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The Bank of England said it forecast a shortage of around 800 mln stg in the money market today. Among the main factors affecting liquidity, bills for repurchase by the market will drain some 664 mln stg while bills maturing in official hands and the take-up of treasury bills will take out around 508 mln stg and a rise in note circulation some 45 mln stg. Partly offsetting these outflows, exchequer transactions and bankers' balances above target will add some 380 mln stg and 35 mln stg to the system respectively. REUTER
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Taiwan said its foreign reserves suffered about 3.4 billion U.S. Dlrs in exchange rate losses from July 1986 to February 1987 as a result of the rise of the Taiwan dollar against the U.S. Currency. Yu Chien-ming, head of the government statistics department, told parliament yesterday he expected the losses to increase as the Taiwan dollar continues to strengthen. The Taiwan dollar, which opened at 34.24 to the U.S. Dollar today, has risen about 16 pct against the U.S. Unit since September 1985. Some bankers expect it to rise to 33 by June and to 32 by the end of this year. Taiwan's foreign exchange reserves now total 53 billion dlrs. At end-February they were 52.1 billion dlrs, the world's third largest after West Germany and Japan. Yu said the interest earned from the reserves totalled about 1.68 billion U.S. Dlrs from July 1986 to February 1987. The reserves are managed by the central bank and deposited at about 170 leading banks in the U.S., Japan, Britain, Canada and Singapore. About 75 pct of the reserves are in the form of cash, mostly in U.S. Dollars. The rest are in government treasury bills, certificates of deposit and bonds. REUTER
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The agreement between the U.S. And the European Community (EC) on special imports of maize and sorghum provides an equal chance for all non-EC countries to supply the Spanish market, an EC Commission spokeswoman said. She denied that any unpublished clause of the agreement guaranteed the bulk of the maize export business would go to the U.S., As one EC official told Reuters yesterday. Under the agreement, the EC will import two mln tonnes of maize and 300,000 tonnes of sorghum a year into Spain at specially reduced levy rates for the next four years. The Commission has yet to decide whether the maize will come in through direct purchases by the Spanish intervention board or by a tender system. REUTER
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Interest rates on the London money market were slightly firmer on news U.K. Chancellor of the Exchequer Nigel Lawson had stated target rates for sterling against the dollar and mark, dealers said. They said this had come as a surprise and expected the targets, 2.90 marks and 1.60 dlrs, to be promptly tested in the foreign exchange markets. Sterling opened 0.3 points lower in trade weighted terms at 71.3. Dealers noted the chancellor said he would achieve his goals on sterling by a combination of intervention in currency markets and interest rates. Operators feel the foreign exchanges are likely to test sterling on the downside and that this seems to make a fall in U.K. Base lending rates even less likely in the near term, dealers said. The feeling remains in the market, however, that fundamental factors have not really changed and that a rise in U.K. Interest rates is not very likely. The market is expected to continue at around these levels, reflecting the current 10 pct base rate level, for some time. The key three months interbank rate was 1/16 point firmer at 10 9-7/8 pct.
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Australia is risking wheat export sales by not providing enough specific quality grades to meet buyer requirements, the Australian Wheat Board (AWB) said. "Many AWB customers are becoming increasingly quality conscious, demanding strict adherence to contractual quality specifications," the board said in a submission to the Royal Commission into Grain Storage, Handling and Transport. "Many of the specifications are more specific than the current categories used in Australia," it said. The commission is trying to identify ways of saving costs and boosting efficiency of the grain handling system. Australia must rely on quality to retain its wheat market share because its competitors are supplying cheaper but lower-quality grades, the AWB submission said. It stressed the need to segregate wheat categories at every stage from receival to shipping. Better industrial relations at grain terminals, more uniform transport systems across the states and extensive stock control were vital to improved marketing, it said. The submission also said Australia's federal system impeded the AWB's role of coordinating and managing the marketing of wheat. The AWB called for an end to physical and legislative constraints at state borders that prevent the efficient transport of grains to other states for shipment. "It is essential that wheat moves by the most economic mode to the nearest efficient port, irrespective of the state in which the wheat is grown or stored," it said. For example, wheat grown in northern New South Wales (NSW) might move more efficiently to Brisbane, in Queensland, than to Sydney or Newcastle in New South Wales, it said. Similarly, southern NSW wheat might better be shipped to Portland or Geelong, in Victoria. Legislation giving state rail authorities a monopoly over grain shipments was one notable impediment, it said. The AWB said the current approach of state-based bulk handling authorities is not essential, although it said it favoured the authorities maintaining at least their current level of control of storage and transport as long as quality was maintained. An appendix on port loading costs showed it cost between 26,500 and 34,700 U.S. Dlrs to load a 50,000-tonne vessel at various Australian ports compared with 21,200 dlrs at Houston and 16,300 at Port Cartier, Quebec, for a 60,000-tonner. REUTER
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The Finance Ministry has asked trust banks to moderate their dollar selling, trust banking sources said. A Ministry official told Reuters earlier this week the Ministry had recently surveyed foreign exchange transactions by institutional investors, but he declined to say whether this was aimed at moderating the dollar sales. Dealers said institutional investors were reluctant to sell dollars aggressively today partly because of the Ministry monitoring. One senior trust bank source said that while sympathizing with the Ministry position, the trust banks had to conduct their foreign exchange operations according to the dictates of the market. A Bank of Japan official said the central bank approved of the survey as long it was not used too forcefully. But another official denied local press reports that the central bank itself had asked investors to moderate their dollar sales. "We are not legally authorized to do that," he said. A Bank of Japan official also said the central bank will renew its call on financial institutions to moderate excessive loans for the purpose of land and securities investment as such investments threaten to cause inflation. Bank of Japan Governor Satoshi Sumita had previously expressed concern about excessive investment in land and securities resulting partly from eased credit conditions. REUTER
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The U.K. Exported 517,600 tonnes of wheat and 315,800 tonnes of barley in the first 25 days of March, the Home Grown Cereals Authority (HGCA) said, quoting provisional Customs and Excise figures. This brought combined wheat and barley exports since the season started on July 1 to 7.60 mln tonnes, substantially up on the 4.02 mln exported in the same 1985/86 period. This season's total comprises 3.94 mln tonnes of wheat and 3.66 mln barley, compared with 1.63 mln and 2.39 mln, respectively, a year ago. REUTER
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Chemicals group Bayer AG <BAYG.F> said it expects to post another good result in 1987 after raising pre-tax profit to a new record high in 1986. The company said that this was despite the mark's further strengthening against the dollar and other currencies and despite an increase in competitive pressure. "The further progress of our business will depend largely on the extent to which threats to free trade materialise and on the developments of exchange rates, raw material and energy costs. Bayer said world group pre-tax profit rose to 3.30 billion marks in 1986, exceeding the previous year's record of 3.15 billion. Parent company pre-tax profit increased to 1.72 billion from 1.62 billion. The company gave no net profit figures or any indication of the likely 1986 dividend. Bayer paid a 10-mark dividend on 1985 results, up one mark from a year earlier. Bayer said that world group operating profit declined slightly in 1986 against 1985 but non-operating results showed a further improvement. Bayer said that the decline in world group turnover to 40.75 billion marks from 45.93 billion in 1985 reflected mainly the sharp fall in the dollar against the mark. Lower prices on the raw material side had also brought pressure on selling prices, it added. In volume terms, however, 1986 sales rose slightly against 1985, the company said without giving details. "The western Europe, North America and Far East regions developed well in local currency, but here too the translation of local currency sales into marks distorted the picture, especially in the case of North America," it said. Bayer said parent company volume sales were also higher in 1986, although turnover fell 4.3 pct to 16.77 billion marks. Capacity use was high at the parent company in 1986, resulting in a decline in marginal unit costs. This, combined with savings in raw material and energy costs, helped offset falling prices and cost increases in other areas. The rise in pre-tax parent company profit was due to lower extraordinary expenses and higher net interest income. Plastics, organic chemicals, polyurethanes and coating raw materials all developed well, it said. Turning to the 1986 fourth quarter, Bayer said that world group turnover fell to 9.67 billion marks in the last three months of 1986 from 10.43 billion in the same 1985 period. Parent company turnover in the fourth quarter fell 7.1 pct to 3.69 billion marks, with domestic turnover 4.1 pct lower and foreign turnover 8.6 pct lower. Exports accounted for 65.3 pct of turnover in the quarter against 66.4 pct in the same quarter of 1985. REUTER
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Zambia's marketed maize production will probably fall to less than 630,000 tonnes in 1986/87 (May-Apr), from 918,000 last year, because of poor rainfall in major producing areas, Agriculture Minister Kingsley Chinkuli said. He told Parliament that in the southern provinces the harvest would be over 50 pct down on the level in the previous marketing year. "The nation would be lucky to produce over seven mln bags (630,000 tonnes) of maize this year," he stated. Chinkuli added that Zambia was setting up an irrigation fund with Canadian aid to lessen the effects of poor rainfall. REUTER
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The Finance Ministry has asked commercial banks to moderate their dollar sales, JiJi News Agency reported, quoting financial sources. Finance Ministry officials were unavailable for comment. The report also could not be confirmed by several bank dealers. Earlier, Japanese trust banking sources said the Ministry had asked them to moderate their dollar sales. A Ministry official said earlier this week the ministry had recently surveyed currency transactions by investors, but declined to say whether this aimed at reducing their dollar sales. REUTER
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Guinness Plc <GUIN.L> said that as part of a new strategy for the company it will be selling its retail interests to concentrate resources on developing its international beverage businesses. Among the firms to be sold are Martin's and Gordon Drummond pharmacies, the 7-Eleven convenience stores, speciality U.S. Food importer Richter Brothers and the health products company Nature's Best/DSL. Guinness said in a statement that the company's strength was in its well known beer and spirits brands. Several had good brand development potential, including Gleneagles, Champneys, Cranks, Hediard and and Guinness publications. Guinness shares were trading at 323p after the announcement after closing yesterday at 317p. REUTER
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<San Miguel Corp>, SMC, and <United Coconut Planters Bank>, UCPB, have reached a compromise on a disputed block of 38.1 mln shares of SMC, the head of a government panel that controls the sequestered shares said. Ramon Diaz, Chairman of the Presidential Commission on Good Government (PCGG) told Reuters SMC had offered a price of 126 pesos per share for the block, held in trust by the UCPB. "It looks good," Diaz said. But he added several issues, including the identity of the ultimate buyers of the shares, had to be resolved before the PCGG gave its approval to the sale. The PCGG's sequestration last year of 33 mln shares aborted SMC's bid to buy them back from 14 trading companies in the UCPB group. The commission said it suspected the shares were actually controlled by Eduardo Cojuangco, an associate of former President Ferdinand Marcos. Cojuango, who headed the boards of both SMC and UCPB when he fled last year after Marcos was toppled, personally owned 24 mln shares in SMC. His holdings are also under sequestration. "The shares that SMC now proposes to buy from the UCPB are owned by 1.4 mln coconut farmers," Diaz said. "Naturally we do not want them to go back into the hands of Marcos cronies." PCGG sources said a compromise would end a row over a down payment of 500 mln pesos made by SMC's Hong Kong subsidiary Neptunia Corp Ltd in a bid to buy back the shares last year. The UCPB had said the 500 mln peso payment would be forfeited because SMC Chairman Andres Soriano III had failed to fulfil his commitment to buy back the shares at an originally negotiated price of 3.3 billion pesos. PCGG sources said SMC, the Philippines' largest food and beverage manufacturer, has agreed to sell 14 mln "B" class shares from the 38.1 mln shares to Australian brewer Alan Bond at a price of 150 pesos per share. The PCGG sources said of the proposed 4.79 billion peso transaction, 1.6 billion pesos would be offset against the 500 mln peso down payment, the 500 mln pesos worth of preferred shares in UCPB held by SMC, 210 mln pesos in uncollected dividends on the UCPB shares and 400 mln pesos advanced to UCPB-controlled trading companies. The UCPB rejected an original offer of 100 pesos per share made by SMC for 33 mln shares, which grew to 38 mln after a 15 pct stock dividend declared in June last year. A spokesman for SMC said the company's 15-member board met today to discuss the proposed compromise. The spokesman declined comment on the outcome of the board meeting, saying the dispute was under arbitration. President Corazon Aquino last month asked SMC and UCPB to set up a three-man arbitration panel to resolve the ownership issue. The panel is due to submit its report by April 15. Eduardo de Los Angeles, a government nominee in the SMC board, filed a formal complaint before the Securities and Exchange Commission last week, accusing Soriano and eight other directors of violating "fiduciary duty." De Los Angeles was said to have opposed a decision by SMC's board last December to assume the 500 mln peso Neptunia loan. REUTER
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Chancellor of the Exchequer Nigel Lawson's remarks yesterday suggesting there are precise exchange rate targets for the pound undermined sterling, dashing hopes for an early cut in U.K. Base rates, analysts said. But the market's reaction, testing exchange rate levels indicated by Lawson, was probably overdone and the longer term outlook for sterling remained bullish, they agreed. In an apparent break with the previous policy of secrecy, Lawson told a National Economic Development Council meeting he was comfortable with sterling exchange rates around current levels, specifying rates of around 1.90 marks and 1.60 dlrs. Lawson added the U.K. Government intended to keep sterling at about present levels, using currency intervention and interest rates to achieve this. The February 22 Paris agreement of the Group of Five and Canada to stabilise exchange rates is widely believed to include target ranges, but all participants to the meeting had so far refused to specify these. Markets were quick to react to the statement, chopping about one U.S. Cent and over one pfennig off the pound to match the levels mentioned by Lawson. But most analysts polled said they did not believe Lawson's statement signalled a change in U.K. Policy. Keith Skeoch, chief economist at stockbrokers James Capel and Co, said, "the remarks have been blown out of proportion. Lawson is paying now for a little bit of a slip of the tongue." Barclays de Zoete Wedd economist Mark Brett said, "there is nothing great and fantastic in the Chancellor's statement." He said he did not believe the rates indicated by the Chancellor were precise targets, but merely represented central rates around which sterling would be allowed to fluctuate, perhaps by as much as 10 pct. "It would be insane to pinpoint an exchange rate ahead of an election ... I don't believe Lawson is mad enough to tie himself to a fixed rate," Brett said. Currency markets were keen for official statements to clarify the scope of the Paris accord and reactivate currency trading. This mood easily led to over-reaction, analysts said. "Making similar statements when the market is high strung and ready to bounce is perhaps a mistake," one senior dealer with a U.S. Bank said. Capel's Skeoch said, "it gives the foreign exchange markets something to shoot at." "It is obvious that the government, as a member of the Group of Six, has agreed exchange rate bands. But they are not cut in stone, they can change with time," Skeoch said. Brett said, "we think the 2.90 marks level is a central rate. Give or take 10 pfennigs and all is fine." Not all analysts played down the significance of the remarks, however. Chris Dunn, economist at Royal Bank of Canada, said the remarks may signal a decisive move to insulate sterling from the fortunes of the dollar. Although about two-thirds of Britain's trade is conducted with European countries, sterling has traditionally shadowed the dollar rather than the mark, analysts noted. "Britain must decide whether it wants to follow the U.S. Or throw in its lot with Europe," Dunn said. "It suggests that while the U.K. Is not actually applying to join the European Monetary System, it is seeking protection by shadowing it ... The Bundesbank has made it clear that it wants the U.K. To clarify its position relative to the mark," he said. Analysts said sterling's dip on currency markets following Lawson's remarks made an early half-point cut in U.K. Base rates from current 10 pct levels unlikely in the short term. "Over the next three weeks, a cut is out, unless we get some extremely good economic indicators," Capel's Skeoch said. Base rates have been cut twice by one-half point in March, the last after the March 17 budget presentation, and analysts had been expecting another half point cut shortly afterwards. REUTER
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Ranks Hovis McDougall Plc <RHML.L> said it was making an increased and final offer for the Avana Group Plc <AVNA.L>. The company already holds about 22.9 pct or 7.1 mln Avana ordinary shares. It said in a statement the terms of the offer will be 13 new Rank Hovis shares for every five Avana ordinary shares, valuing each Avana share at 829p. Avana shareholders will be entitled to receive and retain the net interim dividend of 5.25p per Avana share for the year ending 28 March 1987. Accepting Avana shareholders will also be entitled to receive Ranks Hovis's forecast net interim dividend of 2.65p for the financial year ending 5 September 1987. Ranks Hovis said that full acceptance of the increased offer would result in the issue of a maximum of 72.3 mln new Ranks Hovis shares or about 20 pct of the enlarged issued ordinary share capital of the company. The latest offer will lapse on 17 April. Ordinary shareholders in Avana who accept the increased offer will have the opportunity to elect for cash for all or part of their holdings on the basis of 800p cash for each Avana share. Ranks Hovis said the cash required for the cash alternative would be met by one of several methods. For the first 10 mln Avana shares received opting for the cash alternative, Ranks Hovis would make a cash payment from its own resources. For cash alternatives of more than 10 mln Avana shares, Morgan Grenfell, as agent for participants, will make a separate offer to purchase at 300p per share, net of expenses, up to 46.3 mln Ranks Hovis new shares to which such shareholders will be entitled under the increased offer. This is equivalent to 780p per Avana ordinary. In addition, Ranks Hovis will make a further cash payment of 20p per Avana ordinary. Avana shares traded at 800p after the announcement, 32p up from last night's close of 768p. REUTER
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The Bank of England said it had provided the money market with 345 mln stg help in the morning session. This compares with its forecast of a shortage of around 800 mln stg in the system today. The central bank made outright purchases of bank bills comprising 58 mln stg in band one at 9-7/8 pct, 227 mln stg in band two at 9-13/16 pct, 56 mln stg in band three at 9-3/4 pct and four mln stg in band four at 9-11/16 pct. Dealers noted that this was the first time bills in band four, which have a maturity of between two and three months, have been dealt in the market since mid-February. REUTER
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Cable and Wireless Plc <CAWL.L> said new proposals unveiled by Japan for it to become a core member of a merged telecommunications firm to compete for telecommunications contracts did not remove the group's objections. The suggestions by Federation of Economic Organisations official Fumio Watanabe was a formal announcement of proposals made earlier this week and reported in the Japanese press. Cable has a 20 pct stake in one of the two groups trying to compete against Japan's <Kokusai Denshin Denwa Co Ltd> which monopolises Japan's overseas telephone business. But a Cable spokesman said it still believed a merger of the two consortia would be impracticable. "They are like oil and water," he said. The Japanese authorities want only one competitor and have proposed that the two consortia band together. The issue has been taken up by the British government as a test case on the openness of Japanese markets. Watanabe's latest proposals said that the eight core companies of the new group should have equal share holdings but added that they could work out the precise percentages amongst themselves. The reports earlier this week said that Cable would be offered a five pct stake, up from an originally proposed three pct. Despite the apparent differences in stakes offered, the Cable spokesman said the two offers appeared to be essentially the same. Cable shares at 1100 GMT were quoted nine pence firmer at 374p. REUTER
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The Bundesbank left credit policies unchanged after today's regular meeting of its council, a spokesman said in answer to enquiries. The West German discount rate remains at 3.0 pct, and the Lombard emergency financing rate at 5.0 pct. REUTER
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Japan is doing all it can to solve its trade problems with the United States but the two nations will remain at odds as long as the trade account is lopsided in Japan's favour, a senior official said. "So long as there is an external imbalance there will be trade friction and ...Harsh words between the two governments," the Foreign Ministry official told reporters. Last year, Japan racked up a 51.5 billion dlr surplus with the United States and economists said they do not see it falling significantly any time soon. Washington announced plans last week to slap up to 300 mln dlrs in tariffs on Japanese electronic goods, raising the spectre of a trade war between the two countries. "We take the current situation very seriously," said the official, who declined to be identified. "The basic stance of the Japanese government is to tackle the issues with all available resources." The United States has accused Japan of reneging on an agreement that called on it to stop selling cut-price computer microchips in world markets and to try to import more American semiconductors. Tokyo has denied the charges. The Foreign Ministry official refused to rule out Japanese retaliation if America went ahead with its threatened tariffs in the middle of this month. But he said that any response would be in accordance with international law and Japan's international obligations. He added that both Japan and the United States must take account of the impact of their dispute on their own and the world economy. REUTER
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France has sold between 50,000 to 100,000 tonnes of wheat flour to China, the Director General of France's Cereal Intervention Board (ONIC) Bernard Vieux said. He gave no further details of the sale, but added French millers were worried about the unfair competition facing French flour due the lack of end-of-season storage premiums for wheat. ONIC raised its estimate of 1986/87 flour exports to 1.70 mln tonnes compared 1.65 mln forecast in March and the 1.87 mln exported in 1985/86. REUTER
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U.K. Defence secretary George Younger is expected to announce the government's decision on the sale of state-owned arms manufacturer <Royal Ordnance> today, parliamentary sources said. The government originally intended to float the munitions and explosives concern on the stock market, but last July said a private sale was a more appropriate way to dispose of the firm. The bidders for the company were British Aerospace Plc <BAEL.L> and engineering group GKN Plc <GKN.L>. Royal Ordnance sold its Leeds tank factory last summer to Vickers Plc <VICK.L>. Defence electronics manufacturer Ferranti Plc <FNTI.L> and shipping and property group Trafalgar House Plc <THSL.L> both pulled out of the bidding shortly before last month's deadline. Royal Ordnance made pre-tax profits of 26 mln stg on sales of 487 mln stg in calendar 1985, its first full year of commercial operation. The company has assets of around 240 mln stg and employs 17,000 at 15 sites in Britain. Other state-held companies earmarked for privatisation this year include engine maker <Rolls Royce Plc> and the <British Airports Authorities Plc>. REUTER
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<Koninklijke Nederlandsche Hoogovens en Staalfabrieken NV> said it expected a "clear loss" for 1987. The company reported its 1986 profits were 44 pct lower at 154.6 mln guilders than in the year before. Turnover was 18 pct lower than in 1985. The main reason fo the fall in turnover was the lower rate of the dollar, the company said. The lower costs for raw materials and energy, resulting from the lower dollar, could not compensate the fall in revenues. Costs 5.61 billion guilders vs 6.66 billion Depreciation 457 mln vs 493 mln Operating profit 375 mln vs 598 mln Financial charges 155.1 mln vs 169.4 mln Extraordinary loss 12 rpt 12 mln vs 138 mln Crude steel production five mln tonnes vs 5.3 mln Aluminium production 96,000 tonnes vs same. REUTER
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Toshiba Corp <TSBA.T> said it regrets its plan to enter the U.K. Business facsimile and telephone market may be caught up in a diplomatic row over the position of Cable and Wireless Plc's <CAWL.L> in the Japanese market. Britain is considering how to retaliate against Japan's attempt to prevent Cable and Wireless from taking a major position in a Japanese international telecommunications venture. "As a matter of timing it is regrettable that this has been linked with the question of market access in Japan," a Toshiba spokesman told Reuters. <Toshiba Information Systems (U.K.) Ltd>, a Toshiba subsidiary, said yesterday it planned to enter the U.K. Market under the Toshiba own brand name and had applied for government approval to do so. Toshiba has supplied equipment to U.K. Manufacturers for sale under their brand names since last year. The Toshiba spokesman said the sale of such equipment was not comparable to Cable and Wireless' efforts to take a stake in the new Japanese telecommunications firm. "They are matters of a different category," he said. REUTER
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Westpac Banking Corp in New Zealand said it will increase its indicator lending rate by 1.5 percentage points to 22.5 pct from April 7. Westpac said in a statement the increase reflects high costs of funding. The bank said nervousness in the wholesale deposit market is creating uncertainty about the immediate outlook for interest rates. Liquidity is expected to remain tight over the next month and this will put upward pressure on interest rates. Base lending indicator rates of the other three trading banks range between 21.0 pct and 21.5 pct. REUTER
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The Bank of Japan intervened just after the Tokyo market opened, buying dollars at around 147.65 yen, dealers said. They were unsure of the amount of the central bank's purchasing, but it seemed to prevent the dollar from weakening against the yen amid bearish sentiment for the U.S. Currency, they said. The dollar opened at 147.65 yen against 147.20/30 in New York and 146.90 at the close here yesterday. REUTER
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The Bundesbank left credit policies unchanged after today's regular meeting of its council, a spokesman said in answer to enquiries. The West German discount rate remains at 3.0 pct, and the Lombard emergency financing rate at 5.0 pct. REUTER
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Japan is sending a three-man team to Washington to try to halt threatened trade sanctions that officials warn could spark a wave of anti-U.S. Sentiment here. The team will lay the groundwork for high-level emergency talks next week aimed at defusing an increasingly bitter row over trade in computer microchips, officials said. "The sanctions are against the free trade system," Ministry of International Trade and Industry (MITI) director general Noboru Hatakeyama told reporters, adding: "If these measures are taken, the atmosphere in Japan against the United States would become not so good as before." Other officials were more blunt. "The U.S. Action will have a significant impact on the growing anti-U.S. Feeling (here)," another MITI official said. A senior Foreign Ministry official, who declined to be identified, told Reuters the U.S. Threats have undercut those in the government who argue for conciliation. "There is a very strong argument in Japan that since the United States is imposing tariffs unilaterally, why should we bother doing anything," he said. "Anything we do, we will be bashed." The senior official sounded pessimistic about the likelihood of Prime Minister Yasuhiro Nakasone defusing U.S. Anger over Japanese trade practices when he visits Washington on April 29. "I don't think trade friction will be solved all of a sudden (by the visit)," he said. Nakasone is widely expected to present a package of measures to President Reagan to help contain U.S. Frustration over Japan's large trade surplus. But the senior official played down those expectations. REUTER
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Japan is doing all it can to solve its trade problems with the United States but the two nations will remain at odds as long as the trade account is lopsided in Japan's favour, a senior official said. "So long as there is an external imbalance there will be trade friction and ...Harsh words between the two governments," the Foreign Ministry official told reporters. Last year, Japan racked up a 51.5 billion dlr surplus with the United States and economists said they do not see it falling significantly any time soon. Washington announced plans last week to slap up to 300 mln dlrs in tariffs on Japanese electronic goods, raising the spectre of a trade war between the two countries. "We take the current situation very seriously," said the official, who declined to be identified. "The basic stance of the Japanese government is to tackle the issues with all available resources." The United States has accused Japan of reneging on an agreement that called on it to stop selling cut-price computer microchips in world markets and to try to import more American semiconductors. Tokyo has denied the charges. The Foreign Ministry official refused to rule out Japanese retaliation if America went ahead with its threatened tariffs in the middle of this month. But he said that any response would be in accordance with international law and Japan's international obligations. He added that both Japan and the United States must take account of the impact of their dispute on their own and the world economy. REUTER
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BankAmerica Corp, following moves by other major banks, said it has raised its prime rate to 7.75 pct from 7.50 pct, effective today. Reuter
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News Corp Ltd of Australia said it has started its previously announced tender offer for all shares of Harper and Row Publishers Inc at 65 dlrs per share. In a newspaper advertisement, the company said the offer is conditioned on received of at least 51 pct of Harper and Row's shares. The offering and withdrawal rights expire April 29 unless extended. A merger at the tender price is to follow the offer, which has been approved by the Harper and Row board. Harper and Row has granted NEw Corp an option to buy up to 800,000 new shares or a 15.4 pct interest at 65 dlrs each. News Corp said if the merger agreement were terminated under certain circumstances, News would be entitled to a 16 mln dlr cash payment. Last month, Theodore Cross offered to acquire Harper and Row for 34 dlrs per share but was soon outbid by Harcourt Brace Jovanovich Inc, which offered 50 dlrs per share. Late in the month, Harper and Row said its board had received expressions of interest from a number of domestic and foreign companies. Reuter
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International Technology corp said it expects to report a loss for the fourth quarter ended March 31 of about 20 cts per share, compared with a year-earlier profit of 11 cts. The company blamed the expected loss on regulatory and permitting issues that limited the full utilization of hazardous waste treatment cites in Califoirnia, continued startup delays for major remediation projects, the writeoff of an investment in a subsidiary and a settlem,ent with the California Attorney General's Office and Department of Health Services. The company said the settlement relates to regulatory violations alleged by the U.S. Environmental Protection Agengy and the California Health Services department at the company's Vine Hill and Panoche treatment facilities in Northern California. It said under the agreement, it will pay the state 2,100,000 dlrs in civil penalties over a two-year period and pay 500,000 dlrs over five years to local medical facilities as part of a community awareness and emergency response program developed by local communities. The expenses will be charged against fourth quarter results, it said. The company said it has agreed as well to make compliance and public safety capital expenditures of about 600,000 dlrs. It said it has now received an operating permit for a new 250,000 cubic yard landfill cell at its Imperial County, Calif., from the Health Services department. The company said the Panoche facility remains closed but is expected to reopen for liquid and sludge receipts in the near future. But it said receipts of solid material, which had accounted for the majority of the revenue at the site, could be restricted until 1988 pending resolution of capacity issues in the Panoche site permit. Reuter
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Westdeutsche Landesbank Girozentrale <WELG.F> said its wholly-owned Luxembourg subsidiary WestLB International SA posted a decline in 1986 net profit to 12.6 mln marks from 48.5 mln a year earlier. WestLB International will pay a 12.5 mln mark dividend to WestLB, down from 47.7 mln a year earlier. The dividend was lower than in 1985 because the record profit of the previous year could not be repeated, due to changed market conditions, it said. Increased funds were also allocated for provisions. Business in the first three months of 1987 developed positively, it added. WestLB International set aside 115.3 mln marks for international credit risks in 1986, up from 97.4 mln marks in 1985, bringing the total amount of provisions shown in the balance sheet to 580.3 mln marks. Operating profit fell to 122 mln marks in 1986 from 150 mln in 1985. Balance sheet total fell to 9.7 billion marks from 10.8 billion, reflecting the lower dollar and the fact that credit business redemptions were not fully offset by new lending. The statement said WestLB International's business with private customers showed a pleasing expansion last year. This development was aided by cooperation between the bank and the savings banks in the West German state of North Rhine-Westphalia, where parent bank WestLB is based. Deposits by non-banks rose more than 40 pct to a total of 1.1 billion. WestLB International said it plans to expand its range of services for private clients. REUTER
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Aloha Inc said its leveraged buyout by AQ Corp, which acquired 91 pct of Aloha common and 82 pct of Aloha preferred in a tender offer that concluded December 26, has been completed for 28.50 dlrs per common or preferred share. AQ is controlled by Aloha chairman Hung Wo Ching, vice chairman Sheridan C.F. Ing and president A. Maurice Myers. Reuter
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The Bank of England said it had given the money market a further 152 mln stg assistance in the afternoon session. This takes the Bank's total help so far today to 497 mln stg and compares with its forecast of a shortage in the system of around 700 mln stg which it earlier revised down from 800 mln. The central bank made outright purchases of bank bills comprising 34 mln stg in band one at 9-7/8 pct, 39 mln stg in band two at 9-13/16 pct, 51 mln stg in band three at 9-3/4 pct and 28 mln stg in band four at 9-11/16 pct. REUTER
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French operators have requested licences to export 422,000 tonnes of free market maize, 212,000 tonnes of barley and 20,000 tonnes of feed wheat at today's EC tender, trade sources said. For the maize, rebates requested range between 129.25 and 138.74 European currency units per tonne, for the barley between 138.94 and 145 Ecus and for feed wheat 141.75 Ecus. Reuter
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The Bank of France said it left its intervention rate unchanged at 7-3/4 pct when it injected funds to the market against first category paper in todays money market intervention tender. Money market dealers had earlier expressed mixed views on a possible quarter point cut. The rate was last adjusted on March 9, when it was reduced to 7-3/4 pct from the eight pct rate set in January. REUTER
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NP Energy Corp said the U.S. Bankruptcy Court has indicated it will appoint a trustee to oversee the company's Chapter 11 bankruptcy proceedings. It said it hopes the appointment will thwart "hostile" actions being pursued by two unsecured creditors to whose claims the company objects. NP further said the Nielsen 1-20 well in Duchesne County, Utah, has tested 300 barrels of oil per day. NP owns a 61 pct working interest. Reuter
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CPC International Inc said it has completed the sale of its South African subsidiary Robertsons Pty Ltd to a consortium of European and South African investors for an undisclosed amount in excess of book value due to the increasing difficulty of operating there. It said the operation accounted for less than two pct of worldwide sales of 4.5 billion dlrs in 1986. The company said small royalties expected to result from use of CPC trademarks by the new owners will be utilized for social programs in south Africa." It said no significant impact on earnings is expected from the sale. Reuter
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Shr 23 cts vs 46 cts Net 987,000 vs 1,990,000 Revs 14.6 mln vs 15.0 mln Year Shr 89 cts vs 1.32 dlrs Net 3,846,000 vs 5,690,000 Revs 58.1 mln vs 56.6 mln Reuter
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Shr loss 85 cts vs loss 1.36 dlrs Net loss 1,653,386 vs loss 2,646,876 Year Shr loss 12 cts vs loss 1.30 dlrs Net loss 236,469 vs loss 2,522,293 NOTE: Year net includes realized investment gains of 734,609 dlrs vs 645,438 dlrs. Reuter
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First Chicago Corp said its First National Bank of Chicago raised its prime rate to 7-3/4 pct from 7-1/2 pct, effective immediately. Reuter
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American Barrick Resources Corp said it sold two coal supply agreements and substantially all assets at its two coal mines in Ohio to <Peabody Coal Co> of Henderson, Kentucky, for an undisclosed price. The company said proceeds from this sale, together with the sale of the remaining coal assets, should allow it to fully recover its investment in the operations. It said the transactions will complete its previously announced plan to sell all non-gold assets. Reuter
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Comerica Inc said it raised its prime interest rate to 7-3/4 pct from 7-1/2 pct, effective April 1. Reuter
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North East Insurance Co said due to the magnitude of its losses in 1986 and 1985, it may be found in violation of minimum capital and surplus requirements by officials in Maine and New York and be subject to sanctions and administrative actions in those and other states. The company today reported a 1986 loss of 236,469 dlrs, after realized investment gains of 734,609 dlrs, compared with a 1985 loss of 2,522,293 dlrs, after investment gains of 645,438 dlrs. Its fourth quarter net loss was 1,653,386 dlrs, compared with 2,646,876 dlrs. The company said its fourth quarter and year losses resulted from additions to loss reserves. Reuter
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Shr profit nil vs loss three cts Net profit 140,022 vs loss 882,869 Revs 13.3 mln vs 8,870,035 Avg shrs 45.0 mln vs 35.0 mln Backlog 1,683,000 vs 978,000 NOTE: Current year net includes tax credit of 51,000 dlrs. Reuter
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Electromedics Inc said it expects to take a 150,000 dlr charge against first quarter results due to the conversion of debentures. The company said, however, it expects "positive" operating comparisons for the period. Electromedics lost 6,000 dlrs in last year's first quarter. Reuter
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Shr 24 cts vs four cts Net 663,000 vs 109,000 Sales 20.5 mln vs 13.9 mln Six mths Shr 48 cts vs nine cts Net 1,311,000 vs 255,000 Sales 43.2 mln vs 30.0 mln Avg shrs 2,719,205 vs 2,804,048 Reuter
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Mellon Bank Corp said it expects to report a loss for the first quarter in the range of 55 mln to 65 mln dlrs or 2.13 to 2.15 dlrs a share. The company also said it intends to reduce its second quarter common stock dividend to 35 cts a share from 69 cts. Mellon said it will make a provision for loan losses in the first quarter of 175 mln dlrs, reflecting about 95 mln dlrs in charge-offs and 80 mln dlrs in additions to the loan-loss reserve. It will also put 310 mln dlrs in Brazilian loans on a cash basis, resulting in interest reversals of 10 mln dlrs. In the first quarter of 1986, Mellon earned 60.4 mln dlrs or 2.13 dlrs a share. Chairman David Barnes said the loan charge-offs and increased provisions address four areas of concern in the bank's wholesale lending portfolio - the energy sector, developing countries, some basic industrial companies and several commercial real estate businesses. Mellon said the loan loss reserve at the end of the first quarter is estimated to be 575 mln dlrs, or about 2.5 pct of the loan book, compared with 493.8 mln dlrs or 2.17 pct of total loans at the end of 1986. Mellon said its primary capital ratio at the end of the first quarter will be in line with the end-1986 figure of 7.23 pct, well in excess of regulatory guidelines. Non-performing loans at quarter-end are estimated at 1.45 billion dlrs, or 6.5 pct of the loan portfolio, compared with 928 mln dlrs or 3.94 pct at the end of 1986. Barnes noted that Mellon has a bigger involvement in energy-based lending than many other banks. Because of the lack of a substantial recovery in energy prices this year, especially in natural gas prices, it was felt prudent to increase reserves and take losses on loans in this sector. "This action relates both to loans to companies directly involved in energy, as well as loans to real estate developers, home builders and financial institutions in the Southwestern United States," Barnes said. As for LDC loans, he said Mellon had removed about 80 mln dlrs in fully current Argentine loans from cash basis but had charged off about 20 mln dlrs in private-sector Mexican debt. He said Mellon, which was ordered in December to quit Brazil because of its refusal to renew some short-term credit lines, expects to participate in efforts to helpt Brazil and other sovereign borrowers to reschedule their debts. Loans to basic industries were not major contributors to the increase in non-performing assets or to first-quarter charge offs, but Mellon said it remains concerned about the absence of a strong recovery in steel and related industries. The increase in reserves, the dividend cut and continued management cost-cutting are aimed at ensuring that Mellon has the financial strength to deal with current uncertainties, Barnes said. "We cannot predict when the uncertainties that presently trouble us will end, but we are confident we are managing them aggressively," he added. Reuter
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Turkey's Central Bank set a lira/dollar rate for April 3 of 782.50/786.41 to the dollar, down from 780.00/783.90. It set a lira/D-mark rate of 428.30/430.44 to the mark, up from 429.15/431.30. REUTER
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The Bank of England said it had provided the money market with around 40 mln stg late assistance. This takes the Bank's total help today to some 537 mln stg and compares with its estimate of a 700 mln stg shortage. REUTER
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Kloeckner-Werke AG <KLKG.F> should have turnover this year around 1985/86's 2.4 billion marks though more growth is likely in engineering in coming years, management board chairman Herbert Gienow said. He told a news conference at the trade fair here that by the mid-1990s turnover should reach between six and seven billion marks, mainly through acquisitions totalling "several hundred million marks." Kloeckner reported in March higher profits in its engineering sector which enabled it to raise profits by nearly a third in the 1985/86 year to 45.2 mln marks from 33.8 mln. Reuter
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First Federal Savings and Loan Association of Fort Myers said its board has executed a letter of intent to acquire First Presidential Savings and Loan Association of Sarasota, Fla., for 8,500,000 dlrs in cash. The company said a definitive agreement is expected to be executed by May 15 and the transaction is expected to be completed by year-end. The purchase price is subject to an increase on a dollar for dollar basis to the extent that the net worth of First Presidentail exceeds 4,100,000 dlrs at the time of closing, the company said.
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San Diego Gas and Electric Co said a California Public Utilities Commission decision to reconsider allowing only 20 mln dlrs of the 69 mln dlrs in San Onofre nuclear station costs it disallowed makes it likely that earnings in 1987 will be reduced at least 36 cts per share. The company said if the decision to disallow the other 20 mln dlrs is not changed, earnings would be penalized by another 19 cts. Reuter
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Eli Lilly and Co said its board decided to sell Elizabeth Arden Inc, a wholly owned subsidiary that manufactures and markets cosmetics and fine fragrance products. It said the business, which had sales of 67 mln dlrs when it was acquired in 1971, had sales last year of 398 mln dlrs, up 12 pct from 1985. It had operating profits of about 33 mln dlrs in 1986. Lilly said it retained Morgan Stanley and Co to help evaluate offers. Lilly said it expects to use the after-tax proceeds from the sale of its cosmetics business for general corporate purposes, including the repurchase from time to time of its common stock or warrants on the open market. In a statement, Lilly Chairman Richard Wood said "This strategic decision was reached on the basis of our belief that in the future the corporation's resources, including its research activities, should be focused on its other business which have a high technology, life sciences orientation." Reuter
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An estimated 1.2 mln metro users in Madrid were stranded today as striking railway workers halted the underground transport system, industry sources said. The strikers joined coal miners, steel and oil refinery workers in Spain's latest wave of stoppages over wage demands. Some 10,000 pitmen in the northern province of Leon entered the second day of an indefinite stoppage to demand wage rises and a five-day working week, the sources said. Oil refinery workers picketed the state-owned Empresa Nacional de Petroleo SA (EMP) to prevent fuel lorries leaving the company's largest plant in Puertollano, central Spain. Paramilitary police were guarding steel mills at Reinosa, in northern Spain, from the daily protests against planned job cuts. A local government official said the police force would remain in place until tempers had cooled down. More than 60 people were injured in pitched battles between police and steel foundry workers in Reinosa last month. REUTER
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Key Centurion Bancshares Inc said it has completed the previously-announced acquisitions of Union Bancorp of West Virginia Inc and Wayne Bancorp Inc. Reuter
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CB and T Bancshares Inc said it has completed the acquisition of First Community Bancshares Inc Of Tifton, Ga., which as assets of 62 mln dlrs. Reuter
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Colombia recently bought 25,000 tonnes of French soft wheat at 108 dlrs per tonne, c and f, for end-April shipment, trade sources said. This follows the country's tender for 25,000 tonnes of optional origin wheat for shipment April 20-30, they said. France had not sold wheat to Colombia for several years. Reuter
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The Zimbabwe government has bought 85 pct of the equity in <Astra Corporation> for 25.5 mln dlrs from Netherlands-based <Bommenede Houdstermaatschappij (Nederland BV)>, Astra announced. Astra owns five companies with interests in engineering, paint manufacture and the distribution of farm machinery and equipment, motor vehicles and earthmoving equipment. The company is now locally controlled with 80 pct of its equity owned by the government, 14 pct by the Dutch firm. A six pct stake was donated to the Astra Corporation Workers' Trust by the government and the Dutch company. Reuter
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General Public Utilities Corp said its board declared a dividend of 15 cts per share on common stock, its first dividend since it omitted payment in February 1980 as a result of the Three Mile Island nuclear accident in 1979. The company said it was able to declare the dividend due to progress in the cleanup of Three Mile Island Unit Two. A company spokesman said GPU expects to continue declaring dividends on a quarterly basis, with the rate depending on the progress of the cleanup and on other company operations. GPU said the dividend is of "modest size," representing less than a third of the amount paid as a dividend by the average electric utility. "As the operating companies need to return to the capital markets for debt and preferred stock, this should tend to produce lower cost and better terms," the company said. The dividend is payable May 29 to holders of record April 24. Reuter
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Britton Lee Inc said it expects to report a loss on lower sales than it had anticipated for the first quarter. The company earned 119,000 dlrs before a 70,000 dlr tax credit on sales of 7,227,000 dlrs in the year-ago period.
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The Dutch central bank announced new 12-day special advances at an unchanged rate of 5.3 pct to cover money market tightness for the period April 3 to 15. The amount will be set at tender on April 3 between 0700 and 0730 hours GMT. The new facility replaces the current 4.2 billion guilders of nine-day advances which expire tomorrow. Money market dealers said the rate for the new advances was in line with expectations. They added they expect the Bank to allocate between 4.0 and 4.5 billion guilders. REUTER
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Jacobs Suchard AG said it acquired a "comfortable majority" interest in its takeover bid for Cote d'Or SA, Belgium's leading producer of chocolate. In a statement, Jacobs said it had acquired all the shares tendered by the time its offer expired on March 30. The offer, for 100 pct of Cote d'Or at 8,050 Belgian francs per ordinary share, was agreed with the Belgian firm's board. A Jacobs spokesman declined to specify the size of the majority stake and said Jacobs had not decided what it would do about acquiring the outstanding shares. Reuter
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Holiday Corp said the New Jersey Casino Control Commission has approved its recapitalization plan, providing the final regulatory approval needed. The company said it expects to announce next week the record date for the special 65 dlr per share dividend shareholders will receive under the plan and to pay the dividend during the month of April, with the exact timing depending on the closing of financing arrangements. Holiday operates Harrah's Marina Hotel and Casino in Atlantic City, N.J. Reuter
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January 31 end Oper shr profit 16 cts vs loss six cts Oper net profit 2,879,000 vs loss 958,000 Revs 41.9 mln vs 24.1 mln Avg shrs 18.2 mln vs 15.8 mln Year Oper shr profit 49 cts vs profit 18 cts Oper net profit 8,660,000 vs profit 2,832,000 Revs 141.8 mln vs 87.5 mln Avg shrs 17.8 mln vs 15.8 mln NOTE: Net excludes extraordinary tax charge 156,000 dlrs vs credit 2,257,000 dlrs in quarter and credits 1,041,000 dlrs vs 3,589,000 dlrs in year. Reuter
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U.S. Trade Representative Clayton Yeutter stressed the importance of trade negotiations to open foreign markets rather than trade restrictions in a statement to the Senate Finance Committee. "In the long term we cannot repeatedly bludgeon other nations into opening their markets with threats of U.S. restrictions. Rather, we must be able to negotiate credibly for global liberalization," Yeutter said. Yeutter did not mention the recent U.S. trade sanctions against Japanese semiconductors in his testimony on the pending trade bill. Yeutter said the trade bill should increase U.S. competitiveness, aid U.S. trade negotiating leverage, and avoid provoking foreign retaliation. He urged Congress to reject provisions that would mandate U.S. retaliation against foreign unfair trade practices. Yeutter emphasized the importance of the new multilateral trade negotiating round and called on Congress to quickly approve an extension of U.S. negotiating authority. "We want to open foreign markets and establish and enforce rules of international competition, not foster dependence on protection and subsidies," he said. Reuter
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The U.S. and the European Community could enter into a new trade dispute unless urgent action is taken to explain EC farm policy to the U.S. Congress, French official sources said. They said Prime Minister Jacques Chirac planned to urge EC Commission president Jacques Delors to send a team of experts to Washington as soon as possible. Chirac returned to Paris this morning after three days of talks in New York and Washington in which trade and protectionism featured prominently. At the centre of the new trade tension is an EC Commission proposal to tax vegetable oils, the sources said. Reuter
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Oper shr loss 11 cts vs loss 36 cts Oper net loss 2,383,000 vs loss 4,285,000 Total income 2,194,000 vs nil NOTE: Resultes restated for discontinued operations and exclude discontinued operations loss 5,755,000 dlrs vs gain 4,933,000 dlrs. Reuter
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Feb 28 end Shr nil vs nil Net 132,804 vs 53,510 Revs 2,001,107 vs 1,467,742 Avg shrs 73.9 mln vs 56.7 mln Nine mths Shr nil vs nil Net 302,316 vs 171,034 Revs 5,230,014 vs 4,112,562 Avg shrs 74.4 mln vs 56.7 mln Reuter
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North Carolina Federal Savings and Loan Association said it has raised its prime rate to 7-3/4 pct from 7-1/2 pct, effective yesterday, following moves by major banks. Reuter
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Shr loss one ct vs loss seven cts Net profit 108,419 vs loss 241,192 Revs 2,044,882 vs 317,266 Year Shr loss 18 cts vs loss 23 cts Net loss 430,027 vs loss 432,982 Revs 5,088,065 vs 416,777 NOTE: Share after preferred dividends. Reuter
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<Shell Canada Ltd>, 72 pct owned by Royal Dutch/Shell Group, anticipates an improved level of earnings in 1987, assuming a continuation of prices and margins that existed at the end of 1986 and early 1987, the company said in the annual report. Shell previously reported 1986 operating profit fell to 130 mln dlrs, excluding a 24 mln dlr unusual gain, from 146 mln dlrs in the prior year. The company also said 1987 capital and exploration spending of 420 mln dlrs will be 160 mln dlrs lower than last year, due to the uncertain short-term outlook.
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Utilicorp United Inc said its management is recommending to the board of directors a three-for-two stock split and an increase in the quarterly cash dividend rate, currently at 37 cts per common share. The company said it is also submitting to shareholders at its May 21 annual meeting a proposal authorizing an additional class of common stock. Utilicorp said the board of directors will vote on the split at its next regularly scheduled board meeting on May 6. It added that its semi-annual four pct stock dividend will not change. Utilicorp said the proposal to create a new class of stock, if approved, will authorize 20 mln shares of Class A common stock with a par value of one dlr. The stock could be issued in various series with terms, rights and preferences designated by the board in each instance, Utilicorp said. The company said the new stock is intended to enhance Utilicorp's ability to carry out future financings, investments, acquisitions or for other corporate purposes. Reuter
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American Realty Trust said its board has set April 3 as the record date for its previously announced rights offering, and the rights will be issued on April 6 and expire May 22. Shareholders will be able to subscribe for 1.25 shares for each share held, at a price of 3.75 dlrs per share. Reuter
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Qtly div 20 cts vs 20 cts prior Pay June 1 Record April 16 Reuter
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The European Community Commission awarded export licences for 20,000 tonnes free market French maize at a maximum export rebate of 129.40 European currency units (Ecus) per tonne, trade sources said here. All requests for export licences for free market feed wheat and barley were rejected, they said. Reuter
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No changes have been made or are being planned in the Agriculture Department's calculation of price differentials between interior grain locations and the Texas Gulf, a senior USDA official said. Ralph Klopfenstein, USDA deputy administrator for commodity operations, told Reuters, "We do not anticipate any changes to be made" in the Texas Gulf differentials used to calculate posted county prices for corn. "We do not relate the Texas Gulf structure with the Louisiana Gulf structure at all. It's a totally different situation," he said. Rumors had circulated through the market this morning that USDA had widened Texas Gulf differentials in a similar manner to last weekend's adjustments with the Louisiana Gulf. Reuter
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J.P. Morgan and Co Inc said it is raising its prime lending rate to 7-3/4 pct from 7-1/2 pct, effective today. Most major U.S. banks are now posting a 7-3/4 pct rate. Citibank was the first to announce an increase on Tuesday. Reuter
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Australia and New Zealand Banking Group Ltd <ANZA.S> said it will lower its Australian prime lending rate to 18 pct from 18.25, effective April 6. The cut is the second announced by the bank in the last week, following a cut from 18.5 pct effective last Monday. The ANZ's new rate will be the lowest prime set by the four major trading banks and matches the rate set by one of the smaller foreign banks in January and left unchanged during the rise in primes over the last three months. Other primes range from 18.25 to 18.5 pct, including those of the other three majors. REUTER
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The Australia and New Zealand Banking Group Ltd in New Zealand said it will raise its indicator lending rate to 23 pct from 21.5 pct on April 7. A bank statement said the continuing rise in the cost of funds had to be passed on to the lending customers. ANZ managing director Brian Weeks said: "Recent developments in the money markets are of deep concern to all participants ... Market participants are understandably nervous and cautious about future developments. These include flows to and from the government relating to the privatisation of seven government departments on April 1. "We welcome the flexibility evident in the Reserve Bank's move to raise the system cash target yesterday, but feel that to reduce the present nervousness the cash target and primary liquidity level need to be raised further...," he said. The Reserve Bank has raised its daily cash target to 45 mln N.Z. Dlrs from its normal 30 mln dlrs. Call rates have traded as high as 65 pct this week because of business year-end March 31 balance date book squaring. Westpac Banking Corp in New Zealand announced yesterday it would increase its indicator lending rate by 1.5 percentage points to 22.5 pct on April 7. REUTER
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The Duth Central bank said it accepted bids totalling 4.086 billion guilders at tender for the new twelve-day special advances at an unchanged 5.3 pct. Bids up to 30 mln guilders were met in full, amounts above at 40 pct. The new advances, covering the period April 3 to 15, replace the current 4.2 billion guilder nine-day facility at 5.3 pct, which expires today. Money market dealers said the total amount allocated was in line with expectations and would be sufficient to cover the money market shortage for the duration of the facility. REUTER
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The Bank of England said it has forecast a shortage of around 700 mln stg in the system today. Among the main factors, maturing assistance and take-up of treasury bills will drain 546 mln stg, bills for repurchase by the market 76 mln, a rise in note circulation 310 mln and bankers balances below target 105 mln. The outflow will be partly offset by 340 mln stg exchequer transactions. REUTER
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MIM Holdings Ltd <MIMA.S> said it has issued 23.33 mln shares to Preussag AG <PRSG.F> to complete the previously announced purchase of 20 pct of <Norddeutsche Affinerie AG> from Preussag. Terms of the acquisition of 10 pct of Norddeutsche Affinerie from Degussa AG <DGSG.F> are currently being resolved, MIM said in a statement. Norddeutsche Affinerie will then be owned 40 pct by Metallgesellschaft AG <METG.F> and 30 pct each by MIM and Degussa, but MIM said it and Metallgesellschaft are proposing a further arrangement to give them 35 pct each. REUTER
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An big expansion in bilateral trade is expected as a result of Swedish Prime Minister Ingvar Carlsson's visit to China, a official of China's Foreign Economic Relations and Trade Ministry official said. He told the China Daily that petroleum, coal, cotton, non-ferrous metals and electric engines could help balance the trade running at over three-to-one in Sweden's favour. Total trade reached 290 mln dlrs last year, up 32 pct on 1985, according to Chinese statistics. Swedish sources said major paper mill projects and an aviation agreement would be discussed during Carlsson's one week visit. REUTER
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<Skandia International Holding AB>, the overseas offshoot of Swedish insurance group Forsakrings AB Skandia <SKDS.ST> said it was buying a 29.9 pct share in the London-quoted property and financial services company <Nevi Baltic Plc>. No financial details were given. Nevi Baltic, with a 1986 turnover of 20 mln stg and total assets of 70 mln stg, is controlled by Norwegian finance company <Nevi AS> which will retain a 30.1 pct stake in the British unit, Skandia said in a statement. The deal is subject to formal approval from the Swedish central bank, the statement added. REUTER
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Tug crews are preventing the movement of foreign-flag container vessels in and out of the ports of Sydney, Melbourne and Fremantle, shipping sources said. They said maritime unions imposed bans on late Wednesday for reasons that are obscure but seem to be linked with claims for a pay rise above the 10 dlrs a week awarded by the Arbitration Commission nationally to all workers recently. Only about 10 vessels are being delayed but the bans will affect container terminal movements and will disrupt liner schedules, they said. The dispute goes to the Commission on Monday, they said. REUTER
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U.K. Domestic wheat markets dropped about one stg per tonne early this morning following overnight news that the EC is releasing a further 300,000 tonnes of wheat from British intervention stores for the home market over a three month period. April deliveries of denaturable wheat were offered in East Anglia at 124 stg and May at 125 stg per tonne, both one stg down on yesterday's traded rates. The market is expecting U.K. Wheat futures to show a similar loss at today's opening. REUTER
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Bass Plc <BASS.L> and <Horizon Travel Plc> said terms have been agreed for an offer worth around 94.8 mln stg for Horizon by Bass. The offer values each Horizon share at some 0.213 of a Bass ordinary share, or 190p. This is based on a price of 892p, the Bass share quotation at 1630 gmt on April 2. Horizon said its board and financial advisers consider the offer to be fair and reasonable and the board will unanimously recommend acceptance to its shareholders. Horizon shares jumped 23p to 188 after the announcement while Bass shares dipped 13p to 879. Bass has for some time regarded overseas holidays as an area for expansion and in pursuit of this objective, acquired a 25.6 pct holding in Horizon in 1985 when it set up the jointly owned hotel company. Both Bass and Horizon said that Bass's resources will enable Horizon's businesses to expand strongly this year. On March 30 Bass said it had agreed to sell its Pontins U.K. Holiday camps to a newly formed private company, Pontins Ltd, for some 57.5 mln stg. REUTER
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Grain handling at Rotterdam port's main grain terminal was at a standstill today as members of the largest Dutch transport union FNV staged a lightning strike for the third day running. Pieter van der Vorm, managing director of Graan Elevator Mij (GEM), which handles 95 pct of grain passing through the port, said their main Europoort terminal was out of action because of a strike by technical staff. The actions, in support of union demands in negotiations over a new labour agreement, began on Wednesday when grain handlers stopped work. Van der Vorm said that if strikes continued on today's scale for some time vessels coming to unload grain in Rotterdam would face delays, but this was not happening yet. Wednesday's actions left GEM's facilities 40 pct operational, and there were only limited strikes yesterday. Talks between unions and employers yesterday and today produced no result, but FNV spokesman Bert Duim said the union was prepared to put their key demand, for a 36 hour working week, at the bottom of the agenda. Van der Vorm said, however, the union's demands on a range of issues were far in excess of the management's final offer. REUTER
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