utterance
stringlengths 0
13.4k
| label
listlengths 10
10
|
|---|---|
Shr two cts vs three cts
Net 21,080 vs 35,393
Revs 2,026,017 vs 2,476,068
Nine mths
Shr five cts vs six cts
Net 48,567 vs 59,527
Revs 6,231,242 vs 6,519,473
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Burr-Brown Corp said its first
quarter 1987 results will show profits significantly below the
1,058,000 dlrs, or 11 cts per share, earned in the first
quarter last year.
The company said the profit decline will be the result of
an increase in reserves for inventory valuation. The increase
will be to cover potential write-downs of certain inventories
or products used in compact-disc stereo systems.
Burr-Brown said the possible write-down is being
precipitated by a shift in market demand toward higher
performance products.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Brazilian crude oil and
liquefied natural gas production fell to an average 583,747
barrels per day in February from 596,740 in the same 1986
month, the state oil company Petrobras said.
The drop was due to operating problems in the Campos Basin,
the country's main producing area, where output was down to
346,011 bpd from 357,420, a Petrobras statement said.
Consumption of oil derivatives totalled 1.14 mln bpd in
February, 16.7 pct up on February last year but down from the
record 1.22 mln bpd used in October last year. Use of alcohol
fuel in February was 208,600 bpd, 42 pct above February, 1986.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
<Central Capital Corp> said it planned
a three-for-two split of its common and class A subordinate
voting shares, subject to shareholder approval at the April 23
annual meeting.
It said the split would raise the amount of common shares
to about 25.2 mln from 16.8 mln and subordinate voting shares
to about 23.9 mln from 15.9 mln.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The White House Economic Policy
Council made a recommendation to President Reagan whether to
retaliate against Japan for alleged unfair practices in
semiconductor trade, U.S. officials said.
They would not disclose the council's recommendation, but
the officials said earlier it was likely the council would call
for retaliation and urge that curbs be imposed on Japanese
exports to the United States.
The officials said it might be several days before Reagan
would act and his moves made public.
The Senate last week unanimously called on Reagan to impose
penalities on Japanese exports. Retaliation was also called for
by the semiconductor industry and its chief trade union, both
hard hit by Japanese semiconductor trade.
In a pact last summer, Japan summer agreed to stop dumping
its semiconductors at less than cost in the United States and
other nations and to open its own market to the U.S. products.
In return, the United States agreed to hold up imposing
anti-dumping duties on Japanese semiconductor shipments.
U.S. officials say that while Japan has stopped dumping
semiconductors on the American market, they have continued to
dump them in third countries and that the Japanese market has
remained all but closed to the U.S. semiconductors.
semiconductors on the American market, they have continued to
dump them in third countries and that the Japanese market has
remained all but closed to the U.S. semiconductors.
reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Shr loss 66 cts vs profit 1.07 dlrs
Net loss 20,957,000 vs profit 11,041,000
Revs 1.54 billion vs 1.85 billion
Avg shrs 73.2 mln vs 71.7 mln
NOTE: 1986 net excludes charge of 94.8 mln dlrs or 1.32
dlrs a share from abandonment of Bailly nuclear plant.
Northern Indiana Public Service Co is full name of company.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Chicago real estate developer
Leonard Chavin told the Securities and Exchange Commission he
had raised his stake in the L.E. Meyers Co Group to 11 pct from
9.7 pct.
He also said an investment banker repesenting him met with
Myers' officers, telling them of his plans for a takeover and
that he may solicit proxies for a seat on Myers' board.
Chavin also said if he takes control of the firm, it could
result in delisting Meyers' from the New York Stock Exchange.
He told the SEC that while he is trying to buy or acquire
the firm, he still may only hold the shares for an investment.
reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Honeywell Inc said its total debt
rose by more than 85 pct in 1986, mainly due to its 1.02
billion dlr acquisition of the Sperry Aerospace Group.
At yearend, according to the company's 1986 annual report,
Honeywell's total debt stood at 1.44 billion dlrs, compared
with 776.6 mln dlrs in 1985.
Honeywell said that if it had acquired the Sperry unit at
the beginning of 1986, its loss for the full year would have
been 9.88 dlrs a share.
Honeywell's actual loss in 1986 was 8.33 dlrs a share.
Reuter
| [
1,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
McIntyre Mines Ltd said it completed
the previously announced sale of all shares of wholly owned
Smoky River Coal Ltd and certain related assets to Smoky River
Holdings Ltd for a nominal cash consideration.
McIntyre did not specify the cash amount of the sale.
Smoky River Holdings is an Alberta company controlled by
Michael Henson, former president and chief executive of
McIntyre, the company said.
McIntyre said it retained an unspecified royalty interest
in Smoky River Coal based on net operating cash flows from the
company's coal properties.
McIntyre also said it provided a three mln dlr last
recourse letter of credit to the Alberta government for Smoky
River Coal's reclamation obligations.
The credit letter expires either when Smoky River completes
three mln dlrs of reclaiming activities or December 31, 1992,
which ever occurs first.
McIntyre said it also remains contingently liable for
certain obligations now totalling about seven mln dlrs, which
will reduce over time as Smoky River continues to operate.
McIntyre's principal asset continues to be its 14 pct
interest in Falconbridge Ltd <FALCF>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Media General Inc said it raised
the annual dividend on its class A and class B common stock to
68 cts a share from 64 cts.
The company said it also declared a two-for-one stock split
of both stock issues, which is subject to shareholder approval
of an increase in the number of authorized class A shares.
Media General said the increased dividend is payable June
12 to shareholders of record May 29.
The proposed stock split will be paid May 29 in shares of
class A shares, the company said.
The company said it also approved an amendment to its
articles of incorporation allowing class B shares to be
coverted into class A shares at the option of the holder.
Media General said the moves should broaden investor
interest in its class A stock.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
A multinational shareholder group
told the Securities and Exchange Commission it increased its
stake in Scandinavia Fund Inc to 35.5 pct, from 30.5 pct.
The investors include Ingemar Rydin Industritillbehor AB,
of Sweden, and VBI Corp, of the West Indies.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Shr 21 cts vs 10 cts
Net 10,798,000 vs 4,704,000
Revs 47.4 mln vs 32.9 mln
YEAR
Shr 58 cts vs 54 cts
Net 29.1 mln vs 25.8 mln
Revs 187.7 mln vs 134.7 mln
Note: 1986 net includes 2.8 mln dlr extraordinary gain in
4th qtr and 6.5 mln dlr fl-yr extraordinary loss involving
provision for decline in market value of marketable securities
partly offset by gain from sale of stake in Dome Petroleum Ltd
<DMP>.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr loss seven cts vs profit 11 cts
Net loss 76,888 vs profit 106,885
Revs 752,234 vs 922,036
(corrects year ago per share to profit, instead of loss in
item that ran on March 23)
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Top executives with Tenneco Corp <TGT>
and Sabine Corp <SAB> said they expected world oil prices to
gradually increase over the next two years as U.S. reliance on
imports of oil from the Middle East grows.
"I believe we have bottomed out and can look forward to a
trend of gradually increasing prices," C.W. Nance, president of
Tenneco Oil Exploration and Production, told a meeting of the
Petroleum Equipment Suppliers Association.
Nance predicted that by 1990, the Organization of
Producing and Exporting Countries would be producing at the
rate of 80 pct of capacity.
The gain will come largely through increased imports to the
United States, he said.
"They will be able to raise the price again but I do not
think they will raise it as much as they did in 1979," Nance
said. He did not say how much of a price hike he expected.
Andrew Shoup, chairman of Dallas-based Sabine, predicted
that world oil prices would increase from a range of 15 to 20
dlrs a barrel in 1987 to a range of 17 to 22 dlrs a barrel in
1988. Natural gas prices, Shoup said, should similarly climb
from a range of 1.30 to 1.70 dlrs per mcf this year to between
1.50 and 1.90 dlrs per mcf in 1988.
"Fuel switching could help us as much as five pct in
increased demand," Shoup said, referring to the gas industry's
outlook for 1987. Repeal of the Fuel Use Act, a federal law
prohibiting the use of natural gas in new manufacturing plants
and utilities, could increase demand for gas by as much as 15
pct, he said.
Tenneco's Nance also said that some U.S. cities may
experience peak day shortages in natural gas supplies next
winter because of the industry's reduced deliverability.
Tenneco's gas deliverability, for example, dropped by 20
pct during 1986, he said.
"This does not mean the gas bubble is gone," Nance said.
"We believe gas prices have bottomed out. The real question is
how broad the valley is -- is it one year, two years or three
years before we start to climb out?"
J.C. Walter of <Walter Oil and Gas Corp>, said the recent
improvement in oil prices was not enough for independent
producers to begin new onshore drilling projects.
"If crude oil stays below 20 dlrs a barrel and 1.50 dlr
per mcf for natural gas prevails, the prospects for onshore
exploration at deeper depths in the Texas Gulf Coast by
independents in the 1990s are pretty dismal," Walter said.
He suggested that some independents may instead turn to
exploration in shallow federal offshore leases. Farm-out
agreements, cheap rig rates and less competition have held
finding costs in those areas to five or six dlrs a barrel,
Walter said.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Great American Corp said
preliminary findings by regulatory examiners of its AMBANK
subsidiary will result in a first quarter charge of 14.1 mln
dlrs and a writedown of 1.4 mln dlrs.
The charge will be made against the allowance for possible
loan losses, and the writedown is of other real estate.
Great American said the examiners were conducting a regular
examination and a final report is not expected for several
weeks. Management intends to include the charge and writedown
in response to the preliminary findings.
Great American said regulatory authorities are not
requiring an adjustment of the previously reported financial
results for Great American for 1986.
However, Great American has revised its previous estimates
of provisions for possible losses and has added 9.9 mln dlrs to
the allowance account as of December 31, 1986. It said it took
the action since the charge-offs will significantly deplete its
allowance for possible loan losses and the economic environment
does not show signs for significant improvement in the near
future.
It said the additional provision increases the allowance to
26.4 mln dlrs, representing 6.63 pct of the outstanding loan
portfolio and 83.2 pct of non-performing loans at year-end.
Great American said its revised net loss for the fourth
quarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a
net loss of 2.4 mln dlrs or 1.06 dlrs per share the year
earlier.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr 78 cts vs 51 cts
Net 725,000 vs 451,000
Assets 98.5 mln vs 85.9 mln
Loans 40.5 mln vs 28.8 mln
Deposits 90.4 mln vs 78.7 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
MacMillan Bloedel
Ltd said shareholders approved the company's previously
reported proposed three-for-one stock split.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
CTC Dealer Holdings Ltd said it would
appeal a previously reported Ontario court ruling upholding an
Ontario Securities Commission decision to block CTC's bid for
49 pct of <Canadian Tire Corp Ltd> common shares.
CTC, a group of Canadian Tire dealers, added that it also
extended its tender offer to March 31 and was seeking approval
to extend its bid while the appeal court heard the case.
It said Alfred and David Billes, two of Canadian Tire's
controlling shareholders, backed the appeal and would seek
leave to appeal while third controlling shareholder Martha
Billes supported the appeal but would not join an appeal
motion.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Qtly div five pct stock vs five pct stock
Pay April 16
Record April six
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div five cts vs five cts
Pay April 30
Record April 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Qtly div 15 cts vs 15 cts
Pay May 4
Record April 10
Note: previous dividend restated to reflect January 26
two-for-one stock split.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
McM Corp said it has been forced
to delay the release of its fourth quarter and yearend results
until it can determine the effects on its balance sheet of a
possible increase in liabilities at a unit.
Earlier this month, the company's Occidental Fire and
Casualty Co unit paid 26 mln dlrs to a unit of <Mutual of
Omaha> under a commutation agreement.
However, McM said it now believes it is possible that the
unit's liabilities may exceed 26 mln dlrs.
It said a finding on any possible increase should be
completed by April 15.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Federal Reserve data released today
indicate that there has been no policy change in recent weeks
and that none is likely at next week's Federal Open Market
Committee (FOMC) meeting, economists said.
"The Fed continues to be accommodative in its provision of
reserves, indicating that there has been no policy shift since
the beginning of this year," said Harold Nathan, economist at
Wells Fargo Bank.
"These numbers and other things suggest the FOMC will not
change policy," said Robert Brusca of Nikko Securities Co.
"The Fed is sitting fairly pretty now. There's no real
reason for it to change policy," said Joseph Liro of S.G.
Warburg and Co Inc.
Liro said the economy is showing moderate growth and does
not require immediate policy easing and the money aggregates
may well end March at the bottom of their target ranges.
All of the economists agreed that the Fed's major concern
now is recent weakness in the dollar which early this week was
heavily supported by central banks. They said fear of hurting
the dollar will cause the Fed to be cautious in lowering
interest rates further.
Numbers released by the Fed today were all in line with
expectations and similar to the data for most of this year.
The Fed said that banks' net free reserves averaged 603 mln
dlrs in the two-week statement period that ended on Wednesday
versus 749 mln dlrs in the previous period.
In the single week to Wednesday, banks' borrowings at the
discount window, less extended credits, averaged 302 mln dlrs
compared with 228 mln dlrs in the first week of the statement
period. Meanwhile the Federal funds rate average edged up to
6.14 pct from 6.08 pct.
The Fed's failure to add reserves in the market on Tuesday
and Wednesday surprised some, but economists said the data
released today suggest it had no real need to add reserves.
The Fed's absence may be explained by the lack of any
pressing need for it to supply reserves and by a desire to
boost borrowings in the second week of the statement period to
meet its borrowings target, said Liro of Warburg.
Liro said the Fed probably is shooting for a two-week
borrowings average of 300-325 mln dlrs. The borrowings actually
averaged 265 mln dlrs in the latest statement period and that
was up from 191 mln dlrs in the prior period.
Brusca of Nikko agreed that the Fed probably is aiming for
two-week average discount window borrowings of around 300 mln
dlrs. He said that would correspond to a Federal funds rate of
around 6.10 pct.
It is nearly impossible for the Fed to hit any borrowings
target since the demand for excess reserves is erratic, said
Wells Fargo's Nathan. He said the Fed is focusing instead on
the funds rate and is trying to keep it roughly within a six to
6-1/4 pct band.
Upward funds rate pressure and a big reserve-adding need
are anticipated for the statement period that began today.
More
Brusca believes the Fed will have to add 3.5 to four
billion dlrs a day in reserves in this statement period. Liro
puts the add need at around 3.9 billion dlrs.
To partly address this requirement, many expect the Fed to
add permanent reserves with effect next Thursday by offering to
buy all maturities of Treasury bills on Wednesday. A similar
coupon "pass" may be required later.
There will be a greater demand for funds in this statement
period because it includes the close of the quarter. Further
upward pressure on the Federal funds rate may come from window
dressing demand as the Japanese fiscal year ends on March 31.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
Qtr ended Feb 28
Oper shr loss one ct vs profit 12 cts
Oper net profit 3,000 vs profit 218,000
Revs 12.0 mln vs 10.6 mln
Avg shrs 2,421,000 vs 1,602,000
Nine mths
Oper shr profit 28 cts vs profit 24 cts
Oper net profit 639,000 vs profit 500,000
Revs 34.6 mln vs 31.2 mln
Avg shrs 1,928,000 vs 1,620,000
Note: Oper excludes tax credits of 180,000 and 415,000 for
year-ago qtr and nine mths.
Oper includes writeoff related to subordinated note
exchange of 185,000 for current qtr and nine mths.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Shr nil vs four cts
Net 12,000 vs 140,000
Revs 4,446,000 vs 3,998,000
Avg shrs 4,364,000 vs 3,461,000
Year
Shr 60 cts vs 22 cts
Net 2,257,000 vs 774,000
Revs 18.3 mln vs 21.1 mln
Avg shrs 3,788,000 vs 3,461,000
Note: Net includes realized gains on investments of 50,000
vs 105,000 for qtr and 174,000 vs 202,000 for year.
Net also includes tax credit of 64,000 for year-ago 12
mths.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The United States' emphasis on its
foreign trade deficit is misplaced and the country's real
problem lies in its large federal budget deficit, the General
Agreeement on Tariffs and Trade (GATT) said.
By stressing its record trade deficit of 169.8 billion
dlrs last year, the U.S. Was fuelling protectionist pressure
which threatens the world trading system, it said in an annual
report.
The fundamental problem, the size of the U.S. Federal
budget deficit, could be remedied only by cutting government
spending or encouraging personal savings to finance the debt,
it said.
GATT also predicted world trade would grow by only 2.5 pct
in 1987 -- a full percentage point lower than in each of the
previous two years.
GATT experts urged Washington to resist protectionism and
instead seek macroeconomic changes to reduce the current
account payments deficit -- higher private savings, lower
investment and a smaller federal budget deficit.
Raising U.S. Trade barriers "would result in little or no
reduction in the current account deficit. It would, however,
increase inflation and reduce world trade," it said.
"The basic cause -- some combination of insufficient
domestic savings and an excessive budget deficit -- would
remain," the report said.
GATT economists said trade expansion would slow this year
because of slower growth forecasts in Japan and some West
European nations as they adjust production and workforces to a
low dollar, risk of higher U.S. Inflation, concerns over Third
World debt management and looming protectionism.
The report also said imbalances in the current accounts of
Japan, West Germany and the U.S. Had increased in 1986.
The most likely explanation was that exchange rate changes
were not backed by changes in macroeconomic policies, it added.
"Thus the prediction that these imbalances would be reduced
as a result of the major realignment of exchange rates was not
borne out last year," the report said.
GATT warned there was a risk of a sizeable increase in the
U.S. Inflation rate under the combined impact of a rapidly
expanding money supply and low dollar.
"Such a development could worsen the business climate by
increasing uncertainty and pushing up interest rates, which, in
turn, would adversely affect world trade."
But the report noted a surprising rise in imports to the
United States, despite the dollar's depreciation which makes
foreign products more expensive.
It suggested that resources idle in the U.S., Both human
and in underutilised factories, were not geared to produce the
goods and services sought from abroad.
World trade in manufactures grew by only three pct in 1986,
about half of the rate of the previous year.
Trade in agricultural goods expanded by just one pct,
continuing a stagnant pattern in that sector this decade, GATT
said.
Developing countries' exports declined significantly, while
their imports increased moderately, although full statistics
are not available yet, GATT said.
The combined export earnings of 16 major indebted nations
were sharply lower, and only five of them (Chile, Colombia,
Philippines, South Korea, and Thailand) had higher exports.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
The White House Economic Policy
Council decided to recommend trade sanctions against Japan for
violations of the U.S.-Japanese semiconductor agreement,
industry sources said.
They would give no details, noting that the White House had
not commented on the decision. The administration has been
under pressure to retaliate.
There was no immediate announcement on the council's
decision, but U.S. Officials said it was likely the senior
policy group's move on curbs reflected growing American
frustration over alleged unfair Japanese trade practices.
U.S. Officials said President Reagan would probably act on
the recommendations in a day or so, after consulting with aides
on the foreign policy implications of retaliation.
The officials said Reagan might delay retaliation for a
last try to persuade Japan to abide by the agreement reached
last July governing trade in semiconductors.
Under a pact reached last July, Japan was to stop dumping
semiconductors in world markets and to open its own market to
U.S.-made semiconductors.
In return, the U.S. Agreed to hold up imposing anti-dumping
duties on Japanese semiconductor shipments.
The United States said that dumping has stopped in the U.S.
Market but has continued in third countries, and that the
Japanese market remains closed.
The pressure on Reagan to retaliate included a unanimous
call by the Senate last week to impose penalties on Japanese
high technology products containing semiconductors.
A call for retaliation also came from the semiconductor
industry and from its chief trade union.
U.S. Officials said the most likely move against Japan
would involve duties on semiconductor-based goods, such as
televisions, video cassette recorders and computers.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Prime Minister Yasuhiro Nakasone will
make an official week-long visit to the United States from
April 29 and hold talks in Washington with President Reagan,
Chief Cabinet Secretary Masaharu Gotoda told reporters.
Government sources said Nakasone would try to resolve
growing bilateral trade friction and discuss the June Venice
summit of Western industrial democracies.
Foreign Minister Tadashi Kuranari will accompany Nakasone,
ministry officials said.
U.S. Industry sources in Washington said the White House
Economic Policy Council was recommending trade sanctions
against Japan for violating the two countries' agreement on
semiconductor trade.
Under the pact, Japan pledged to stop dumping microchips in
the U.S. And Asia and open its domestic market to U.S.
Semiconductors.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
"The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports.
However, countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87,
against three billion in 1985/86.
Indian countertrade, which is being promoted mainly to help
narrow the country's large trade deficit, is still
insignificant compared with agreements reached by Indonesia,
Venezuela and Brazil, the trade sources said.
The trade deficit, which hit an estimated record 6.96
billion dlrs in 1985/86, is expected to decline to 5.6 billion
in the current fiscal year.
But the push to include non-communist countries in
countertrade is also due to other factors, including the slow
growth of foreign reserves, a tight debt repayment schedule,
shrinking aid and trade protectionism, businessmen said.
One source said India is showing more dynamism in promoting
countertrade deals than in the past, when the deals were made
discreetly because they break GATT rules. As a member of the
General Agreement on Tariffs and Trade (GATT), India cannot
officially support bartering.
The MMTC's recent countertrade deals include iron ore
exports to Yugoslavia for steel structures and rails.
"MMTC's recent global tenders now include a clause that
preference will be given to parties who accept payment in kind
for goods and services sold to India," a trade official said,
adding that the policy remains flexible.
"We also take into account other factors such as prices at
which the goods and services are offered to India," the trade
official said.
Early this year the commerce ministry quietly told foreign
companies interested in selling aircraft, ships, drilling rigs
and railway equipment to India that they stood a better chance
if they bought Indian goods or services in return, the trade
sources said.
Illustrating the point, the official said a South Korean
firm recently agreed to sell a drilling platform worth 40 mln
dlrs to the state-run Oil and Natural Gas Commission.
In return, the South Koreans gave a verbal assurance to buy
Indian goods worth 10 pct of the contract, against the 25 pct
sought by New Delhi, the trade official said.
"We selected the Korean firm because its bid was the lowest,"
he added.
Countertrade is helping African countries short of foreign
currency to import goods. India has signed a trade protocol to
buy up to 15,000 tonnes of asbestos fibre from Zimbabwe in
exchange for Indian goods, including jute bags and cars.
But despite India's new drive, countertrade has some
inherent problems, they added.
"It is not always easy to meet the basic requirement that
the trade should always be balanced," one trade source said. "The
other problem is it is often difficult to supply or buy
commodities which the other party wants."
Another added, "Barter is also restrictive. We look upon it
as a temporary measure to get over the current balance of
payments difficulty.
"This is why countertrade has not been made a law in India.
It does not even figure in the country's foreign trade policy."
REUTER
| [
0,
0,
1,
0,
1,
0,
0,
0,
1,
1
]
|
The <British Petroleum Co of
Australia Ltd> reported a 16.15 mln dlr net loss for 1986
against a 73.38 mln dlr profit in 1985 after sales fell to 2.27
billion dlrs from 2.94 billion.
The British Petroleum Co Plc <BP.L> unit attributed the
deficit to stock losses arising from the drop in crude prices
in the first half, when it made a 119.93 mln dlr loss.
It said government compensation, in the form of subsidies
to refiners to partially cover stock losses, together with
improved crude prices in the second half, enabled the group's
oil business to make a modest pre-tax profit.
BP Australia said it had not recommended a dividend.
Commenting on the year's performance, the company said it
suspended operations at the 60 pct-owned Agnew Nickel mine
because of losses sustained from declining nickel prices.
The results also included an 11.3 mln dlr extraordinary
writedown on the value of the laid-up oil exploration drillship
Regional Endeavour.
BP Australia said it had sold its 33-1/3 stake in chemical
maker <CSBP and Farmers Ltd> yielding an extraordinary profit
of 18.9 mln dlrs and expected to finalise the sale of the 80
pct-owned <Kwinana Nitrogen Co> in the first half of 1987.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Four major Japanese steelmakers plan to
form a seamless pipe export cartel for markets other than the
U.S. And the European Community for a year from April to keep
prices above output costs, company officials involved said.
The companies are Nippon steel Corp <NSTC.T>, Sumitomo
Metal Industries Ltd <SMIT.T>, Nippon Kokan KK <NKKT.T> and
Kawasaki Steel Corp <KAWS.T>, which together account for some
95 pct of Japan's total seamless pipe exports.
The firms will apply to form the cartel to the Ministry of
International Trade and Industry today and approval is expected
later this month, the officials said.
Under the plan, the four companies will set floor prices
for exports as prices have fallen sharply due to the yen's
appreciation against the dollar, reduced world demand caused by
lower oil prices and excess domestic capacity which resulted in
price-cutting competition, the officials said.
In calendar 1986, seamless pipe exports fell to 2.34 mln
tonnes from 2.99 mln in 1985 and 3.12 mln in 1981.
The officials declined to give any idea of floor prices,
saying it depends partly on volume, but industry sources
estimate average export prices would rise by around 20 pct to
some 800 dlrs a tonne.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Shr 126 H.K. Cents vs 42 (adjusted)
Final div 30 cents vs 10, making 40 vs 10
Net 479 mln dlrs vs 157 mln
Turnover 10.4 billion vs 10.5 billion
Note - Profits excluded extraordinary items 52 mln dlrs vs
losses 426 mln. Dividend payable after general meeting on June
4, books close April 22 to May 5.
Note - Bonus issue of four new "B" shares of par value 20
cents each for every one share of par value two dlrs each,
books close August 3 to 10.
REUTER N
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Shr 126 H.K. Cents vs 42 (adjusted)
Final div 30 cents vs 10, making 40 vs 10
Net 479 mln dlrs vs 157 mln
Turnover 10.4 billion vs 10.5 billion
Note - Profits excluded extraordinary items 52 mln dlrs vs
losses 426 mln. Dividend payable after general meeting on June
4, books close April 22 to May 5.
Note - Bonus issue of four new "B" shares of par value 20
cents each for every one share of par value two dlrs each,
books close August 3 to 10.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
First nine months ended Feb 28
Shr 47.4 cents vs 65.2
Net 603.0 mln dlrs vs 813.0 mln
Sales 6.52 billion vs 6.53 billion
Other income 454.9 mln vs 160.2 mln
Shrs 1.27 billion vs 1.03 billion.
Final div 20 cents vs same, making 37.5 vs same.
One-for-five bonus issue
Third qtr net 206.0 mln dlrs vs 238.6 mln
Third qtr sales 2.11 billion vs 2.10 billion.
NOTE - Div pay May 27. Div and bonus reg May 1. Nine months
net is after tax 499.1 mln dlrs vs 722.6 mln, depreciation
509.5 mln vs 427.3 mln, interest 366.8 mln vs 215.8 mln and
minorities 15.3 mln vs 15.7 mln but before net extraordinary
profit 60.7 mln vs profit 43.2 mln.
Nine month divisional net earnings before minorities were.
Petroleum 184.9 mln dlrs vs 472.4 mln
Minerals 254.6 mln vs 241.0 mln
Steel 148.2 mln vs 191.1 mln
Corporate items and investments profit 30.6 mln vs loss
75.8 mln.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Jardine Matheson Holdings Ltd
<JARD.HKG> said it planned a bonus issue of four new "B" shares
of 20 H.K. Cents each for every ordinary share of par value two
dlrs.
A company statement said the firm expects to pay a total
1987 dividend of four cents per "B" share, while the "A" share
dividend will be maintained at last year's level of 40 cents a
share.
Jardine Matheson announced earlier a 205 pct jump in 1986
net profits to 479 mln dlrs from 157 mln in 1985.
Shareholders' funds increased to 5.02 billion dlrs from
4.77 billion in 1985, the statement said.
It quoted chairman Simon Keswick as saying Jardine Matheson
achieved the good performance through satisfactory results in
most sections, especially Hong Kong Land Co Ltd <HKLD.HKG>,
Jardine Fleming Co Ltd, and its business in Japan.
He said the group's stake of about 35 pct in Hong Kong
Land, which will be lowered to 26 pct after the completion of a
reorganisation, is "a long term investment and now stands at a
level which causes us no financial strain or problems of asset
imbalance."
Keswick said the issue of new "B" shares will give the group
"the flexibility in the future to issue ordinary shares for
expansion without jeopardising the shareholding stability which
has been brought about through the group's recent
restructuring."
He said the new issue is pending approval from both the
firm's shareholders and warrant holders, adding an appropriate
adjustment will be made to the warrant exercise price.
The Jardine group has nearly completed its reorganisation,
with Jardine Matheson transferring its control of Hk Land to
the new unit <Jardine Strategic Holdings Ltd>.
Jardine Strategic will also hold majority stakes in the two
companies spun off from Hk Land -- <Mandarin Oriental
International Ltd> and <Dairy Farm International Holdings Ltd>
-- plus cross holdings with Jardine Matheson.
Jardine Matheson, which had debts of about 2.7 billion dlrs
last year, will become debt free after the restructuring.
"A positive cash flow from operations and disposals,
continuing into 1987, has transformed our balance sheet,"
Keswick said. He noted the firm last year sold interests in
airfreight operations, Australian properties and trucking
business, and its remaining U.S. Oil and gas activities.
Jardine Matheson decided to make a provision against its
general trading business in the Middle East in view of the
continuing weakness of oil prices, Keswick said. But he said
the operations would be profitable in the longer term.
He said the firm's function "has evolved into one primarily
of strategy, structure and financial and personnel policy."
He said Jardine Matheson will reduce the size of the board
of directors but will simultaneously create a new Pacific
regional board. He gave no further details of the change.
Jardine Matheson shares rose 20 cents to 24.90 dlrs at
midday on the Hong Kong stock market. In early trading it had
fallen to 24.30 dlrs because of rumours yesterday that the firm
planned a rights issue.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Broken Hill Pty Co Ltd <BRKN.S>
said it expects a strong full year result, helped by sigificant
investment allowance credits in the fourth quarter, but net
will fall short of the record 988.2 mln dlrs earned in 1985/86
ended May 31.
The group earlier reported its net earnings dropped to
603.0 mln dlrs in the first three quarters ended February 28
from 813.0 mln a year earlier.
Third quarter net fell to 206.0 mln dlrs from 238.6 mln a
year earlier and 220.3 mln in the second quarter ended November
31, BHP said in a statement.
Earnings in the first nine months were at the lower end of
share analysts' forecasts yesterday of a range of 600 mln to
620 mln dlrs.
BHP held its annual dividend unchanged at 37.5 cents after
declaring a steady final dividend of 20 cents and announced a
one-for-five bonus issue to shareholders registered May 1.
The bonus is being made from reserves which will not
qualify for tax-free distribution after the introduction of
dividend imputation next July 1.
The bonus shares will not rank for the final dividend, BHP
said.
BHP said it should not be expected that the present rate of
dividend will be maintained on the increased capital.
The level of future dividends will be influenced by the
implications of the proposed dividend imputation legislation,
it said.
As previously reported, dividends will become tax-free in
shareholders' hands provided they are paid out of profits that
have borne the full 49 pct company tax rate.
BHP, which confined comment to the third quarter, said
petroleum net earnings dropped to 98.8 mln dlrs from 139.6 mln
a year earlier, and steel profit to 27.0 mln from 48.8 mln.
BHP said the petroleum division earnings fall reflected
generally lower oil prices and sales volumes from Bass Strait
while the steel decline was due to a five pct fall in domestic
sales and higher costs associated with the commissioning of new
plant and some operational difficulties.
The rise in third quarter minerals net to 95.7 mln dlrs
from 81.5 mln a year earlier largely reflected the increase in
ownership of the Mt Newman iron ore project, it said.
The 60.7 mln dlr extraordinary gain, all in the third term,
reflected a 240.7 mln profit on the sale of <Blue Circle
Southern Cement Ltd> offset by a U.S. Oil acreage writedown.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Japan's current account surplus rose to
7.38 billion dlrs in February from 3.89 billion a year ago and
from 4.95 billion in January, the Finance Ministry said.
The trade surplus rose to 8.14 billion dlrs in February
from 4.77 billion a year earlier and 5.70 billion in January.
The long-term capital account deficit widened to 11.40
billion dlrs from 8.06 billion a year ago, but it narrowed from
12.32 billion in January, the Ministry said.
Japan's February exports rose to 16.74 billion dlrs from
14.89 billion in February 1986 and from 14.65 billion in
January, the Ministry said. Imports fell to 8.61 billion from
10.12 billion a year earlier and 8.94 billion in January.
The invisible trade deficit fell to 617 mln dlrs in
February from 693 mln a year earlier, but was up from a 527 mln
deficit in January.
Figures do not tally exactly because of rounding.
Transfer payments narrowed to a 140 mln dlr deficit last
month from a 185 mln deficit a year earlier and a 225 mln
deficit in January.
The basic balance of payments deficit in February fell to
4.02 billion dlrs from 4.17 billion in February 1986 and 7.37
billion in January. Short-term capital account payments swung
to a 1.28 billion dlr deficit in February from a 1.60 billion
surplus a year earlier and a 1.44 billion dlr surplus in
January.
Errors and omissions were 2.65 billion dlrs in surplus,
compared with a 1.27 billion surplus a year earlier and a 1.10
billion deficit in January. The overall balance of payments
deficit rose to 2.65 billion dlrs from 1.30 billion a year
earlier but was down from 7.04 billion in January.
The seasonally adjusted trade surplus fell to 9.16 billion
dlrs in February from the record 9.58 billion in January, the
Ministry said.
The seasonally adjusted current account surplus also
dropped to 8.4 billion dlrs in February from the record 8.83
billion set in January.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
<United States Lines Inc> has laid
off 260 employees, almost its entire Far East staff, its Hong
Kong office general manager Elliott Burnside told Reuters.
He also said calls by two of its container ships to Busan,
South Korea and Kaohsiung, Taiwan, had been cancelled.
He declined comment on local press reports that U.S. Lines
planned to suspend operations because of failure to restructure
its 1.27 billion U.S. Dlr debt, but said the firm would make an
announcement later today.
U.S. Lines filed for protection from its creditors under
Chapter Eleven of the U.S. Federal law last November.
The English-language South China Morning Post said U.S.
Lines decided yesterday to sell its two remaining transpacific
service fleets and assets and those of its U.S.-South America
operation.
It quoted a letter by company's chief executive Charles
Hiltzheimer that said the ships and assets will be bought by
rival U.S. Shipping companies, subject to approval by their
boards.
U.S. Lines' Far East operations comprise offices in Hong
Kong, Singapore, Manila, Busan, Seoul, Tokyo, Yokohama, Kobe
and Osaka, Burnside said.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Sri Lankan Food Department officials
said the U.S. Department of Agriculture rejected a U.S. Firm's
offer of 80 U.S. Dlrs per tonne CAF to supply 52,500 tonnes of
soft wheat to Colombo from the Pacific Northwest.
They said Sri Lanka's Food Department subsequently made a
counter-offer to five U.S. Firms to buy wheat at 85 U.S. Dlrs
CAF for April 8-16 delivery.
The company which obtains USDA approval for the proposed
price must inform the Department before 1330 gmt, they said.
REUTER
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
]
|
The 50-day provisional 1987/88 budget,
adopted today by the government, allows the Finance Ministry to
issue up to 14,600 billion yen worth of foreign exchange fund
financing bills, government sources said.
Foreign exchange dealers said the yen funds would be used
to buy dollars, to prevent a further dollar fall.
The government sources said the amount, covering the first
50 days of the year starting April 1, accounts for more than 90
pct of the 16,000 billion yen in bills incorporated in the full
budget.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Mitsubishi Corp <MITT.TOK> said it has
taken a 25 pct stake worth five mln krone in <Danish Dairy
Farms Ltd> and will jointly market its produce from April.
The company was set up last year by three major Danish
livestock cooperative federations to expand markets for their
dairy products, a Mitsubishi official said.
This is the first time a Japanese trading house has traded
non-Japanese dairy products in the world market, he said.
He said Mitsubishi expects the Danish company's annual
sales to be 10 billion yen in its first year, from April 1.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Japan has sought to assure the U.S. It is
not trying to keep foreign equity in a new Japanese
international telecommunications company below the legal limit
of 33 pct, a Post and Telecommunications ministry official
said.
In a letter sent yesterday, Postal Minister Shunjiro
Karasawa told U.S. Commerce Secretary Malcolm Baldrige that the
ministry does not object to foreign participation by those U.S.
Firms that have expressed interest.
But it does oppose any foreign international
telecommunications carrier having a management role, he said.
The move appears to be an effort to dampen U.S. Opposition
to the planned merger of two rival firms seeking to compete
with the current monopoly <Kokusai Denwa Denshin Co Ltd>, and
to reduce the share held in any KDD rival by U.K.'s Cable and
Wireless Plc <CAWL.L>, industry analysts and diplomats said.
One of the rival firms, <International Telecom Japan Inc>
(ITJ) has offered a stake in the company to eight U.S. Firms
including General Electric Co <GE>, Ford Motor Co <F> and
Citibank NA <CCI), and two European companies, ITJ president
Nobuo Ito said yesterday.
Cable and Wireless holds a 20 pct share in a second
potential KDD rival, <International Digital Communications
Planning Inc>, along with <C Itoh and Co>. Merrill Lynch and Co
Inc <MER> and Pacific Telesis International Inc <PAC>, both of
the U.S., Hold three and 10 pct shares respectively.
The Post and Telecommunications Ministry has urged the
merger of the two firms because it says the market can only
support a single KDD competitor.
It has also rejected management participation by an
international common carrier, such as Cable and Wireless,
arguing no international precedent for such a stake exists.
Cable and Wireless Director of Corporate Strategy, Jonathan
Solomon, yesterday again told ministry officials he opposes a
merger proposal that would limit Cable and Wireless' share to
less than three pct and total foreign participation to about 20
pct, the ministry official said.
Channeling the U.S. Firms into a single merged competitor
would most probably result in diluting Cable and Wireless'
share, industry analysts said.
"Eventually the ministry will get what it wants -- one
combined competitor," Bache Securities (Japan) Ltd analyst
Darrell Whitten said.
"Political ... Leverage may get the total foreign share up
to a certain amount, but you won't find any one company with an
extraordinarily large holding," Whitten said.
Western diplomatic sources were more blunt.
"They (the ministry) don't want to see Cable and Wireless
with a reasonable share and they think of all sorts of
strategies to reduce that share," one said.
Fumio Watanabe, a senior Keidanren (a leading business
organization) official who has been trying to arrange the
merger, will present a new outline of his proposal on Thursday,
the ministry official said.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Northern Star Holdings Ltd> said
Britain's <Associated Newspapers Holdings Plc> will hold 9.99
pct of its enlarged issued capital after applying to acquire
15.9 mln shares in its recently announced placement.
Associated was one of the major investors participating in
the previously reported placement of 128.9 mln shares at 3.75
dlrs each, Northern Star said in a statement.
The northern New South Wales regional group is emerging as
a national media force in the wake of the industry
restructuring sparked by the News Corp Ltd <NCPA.S> takeover of
the Herald and Weekly Times Ltd <HWTA.S> group.
Associated now holds 3.3 pct of Northern Star's current
issued capital, a company official said.
As previously reported, Northern Star is raising 623 mln
dlrs through placements and a subsequent one-for-four rights
issue at 2.95 dlrs a share.
Of the placements, 56.9 mln shares will go to a number of
investors and 72 mln to investment group <Westfield Capital
Corp Ltd>, which arranged Northern Star's purchase of News
Corp's television assets, three newspapers and three radio
stations for 842 mln dlrs. Westfield will increase its stake in
Northern Star to about 45 pct from 20 as a result.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
<Avana Group Plc>, defending itself
against a bid from Ranks Hovis McDougall Plc <RHML.L>, RHM,
forecast a 3.4 mln stg rise in profits in the 1986/87 year.
It said pretax profit should rise to 23.0 mln stg in the
year to April 2, 1987 from 19.6 mln previously, and reach 27.5
mln in 1987/88. It expects share earnings to rise to 46.9p from
38.7p and to 51.2p in 1987/88, and the 1986/87 dividend to be
17.0p net, a 41.6 pct increase.
The bid from RHM, rejected by the food and bakery group, is
worth about 270 mln stg. RHM currently has a 22.9 pct stake in
purchases and acceptances.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The joint committee of Taiwan's maize
importers awarded contracts to five U.S. Companies for seven
shipments totalling 340,000 tonnes of maize for delivery
between September 1 and December 20, a committee official said.
United Grain Corp of Oregon won two contracts for the
supply of 110,000 tonnes, priced between 92.44 and 96.00 dlrs
per tonne, for September 1-15 and November 5-20 delivery.
Cargill Inc of Minnesota also took two shipments totalling
110,000 tonnes, priced between 93.45 and 94.65 dlrs per tonne,
for October 1-15 and December 5-20 delivery.
ADM Export Co of Minnesota received a 54,000 tonne cargo,
at 93.75 dlrs per tonne, for November 1-15 delivery.
Cigra Inc of Chicago won a contract to supply 33,000
tonnes, at 96.89 dlrs per tonne, for November 25-December 10
delivery.
Elders Grain Inc of Kansas took a 33,000 tonne shipment, at
96.06 dlrs per tonne, for December 1-15 delivery.
All shipments are c and f Taiwan.
REUTER
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
The Bank of England said it forecast a
shortage of around 700 mln stg in the money market today.
Among the main factors affecting liquidity, bills maturing
in official hands will drain some 501 mln stg while a rise in
note circulation and bankers' balances below target will take
out around 285 mln stg and 45 mln stg respectively.
Partly offsetting these outflows, exchequer transactions
will add some 120 mln stg to the system today.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
<Mitsubishi Motors Australia Ltd>
(MMAL) reported a 19.64 mln dlr net loss in calendar 1986 from
a 5.80 mln dlr profit in 1985 on turnover of 837.79 mln dlrs
from 942.89 mln.
MMAL, 99 pct-owned by Mitsubishi Motors Corp <MIMT.T> and
Mitsubishi Corp <MITT.T>, said a tight market meant it had
failed to recover 19 mln dlrs in costs sustained because of a
weak Australian dollar.
The company said its Magna car dominated its market segment
with sales of 30,500 units against 26,900 in 1985. Total sales
were 64,100, down 15,900.
In addition, export of components to Japan increased with
15 mln dlrs invested in 1986 to expand output of aluminium
cylinder heads to 26,000 per month from 6,000, MMAL said.
Imported passenger car, light commercial and heavy vehicle
sales suffered while local-manufacturing profitability was
eroded by sales substantially below production capacity, it
said.
Australian car sales fell to 530,000 in 1985 from 696,000
in 1985, although MMAL said it lifted its market penetration to
12.1 pct from 11.5 pct.
No dividend was recommended.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Alcan Australia Ltd <AL.S> said it will
make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of
<Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a
four-for-three share alternative.
Both are 70 pct owned by Canada's Alcan Aluminium Ltd <AL>
which will take the share swap option, Alcan Australia deputy
chairman Jeremy Davis said in a statement. The remainder of
Alcan New Zealand's totalled issued 21.84 mln shares are
broadly held while Alcan Australia's are primarily held by
institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan
Australia today ended four cents down at 1.15 dlrs.
Davis said the offer, which is subject to approval by the
New Zealand Overseas Investment Commission, was a response to
the integration of the two countries' markets under the
Australia-New Zealand Closer Economic Relations treaty.
Alcan New Zealand shareholders who accept the offer would
also receive the final dividend of 10 cents a share normally
payable on May 27.
Alcan Australia would invite New Zealand representation to
its board and would apply to list its shares on the New Zealand
Stock exchange, Davis said.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
Provisional consolidated net attributable profit 242.1 mln
francs vs 240.1 mln.
Investments 318 mln vs 317 mln.
Dividend on ordinary shares 45 francs vs 42 francs.
Dividend on priority shares 51 francs vs 48 francs.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The South African government's
maize production estimate of 7.8 mln tonnes for the current
year is "rather too conservative," leading grain and produce
merchants Kahn and Kahn Pty Ltd said.
The company, in a detailed report, estimated the harvest as
high as 8.3 mln tonnes and said if this forecast is met the
ostensible surplus for export will be approximately 2.25 mln
tonnes.
"This paradoxically is creating a problem for the Maize
Board," Kahn and Kahn said.
It said the maize export price currently is depressed and
the board is "probably confronted with the necessity to maintain
or slightly increase the internal price of maize again...To
offset the ostensible loss which must be faced" on exporting
surplus amounts.
REUTER
| [
0,
1,
0,
0,
1,
0,
0,
0,
0,
0
]
|
Italy's gross domestic product (GDP) will
grow three pct in real terms this year and 2.7 pct in 1988,
said economic information company Data Resources Europe Inc
(DRI).
Michel Girardin, DRI Europe's senior economist, said at a
conference that Italian GDP growth this year "will be mainly
driven by consumption and especially investment."
Girardin said the driving force behind GDP growth next year
will shift from domestic demand to exports as a result of
expected depreciation of the lira against the major currencies.
Italy's budget ministry said yesterday that GDP rose 2.7
pct in real terms in 1986.
DRI forecast that inflation, which was an average 6.3 pct
in 1986, will be under five pct this year and that interest
rates should drop two pct.
Girardin said the lira is expected to appreciate 14 pct
against the dollar this year following last year's 22 pct
appreciation. An expected German mark appreciation against the
dollar means that the lira should lose about six pct of its
value relative to the German currency, he said.
DRI estimates that foreign demand for Italian products
should grow by a 3.2 pct this year following last year's 6.2
pct increase.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Japan today announced another mammoth
monthly trade surplus that economists said would be sure to
intensify already mounting pressure on the country for action.
"The world has every reason to be furious with Japan for not
moving more quickly," Jardine Fleming (Securities) Ltd economist
Eric Rasmussen said.
The Finance Ministry said today that the trade surplus
soared to 8.14 billion dlrs in February from 5.7 billion in
January and 4.77 billion a year ago.
The current account surplus, which includes trade in
services as well as goods, climbed to 7.38 billion dlrs last
month from 4.95 billion in January and 3.89 billion a year ago.
After being adjusted for seasonal fluctuations, the figures
look a bit better, but not much. On that basis, the trade
surplus declined slightly in February to 9.16 billion dlrs from
a record 9.58 billion in January.
"In the medium term we expect this modest improvement to
continue but the pace of progress may be too slow to ward off
further protectionism or further yen strength," said William
Stirling, economist at Merrill Lynch Japan Inc.
A strong yen would make Japanese goods more expensive on
world markets while making imports into the country cheaper.
"On a seasonally adjusted basis, we appear to be making some
progress on getting exports down," Jardine's Rasmussen said.
But imports do not seem to be picking up much because the
Japanese economy remains sluggish, he said.
Finance Ministry officials blamed last month's slower
import growth on a decline in oil imports as refiners worked
off stocks they had built up in January.
The officials took comfort from a decline in the volume of
exports last month, after an unexpected year-on-year increase
in January.
This means the effects of the two-year rise of the yen
against the U.S. Dollar are finally beginning to have an impact
on exports, they said.
But economists warned that may not be soon enough for
Japan's trading partners.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Thyssen AG <THYH.F> said
it expects to post a good profit in 1987 despite anticipated
losses in its mass steel-making operations this year.
Managing board chairman Dieter Spethmann told the annual
meeting the group was satisfied with profit developments in the
first half of the 1986/87 financial year to September 30.
The group's other three divisions -- specialty steel,
capital goods and trading -- had made a profit so far in
1986/87, he added.
Spethmann said income from associate companies had also
been good in early 1986/87.
In 1985/86 Thyssen's world group profit fell to 370.1 mln
marks from 472.4 mln in 1984/85, reflecting costs linked to its
steel operations. The company's dividend was an unchanged five
marks.
A Thyssen spokesman told Reuters that planned job cuts at
subsidiary Thyssen Stahl AG would be higher than announced
earlier. Total job losses by 1989 were now expected to total up
to 7,800 against original projections of 5,900. Thyssen Stahl
employs some 40,000 people.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Recent slackness on Dutch capital
markets has led some bankers to question the Central Bank's
policy of pegging the guilder firmly to the West German mark
and to ask for more flexiblility in exchange rate policy.
While agreeing with the Bank's commitment to defend the
guilder strongly, some bankers want the Bank to make more use
of the range within which the guilder and the mark can
fluctuate against each other in the European Monetary System
(EMS).
Roelof Nelissen, chairman of Amsterdam-Rotterdam Bank NV
(Amro) said the Central Bank's policy was overcautious.
"I would like to suggest that the Bank use more freely the
range given to the guilder in the EMS," Nelissen said at the
presentation of Amro's 1986 annual report last week.
Within the EMS, the mark is allowed to fluctuate against
the guilder between 110.1675 and 115.235 guilders per 100.
The Central Bank maintains a stricter policy and tries to
keep the mark below the 113.00 guilders per 100. It regards a
stable exchange rate as its main target, using interest rate
policies to influence the exchange rate.
The preference of exchange rate goals above interest rate
aims goes almost undisputed in the Netherlands.
Critics say the Bank keeps the reins unnecessarily short.
Rabobank Nederland said in its latest economic bulletin: "By
maintaining the 113.00 limit, the Central Bank raises the
expectation it will always intervene above that level. If it
suddenly needs more flexibility it will find it very hard to
obtain."
Amro's Nelissen said relatively small changes in interest
rates and exchange rates could cause substantial flows of
securities business and sharp fluctuations on the Dutch capital
market. Large interest rate changes were often needed to bring
about small changes in the guilder/mark exchange rate, he
added.
Unlike Amro, Algemene Bank Nederland NV (ABN) says this is
a price the Dutch have to pay. It fully agrees with the Central
Bank's policy, director-general Julien Geertsema told Reuters,
noting a 1983 decision not to revalue the guilder fully with
the mark in the EMS hurt confidence in the Dutch currency.
"It is a pity we need such a wide interest rate difference
between West Germany to maintain the exchange rate," he added.
Interest rate differentials between West Germany and the
Netherlands are the main factors that trigger capital flows
between the two countries, as the economic performance of the
two does not differ much, economists said.
Data on 1986 capital flows between West Germany and the
Netherlands have not yet been released, but in 1985 they
accounted for only 10 pct of total trade flows between the two
countries, put at 110 billion guilders for 1986 by the
Dutch-German Chamber of Commerce earlier this month.
Economists say capital flows are more sensitive to interest
and exchange rates.
West Germany is the Netherlands' largest single trading
partner, taking 28 pct of Dutch exports and providing 26 pct of
imports in the last quarter of 1986, Central Bureau of
Statistics figures show.
At the moment, the rates for three month euromark deposits
trade around 4.0 pct while the same deposits in guilders have a
rate of around 5-7/16 pct.
Amro bank argues that the Dutch real interest rate will
even rise further because of expectations of deflation here in
1987, contrasting with slight inflation in West Germany.
In the Netherlands, the cost of living is expected to
decrease by 1.5 pct at a GNP growth rate of two pct, the Dutch
Central Planning Agency said in its 1987 forecast last month.
German GNP is seen rising by two to 2.5 pct, but with inflation
between zero and 1.0 pct, according to most German forecasts.
But despite this upward push on real Dutch rates, money
dealers do not expect the Central Bank to cut official rates
independently without prior moves by the Bundesbank.
Following the West German interest rate cuts on January 22,
the Dutch Central Bank did not lower its rates but set a 0.5
pct lower tariff for special advances and abandoned its credit
surcharge. Most traders were surprised by this move as they had
expected the Bank to follow suit unconditionally, they said.
The Bank said it lowered the rate with the largest impact
on the money market as far as the exchange rate permitted.
While not entirely unsympathetic to critics of its
policies, the Central Bank keeps its grip firm and the range
narrow.
"The European Monetary System is not only a relationship
between the guilder and the mark. Many times widening of the
margin between the two would implicate we have to buy or sell
large amounts of a third currency," Central Bank vice-director
Jan-Hendrik Du Marchie Sarvaas said.
"If we allowed the guilder to become a little cheaper, the
markets would start to believe it was weak. We don't want that.
We want to make clear that the guilder is just as strong as the
mark," he said.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
World Bank President Barber Conable
called on Japan to boost investment in developing nations, for
its own sake as well as that of the world economy.
"Japan has the means to make a major contribution to
development in the Third World," he told about 500 Japanese
businessmen and academics. "I would be pleased with additional
support."
With 25 pct of the world's total banking assets, Japan
could do more to help assist indebted Third World countries
develop roads, bridges and other infrastructure, he said.
Conable said additional commercial bank investment would
also be to Japan's advantage.
It would profit from rechannelling its huge trade surplus
into Third World economies -- notably those in South America,
China and India -- that are likely to expand faster than those
in the developed world, he said.
Japan is now the second largest shareholder in the Bank's
concessionary lending affiliate, the International Development
Association (IDA). It has also agreed recently to expand its
contribution to another affiliate, the International Bank for
Reconstruction and Development (IBRD), Conable noted.
Conable said the World Bank was expanding its structural
adjustment loans, designed to encourage developing countries to
open their economies more to free competition and trade.
"Adjustment loans could rise to 30 pct (of total World Bank
loans) in the near future, though maybe not this year," Conable
told Reuters after his speech.
Such loans currently account for slightly over 20 pct.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Applied chemicals group Henkel KGaA
<HNKG.F> said it is selling its Hamburg vegetable oil and fats
subsidiary Noblee und Thoerl GmbH to Oelmuehle Hamburg AG.
A company spokesman declined to give the purchase price.
Noblee, a supplier of specialised refined oils and fats to the
food processing industry, had turnover of 161 mln marks last
year.
A Henkel statement said the divestment was part of the
company's strategy of concentrating on its core businesses. For
Oelmuehle, the acquisition of Noblee means access to new
markets, the statement added.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
Net shr 7.6 cents vs 3.0
Int div 3.0 cents vs nil
Net 16.93 mln vs 5.47 mln
Sales 160.14 mln vs 2.35 mln.
Other income 6.29 mln vs 10.05 mln
Shrs 223.16 mln vs 183.68 mln.
NOTE - Two-for-seven non-renounceable rights issue of 8.0
pct five-year subordinated convertible redeemable unsecured
notes at 2.50 dlrs each. Each note is convertible into one
share. Div pay May 1. Div and issue reg April 16.
Net is after tax 7.04 mln dlrs vs 3.82 mln, interest 2.52
mln vs 1.14 mln, depreciation 2.43 mln vs 123,000 and
minorities 3.41 mln vs 2.91 mln but before net extraordinary
loss 821,000 vs nil.
Company is owned 46.99 pct by Elders IXL Ltd <ELXA.S>.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Prime Minister Yasuhiro Nakasone will
make an official week-long visit to the United States from
April 29 and hold talks in Washington with President Reagan,
Chief Cabinet Secretary Masaharu Gotoda told reporters.
Government sources said Nakasone would try to resolve
growing bilateral trade friction and discuss the June Venice
summit of Western industrial democracies.
Foreign Minister Tadashi Kuranari will accompany Nakasone,
ministry officials said.
U.S. Industry sources in Washington said the White House
Economic Policy Council was recommending trade sanctions
against Japan for violating the two countries' agreement on
semiconductor trade.
Under the pact, Japan pledged to stop dumping microchips in
the U.S. And Asia and open its domestic market to U.S.
Semiconductors.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
The Bank of Spain suspended its daily
money market assistance obliging borrowers to take funds from
the second window, where on Wednesday rates were raised to 16
pct compared with 14 pct for normal overnight funds.
Money market sources said in view of high borrower demand
the suspension was likely to remain in effect until April 3,
the start of the next 10-day accounting period for reserve
requirements. The suspension comes after the Bank yesterday
gave 1,145 billion pesetas assistance, a record high for this
year.
It said 90 billion pesetas was provided at the second
window.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
Prime Minister Yasuhiro Nakasone will
visit Washington next month in a bid to defuse mounting U.S.
Anger over Japanese trade policies, but Western diplomats said
they believed his chances of success were slim.
Boxed in by powerful political pressure groups and
widespread opposition to his tax reform plans, Nakasone will be
hard-pressed to come up with anything new to tell U.S.
President Ronald Reagan and key U.S. Congressmen, they said.
News of the week-long visit starting April 29 coincided
with news that Japan recorded a 8.14 billion dlr trade surplus
last month, more than 70 pct higher than a year earlier.
It also came one day after the Reagan Administration's
Economic Policy Council decided to take retaliatory action
against Japan for its alleged failure to live up to a joint
trade agreement on computer microchips.
Nakasone wants to go armed with two separate packages - one
designed to pep up Japan's sagging economy and imports in the
short-term, the other to redirect the country in the medium
term away from its over-dependence on exports for growth.
But government officials said political infighting could
rob both packages of much of their punch and might even prevent
one from seeing the light of day.
Nakasone has insisted that the government would not draw up
a package of short-term economic measures until after its
1987/88 budget passed parliament because he feared that would
amount to a tacit admission that the budget was inadequate.
But his hopes for quick passage of the budget in time for
his trip have been shattered by a parliamentary boycott by
opposition parties protesting over the sales tax plan.
Faced with the possibility that he might have to go to the
U.S. Virtually empty-handed, Nakasone today ordered his ruling
Liberal Democratic Party (LDP) to come up with its own
measures.
He can then tell Reagan the LDP package will form the basis
of the government's plans, without losing face in parliament
over the budget, political analysts said.
Officials working on the government's short-term economic
package said it would probably include interest rate cuts on
loans by government corporations, deregulation, measures to
pass on some of the benefits of the strong yen to consumers in
the form of lower prices, and accelerated public investment.
They said a record portion of state investment planned for
the entire 1987/88 fiscal year will take place in the first
half, probably over 80 pct.
Diplomats said that was unlikely to be enough to satisfy
Reagan, who is under pressure from the Democrat-controlled U.S.
Congress to take greater action to cut the huge American trade
deficit.
To complement the short-term measures, Nakasone is also
likely to present Reagan with details of Japan's longer-term
economic plans.
A high-ranking advisory body headed by former Bank of Japan
governor Haruo Maekawa is expected to come up with a final
report outlining concrete steps to redirect the economy days
before Nakasone is scheduled to leave for Washington.
Its recommendations are designed as a follow-up to
Maekawa's report last year on economic restructuring and are
likely to cover such potentially politically explosive areas as
agricultural reform and land policy, officials said.
While wanting to make the report as explicit and detailed
as possible, they said the political realities might force them
to water down some of the committee's recommendations.
A subcommittee is considering what the Japanese economy
might look like in the medium to longer term after it undergoes
massive restructuring, officials said. The subcommittee
projects that the current account surplus will fall to less
than two pct of Japan's total output, or gross national
product, around 1993 or 1995. Last year the surplus, which
measures trade in goods and services, amounted to over four pct
of gnp.
The subcommittee also projects annual economic growth for
Japan of nearly four pct over that period and a very gradual
appreciation of the yen, to about 130 to the dollar by around
1993, from 150 now.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
The Bank of England said it provided the
money market with 265 mln stg in assistance this morning.
This compares with the bank's estimate of the shortage in
the system of 750 mln stg, earlier revised up from 700 mln.
The central bank purchased bank bills outright comprising
119 mln stg in band one at 9-7/8 pct, 144 mln stg in band two
at 9-13/16 pct and two mln stg in band three at 9-3/4 pct.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Bank of Japan intervened in the
market to keep the dollar above 149 yen but the unit was under
strong selling pressure by an investment trust, dealers said.
The central bank stepped into the market when the dollar
fell towards 149.00 yen, but a trust bank aggressively sold
dollars to hedge currency risks, and the Bank intervened again
at 149.00, they said.
The trust bank apparently changed its earlier view that the
dollar would rise and started selling relatively large amounts
of dollars, pushing the unit down to 148.80 at one point,
brokers said.
One dealer estimated that the Bank bought 400 mln to 500
mln dlrs as it tried to keep the U.S. Currency above 149 yen.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Bank of France intervened in the
Paris foreign exchange market this morning for the third
successive day, banking sources said.
Like yesterday, it bought dollars and sold yen in small
amounts, they said.
One dealer said it was seen in the market twice in early
dealing, buying five mln dlrs each time.
Other dealers also reported small-scale intervention to
stabilise the dollar after aggressive selling overnight in
Tokyo, where the Bank of Japan also intervened again.
The dollar steadied at around 6.0650/0700 francs after
easing in early trading to 6.0615/35 from an opening 6.0700/50.
It closed yesterday at 6.0800/30.
One major french bank said it bought 10 mln dlrs for the
central bank, selling yen, within a trading range of 148.20/30
yen to the dollar, compared with yesterday's 149.28 rate at
which intervention was carried out here.
The yen later firmed to around 147.90/148.00.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
The Bundesbank entered the open
market in the late morning to buy dollars against yen in
concert with the Bank of France, dealers said.
The Bundesbank came into the market when the dollar was
around 148.10 yen just after it had fallen below 148 to touch
147.80 at 1027 GMT. The move had little effect, with the dollar
still testing 148 yen ahead of the official fixing.
Dealers said the intervention was for fairly small amounts,
in contrast to the Bundesbank's activity on Wednesday when
dealers reported it bought about 100 mln dlrs.
The Bundesbank had no comment.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
<Brierley Investments Ltd> (BIL)
launched a full takeover bid for the supermarket group
<Progressive Enterprises Ltd> at 4.35 dlrs a share.
BIL said in a statement the offer is conditional on minimum
acceptances totalling 30 mln shares, just under 25 pct of the
120.4 mln Progressive shares on issue.
Progressive is currently involved in a proposed merger with
<Rainbow Corp Ltd>. Rainbow earlier this week raised its stake
in Progressive to 52 pct. BIL opposes the Rainbow merger and
analysts say BIL needs a 25 pct stake in Progressive to prevent
it occurring.
The merger involves shareholders in Progressive and Rainbow
both receiving shares in a new company <Astral Pacific Corp
Ltd> on a one-for-one exchange basis.
The BIL bid is higher than the 4.20 dlrs BIL said it would
offer when it first announced on Monday it would make a full
bid for Progressive, and it follows much public debate between
BIL and Rainbow.
BIL Chief Executive Paul Collins said last week that he
opposes the Rainbow/Progressive merger because BIL sees
Progressive shares as being worth twice as much as Rainbow's.
BIL has not disclosed how many Progressive shares it holds.
Rainbow has said the merger is soundly based. Chairman
Allan Hawkins said last week that BIL's actions were aimed only
at dirsrupting the merger and were not in the interests of
Progressive shareholders.
Both Rainbow's and Progressive's boards have approved the
merger proposal. It has also been approved by the Commerce
Commission, but BIL's bid is still subject to the Commission's
scrutiny.
Progressive shares ended at 4.35 dlrs, Rainbow at 3.42 and
BIL at 4.17 at the close of New Zealand Stock Exchange trading
today.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
|
The 50-day provisional 1987/88 budget,
adopted today by the government, allows the Finance Ministry to
issue up to 14,600 billion yen worth of foreign exchange fund
financing bills, government sources said.
Foreign exchange dealers said the yen funds would be used
to buy dollars, to prevent a further dollar fall.
The government sources said the amount, covering the first
50 days of the year starting April 1, accounts for more than 90
pct of the 16,000 billion yen in bills incorporated in the full
budget.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
|
<Union Miniere SA> said in a statement
that it has acquired an eight pct interest in Pancontinental
Mining Ltd <PANA.S> for a sum equivalent to 1.2 billion Belgian
francs.
Pancontinental operates gold and coal mines in Australia
and natural gas and oil fields in Canada.
Union Miniere said the location of its interest within the
Pancontinental group will be decided later. It did not
elaborate.
Union Miniere is a wholly owned subsidiary of Societe
Generale de Belgique <BELB.BR>.
REUTER
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
South Africa's trade surplus rose
to 1.62 billion rand in February after falling to 906.2 mln in
January, Customs and Excise figures show.
This compares with a year earlier surplus of 958.9 mln
rand.
Exports rose slightly to 3.36 billion rand in February from
3.31 billion in January but imports fell to 1.74 billion from
2.41 billion.
This brought total exports for the first two months of 1987
to 6.67 billion rand and imports to 4.15 billion for a total
surplus of 2.52 billion rand against 1.71 billion a year
earlier.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
"The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports.
However, countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87,
against three billion in 1985/86.
Indian countertrade, which is being promoted mainly to help
narrow the country's large trade deficit, is still
insignificant compared with agreements reached by Indonesia,
Venezuela and Brazil, the trade sources said.
The trade deficit, which hit an estimated record 6.96
billion dlrs in 1985/86, is expected to decline to 5.6 billion
in the current fiscal year.
But the push to include non-communist countries in
countertrade is also due to other factors, including the slow
growth of foreign reserves, a tight debt repayment schedule,
shrinking aid and trade protectionism, businessmen said.
One source said India is showing more dynamism in promoting
countertrade deals than in the past, when the deals were made
discreetly because they break GATT rules. As a member of the
General Agreement on Tariffs and Trade (GATT), India cannot
officially support bartering.
The MMTC's recent countertrade deals include iron ore
exports to Yugoslavia for steel structures and rails.
"MMTC's recent global tenders now include a clause that
preference will be given to parties who accept payment in kind
for goods and services sold to India," a trade official said,
adding that the policy remains flexible.
"We also take into account other factors such as prices at
which the goods and services are offered to India," the trade
official said.
Early this year the commerce ministry quietly told foreign
companies interested in selling aircraft, ships, drilling rigs
and railway equipment to India that they stood a better chance
if they bought Indian goods or services in return, the trade
sources said.
Illustrating the point, the official said a South Korean
firm recently agreed to sell a drilling platform worth 40 mln
dlrs to the state-run Oil and Natural Gas Commission.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Japan's current account surplus rose to
7.38 billion dlrs in February from 3.89 billion a year ago and
from 4.95 billion in January, the Finance Ministry said.
The trade surplus rose to 8.14 billion dlrs in February
from 4.77 billion a year earlier and 5.70 billion in January.
The long-term capital account deficit widened to 11.40
billion dlrs from 8.06 billion a year ago, but it narrowed from
12.32 billion in January, the Ministry said.
Japan's February exports rose to 16.74 billion dlrs from
14.89 billion in February 1986 and from 14.65 billion in
January, the Ministry said. Imports fell to 8.61 billion from
10.12 billion a year earlier and 8.94 billion in January.
The invisible trade deficit fell to 617 mln dlrs in
February from 693 mln a year earlier, but was up from a 527 mln
deficit in January.
Figures do not tally exactly because of rounding.
Transfer payments narrowed to a 140 mln dlr deficit last
month from a 185 mln deficit a year earlier and a 225 mln
deficit in January.
The basic balance of payments deficit in February fell to
4.02 billion dlrs from 4.17 billion in February 1986 and 7.37
billion in January. Short-term capital account payments swung
to a 1.28 billion dlr deficit in February from a 1.60 billion
surplus a year earlier and a 1.44 billion dlr surplus in
January.
Errors and omissions were 2.65 billion dlrs in surplus,
compared with a 1.27 billion surplus a year earlier and a 1.10
billion deficit in January. The overall balance of payments
deficit rose to 2.65 billion dlrs from 1.30 billion a year
earlier but was down from 7.04 billion in January.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
]
|
Oper shr five cts vs six cts
Oper net 1,100,000 vs 1,463,000
Revs 177.8 mln vs 331.5 mln
Avg shrs 21.9 mn vs 25.7 mln
First half
Oper shr six cts vs five cts
Oper net 1,121,000 vs 1.090,000
Revs 315.3 mln vs 567.4 mln
Avg shrs 20.6 mln vs 25.6 mln
NOTE: Operating net excludes gains of 659,000 dlrs, or
three cts a share, vs 599 dlrs, or two cts a share, in quarter
and 676,000 dlrs, or three cts a share, vs 599,000 dlrs, or two
cts a share, in year from tax loss carryforward.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The Swiss National Bank bought dollars
against yen today, a spokesman for the bank said.
He declined to say how many dollars the bank bought or when
precisely it intervened.
Swiss foreign exchange dealers described the National
Bank's purchases as modest, perhaps amounting to no more than
20 or 30 mln dlrs.
The Bank of France, which was reported buying dollars
against the yen in Paris, had made inquiries with Swiss banks
as well, and the Bundesbank had also intervened. Bank of Japan
dollar purchases today were perhaps 1.2 to 1.5 billion dlrs.
Dealers said this tended to confirm the market's impression
that major industrial countries had agreed at the Paris meeting
on an effective floor for the dollar of 148 yen, and the market
seemed ready to test it.
Commercial clients were also selling dollars against the
yen as the end of the Japanese fiscal year on March 31 drew
closer. Today's dealings in spot currencies are booked for
March 31.
One dealer said he had the feeling Japanese companies had
been asked by the Bank of Japan not to sell dollars at this
point, but some, while sticking to the letter of that request,
were offering dollars forward today, rather than lose out if
the dollar fell further.
The run on the dollar against the yen came in a market
thinned by the absence of many dealers for a Forex Club meeting
in Hamburg.
Trading was, in fact, rather light against currencies other
than the yen, the dollar holding little changed through the
day.
The market now expected the U.S. Federal Reserve to
intervene in support of the dollar. "But they will probably do
it only half-heartedly, so I don't think it will matter too
much on rates," one dealer said.
REUTER
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
]
|
MacMillan Bloedel
Ltd said shareholders authorized a previously announced
three-for-one stock split, applicable to holders of record
April nine.
The company said its stock will begin trading on a split
basis on April 3, subject to regulatory approvals.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Very stormy weather is
likely in the North Sea through Saturday, disrupting shipping
in the region, private forecaster Accu-Weather Inc said.
Rain will accompany the strong winds that are expected over
the North Sea today into tonight. Saturday will also be very
windy and cooler with frequent showers.
Winds today will be southwest at 30 to 60 mph, but will
become west to northwest tonight and Saturday at 25 to 50 mph.
Waves will build to 20 to 30 feet today and tonight and
continue Saturday. Wind and waves will not diminish until late
in the weekend.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
A Liberian motor bulk carrier, the
72,203 dw tonnes Nikitas Roussos, which was grounded in the
Suez canal yesterday, has been refloated and is now proceeding
through the the canal, Lloyds Shipping Intelligence said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Periods ended Feb 28
Oper shr 46 cts vs 51 cts
Oper shr diluted 43 cts vs 50 cts
Oper net 34.2 mln vs 39.8 mln
Revs 823.3 mln vs 794.3 mln
Avg shrs 74.9 mln vs 78.7 mln
Nine mths
Oper shr 1.29 dlrs vs 1.46 dlrs
Oper shr diluted 1.20 dlrs vs 1.43 dlrs
Oper net 99.4 mln vs 114.5 mln
Revs 2.50 billion vs 2.22 billion
Avg shrs 77.0 mln vs 78.3 mln
NOTE: Year ago nine months operating net excludes loss of
2.0 mln dlrs, or two cts a share, from discontinued operations
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
The tonnage of goods passing through
Ivory Coast's main port of Abidjan rose 2.3 pct last year,
according to the Ivorian Chamber of Commerce.
Its monthly report said 9.47 mln tonnes of goods passed
through the port last year compared with 9.26 mln the year
before. Exports fell to 3.75 mln from 3.89 mln tonnes while
imports rose to 5.72 mln from 5.37 mln.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
]
|
Greek Prime Minister Andreas Papandreou
said today that the Greek armed froces were ready to tackle any
aggressors following the sailing of a Turkish research vessel
and warships towards disputed waters in the Aegean Sea.
Papandreou told an emergency cabinet meeting in Athens "the
military readiness of our country is able now to give a very
hard lesson if our neighbours (Turkey) were to carry out
military actions."
He said the activities of the research vessel could be
aimed at partitioning the Aegean.
"The air force, navy and army are in a state of alert,"
General Guven Ergenc, Secretary General of the Turkish General
Staff, told a news conference.
He said the Turkish research ship Sismik 1, escorted by an
unspecified number of warships, would sail into disputed waters
in the Aegean Sea tomorrow morning.
Ergenc told Reuters later that all leave had been cancelled
for members of the armed forces in the Aegean coast area.
The Turkish government said yesterday it had licensed the
state-owned Turkish Petroleum Corp to explore for oil in
international waters around three Greek islands off Turkey.
Greece and Turkey have long-standing disputes over areas
of the Aegean and the presence of Turkish troops in Cyprus.
The latest row erupted when the Greek government said last
month that it was taking control of a Canadian-led consortium
which was already producing oil off the Greek island of Thassos
and would drill in the same area after the takeover.
Ergenc told the news conference the alert followed a
government decision that Turkey should protect its interests
"because of measures Greece has been taking in the Aegean in
violation of international agreements."
Asked how Turkey would react if Greece attacked any of the
vessels, he said "If there is an attack, it is clear what has to
be done. An attack on a warship is a cause for war." But he
added "We are not in a state of war. The measures taken by the
military are directed towards protecting our rights."
Greece said yesterday it would defend its national rights
in the Aegean and urged Turkey to accept reference of the
dispute to the International Court of Justice in The Hague.
Turkish Foreign Ministry spokesman Yalim Eralp told
reporters today this was unacceptable because of preconditions
Athens had attached.
In Athens, Greek Prime Minister Papandreou said that if the
Turkish vessel Sismik 1 began research operations "we will
hinder it, of course not with words, as it cannot be stopped
with words."
Greek newspapers said the armed forces were on alert and
navy ships had gone to the Aegean. But government spokesman
Yannis Roubatis did not confirm the move, saying only "The Greek
fleet is not at its naval base."
Papandreou said that a map issued in Turkey showed 95 pct
of the areas proposed for research were on the Greek
continental shelf.
Papandreou told the U.S. And NATO that if they had a part
in orchestrating the present crisis in order to force Greece to
negotiate with Turkey, the Greek government would not accept
it.
Papandreou has maintained in the past that he will not
negotiate with Ankara until Turkey recognises Greek rights in
the Aegean and withdraws its troops from Cyprus.
He said that in the case of war with Turkey it would not be
possible for Greece to discuss the future of American military
bases here. Asked by reporters if he would close the U.S. Bases
in Greece in the event of war, Papandreou replied "Obviously,
and perhaps even before the war."
REUTER
| [
0,
0,
1,
0,
0,
0,
0,
1,
0,
0
]
|
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
]
|
|
Sports carmaker Dr. Ing. H.C.F.
Porsche AG <PSHG.F> said it expects to post a satisfactory
profit in 1986/87, with domestic volume sales seen lower but
U.S. Sales anticipated higher.
Managing board chairman Peter Schutz said domestic sales
were expected to fall to 9,000 in the year ending July 31 from
11,340 in 1985/86. U.S. Sales should rise to more than 30,000
from 28,670 last year.
Schutz made no specific profit or sales forecasts. Last
month the company said it expected net profit to fall below 70
mln marks this year from 75.3 mln marks in 1985/86.
For sales, Porsche expects its overall world volume this
year to be above 50,000. Sales last year stood at 53,254,
Schutz said. His expectations of a satisfactory profit were
based on a combination of price rises and cost-cutting, he
added.
The expected drop in West German sales this year would be
the result of the so-called "grey market" for Porsche cars, he
said. When the dollar was strong against the mark, many
Porsches had been bought locally in West Germany for illegal
export to the U.S.
Porsche has previously said domestic sales in the 1986/87
first half fell to 3,267 from 5,387 in the same 1985/86 period.
The fact that U.S. Sales will account for a larger
percentage of overall sales this year than before does not pose
problems for profit, the Porsche board said.
In the last 12 months it has raised U.S. Prices by around
20 pct without suffering any decline in sales. At the same time
Porsche has hedged its dollar-denominated business for the
1986/87 business year, finance director Heinz Branitzki.
Branitzki put Porsche's hedging costs in 1985/86 at 28 mln
marks.
In a speech to the annual meeting, Schutz said third-party
orders placed with Porsche's engineering research centre in
Weissach were rising and should top 100 mln marks this year for
the first time.
Porsche's net profit dropped sharply to 75.3 mln marks in
1985/86 from 120.4 mln marks in 1984/85.
REUTER
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
|
Qtly div 18 cts vs 18 cts in prior qtr
Payable May one
Record April 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
<Dixons Group Plc> said it bought
about 2,445,000 Cyclops Corp common shares, boosting its
holdings of the company's stock to about 83 pct of those now
outstanding and 79 pct on a fully diluted basis.
Dixons said the stock was purchased in a single block
transaction at 95 dlrs per share.
The company said it expects to proceed with a merger and
has advised Cyclops it intends to increas the per-share amount
to be paid in the merger to 95 dlrs, form 90.25 dlrs, for each
of the about 880,000 remaining Cyclops shares outstanding on a
fully diluted basis.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
]
|
India is searching for non-communist
countertrade partners to help it cut its trade deficit and
conserve foreign exchange.
Wheat, tobacco, tea, coffee, jute, engineering and
electronic goods, as well as minerals including iron ore, are
all on offer in return for crude oil, petroleum products,
chemicals, steel and machinery, trade sources told Reuters.
Most of the impetus behind countertrade, which began in
1984, comes from two state trading firms -- the State Trading
Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
"The two state trading corporations are free to use their
buying power in respect to bulk commodities to promote Indian
exports," a commerce ministry spokeswoman said, adding that
private firms are excluded from countertrading.
One trade source said India has targetted countries that
depend on an Indian domestic market recently opened to foreign
imports. But countertrade deals still make up only a small part
of India's total trading and are likely to account for less
than eight pct of the estimated 18.53 billion dlrs in trade
during the nine months ended December, the sources said.
Countertrade accounted for just five pct of India's 25.65
billion dlrs in trade during fiscal 1985/86 ended March,
against almost nothing in 1984/85, official figures show.
However, the figures exclude exchanges with the Eastern
Bloc paid in non-convertible Indian rupees, the sources said.
Total trade with the Soviet Union, involving swaps of
agricultural produce and textiles for Soviet arms and crude
oil, is estimated at 3.04 billion dlrs in fiscal 1986/87.
Reuter
| [
0,
0,
1,
0,
1,
0,
0,
0,
1,
1
]
|
Qtr ends March 7
Shr 48 cts vs 39 cts
Net 18.7 mln vs 15.6 mln
Revs 415.4 mln vs 384.5 mln
Nine mths
Shr 1.31 dlrs vs 78 cts
Net 50.7 mln vs 31.8 mln
Revs 1.04 billion vs 1.01 billion
NOTE: per share for yr and qtr prior restated to reflect
two-for-one stock split in Jan 1987.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
[
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
]
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.