneficial:1 effect:1 weakening:1 balance:1 take:1 12:1 18:2 month:2 work:1 way:1 deficit:2 since:1 plaza:1 lower:1 value:1 improvement:1 come:1 source:1 besides:1 point:1 administration:1 package:1 improve:1 competitiveness:1 congress:1

BAKER SAYS HE STANDS BY PARIS CURRENCY AGREEMENT Treasury Secretary James Baker said he stood by the Paris agreement among leading industrial nations to foster exchange rate stability around current levels. 'I would refer you to the Paris agreement which was a recognition the currencies were within ranges broadly consistent with economic fundamentals,' Baker told The Cable News Network in an interview. 'We were quite satisfied with the agreement in Paris otherwise we would not have been a party too it,' he said. Baker also noted the nations agreed in the accord to 'co-operate to foster greater exchange rate stability around those levels.' He refused to comment directly on the current yen/dollar rate but said flatly that foreign exchange markets recently tended 'to draw unwarranted inferences from what I say.' Baker was quoted on British Television over the weekend as saying he has no target for the U.S. currency, a statement that triggered this week's renewed decline of the dollar. 'I think the Paris agreement represents evidence that international economic policy co-ordination is alive and well,' Baker said. The Treasury Secretary stressed however it was very important for the main surplus countries to grow as fast as they could consistent with low inflation to resolve trade imbalances. He added that Federal Reserve Board chairman Paul Volcker has also 'been very outspoken' in suggesting main trading partners grow as fast as they can. Baker noted that the J-curve, the delayed beneficial effect of a weakening of a currency on that country's trade balance, takes 12 to 18 months to work its way through to the trade deficit and it is now 18 months since the Plaza agreement to lower the dollar's value. He also said improvements in the trade deficit should come from other sources besides the exchange rate, and pointed out the administration's package to improve U.S. Competitiveness was now before Congress.

training/969

training/969 |@title neither:1 side:1 optimistic:1 rotterdam:1 port:1 issue:1 |@word employer:3 port:1 union:2 fnv:5 meet:1 afternoon:2 attempt:1 settlement:1 six:2 week:2 old:1 dispute:2 rotterdam:1 general:2 cargo:2 sector:4 neither:1 side:4 optimistic:2 spokesman:2 tell:1 reuters:1 little:1 progress:1 make:1 last:2 night:1 three:1 hour:1 talk:3 largely:1 reiterate:1 position:1 still:3 large:1 gap:1 say:6 expect:2 reach:1 agreement:1 least:1 employers:1 organization:1 chairman:1 jacques:1 schoufour:3 accuse:1 intransigence:1 refuse:2 alter:1 stance:1 past:2 two:1 month:3 serious:1 discussion:1 really:1 change:1 point:1 view:1 find:1 accept:1 necessary:1 redundancy:3 break:1 may:1 begin:2 later:1 series:1 strike:1 cost:1 seven:1 mln:2 guilde:1 lose:1 import:1 business:1 january:1 19:1 protest:1 plan:1 800:1 4:1 000:1 workforce:1 start:1 350:1 year:1 late:1 social:1 affairs:1 minister:2 louw:1 de:1 graaf:1 unless:1 settle:1 yesterday:2 would:1 withdraw:1 10:1 guilder:1 annual:1 labour:1 subsidy:1 write:1 set:1 case:1 hear:1 wednesday:1 early:1

NEITHER SIDE OPTIMISTIC ON ROTTERDAM PORT ISSUES Employers and the port union, FNV, are to meet again this afternoon to attempt a settlement of the six-week-old dispute in Rotterdam's general cargo sector, but neither side is optimistic, spokesmen for both sides told Reuters. Little progress was made in last night's three hours of talks, with both sides largely reiterating their positions. 'There is still a very large gap between the employers and the FNV, and I can't say that we expect to reach any agreement. But at least we are still talking,' a union spokesman said. Employers organization chairman, Jacques Schoufour, accused the FNV of intransigence in refusing to alter its stance at all over the past two months. 'The FNV is not serious about our discussions and I am really not optimistic about it changing its point of view at all.' 'If we find this afternoon that the FNV still refuses to accept the necessary redundancies in the general cargo sector, then we will break off the talks and the redundancies may begin later this month,' Schoufour said. The series of strikes, which employers say has cost them more than seven mln guilders in lost import business in the past six weeks, began on January 19 in protest at plans for 800 redundancies from the sector's 4,000 workforce starting with 350 this year. Late last month Social Affairs minister Louw de Graaf said unless the dispute was settled by yesterday he would withdraw the sector's 10 mln guilder annual labour subsidy. Both sides wrote to the minister yesterday setting out their cases, but Schoufour said he did not expect to hear from him before Wednesday at the earliest.

training/9697

training/9697 |@title baker:1 see:1 15:1 20:1 billion:1 dlr:1 drop:1 trade:1 gap:1 |@word treasury:1 secretary:1 james:1 baker:3 say:3 expect:1 u:1 trade:2 deficit:3 fall:1 15:2 billion:4 20:2 dlrs:2 1987:1 comment:1 interview:1 cable:1 news:1 network:1 think:1 go:1 see:1 dlr:1 reduction:1 year:1 170:1 1986:1 note:1 benefit:1 weak:1 currency:1 take:1 12:1 18:2 month:2 affect:1 balance:1 since:1 plaza:1 agreement:1 lower:1 dollar:1 value:1

BAKER SEES 15 TO 20 BILLION DLR DROP IN TRADE GAP Treasury Secretary James Baker said he expected the U.S. Trade deficit to fall by 15 billion to 20 billion dlrs in 1987. Commenting on the deficit during an interview on Cable News Network, Baker said 'I think you're going to see a 15 to 20 billion dlr reduction this year.' The deficit was 170 billion dlrs in 1986. Baker noted that the benefits of a weaker currency take 12 to 18 months to affect the trade balance, and said it is now 18 months since the Plaza agreement to lower the dollar's value.

training/9698

training/9698 |@title |@word sumita:2 say:2 yen:2 rise:2 would:2 adversely:2 affect:2 japanese:2 economy:2

Sumita says further yen rise would adversely affect Japanese economy Sumita says further yen rise would adversely affect Japanese economy

training/9699

training/9699 |@title |@word sumita:2 say:2 major:2 nation:2 continue:2 cooperate:2 stabilize:2 currency:2

Sumita says major nations will continue to cooperate to stabilize currencies Sumita says major nations will continue to cooperate to stabilize currencies

training/97

training/97 |@title ascs:1 terminal:1 market:1 value:1 pik:1 grain:1 |@word agricultural:1 stabilization:1 conservation:1 service:1 ascs:1 establish:1 unit:1 value:1 commodity:3 offer:1 government:1 stock:1 redemption:1 credit:1 corporation:1 certificate:1 effective:1 next:1 business:1 day:1 price:2 per:2 bushel:1 u:1 dollar:1 sorghum:1 cwt:1 corn:2 yellow:1 grade:1 wheat:1 hrw:2 hrs:2 srw:2 sww:2 durum:2 chicago:2 3:22 04:6 2:38 98:4 ill:2 track:2 16:3 toledo:2 90:4 memphis:2 05:4 peoria:2 11:1 denver:2 62:1 63:1 evansville:1 99:1 cincinnati:1 96:1 minneapolis:1 65:2 71:3 70:4 baltimore:1 norf:1 phil:2 06:1 kansas:1 city:1 87:2 17:3 st:2 louis:1 03:2 amarillo:1 lubbock:1 64:2 lou:2 gulf:4 portland:1 seattle:2 07:1 08:1 10:4 stockton:2 78:2 l:1 23:2 4:16 duluth:2 tex:2 brly:1 oats:1 rye:1 soyb:1 sorg:1 1:37 47:1 81:1 49:3 85:4 52:2 41:1 50:6 39:1 59:1 95:1 86:1 51:1 80:2 60:1 56:3 54:4 evnsvlle:1 61:1 cinci:1 58:2 mpls:1 34:2 75:3 68:3 balt:1 12:3 kc:1 76:1 lo:1 66:1 91:1 amarlo:1 lubbck:1 84:1 40:1 92:1 73:3 5:2 port:1 18:1 00:1 la:1 38:1 48:1

ASCS TERMINAL MARKET VALUES FOR PIK GRAIN The Agricultural Stabilization and Conservation Service (ASCS) has established these unit values for commodities offered from government stocks through redemption of Commodity Credit Corporation commodity certificates, effective through the next business day. Price per bushel is in U.S. dollars. Sorghum is priced per CWT, corn yellow grade only. WHEAT HRW HRS SRW SWW DURUM Chicago -- 3.04 2.98 -- -- Ill. Track -- -- 3.16 -- -- Toledo -- 3.04 2.98 2.90 -- Memphis -- -- 3.05 -- -- Peoria -- -- 3.11 -- -- Denver 2.62 2.63 -- -- -- Evansville -- -- 2.99 -- -- Cincinnati -- -- 2.96 -- -- Minneapolis 2.65 2.71 -- -- 3.70 Baltimore/ Norf./Phil. -- -- 3.06 2.98 -- Kansas City 2.87 -- 3.17 -- -- St. Louis 3.03 -- 3.03 -- -- Amarillo/ Lubbock 2.64 -- -- -- -- HRW HRS SRW SWW DURUM Lou. Gulf -- -- 3.16 -- -- Portland/ Seattle 3.07 3.08 -- 3.10 3.70 Stockton 2.78 -- -- -- -- L.A. 3.23 -- -- -- 4.05 Duluth 2.65 2.71 -- -- 3.70 Tex. Gulf 3.10 -- 3.16 -- -- CORN BRLY OATS RYE SOYB SORG Chicago 1.47 -- -- -- 4.81 2.49 Ill. Track 1.49 2.04 -- -- 4.85 2.52 Toledo 1.41 2.04 1.50 -- 4.78 2.39 Memphis 1.59 1.95 1.71 -- 4.90 2.86 Peoria 1.51 --- -- -- 4.80 2.60 Denver 1.56 1.56 -- -- -- 2.54 Evnsvlle 1.54 2.04 1.50 2.17 4.90 2.61 Cinci 1.52 2.04 1.50 2.17 4.85 2.58 Mpls 1.34 1.75 1.50 1.85 4.68 -- Balt/Nor/ Phil 1.70 1.80 -- -- 4.98 3.12 KC 1.49 1.56 1.64 -- 4.76 2.58 St Lo 1.54 -- 1.66 -- 4.90 2.91 Amarlo/ Lubbck 1.84 1.40 -- -- 4.75 2.92 Lou Gulf 1.73 -- -- -- 5.05 3.12 Port/ Seattle 1.87 2.10 1.68 -- -- -- Stockton 2.18 2.23 2.10 -- -- 4.00 LA 2.54 2.50 -- -- -- 4.38 Duluth 1.34 1.75 1.50 1.85 4.68 -- Tex Gulf 1.73 1.48 1.73 -- 5.05 3.12

training/9700

training/9700 |@title n:1 z:1 money:1 supply:1 rise:1 2:1 4:1 pct:1 january:1 |@word new:1 zealand:1 broadly:1 define:2 seasonally:1 adjust:1 3:6 money:1 supply:1 grow:4 estimate:3 2:1 4:3 pct:12 january:10 revise:4 6:1 rise:3 december:7 0:1 7:1 1986:6 say:1 unadjusted:1 increase:1 30:5 13:1 billion:9 n:1 z:1 dlrs:3 08:1 06:1 25:1 18:1 year:7 19:1 66:1 17:3 80:1 77:1 20:1 10:2 narrowly:1 1:2 growth:1 21:2 94:1 15:1 89:1 14:1 earlier:1 72:1 5:1 03:1 87:1 private:1 sector:1 credit:1 psc:2 31:2 07:1 64:1 68:1 40:1 22:2 69:1 24:1

N.Z. MONEY SUPPLY RISES 2.4 PCT IN JANUARY New Zealand's broadly defined, seasonally adjusted M-3 money supply grew an estimated 2.4 pct in January against a 3.4 pct (revised from 3.6) rise in December and a 0.7 pct rise in January 1986. It said unadjusted M-3 increased to an estimated 30.13 billion N.Z. Dlrs from 30.08 (revised from 30.06) billion in December and 25.18 billion in January 1986. Year-on-year M-3 rose 19.66 pct in January from 17.80 pct (revised from 17.77) in December and 20.10 pct in January 1986. Narrowly defined year-on-year M-1 growth was 21.94 pct in January against 15.89 pct in December and 14.10 pct a year earlier. M-1 grew to an estimated 4.72 billion dlrs against 5.03 billion in December and 3.87 billion in January 1986. Year-on-year private sector credit, PSC, grew 31.07 pct in January against 30.64 pct (revised from 30.68) in December and 21.40 pct in January 1986. PSC grew to 22.69 billion dlrs from 22.24 billion in December and 17.31 billion in January 1986.

training/9701

training/9701 |@title yen:1 rise:1 would:1 hurt:1 japan:1 economy:1 sumita:1 |@word bank:5 japan:5 governor:1 satoshi:1 sumita:4 say:7 yen:2 rise:1 would:1 adverse:1 effect:1 japanese:3 economy:2 tell:1 business:1 leader:1 continue:2 take:2 adequate:2 measure:1 include:1 market:2 intervention:1 stabilize:3 exchange:4 rate:6 necessary:1 close:1 cooperation:1 major:2 industrialize:1 nation:2 current:1 instability:1 last:2 six:1 britain:1 canada:1 france:1 u:1 west:1 germany:1 agree:1 paris:1 month:1 act:1 together:1 hold:1 currency:2 stable:1 pursue:1 flexible:1 monetary:3 policy:1 watch:1 economic:1 financial:1 development:2 outside:1 decision:1 cut:2 discount:2 february:1 20:1 hard:1 choice:1 condition:2 already:1 sufficiently:1 ease:1 prevent:1 resurgence:1 inflation:1 cautious:1 stance:1 regard:1 stem:1 easy:1 credit:1 late:1 2:1 5:1 pct:1 expand:1 domestic:1 demand:1 comment:2 dollar:2 fall:1 150:1 reiterate:1 find:1 specific:1 reason:1 weakness:1 undertake:1 speculative:1 sell:1 react:1 overseas:1 authority:1 trade:1 tension:1 repeat:1 may:1 gradually:1 recover:1 latter:1 half:1 1987:1 88:1 fiscal:1 year:1 end:1 april:1 1:1 1988:1 provide:1

FURTHER YEN RISE WOULD HURT JAPAN ECONOMY, SUMITA Bank of Japan Governor Satoshi Sumita said a further yen rise would have adverse effects on the Japanese economy. He told Japanese business leaders the Bank of Japan will continue to take adequate measures, including market intervention, to stabilize exchange rates if necessary, in close cooperation with other major industrialized nations. He said the current instability of exchange rates will not last. Six major nations - Britain, Canada, France, Japan, the U.S. And West Germany - agreed in Paris last month to act together to hold currencies stable. Sumita said the Bank of Japan will continue to pursue adequate and flexible monetary policies while watching economic and financial developments in and outside Japan. He said the decision to cut the discount rate on February 20 was a hard choice for the Bank because monetary conditions had already been sufficiently eased. To prevent a resurgence of inflation, the Bank will take a very cautious stance regarding developments stemming from easy credit conditions, he said. He said the latest discount rate cut to 2.5 pct should stabilize exchange rates and expand domestic demand. Commenting on the dollar's fall below 150 yen, Sumita reiterated he cannot find any specific reason for the currency's weakness. The market undertook speculative dollar selling by reacting to overseas comments by monetary authorities and trade tension, he said. Sumita repeated that the Japanese economy may gradually recover in the latter half of the 1987/88 fiscal year ending April 1, 1988, provided exchange rates stabilize.

training/9704

training/9704 |@title ec:1 link:1 agricultural:1 trade:1 talk:1 reform:1 |@word european:1 community:1 ec:6 consider:1 talk:2 agricultural:5 trade:11 reform:5 inseperable:1 present:1 gatt:6 round:3 willy:1 de:4 clercq:4 external:1 relations:1 commissioner:1 say:8 tell:1 reporter:1 would:2 bow:1 pressure:1 reach:4 early:2 seperate:1 agreement:5 want:3 stick:2 four:1 year:2 schedule:1 agree:1 member:1 general:1 tariffs:1 punta:1 del:2 este:2 uruguay:1 last:1 include:2 liberalisation:1 first:1 time:1 lengthy:1 program:2 negotiate:1 issue:1 discuss:1 current:1 merchandise:1 service:1 way:1 china:1 attend:1 two:2 day:2 conference:1 22:1 minister:2 hold:1 new:2 zealand:1 several:1 criticise:1 see:1 restrictive:1 practice:1 call:1 urgent:3 u:1 representative:1 clayton:1 yeutter:1 also:1 important:1 possible:1 long:1 hard:1 negotiation:3 change:1 clear:1 one:2 undertaking:1 global:1 track:5 fast:1 slow:1 start:1 select:1 priority:3 agriculture:1 thing:1 punte:1 take:1 eight:2 month:1 prepare:1

EC LINKS AGRICULTURAL TRADE TALKS TO OTHER REFORM The European Community (EC) considers talks on agricultural trade reform to be inseperable from talks on other trade reform in the present GATT round, Willy de Clercq, external relations commissioner of the EC, said. He told reporters here the EC would not bow to pressure to reach an early, seperate agreement on agricultural trade. He said the EC wanted to stick to the four-year schedule agreed by members of the General Agreement on Tariffs and Trade (GATT) in Punta del Este, Uruguay, last year. That included agricultural trade liberalisation for the first time in the lengthy program to re-negotiate the GATT. Other trade issues being discussed in the current GATT round include reform of trade in merchandise and services. De Clercq is on his way to China after attending a two-day conference for 22 GATT trade ministers held in New Zealand. Several of those ministers criticised the EC for what they saw as restrictive agricultural trade practices and called for urgent reforms. U.S. Trade representative, Clayton Yeutter, also said it was important agreement on agricultural trade reform was reached as early as possible. But de Clercq said the GATT program had been reached after long and hard negotiations, and the EC did not want changes. 'We just want to stick to the agreement which was reached, and that was very clear -- that the new round would be one undertaking. It is a global negotiation with no two tracks, no fast track, no slow track. It has just one track, the track - and that's all,' de Clercq said. 'If you start selecting priorities, your priority is not my priority. We say that agriculture is urgent, but it's not the only urgent thing,' he said. He said the Punte del Este agreement had taken eight months to prepare and eight days of negotiations.

training/9705

training/9705 |@title vietnam:1 army:1 order:1 grow:1 food:1 |@word vietnam:2 order:1 army:3 grow:1 food:3 ease:1 shortage:1 meet:1 economic:1 recovery:1 goal:1 set:2 1990:2 newspaper:1 quan:1 doi:1 nhan:1 dan:1 monitor:1 say:2 soldier:1 must:1 work:1 harder:1 care:1 rice:1 vegetable:1 crop:1 endanger:1 present:1 unusually:1 hot:1 weather:1 paper:1 1:1 6:1 mln:3 strong:1 regular:1 contribute:1 less:1 one:1 pct:1 nation:1 18:1 2:1 tonne:2 output:1 north:1 target:1 23:1 24:1

VIETNAM'S ARMY ORDERED TO GROW MORE FOOD Vietnam has ordered its army to grow more food to ease shortages and meet economic recovery goals set for 1990. The army newspaper Quan Doi Nhan Dan, monitored here, said soldiers must work harder to care for rice, vegetables and other crops endangered by the present unusually hot weather. The paper said the 1.6-mln strong regular army contributed less than one pct to the nation's 18.2 mln tonne food output. North Vietnam has set a 1990 food target of 23 to 24 mln tonnes.

training/9706

training/9706 |@title linde:1 turnover:1 first:1 two:1 month:1 1987:1 |@word engineering:1 group:11 linde:6 ag:1 ling:1 f:1 world:8 turnover:7 rise:10 518:1 6:4 mln:13 mark:20 first:2 two:2 month:2 1987:2 5:7 2:11 pct:18 1986:4 period:2 management:1 board:1 chairman:1 hans:1 meinhardt:7 say:5 incoming:10 order:11 fall:3 587:1 3:3 tell:1 annual:2 news:1 conference:1 exclude:1 exchange:1 rate:1 movement:1 8:3 9:2 increase:3 1:8 0:2 expect:1 satisfactory:1 result:1 sale:4 year:3 give:3 detailed:1 forecast:1 domestic:3 net:1 profit:1 105:1 79:1 80:1 71:1 7:4 394:1 last:1 456:1 ask:1 shareholder:1 meeting:1 may:1 13:1 raise:1 authorise:2 share:3 capital:2 maximum:2 30:1 nominal:2 issue:2 warrant:1 bond:1 volume:1 200:1 currently:1 stand:1 49:1 authorisation:1 would:2 company:2 necessary:1 flexibility:1 case:1 need:1 additional:1 fund:1 acquisition:1 decline:1 detail:1 88:1 billion:8 barely:1 change:1 91:1 without:1 sharp:1 appreciation:1 major:1 trading:1 partner:1 currencie:1 four:1 prior:1 level:1 heavy:1 plant:1 construction:1 4:2 777:1 drop:1 739:1 wake:1 dollar:1 oil:1 price:1 plunge:1 technical:1 gas:1 05:2 gain:3 strengthen:1 market:1 position:1 refrigeration:1 sector:3 particularly:1 strong:1 austria:1 italy:1 norway:1 493:1 513:1 fork:1 lift:1 truck:1 hydraulic:1 see:1 12:1 52:1 57:1 93:1 92:1 produce:1 full:1 capacity:1

LINDE TURNOVER UP IN FIRST TWO MONTHS OF 1987 Engineering group Linde AG's <LING.F> world group turnover rose to 518.6 mln marks in the first two months of 1987, 5.2 pct more than in the same 1986 period, management board chairman Hans Meinhardt said. But world group incoming orders fell 2.2 pct to 587.3 mln marks, Meinhardt told the annual news conference. Excluding exchange rate movements, world group turnover rose 8.9 pct and incoming orders increased 1.0 pct. Linde expects satisfactory results and increased sales this year but Meinhardt gave no detailed forecast. Domestic group 1986 net profit rose to 105.79 mln marks from 80.71 mln. Meinhardt said domestic group turnover rose 6.7 pct to 394.1 mln marks in the first two 1987 months against the same period last year but incoming orders fell 5.2 pct to 456.6 mln. Linde will ask shareholders at the annual meeting on May 13 to raise authorised share capital by a maximum 30 mln marks nominal for the issue of share warrant bonds with a maximum issue volume of 200 mln marks. Linde's authorised share capital currently stands at a nominal 49.6 mln marks. Meinhardt said the authorisation would give the company the necessary flexibility in case Linde needed additional funds for acquisitions. He declined to give further details. While world group turnover rose 7.2 pct to 3.88 billion marks in 1986, incoming orders were barely changed at 3.91 billion marks. Meinhardt said without the sharp appreciation of the mark against major trading partner currencies, incoming orders would have been four pct above the prior year's level. World group turnover in heavy plant construction rose 7.4 pct to 777 mln marks, but incoming orders dropped 5.7 pct to 739 mln marks in the wake of the dollar and oil price plunge. World sales for technical gases rose 5.1 pct to 1.05 billion marks and incoming orders gained 5.2 pct to 1.05 billion marks. Meinhardt said Linde strengthened its market position in the refrigeration sector, with particularly strong turnover and order gains in Austria, Italy and Norway. World group sales in the sector fell 2.5 pct to 493 mln marks, but incoming orders rose 2.5 pct to 513 mln marks. The fork lift truck and hydraulic sector saw world group sales rising 12.4 pct to 1.52 billion marks and incoming orders gaining 8.0 pct to 1.57 billion marks. Domestic group turnover rose 8.2 pct to 2.93 billion marks and incoming orders increased 1.9 pct to 2.92 billion marks. The company was producing at full capacity in 1986.

training/9707

training/9707 |@title linde:1 ag:1 ling:1 f:1 1986:1 year:1 |@word domestic:1 group:3 net:2 profit:3 105:1 79:1 mln:12 mark:13 vs:14 80:1 71:2 turnover:3 2:8 93:1 billion:12 incoming:2 order:3 92:1 86:1 book:1 end:1 december:1 28:2 37:1 tax:1 payment:1 104:1 98:1 88:3 67:1 depreciation:1 fix:3 asset:3 107:1 25:1 150:1 75:1 new:2 investment:2 148:2 22:2 dividend:2 already:1 announce:1 12:1 11:1 dvfa:1 earning:1 per:1 share:1 32:1 27:1 54:1 shareholder:1 annual:1 meeting:1 may:2 13:1 date:1 14:2 world:2 3:4 62:1 91:3 247:1 252:1 figure:1 give:1 parent:1 company:1 95:1 04:1 74:1

LINDE AG <LING.F> 1986 YEAR Domestic group net profit 105.79 mln marks vs 80.71 mln Turnover 2.93 billion marks vs 2.71 billion Incoming orders 2.92 billion marks vs 2.86 billion Order book at end December 2.28 billion vs 2.37 billion Tax payments 104.98 mln marks vs 88.67 mln Depreciation of fixed assets 107.25 mln marks vs 150.75 mln New investment in fixed assets 148.88 mln vs 148.22 mln Dividend already announced 12 marks vs 11 DVFA earnings per share 32.22 marks vs 27.54 marks Shareholders annual meeting May 13, dividend date May 14 World group turnover 3.88 billion marks vs 3.62 billion Incoming orders 3.91 billion marks vs 3.91 billion New investment in fixed assets 247 mln marks vs 252 mln No world group profit figures given Parent company net profits 95.04 mln marks vs 74.91 mln Turnover 2.28 billion marks vs 2.14 billion

training/971

training/971 |@title unilever:1 improve:1 sector:1 1986:1 |@word unilever:4 plc:2 nv:1 un:1 group:3 see:1 improve:1 performance:1 almost:1 sector:1 1986:3 anglo:1 dutch:1 say:2 result:2 statement:1 good:1 progress:1 make:2 last:1 year:4 recent:1 acquisition:1 chesebrough:1 pond:1 inc:1 cbm:1 n:1 significant:1 addition:1 greatly:1 benefit:1 come:1 earlier:1 report:1 combine:1 fourth:1 quarter:1 pre:1 tax:1 profit:2 276:1 mln:3 stg:3 level:1 early:1 period:1 1:2 14:1 billion:1 compare:1 953:1 full:1 plan:1 change:1 depreciation:2 policy:1 conventional:1 practice:1 depreciate:2 asset:2 individually:1 rather:1 fix:1 average:1 rate:1 new:1 method:1 expect:1 lead:1 reduction:1 accumulate:1 provision:1 thereby:1 increase:1 net:1 book:1 value:1 tangible:1 assset:1 300:1 january:1 1987:1 share:2 25p:1 since:1 yesterday:1 2:1 575p:1 buoyant:1 response:1 split:1 proposal:1 though:1 ahead:1 market:1 forecast:1 dealer:1 add:1

UNILEVER IMPROVES IN MOST SECTORS DURING 1986 The Unilever Plc and NV <UN.A> group saw improved performance in almost all sectors during 1986, the Anglo-Dutch group said in its results statement. Very good progress was made last year, while the recent acquisition of Chesebrough-Pond's Inc <CBM.N> was a significant addition which will greatly benefit the group in the years to come. Earlier, Unilever reported combined fourth quarter pre-tax profit of 276 mln stg, level with the year earlier period, making 1.14 billion stg compared with 953 mln for the 1986 full year. Unilever said it plans to change its depreciation policy to the more conventional practice of depreciating assets individually rather than depreciating fixed assets at average rates. The new method is expected to lead to a reduction in the accumulated provision for depreciation and thereby increase the net book value of tangible asssets by about 300 mln stg as at January 1, 1987. Unilever Plc shares are up 25p since yesterday at 2,575p in buoyant response to the results and share split proposal, though 1986 profits were not ahead of market forecasts, dealers added.

training/9712

training/9712 |@title trade:1 surplus:1 cut:1 would:1 benefit:1 japan:1 sumita:1 |@word bank:1 japan:3 governor:1 satoshi:1 sumita:1 say:1 national:1 interest:1 make:2 great:1 effort:2 reduce:1 trade:3 surplus:1 tell:1 business:1 executive:1 important:1 issue:2 world:3 economy:1 correction:1 international:1 imbalance:1 solution:1 debt:2 problem:1 end:1 u:1 must:1 medium:1 long:1 term:1 alter:1 economic:2 structure:1 expand:1 gap:1 two:1 nation:1 growth:1 therefore:1 expansion:1 debtor:1 country:1 export:1 market:1 need:1 solve:1 add:1

TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA Bank of Japan Governor Satoshi Sumita said it is in Japan's national interest to make greater efforts to reduce its trade surplus. He told business executives the most important issues for the world economy are the correction of international trade imbalances and a solution to the world debt problem. To this end, Japan and the U.S. Must make medium- and long-term efforts to alter economic structures which have expanded the trade gap between the two nations. World economic growth and therefore an expansion of debtor countries' export markets are needed to solve the debt issue, he added.

training/9718

training/9718 |@title gulf:1 escort:1 still:1 discussion:1 weinberger:1 |@word action:1 take:1 yet:1 reagan:1 adminstration:1 offer:2 escort:1 kuwaiti:1 oil:1 tanker:1 gulf:3 issue:1 discuss:1 u:1 secretary:1 defence:1 caspar:1 weinberger:2 say:1 make:1 kuwait:1 light:1 iran:2 deployment:1 chinese:1 build:1 missile:1 cover:1 entrance:1 tell:1 reporter:1 prior:1 speech:1 texas:1 christian:1 university:1 think:1 united:1 states:1 move:1 towards:1 potential:1 conflict:1 add:1 strait:1 hormuz:1 mouth:1 still:1 free:1 water:1

GULF ESCORTS STILL UNDER DISCUSSION - WEINBERGER No action has been taken yet on the Reagan Adminstration's offer to escort Kuwaiti oil tankers through the Gulf, but the issue is being discussed, U.S. Secretary of Defence Caspar Weinberger said. The offer was made to Kuwait in light of Iran's deployment of Chinese-built missiles to cover the entrance to the Gulf. Weinberger told reporters prior to a speech at Texas Christian University that he did not think Iran and the United States were moving towards a potential conflict, adding that the Straits of Hormuz at the mouth of the Gulf were still 'free water.'

training/972

training/972 |@title u:2 lead:2 indicator:2 fall:2 1:2 0:2 pct:4 jan:2 revise:2 2:2 3:2 dec:2 rise:2 |@word

U.S. LEADING INDICATORS FELL 1.0 PCT IN JAN AFTER REVISED 2.3 PCT DEC RISE U.S. LEADING INDICATORS FELL 1.0 PCT IN JAN AFTER REVISED 2.3 PCT DEC RISE

training/9720

training/9720 |@title miyazawa:1 say:1 major:1 nation:1 act:1 paris:1 accord:1 |@word finance:1 minister:1 kiichi:1 miyazawa:5 say:5 major:2 nation:4 take:2 action:1 stabilise:3 exchange:2 rate:4 line:1 agreement:1 paris:3 last:1 month:1 government:1 source:2 tell:1 upper:1 house:1 session:1 six:3 britain:1 canada:1 france:1 japan:3 u:1 west:1 germany:1 abide:1 accord:1 agree:2 cooperate:1 around:1 current:1 level:1 wish:1 attend:1 meeting:2 seven:1 g:1 7:1 expect:1 imf:1 world:1 bank:1 interim:1 committee:1 washington:1 start:1 april:1 9:1 quote:1 try:1 prevent:1 rise:1 yen:2 matter:1 seriously:1 add:1 ask:1 dollar:1 153:1 prevail:1 time:1 talk:1 decline:1 give:1 specific:2 figure:1 mention:1 would:1 create:1 unexpected:1 situation:1

MIYAZAWA SAYS MAJOR NATIONS ACTING ON PARIS ACCORD Finance Minister Kiichi Miyazawa said major nations are taking action to stabilise exchange rates in line with their agreement in Paris last month, government sources said. Miyazawa told an Upper House session the six nations -- Britain, Canada, France, Japan, the U.S. And West Germany -- are abiding by the Paris accord. The six agreed to cooperate to stabilise exchange rates at around current levels. Miyazawa said he wishes to attend a meeting of seven major nations (G-7) expected just before the IMF/World Bank Interim Committee meeting in Washington starting on April 9. The sources quoted Miyazawa as saying Japan is trying to prevent a further rise of the yen. Japan is taking the matter seriously, he added. Asked if the six nations had agreed to stabilise the dollar at about 153 yen, the rate prevailing at the time of the Paris talks, Miyazawa declined to give specific figures and said any mention of specific rates would create an 'unexpected situation.'