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World oil prices would remain stable
despite the U.S. Attack against Iranian oil platforms and
growing tension in the Gulf, Venezuelan Energy Minister Arturo
Hernandez Grisanti said on Monday.
He described the situation as "extremely tense," but said
Gulf military activity would not significantly affect prices
because supply and demand were roughly equal.
Demand for OPEC crude in the final quarter of 1987 was 18.5
mln barrels per day (bpd) and the group's members were now
pumping above 18 mln bpd, he told a news conference.
Hernandez Grisanti said the supply/demand balance was
precarious and prices were in danger of falling from their
current average of about 18 dlrs per barrel if overproduction
continued.
Three or four members of the 13-nation Organisation of
Petroleum Exporting Countries were "overproducing in an
exaggerated manner" above their assigned quotas, he said.
OPEC's overall ceiling is 16.6 mln bpd.
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If the dollar goes the way of Wall Street,
Japanese will finally move out of dollar investments in a
serious way, Japan investment managers say.
The Japanese, the dominant foreign investors in U.S. Dollar
securities, have already sold U.S. Equities.
But "if the dollar falls steeply, which did not happen
yesterday, Japanese investors will definitely try to withdraw
significant funds from U.S. Shares," said Akira Kawakami, deputy
manager of Nomura Investment Trust and Management Co Ltd's
international investment department.
An unstable, lower dollar would also affect Japanese
investment in U.S. Bonds. "Japan-U.S. Interest rate
differentials, which currently look wide enough, mean nothing
in the absence of dollar stability," said Kawakami.
U.S. Bonds could benefit due to a gloomy economic picture
following the estimated huge losses in stocks by major U.S.
Institutional and individual investors, he said. The effect
should be to rule out any U.S. Interest rate rise.
But most Japanese investors in U.S. Bonds are still wiating
to see if the dollar really is stable, he said. The dollar was
holding firm at above 142 yen on Tuesday morning.
"Although Japanese investors sold huge amounts of stocks in
New York yesterday, most are still looking for chances to
lighten their U.S. Stock inventories," Hiromitsu Sunada, manager
of Meiji Mutual Life Insurance Co's international investment
department said.
Their sales helped send Wall Street stocks down 508 points
to 1,738, the market's biggest percentage drop since 1914.
"Investment in U.S. Stocks and bonds is difficult,
considering the dangers," said Katsuhiko Okiyama, deputy general
manager and chief adviser of Yamaichi Securities Co Ltd's fixed
income securities marketing group.
Japanese investment at home could start to pick up once
markets have stopped reacting to Wall Street, the managers
said. The Tokyo yen bond market is likely to stabilise in one
or two weeks, which is what investors have been waiting for.
The bottom for yen bonds should be around a 6.3 pct yield for
the 5.1 pct 89th bond, they said.
"The basic background which has supported the stocks and
bonds markets has not changed," said Norio Okutsu, assistant
general manager of Nikko Securities' bond department. "But new
outflows of funds to the U.S. Will be decreasing." However,
this was already evident three months ago, he said.
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Malaysia's national oil company,
Petronas, has advised the government to raise crude oil output
to 540,000 barrels a day (bpd) in 1988 from a current 500,000
bpd, a senior company official said.
"We have the capacity to produce the amount," Rastam Hadi,
Petronas's Vice-President for Upstream Sector said.
The government will announce its decision on Friday when it
unveils the country's budget. Malaysia raised output this month
to current levels from 420,000 bpd after reviewing the world
oil market. In May, Malaysia cut output to 420,000 bpd from
459,000 in response to a call by OPEC to boost prices.
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Bank of Japan governor Satoshi Sumita said
he welcomed Monday's U.S. And West German joint confirmation of
their commitment to the Louvre accord.
Sumita said in a statement that world stockmarkets were
excessively concerned about the economic future.
The Bank of Japan will continue to adhere to a system of
policy coordination based upon the Louvre accord of February,
he said. The accord called for stability in foreign exchange
rates. Exchange rates generally are regaining stability and the
economies of industrialised nations are heading for a steady
recovery, he said.
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The Reserve Bank of New Zealand said
there was no evidence to suggest the fall in share prices had
affected financial stability and it would maintain its firm
monetary policy.
Governor Spencer Russell said in a statement the central
bank did not accept arguments that the battle against inflation
should now take a low second priority after the sharemarket's
plunge.
Russell said the bank had two statutory responsibilities --
to implement the government's monetary policy to bring down
inflation, and to ensure the financial sector's stability.
"Unless the bank is directed otherwise, the firm monetary
policy will continue because it is very much in the national
interest that it do so," he said.
"And there is yet no evidence available to the bank to
suggest that the fall in share prices has affected the
stability of the financial sector."
The Barclays share index fell a record 504.75 points to
2,925,26 on Tuesday, a decline of 14.7 pct.
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Tanzania has arranged to sell
53,000 tonnes of maize to Malawi, Mozambique and Zaire, radio
Tanzania said.
The radio said the grain would be delivered soon, but gave
no details about the value of the sales.
Tanzania is expecting a record maize harvest of 2.3 mln
tonnes in the 1987/88 financial year ending June, up from a
bumper crop of 2.1 mln in 1986/87.
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President Corazon Aquino said the
Philippines was closely monitoring interest rates in the wake
of Monday's record drop on Wall Street and steep declines in
Manila and other Asian stock markets.
"We will monitor these developments closely and will
continue to hope that they do not precipitate large declines in
economic activity around the world," Aquino told a meeting of 13
major Philippine business groups.
"The Philippines, as a trading country in the world economy,
depends on the continued health and growth of both the world
economy and the world trading system," she said.
The Manila Stock Exchange composite index plunged 105.49
points or 11.79 pct by the midday close to 789.54, depressed by
the record 508 point fall of the Dow Jones industrial average
on Monday.
"The Philippines, in addition, as a large borrower nation,
is affected by developments in interest rate levels around the
world and will carefully monitor the impact of these
developments on interest rates, on gold and on commodity
prices," Aquino said.
"We welcome the statements from world leaders that urge calm
in the present difficult situation," she added.
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Oil prices would skyrocket for a time if
conflict in the Gulf closed the Strait of Hormuz, but oil
supplies could be adjusted to take care of world demand,
Indonesian Energy Minister Subroto said.
He made no explicit reference to the latest U.S. Military
action in the Gulf.
But in an address to a conference of the Indonesian
Petroleum Association, he said, "If worst comes to worst and say
the flow of oil through the Straits of Hormuz is completely
shut off, I believe the world oil supply, given time to adjust,
can take care of the situation."
"But this is not to say that prices, at least for a short
duration, will not skyrocket as speculators take advantage of
the situation," he declared.
Tensions in the Gulf, however, usually had a relatively
short-term impact on prices, he added.
Assessing future price trends, he said, "Short-term spot
prices will probably still fluctuate, but they will most likely
hover around the official Opec price basket of 18 dlrs per
barrel.
"The upward deviations, however, are likely to be greater
than the downward ones."
"The balance between supply and demand in the short term
will still be delicate," he added. "Non-Opec production may still
go up, competing with Opec for the expected additional increase
in world demand."
Subroto, a member of Opec's three-man quota committee which
has been touring cartel members, said speculation may play
havoc with spot prices, but Opec was trying to stabilize the
situation by urging cooperation by non-Opec producers.
In the medium term, non-Opec production would reach a
plateau in the early 1990s, leaving Opec much stronger, he
said.
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An Iranian shuttle tanker reported
spotting a floating mine in the central Gulf on Tuesday about
50 miles west of Lavan Island, regional shipping sources said.
The Khark III, owned by the National Iranian Tanker Co,
gave the position of the mine as 27 degrees 14 minutes north,
52.06 east.
There was no indication of measures being taken against the
mine, which is in Iranian territorial waters.
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Willis Faber Plc <WIFL.L> chairman and
chief executive David Palmer said the company would consider
any bid for its 20.8 pct shareholding in Morgan Grenfell Group
Plc <MGFL.L> but had not yet received any offers.
"We will entertain any approaches," he told Reuters in reply
to questions, following U.K. Press speculation.
In an earlier statement, Faber said that if an offer were
to be received for its stake in the merchant banking group, "it
would be considered on its merits."
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<Corby Distilleries Ltd>, 52 pct owned by
Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman &
Worts> is to buy the spirits business of <McGuinness Distillers
Ltd> of Toronto for 45 mln Canadian dlrs.
McGuinness is a producer and marketer of spirits and also
has exclusive agencies for some imported wines and spirits.
The sale is subject to the approval of the Bureau of
Competition Policy. Michael Jackaman, president and chief
executive officer of Hiram Walker and Allied Vintners, said,
"The acquisition is an excellent one both commercially and
financially."
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Rises in West German and international
interest rates are a cause for concern and the Bundesbank has
no interest in higher capital market rates, Bundesbank
President Karl Otto Poehl said.
"We consider the interest rate increase that has occurred
here and internationally to be a problem and cause for concern,"
Poehl told an investment conference.
"I would like to stress that the Bundesbank has no interest
in higher capital market rates," he said.
Shortly after Poehl spoke, the Bundesbank announced a
tender for a securities repurchase pact at a fixed rate of 3.80
pct.
Previous tenders over the last month by interest rate have
seen the allocation rate on these facilities rise to 3.85 pct
at last week's pact from 3.60 on the last fixed-rate tender in
late September.
The Bundesbank's reduction of the key allocation rate to
3.80 from 3.85 pct was heralded Monday by repeated injections
of money market liquidity at between 3.70 and 3.80 pct.
These moves to cap interest rates followed a meeting
between Poehl, Finance Minister Gerhard Stoltenberg and U.S.
Treasury Secretary James Baker Monday in Frankfurt.
Officials said afterwards the three men had reaffirmed
their commitment to the Louvre accord on currency stability.
Over the weekend, criticism by Baker of the tightening in
West German monetary policy had prompted a sharp fall of the
dollar on speculation that Louvre cooperation had ended.
But the dollar rallied on news of Monday's meeting in
nervous trading to trade above 1.79 marks Tuesday.
Poehl said that the recent rise in interest rates was not
due to central bank policy, but to markets' expectations, and
currency developments.
Commenting on the inflationary expectations, Poehl said "You
have to get to the root of the problem, you have to pursue a
policy which reveals that there are no grounds for such fears."
The inflationary fears were unjustified and exaggerated, he
said.
Poehl rebuffed recent U.S. Criticism of West Germany,
saying the Bundesbank had made a substantial contribution to
international cooperation in interest and monetary policy.
The Bundesbank has tolerated an overshooting of its money
supply target, arousing criticism from other quarters, he said.
"Today we still have lower interest rates than at the end of
1986... Quite the contrary of other countries, where interest
rates have risen substantially more," Poehl said.
This had to be taken into account when considering recent
rises in repurchase pact allocation rates, which were due to
rising international money market rates that had spilled over
into the German market, he said.
Poehl expressed surprise that financial markets had so far
ignored improvements in the U.S. Deficits.
"The adjustment process in the U.S. Trade balance is
definitely underway," he said, noting that this was not so
noticeable in absolute figures.
The spectacular improvement in the budget deficit had also
attracted little attention, he said.
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U.K. Chancellor of the Exchequer Nigel
Lawson said the Government was going ahead with this month's
flotation of British Petroleum Co Plc <BP.L> shares despite the
collapse on international stock markets.
"We are going ahead because the whole issue has been
underwritten - we had it underwritten because there is always a
risk of this sort of thing happening," Lawson said in a BBC
radio interview.
Lawson's remarks came as renewed selling on the London
stock market took BP shares down a further 33p to 283, well
below the 330p price set for the around seven billion stg
issue.
Lawson said the U.K. Economy is fundamentally sound and
added that stock markets had reflected that recently.
"I profoundly believe in the market system as the best way
for securing economic prosperity (but) that does not mean to
say the markets are infallible."
"My advice to small investors...Is to remain calm. There is
absolutely no reason not to do so," Lawson said.
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Plunging Tokyo stock prices will prevent
the Bank of Japan from raising its discount rate and could even
force it to ease monetary policy if the collapse continues,
government and private economists said.
A rise in interest rates now would only serve to spark
further selling of shares that could ultimately have a major
deflationary impact on the real economy, they said.
Although Bank of Japan officials have consistently
maintained that they had no plans to raise the 2.5 pct discount
rate, many in the markets have thought otherwise.
Fears of a rise in the discount rate were fanned by the
central bank's apparent decision last week to countenance
higher rates on commercial bills, dealers said.
But today's stock market collapse -- prices fell nearly 15
pct -- means that the Bank of Japan would be hard pressed to
raise the discount rate now, despite its concerns about a
renewed outbreak of inflation, dealers and economists said.
Japanese government bond prices rose sharply today as the
markets concluded that the stock market's collapse precluded
the central bank from carrying out the widely-rumoured discount
rate increase.
A senior government economist suggested that both the U.S.
And Japan needed to ease monetary policy now to prevent a
further drop in New York and Tokyo stock prices. "They need to
support the stock and security markets," he said.
But Bank of Japan officials said they saw no need to change
policy for the moment, although one admitted that the central
bank may have to rethink its strategy if Tokyo stock prices
continue to plunge during the rest of the week.
Both government and Bank of Japan economists agreed the
economy is better placed now to cope with the deflationary
impact of plunging stock prices than it was a few months ago.
With the economy recovering strongly, the steep drop in
stock prices is not likely to put a major dent in consumer and
business confidence, one government economist said.
"There will be some impact on the real economy, but it won't
be that big," said another.
Individuals are not heavily invested in stocks on their
own, although they do participate through trust funds and other
investment vehicles. And while many manufacturing firms turned
to financial market investments for profits during last year's
economic downturn, the recent rebound has allowed them to
refocus their attention on their core businesses, he said.
Paradoxically, it is the pick-up in the economy that is
partly to blame for the stock market collapse as companies have
shifted funds away from financial investments to increase
inventories and step up capital spending, one government
economist said.
In deciding what response to make to the steep stock price
drop, the Bank of Japan must first determine whether prices
will continue to fall further and then decide if they pose a
greater economic danger than the threat of higher inflation,
one central bank official said. "That will at least take a
couple of days, if not weeks," he said.
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The Manila-based International Rice
Research Institute (IRRI) said West German agricultural
scientist Klaus Lampe will take over as its director-general in
early 1988, succeeding M.S. Swaminathan.
An IRRI statement said Lampe, 56, is currently senior
adviser to the German Agency for Technical Cooperation at
Eschborn and was a former head of the agriculture section of
the Federal Ministry for Economic Cooperation.
It said Swaminathan, who has headed IRRI since 1982, will
concentrate on environmental and agricultural issues.
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West German Finance minister Gerhard
Stoltenberg said the meeting on Monday with U.S. Treasury
Secretary James Baker underscored the determination of the U.S.
And West Germany to continue close cooperation to stabilise
foreign exchange rates.
Stoltenberg told a news conference "The statement released
yesterday (Monday) after the private meeting .... Emphasized
our determination to continue the close economic cooperation
regarding foreign exchange stabilization and monetary policy."
Stoltenberg said that he, Baker and Bundesbank President
Karl Otto Poehl had a very constructive discussion and had all
reached a positive evaluation of the Louvre accord during their
meeting on Monday.
Stoltenberg said initial contacts with several European
counterparts showed that they shared this view. "We expect the
declaration of our unified position to have a positive effect,"
he said.
He noted that the dollar firmed again in late U.S. Trading
after the outcome of the Baker meeting was published.
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West German Finance Minister Gerhard
Stoltenberg said the Louvre accord was vital to West Germany.
Stoltenberg told a news conference "Given West Germany's
unusually high dependence on world trade and exports, it is
vital for West Germany ... To continue its constructive
contribution to trusting (international) cooperation on the
basis of the Louvre accord."
Some monetary analysts have speculated that
inflation-conscious Bundesbank vice president Helmut
Schlesinger may have been leading the central bank to a course
of tighter monetary policy.
Stoltenberg is due to attend a routine Bundesbank meeting
on Thursday in West Berlin. He declined to forecast what, if
any, policy decisions the Bundesbank might take.
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West German Finance Minister Gerhard
Stoltenberg declined to comment on whether unpublished target
zones for currencies agreed at last February's Louvre accord
had been changed as a result of the meeting on Monday with U.S.
Treasury Secretary James Baker.
He was asked about target zones at a news conference in
Bonn. Stoltenberg referred to a statement released after
Monday's meeting, which said continuing cooperation was aimed
at promoting currency stability at current levels. This was the
same formula used in the text of the Louvre accord, he noted.
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West German Finance Minister Gerhard
Stoltenberg said he could not rule out the possibility of
central bank intervention to support currencies.
Asked at a news conference whether central banks were
prepared to intervene to defend currencies, he said "We cannot
rule out the use of any instrument which leads to foreign
currency stability."
However, he added that in the end, it was market forces
which prevailed.
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U.S. Attacks on two Iranian oil platforms
in the Gulf -- both of which were still blazing -- caused
damage estimated at 500 mln dlrs, Tehran Radio quoted Iranian
Oil Minister Gholamreza Aqazadeh as saying.
The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack and could cause widespread pollution in the Gulf,
the minister told a news conference in Tehran. He said the
Reshadat rigs, 120 miles (200 km) east of Bahrain in
international waters, were in the final stages of
reconstruction after an attack by Iraqi jets last year.
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Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
"The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression," Mousavi told a news
conference in Damascus. On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.
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The Indonesian state-owned oil company
Pertamina has found new offshore oil and gas resources in East
Aceh, on the western tip of northern Sumatra, a company
spokesman said.
The spokesman said the discovery was made at the GOS IA-1
offshore exploratory well about 38 kms east of Langsa in Aceh.
"Oil and gas are found in sand layers at the depth of 2,300
metres within the Baong formation," he said.
He said preliminary tests showed that the well could flow
oil at the rate of 1,320 barrels a day with 50 degrees API at
20 degrees centigrade through a 5/8 inch choke.
"The well also flows natural gas at the rate of 12 mln
standard cubic feet a day," he added.
GOS IA-1 well, located at a water depth of 41 metres, was
drilled under a production sharing contract between Pertamina
and Japex North Sumatra Ltd, each having 50 pct shares.
"Petroleum operations are to be carried out by Pertamina as
operator through a joint operating body established by the two
companies," the Pertamina spokesman stated.
The contract covers the Gebang block contract area. The two
companies have previously completed the drilling of GOS IIA-1
exploratory well, around 14 kms south of GOS IA-1.
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Indonesia told the oil industry on
Tuesday it will extend contracts on producing blocks and
improve the investment climate, but wants to see increased
expenditure on exploration in return.
President Suharto, in an opening speech to the Indonesian
Petroleum Association, said Indonesia was ready to extend
contracts held by foreign oil companies on producing areas.
"In order to boost investment in the petroleum industry, the
government of Indonesia has basically approved of extending
production sharing contracts under the present laws," Suharto
said.
"Apart from that, the government will keep improving the
investment climate in order to accelerate the development of
the petroleum industry," he said.
Indonesian Energy Minister Subroto told the Association he
was aware that the oil industry needed to be assured that
contracts on blocks expiring within the next 10 years would be
renewed before they would invest in further exploration.
"As we all have heard this morning, the President is fully
aware of this situation," Subroto said.
"The government has already made the political decision to
entertain this time problem by inviting the existing producers
to continue their activities in Indonesia, albeit on a
selective basis."
Indonesia, one of the 13 members of OPEC, must find new oil
reserves if it is to remain an exporter in the next decade, oil
industry sources say.
Subroto said the government was also working to ease other
problems, including granting easier terms for remote areas or
deep water conditions.
But Subroto said relations with oil companies were two-way
and that they should step up expenditure on oil exploration now
that the oil price had recovered.
President Suharto said he wanted to see greater transfer of
technology to Indonesian companies, and more help from the oil
industry for the regions in which companies operated.
Abdul Rachman Ramly, the President of state oil company
Pertamina, has said that budgeted exploration and production
expenditure for all oil companies in Indonesia was forecast to
fall to 3.1 billion dlrs in calendar 1987 from 3.4 billion in
1986.
Pertamina has 69 production-sharing or joint operation
contracts with foreign oil companies.
Subroto said speeding up necessary approvals for field
operations was a government priority. There had been
misunderstandings between the government and the oil industry
in certain areas, such as when a field is designated
commercial, and a thorough evaluation was being made.
He said the government wanted to finalise contract
extensions as soon as practical, and urged the industry in the
meantime to maintain its exploration drive.
Subroto said Indonesia needed the companies to maintain
exploration efforts, even if their contract was due to expire
within 10 years. "This need in itself is some sort of guarantee
that we will soon have to come up with an extension agreement."
Eleven major contract areas are due to come up for renewal
between 1991 and 2001, industry sources said.
Extension of the contracts on the blocks has involved
detailed negotiations but so far no extension has been granted.
Subroto told reporters afterwards that contract extensions
would be selective, based on how much capital would be
invested.
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Iran is preparing lawsuits to file for
compensation from the U.S. Over the American raid on its Gulf
oil platforms, Tehran radio quoted Iranian Oil Minister
Gholamreza Aqazadeh as saying.
The lawsuits would be filed with competent international
bodies once the exact damage was calculated, he was quoted
telling a news conference in Tehran. He earlier estimated the
damage from the U.S. Raid at about 500 mln dlrs.
The rigs, one of which was heavily shelled by four American
destroyers on Monday, were still burning almost 24 hours after
the attack, he said.
Aqazadeh said the half-billion-dollar damage estimate was
preliminary. Washington has said the attack was in response to
a missile strike against the American-flag tanker the Sea Isle
City in Kuwaiti waters on Friday.
He denied that there was any military hardware on the rigs
"except a 23 mm machinegun for air defence." Reacting to
Weinberger's remark that Washington considered the case closed,
Aqazadeh said: "Iran will also consider the case closed after
its retaliatory measure." Iranian officials have said their
response would not be limited to the Gulf and U.S. Interests
around the world might come under attack.
Aqazadeh said the U.S. Military presence in the Gulf
aggravated the regional crisis and made access to the region's
oil more difficult, but he did not see the U.S. Attack
significantly affecting oil prices.
IRNA said he gave no explicit reply when asked if the
attack would prompt Iran to block the Hormuz Strait at the
entrance to the Gulf.
"If Iran cannot use the Hormuz Strait, no other country can
either, and this would be to everyone's harm," the radio quoted
him as saying.
REUTER
| [
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Iranian Premier Mir-Hossein Mousavi
reiterated his country would retaliate for U.S. Navy attacks on
Gulf oil platforms.
"The U.S. Attack on Iran's oil platforms jeopardises our
national sovereignty ... And we will retaliate properly for
this perfidious American aggression," Mousavi told a news
conference in Damascus. On Monday U.S. Navy warships blasted
the Rostam platform, and Navy personnel stormed a second
platform a few miles away. Washington said the operation was
aimed at destroying positions used by Iran to track and assault
neutral Gulf shipping.
REUTER
| [
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Shr 28 cts vs 14 cts
Net 3,110,000 vs 1,286,000
Revs 112.7 mln vs 93.8 mln
Avg shrs 11.2 mln vs 9,148,000
Nine mths
Shr 58 cts vs 15 cts
Net 6,377,000 vs 1,332,000
Revs 307.8 mln vs 233.8 mln
Avg shrs 10.9 mln vs 9,148,000
NOTE: Company 81.4 pct owned by Primerica Corp <PA>.
Reuter
| [
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0
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Shr 22 cts vs 20 cts
Net 2,963,000 vs 2,696,000
Sales 26.5 mln vs 19.4 mln
Reuter
| [
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0,
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Plum Holding Inc said it has started its
previously-announced offer to purchase 664,400 common shares of
Holly Sugar Corp at 95 dlrs each.
In a newspaper advertisement, the firm said the offer,
proration period and withdrawal rights expire November 17
unless extended. The offer, which has been approved by the
Holly board and is to be followed by a merger in which
remaining shares are to be exchanged for cumulative redeemable
exchangeable preferred stock, is conditioned on receipt of at
least 664,400 shares, which would give Plum a two thirds
interest, and the receipt of financing.
Reuter
| [
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0,
0,
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] |
Shr 51 cts vs 42 cts
Net 20.3 mln vs 16.7 mln
Sales 216.9 mln vs 184.5 mln
Nine mths
Shr 1.47 dlrs vs 1.21 dlrs
Net 58.2 mln vs 47.6 mln
Sales 611.2 mln vs 547.0 mln
Reuter
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Shr 87 cts vs 62 cts
Net 2,604,000 vs 1,856,000
Sales 72.7 mln vs 64.6 mln
Nine mths
Shr 2.71 dlrs vs 1.97 dlrs
Net 8,121,000 vs 5,834,000
Sales 215.7 mln vs 193.0 mln
Reuter
| [
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Shr profit four cts vs loss 56 cts
Net profit 2,043,000 vs loss 25.7 mln
Revs 111.3 mln vs 64.7 mln
Avg shrs 48.3 mln vs 45.8 mln
Nine mths
Shr loss 18 cts vs loss 63 cts
Net loss 8,695,000 vs loss 28.4 mln
REvs 308.4 mln vs 228.4 mln
Avg shrs 48.0 mln vs 44.8 mln
NOTE: 1986 net includes tax credits of 1,646,000 dlrs in
quarter and 3,401,000 dlrs in nine mths.
1987 nine mths results restated for pooled acquisition of
Bidtek Inc.
Reuter
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Shr 42 cts vs 1.53 dlrs
Net 33,085,000 vs 123,450,000
Revs 535.0 mln vs 496.7 mln
Avg shrs 78,755,000 vs 80,666,000
Nine mths
Shr 1.24 dlrs vs 3.35 dlrs
Net 98,322,000 vs 271,512,000
Revs 1.58 billion vs 1.49 billion
Avg shrs 78,999,000 vs 81,022,000
NOTE: 1987 per-share earnings include Daily News severance
charges of 11 cts a share in the quarter and 13 cts a share for
the nine months
1986 net income includes non-recurring gains of 1.11 dlrs a
share in the quarter and 2.23 dlrs a share in the nine months
and five cts a share Daily News severance charges
Reuter
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Shr 45 cts vs 64 cts
Net 57.8 mln vs 79.4 mln
Nine mths
Shr 1.53 dlrs vs 1.87 dlrs
Net 195.8 mln vs 228.9 mln
Reuter
| [
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] |
Shr profit 11 cts vs loss 28 cts
Net profit 515,000 vs loss 1,328,000
Sales 31.0 mln vs 32.1 mln
Avg shrs 4,600,199 vs 4,815,062
1st half
Shr loss 23 cts vs profit 10 cts
Net loss 1,033,000 vs profit 482,000
Sales 58.5 mln vs 62.1 mln
Avg shrs 4,565,752 vs 4,883,711
NOTE: 1986 half net includes pretax gain 4,150,000 dlrs
from sale of option to buy facility.
Backlog 28.1 mln dlrs vs 22.5 mln dlrs at end of previous
quarter and 21.0 mln dlrs at end of prior year's second quarter.
Reuter
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GAF Corp said its board has
authorized the repurchase from time to time of up to seven mln
of its common shares, or about 21 pct, for cash in open market
purchases or private transactions.
The company said it repurchased 2,100,000 shares under an
April authorization to buy back up to three mln shares and
authorization for further repurchases under the old program has
been withdrawn.
Yesterday, GAF said a group led by chairman Samuel J.
Heyman has decided to reconsider its offer to acquire GAF. GAF
said a revised offer by the group is still possible.
Reuter
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Shr 1.72 dlrs vs 87 cts
Net 330,000,000 vs 167,000,000
Sales 3.36 billion vs 2.74 billion
Avg shrs 192,200,000 vs 191,700,000
Nine mths
Shr 4.62 dlrs vs 2.95 dlrs
Net 888,000,000 vs 564,000,000
Sales 9.78 billion vs 8.31 billion
Avg shrs 191,100,000 vs 191,500,000
NOTE: Earnings include a loss of 3.0 mln dlrs, or one ct a
share in the 1986 quarter from early extinguishment of debt
Earnings include losses in the nine months of 3.0 mln dlrs,
or two cts a share vs 8.0 mln dlrs, or four cts a share from
early extinguishment of debt
Reuter
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June 30 end
Shr 33 cts vs 13 cts
Net 1,687,623 vs 636,500
Revs 18.7 mln vs 8,973,143
Year
Shr 96 cts vs 66 cts
Net 4,821,637 vs 3,309,017
Revs 58.8 mln vs 27.2 mln
Reuter
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Computer Memories Inc said its
board has decided to take additional time to evaluate the
impact of litigation on the proposed acquisition of <Hemdale
Film Corp>.
Computer Memories said it plans to adjourn its annual
shareholders meeting, scheduled for October 23, after it is
convened. One purpose of the meeting is to consider the
transaction, the company explained.
Computer Memories said Hemdale agrees with this course of
action.
Reuter
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|
Shr 51 cts
Net 51 mln dlrs vs 65 mln dlrs
Revs 1.3 billion vs 1.1 billion
Nine mths
Shr 2.07 dlrs
Net 189 mln vs 215 mln
Revs 3.9 billion vs 3.3 billion
NOTE: Full name is Shearson Lehman Brothers Holdings Inc
Company went public May 7, 1987
Reuter
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|
Chemical Bank and Marine Midland Banks
Inc said they are cutting their prime lending rate to 9-1/4 pct
from 9-3/4 pct, reversing an increase that they announced just
last week.
The reduction is effective immediately.
No other major U.S. bank had followed the lead of Chemical
and Marine Midland, preferring to keep their prime rates at
9-1/4 pct while they waited to see what course money market
rates would take.
Following Monday's record fall in Wall Street stock prices,
money market rates fell sharply on Tuesday as investors
ploughed proceeds into short-term instruments and the Federal
Reserve said it is prepared to provide liquidity to support the
economy and the financial system.
Eurodollar deposit rates in London fell by as much as 9/16
percentage point, Treasury bill rates fell by as much as half a
point (after falling between 59 and 84 basis points on Monday),
and the Fed funds rate dropped to 7-1/4 pct from Monday's
average of 7.61 pct. Speculation even surfaced of a discount
rate cut to calm the markets, dealers said.
Reuter
| [
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Shr 1.08 dlrs vs 88 cts
Net 409,000,000 vs 328,000,000
Revs 12.19 billion vs 11.17 billion
Avg shrs 378.2 mln vs 368.4 mln
Nine mths
Shr 2.86 dlrs vs 2.17 dlrs
Net 1.09 billion vs 808.3 mln
Revs 34.39 billion vs 31.31 billion
Avg shrs 377.7 mln vs 366.2 mln
Reuter
| [
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] |
Shr 32 cts vs 25 cts
Net 15.9 mln vs 12.1 mln
Revs 236.2 mln vs 221.9 mln
Nine mths
Shr 88 cts vs 68 cts
Net 43.5 mln vs 32.8 mln
Revs 693.9 mln vs 629.2 mln
Reuter
| [
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0,
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] |
Shr 65 cts vs 63 cts
Net 52.7 mln vs 47.7 mln
Revs 1.16 billion vs 976.6 mln
Avg shrs 79.9 mln vs 74.3 mln
Nine mths
Shr 1.73 dlrs vs 1.54 dlrs
Net 141.4 mln vs 117.9 mln
Revs 3.39 billion vs 2.75 billion
NOTE: Share after preferred dividends.
Reuter
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Shr nil vs loss 14 cts
Net 1,697,000 vs loss 41.9 mln
Revs 1.2 billion vs 1.1 billion
Avg shrs 276.4 mln vs 285.6 mln
Nine mths
Shr profit 13 cts vs profit 56 cts
Net profit 36.8 mln vs 161.5 mln
Revs 3.4 billoin vs 3.8 billion
Avg shrs 278.2 mln vs 288.9 mln
NOTE: 1987 3rd qtr includes 152.6 mln dlrs for continuing
operations, which includes a 69 mln dlrs after-tax gain on sale
of company's investment in Compagnie Luxembourgeoise de
Telediffusion.
1987 3rd qtr and nine mths net includes a loss of 220 mln
dlrs or 79 cts a share for discontinued operations and 70 mln
dlrs or 25 cts a share for extraordinary gain.
1986 3rd qtr and nine mths net includes a loss of 59 mln
dlrs or 20 cts a share from continuing operations mainly for
employee layoff costs in oilfied services, sale of small
electronic business and unfavorable lease comitments.
1987 nine mths net also includes a loss of 220 mln dlrs
from discontinued operations due to completion of previously
announced sale of Fairchild Semiconductor business.
1987 extraordinary item of 70.1 mln dlrs relates to award
from Iran-U.S. Claims Tribunal from Iran's seizure of SEDCO Inc
drilling business in 1979 prior to its acquisition by
Schlumberger.
1986 3rd qtr and nine mths net also includes in
discontinued operations a loss of 36 mln dlrs from Fairchild
Semiconductor offset by a 53 mln dlrs gain from favorable
settlement of litigation with Data General.
Reuter
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Shr profit 2.77 dlrs vs profit 1.35 dlrs
Net 155.0 mln vs 77.4 mln
Nine mths
Shr loss 1.43 dlrs vs profit 3.66 dlrs
Net loss 60.4 mln vs profit 195.2 mln
Assets 45.15 billion vs 42.69 billion
Loans 36.33 billion vs 34.46 billion
Deposits 29.7 billion vs 23.3 billion
Reuter
| [
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Shr 31 cts vs 18 cts
Net 90 mln vs 51 mln
Sales 1.58 billion vs 1.42 billion
Avg shrs 274 mln vs 269 mln
Nine Mths
Shr 79 cts vs 42 cts
Net 233 mln vs 129 mln
Sales 4.58 billion vs 4.22 billion
Avg shrs 238 mln vs 267 mln
NOTE: 1987 results include Caremark Inc from August 3.
Caremark acquisition reduced 1987 nine months net by five cts,
offset by a three ct gain from the sale of securities.
1986 third quarter net excludes gains from discontinued
operations of 12 mln dlrs or four cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.
1986 nine months net excludes gains from discontinued
operations of 38 mln dlrs or 14 cts; a gain from sale of
discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
charge from early repayment of debt of 58 mln dlrs or 22 cts.
Reuter
| [
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Oper shr profit 20 cts vs loss 22 cts
Oper net profit 2,111,000 vs loss 1,605,000
Revs 89.6 mln vs 27.2 mln
Nine mths
Oper shr profit 47 cts vs loss 15 cts
Oper net profit 4,116,000 vs loss 1,029,000
Revs 252.1 mln vs 87.9 mln
NOTE: 1986 net excludes losses from discontinued operations
of 791,000 dlrs in quarter and 1,168,000 dlrs in nine mths.
1986 nine mths net excludes gain 4,726,000 dlrs from
cumulative effect of pension accounting change.
1987 net excludes tax credits of 1,569,000 dlrs in quarter
and 2,894,000 dlrs in nine mths.
Reuter
| [
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Shr 91 cts vs 17 cts
Net 124,100,000 vs 21,200,000
Sales 2.83 billion vs 2.22 billion
Nine mths
Shr 2.47 dlrs vs 2.02 dlrs
Net 337,400,000 vs 294,200,000
Sales 7.98 billion vs 6.33 billion
Avg shrs 136,700,000 vs 142,500,000
NOTE: 1986 earnings include a loss from discontinuedoperations of 50.3 mln dlrs, or 35 cts a share in the quarter
and a gain of 21.2 mln dlrs, or 15 cts a share in the nine
months
Reuter
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Shr 60 cts vs 48 cts
Net 35.0 mln vs 27.8 mln
Revs 147.2 mln vs 131.6 mln
Nine mths
Shr 1.67 dlrs vs 1.38 dlrs
Net 97.3 mln vs 77.9 mln
Revs 422.4 mln vs 385.5 mln
Avg shrs 58.4 mln vs 56.5 mln
Reuter
| [
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Shr 1.18 dlrs vs 87 cts
Net 149.6 mln vs 134 mln
Revs 1.1 billion vs 956 mln
Avg shrs 127.3 mln vs 154.5 mln
Nine mths
Shr 3.36 dlrs vs 2.42 dlrs
Net 428.1 mln vs 373.7 mln
Revs 3.1 billion vs 2.7 billion
NOTE: 1987 3rd qtr and nine mths net includes a charge of
11 mln dlrs or nine cts a share and 31.8 mln dlrs or 25 cts a
share for the interest expense for share repurchases.
1986 nine mths net includes a charge of 28.9 mln dlrs or 19
cts a share for early retirement program and withdrawal of
Contac cold remedy from the market due to tampering.
Reuter
| [
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Shr 77 cts vs 50 cts
Net 56.5 mln vs 36.4 mln
Sales 583.3 mln vs 515.9 mln
Nine months
Shr 2.02 dlrs vs 1.19 dlrs
Net 148.5 mln vs 87.1 mln
Sales 1.69 billion vs 1.51 billion
Reuter
| [
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Shr 75 cts vs 64 cts
Net 11,174,000 vs 7,408,000
Sales 218.8 mln vs 106.3 mln
NIne Mths
Shr 1.80 dlrs vs 1.54 dlrs
Net 23,762,000 vs 16,603,000
Sales 414.8 mln vs 295.9 mln
NOTE: 1987 net income excludes preferred dividends
of 2.4 mln dlrs in the quarter and 2.7 mln dlrs in the nine
months compared with 188,000 dlrs and 563,000 dlrs in 1986.
Reuter
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0,
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|
Shr 69 cts vs 62 cts
Net 4,401,000 vs 3,808,000
Nine mths
Shr 1.99 dlrs vs 1.77 dlrs
Net 12.6 mln vs 10.8 mln
Reuter
| [
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Shr 37 cts vs 42 cts
Net 26.6 mln vs 30.0 mln
Sales 805.4 mln vs 690.6 mln
Avg shrs 70.6 mln vs 71.0 mln
Nine mths
Shr 1.23 dlrs vs 1.23 dlrs
Net 86.8 mln vs 88.5 mln
Sales 2.30 billion vs 2.01 billion
Avg shrs 70.3 mln vs 72.2 mln
Reuter
| [
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Shr 99 cts vs 42 cts
Net 17.6 mln vs 7,528,000
Sales 424.2 mln vs 376.8 mln
Nine mths
Shr 2.21 dlrs vs 94 cts
Net 39.3 mln vs 16.8 mln
Sales 1.20 billion vs 1.10 billion
NOTE: Share adjusted for two-for-one stock split in April
1987.
Reuter
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Circle Express Inc said negotiations
on its proposed acquisitions of Overland Express Inc and
privately-held Continental Training Services Inc have been
terminated by mutual agreement.
The company said the recent declines in stock prices have
made it unlikely that the transactions could qualify as
tax-free reorganizations.
Reuter
| [
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Shr 1.04 dlrs vs 87 cts
Net 77.7 mln vs 64.2 mln
Revs 533.7 mln vs 461.8 mln
Avg shrs 74.7 mln vs 73.9 mln
Nine mths
Shr 3.35 dlrs vs 2.63 dlrs
Net 249.5 mln vs 193.9 mln
Revs 1.63 billion vs 1.36 billion
Avg shrs 74.5 mln vs 73.8 mln
Reuter
| [
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CENTRAL ILLINOIS PUBLIC <CIP> 3RD QTR NET
SPRINGFIELD, Ill., Oct 20
Shr 89 cts vs 89 cts
Net 30,406,000 vs 30,504,000
Revs 163.8 mln vs 172.0 mln
Nine Mths
Shr 1.89 dlrs vs 2.14 dlrs
Net 64,489,000 vs 73,149,000
Revs 603.4 mln vs 646.5 mln
NOTE: Central Illinois Public Service Co is full name of
company.
Reuter

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Shr 77 cts vs 1.07 dlrs
Net 14,455,000 vs 20,083,000
Sales 334.4 mln vs 348.5 mln
Nine Mths
Shr 2.40 dlrs vs 3.04 dlrs
Net 45,00,000 vs 56,928,000
Sales 987.4 mln vs 1.04 billion
Reuter
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Crazy Eddie Inc said its board of
directors amended the company's shareholder rights plan in
moves it said were designed to preserve stockholder protection
and provide flexibility to the plan.
Yesterday, Crazy Eddie agreed not to oppose a slate of
candidates to its board proposed by the Committee to Restore
Stockholder Value, a shareholder group led by the
<Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing
Inc <EM>, that has been seeking to oust current management.
Crazy Eddie said the new amendments limit future amendments
to the plan, modify the definition of "continuing directors"
and permit amendment or termination of the plan with the
consent of the company's shareholders if there are no
continuing directors in office or the approval of at least
three such directors cannot be obtained.
The company also said it approved a certificate of
designation with respect to its 4.5 mln shares of authorized,
but previously undesignated and unissued shares of preferred
stock and adopted an employee stock ownership plan.
Crazy Eddie also that it requested that the shareholder
group make a commitment not to take the company private until
Crazy Eddie has had a chance to recover from current financial
difficulties, a committment that the group rejected.
Crazy Eddie said it will hold its annual shareholders
meeting on November 6.
Reuter
| [
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Shr 68 cts vs 61 cts
Shr diluted 66 cts vs 60 cts
Net 18.6 mln vs 16.5 mln
Avg shrs 27.5 mln vs 26.6 mln
Nine mths
Shr 1.40 dlrs vs 1.76 dlrs
Shr diluted 1.38 dlrs vs 1.71 dlrs
Net 38.9 mln vs 46.9 mln
Avg shrs 27.4 mln vs 25.8 mln
NOTE: Share adjusted for July 1987 10 pct stock dividend.
Results restated for pooled acquisitions.
Net includes loan loss provisions of 5,765,000 dlrs vs
4,252,000 dlrs in quarter and 43.3 mln dlrs vs 15.4 mln dlrs in
nin mths.
Reuter
| [
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1,
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0,
0,
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Net 33.6 mln vs 11.1 mln
Revs 319.6 mln vs 295.1 mln
Nine mths
Net 97.3 mln vs 30.0 mln
Revs 997.8 mln vs 860.0 mln
NOTE: Company does not report per share earnings as it is a
privately-owned concern.
Net amounts reported are before taxes, profit sharing, and
contribution to employee stock ownership trust.
Reuter
| [
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Shr 37 cts vs 41 cts
Net 35 mln vs 38 mln
Revs not given
Nine mths
Shr 1.32 dlrs vs 1.18 dlrs
Net 123 mln vs 106 mln
Revs not given
Reuter
| [
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0,
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0,
0,
0,
0,
0
] |
Shr 67 cts vs 65 cts
Net 18.9 mln vs 18.6 mln
Revs 399.0 mln vs 391 mln
Nine mths
Shr 1.70 dlrs vs 1.98 dlrs
Net 48.2 mln vs 56.9 mln
Revs 1.18 billion vs 1.2 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr profit 47 cts vs profit 1.78 dlrs
Net profit 16 mln vs profit 53 mln
Avg shrs 27.7 mln vs 27.4 mln
Nine mths
Shr loss 22.51 dlrs vs profit 5.78 dlrs
Net loss 610 mln vs profit 168 mln
Avg shrs 217.6 mln vs 27.3 mln
Assets 33.14 billion vs 33.89 billion
Deposits 22.01 billion vs 19.86 billion
Loans 21.76 billion vs 22.70 billion
NOTE: Net includes loan loss provisions of 40 mln dlrs vs
48 mln dlrs in quarter and 748 mln dlrs vs 217 mln dlrs in nine
mths.
Net includes pretax gains on sale of securities of 11 mln
dlrs vs 29 mln dlrs in quarter and 13 mln dlrs vs 130 mln dlrs
in nine mths.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 28 cts vs 14 cts
Net 3,110,000 vs 1,286,000
Sales 112.7 mln vs 93.8 mln
Avg shrs 11.2 mln vs 9.1 mln
Nine Mths
Shr 58 cts vs 15 cts
Net 6,377,000 vs 1,332,000
Sales 307.8 mln vs 233.8 mln
Avg shrs 10.9 mln vs 9.1 mln
NOTE: Effective September 25, 1987, Primerica Corp <PA>
owned 81.4 pct of Musicland's common shares.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The Soviets have not indicated an
urgent need for a U.S. wheat subsidy offer, and it is unlikely
that such an offer will be ma during the U.S./Soviet summit
expected to be held next month, Agriculture Secretary Richard
Lyng told Reuters.
In an exclusive interview with Reuters, Lyng said he did
not know if the United States will offer Moscow another wheat
subsidy offer this year or when that offer will be made.
"Last year it was well into the year before we offered it.
There's been nothing that's taken place to indicate to me that
there's a pressing need on their part for that sort of deal (a
wheat subsidy)."
When asked if a subsidy would be offered at a U.S./Soviet
summit, Lyng said, "No, I don't think so. I don't think that."
The Agriculture Secretary said a U.S. wheat subsidy deal to
Moscow would not be the kind of topic appropriate for
discussion at a summit.
"It would not be the kind of issue that the President or the
Chairman would get into specific negotiations or discussions
about," Lyng said.
"When Mr. Nikonov (communist party secretary for
agriculture) was here ... he indicated that trade in wheat was
not something that would be discussed with the President of the
United States. He said it's not presidential," Lyng said.
Lyng said uncertainties about wheat quality in some major
producing areas of the world, volatile wheat prices and the
still unfinished Soviet grain harvest could delay any final
decision on the timing of another wheat subsidy to Moscow.
The future of the U.S./Soviet long-term grains agreement
will be discussed the first of next year, Lyng said, but the
Agriculture Secretary questioned the benefits of the
long-standing agreement.
"We've had three years in a row in which the Soviets have
failed to live up to their end of the agreement ... We would
love to continue to keep doing busines with the Soviet Union,
but do we need a long-term agreement. Who benefits from that.
These are some of the questions we need to discuss."
When asked if he felt the United States has benefitted from
the agreement, Lyng said, "I don't know. It certainly hasn't
been what we had hoped it would be. For three years running
they've (Moscow) failed to live up to what we considered was an
agreement."
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Shr 95 cts vs 87 cts
Net 51.6 mln vs 47.3 mln
Revs 1.39 billion vs 1.26 billion
Nine mths
Shr 2.27 dlrs vs 1.93 dlrs
Net 123.5 mln vs 104.6 mln
Revs 3.92 billion vs 3.53 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
ended sept 30
Shr 22 cts vs 18 cts
Net 4,127,000 vs 3,177,000
Sales 70.2 mln vs 48.6 mln
NOTE: Share adjusted for July 1987 two-for-one stock split.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 1.52 dlrs vs 1.37 dlrs
Net 144.5 mln vs 127.3 mln
Revs 909.8 mln vs 824.7 mln
Avg shrs 95.1 mln vs 92.9 mln
12 mths
Shr 4.62 dlrs vs 4.05 dlrs
Net 435.9 mln vs 372.1 mln
Revs 3.28 billion vs 2.94 billion
Avg shrs 94.3 mln vs 91.8 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Oper shr 30 cts vs 26 cts
Oper net 2,360,000 vs 2,018,000
Revs 74.4 mln vs 70.1 mln
Nine mths
Oper shr 92 cts vs 92 cts
Oper net 7,101,000 vs 7,116,000
Revs 218.8 mln vs 209.2 mln
NOTE: Earnings exclude a gain from utilization of tax loss
carryforwards of 978,000 dlrs, or 13 cts a share vs a loss of
4,967,000 dlrs, or 66 cts a share in the quarter and gains of
2,895,000 dlrs, or 37 cts a share vs 4,944,000 dlrs, or 64 cts
a share in the nine months
1986 earnings exclude losses from discontinued operations
of 9,000,000 dlrs, or 1.19 dlrs a share in the quarter and
387,000 dlrs, or five cts a share in the nine months
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Indications are that USDA accepted
Algeria's bid for 75,000 tonnes of hard red winter wheat, but
rejected bids for the remaining 225,000 tonnes under its export
bonus tender, U.S. exporters said.
USDA accepted Algeria's bid of 94.00 dlrs per tonne, c and
f, for 50,000 tonnes for Nov 10-25 shipment and 25,000 for Nov
20-Dec 10, the sources said. It rejected bids for wheat for
later shipment dates, they said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Shr 86 cts vs 96 cts
Net 297 mln vs 325 mln
Revs 2.95 billion vs 2.86 billion
Nine mths
Shr 2.30 dlrs vs 2.74 dlrs
Net 785 mln vs 916 mln
Revs 11.3 billion vs 11.1 billion
NOTE: 1986 share results restated for 3-for-2 stock split
in January 1987
1987 net in both periods includes business repositioning
gains of 16 mln dlrs, or five cts a share, and gains from early
retirement programs of 65 mln dlrs, or 20 cts a share
1987 nine months net also includes pre-tax charge of 175
mln dlrs for GTE's share of a special write-off at U.S. Sprint
which reduced after tax net by 104 mln dlrs, or 31 cts a share
1986 net in both periods includes business repositioning
gains of 32 mln dlrs, or 10 cts per share
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |

SHULTZ SAYS U.S. ECONOMY IS STRONG LONDON, Oct 20 - U.S.
Secretary of State George Shultz, after discussing Monday's
record selling spree on the world's stock markets with British
Foreign Secretary Sir Geoffrey Howe, said the American economy
"is in very strong shape." Shultz, a former economics professor
and former Treasury Secretary, said "the underlying fact ... If
you look at the U.S. Economy, is that we continue to have a
very strong economic performance." He cited as positive factors
declining U.S. Unemployment and low inflation.
Shultz said he did not know to what extent the stock
selling frenzy reflected concerns about U.S. Trade and budget
deficits.
REUTER

| [
0,
0,
0,
0,
0,
0,
0,
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1,
0
] |
Shr 1.46 dlrs vs 1.41 dlrs
Net 277.5 mln vs 268.3 mln dlrs
Revs 2.13 billion vs 2.14 billion
Nine Mths
Shr 3.95 dlrs vs 3.78 dlrs
Net 750.5 mln vs 718.4 mln
Revs 6.28 billion vs 6.22 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 44 cts vs 1.23 dlrs
Net 2,889,010 vs 8,105,462
Sales 105.8 mln vs 119.6 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 30 cts vs 31 cts
Net 11.3 mln vs 11.7 mln
Revs 26.5 mln vs 26.3 mln
Nine mths
Shr 92 cts vs 95 cts
Net 34.3 mln vs 35.5 mln
Revs 78.8 mln vs 78.2 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 34 cts vs 33 cts
Net 1,031,000 vs 972,000
Revs 27.9 mln vs 26.9 mln
Nine mths
Shr 93 cts vs 76 cts
Net 2,802,000 vs 2,267,000
Revs 86.1 mln vs 77.7 mln
NOTE: 1987 3rd qtr and nine mths revs includes sales to ADT
Inc of 3.0 mln dlrs and 10.9 mln dlrs. 1986 3rd qtr and nine
mths includes sales of 3.5 mln dlrs and 10.7 mln dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 50 cts
Net 2,751,000 vs 2,094,000
Nine mths
Net 6,993,000 vs 5,577,000
Assets 603.1 mln vs 504.3 mln
Loans 448.5 mln vs 358.1 mln
Deposits 467.9 mln vs 447.7 mln
NOTE: Per share figures for 1986 and 1987 nine mths not
available as bank converted to stock form of company in April
1987.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 78 cts vs 61 cts
Net 4,774,000 vs 3,683,000
Nine mths
Shr 2.14 dlrs vs 1.77 dlrs
Net 13.1 mln vs 10.7 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Sri Lanka has postponed until
November its tender for 75,000 tonnes of wheat under the export
bonus program, originally scheduled for today, U.S. exporters
said.
Reuter
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0,
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0,
0,
1,
0,
0,
0,
0,
1
] |
U.S. And West German reaffirmation of
support for the Louvre Accord cannot cure the fundamental
problems bedevilling the world economy which lie behind the
current collapse in stock markets, London economists said.
"There's going to have to be some acknowledgement that the
dollar is going to be allowed to slip," said Richard Jeffrey of
Hoare Govett. "If not, there is going to be continued fear that
when pressure emerges on the dollar, the Fed will be forced to
tighten. This throws up the economic abyss of recession in the
U.S. With obvious knock on effects on the rest of the world."
But some economists added that Wall Street's crash, which
dragged other major markets down with it, may help curb the
very problems that sparked the turmoil - namely world inflation
fears and the massive and persistent U.S. Trade deficits.
"If there is a benefit from a 23 pct fall in Wall Street
...It's some sort of resistance to inflation worldwide," said
Geoffrey Dennis of brokers James Capel, echoing comments from
other London and Tokyo analysts.
Lower personal wealth from lower stock prices and fears of
further falls should dampen credit growth, curbing inflationary
pressures and import demand in the U.S., They say.
Such considerations may be helping bond markets resist the
equity crash, according to Mike Osborne of Kleinwort Grieveson.
"It would be suicidal for any government in the context of
what happened in the last couple of days to jack up their
interest rates," he added.
Stocks surged after news Chemical Bank cut its prime
lending rate half a point to 9.25 pct Tuesday and U.S. Fed
chairman Alan Greenspan pledged support for the financial
system.
The news eroded the most immediate fears that the stock
collapse would spill over into the economy, via a banking
crisis for example, thus precipitating recession.
It also helped the dollar rally sharply, to a high of
1.8200 marks from a European low of 1.7880. But economists said
today's whiplash moves do not have long term significance and
that markets should try to keep the underlying fundamentals in
mind.
"The United States has been able to live on borrowed time.
If the effect of this (crash) is to produce slower economic
growth not recession...It contains good news (and) provides a
more realistic assessment of the U.S. Economy," said Capel's
Dennis. But he added that markets are still very much in
danger.
"The liquidity doesn't disappear...All it's doing is
disappearing from the equity markets," Dennis noted.
David Morrison of Goldman Sachs International said world
market turbulence will be exacerbated if the Group of Seven
(G-7) leading western nations confirms a base for the dollar,
as implied by West German Finance Minister Gerhard
Stoltenberg's remarks that intervention to support currencies
is still on.
Last week's dollar fall was partly triggered by
expectations that the Germans were more worried about the money
supply impact of such intervention than maintaining currency
stability.
But rigid adherence to dollar ranges would be bad, said
Morrison. "The Louvre Accord is fundamentally misconceived. To
stabilise the dollar at too high a level is wrong," he said.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Two large container cranes donated
by the Danish International Development Agency (DANIDA) have
arrived in Dar es Salaam where they will help to increase the
port's cargo handling capacity, port officials said.
The two new container cranes join one Danish container
crane already installed in the port, which is an important
trade outlet for Tanzania, Zambia, Malawi and eastern Zaire.
Five more cranes from Finland are due to arrive soon,
increasing the container terminal's handling capacity to
120,000 units per year from 30,000 at present, the officials
said.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
An unexpectedly heavy 4.4 billion stg
surge in U.K. September sterling bank lending is unlikely to
nudge the Bank of England towards tightening monetary policy as
long as sterling remains in its present robust state,
economists said.
An acute crisis of confidence in equity markets over the
past two days will in any case subdue personal consumer credit
demand which has largely been behind growth in lending.
"In the normal course of events the markets would have been
extremely worried about that figure," noted Peter Spencer, U.K.
Economist with Credit Suisse First Boston.
After an initial dip in reaction to the bank lending data,
which compared won stg August rise, U.K.
Government bonds (gilts) soared as investors continued to flee
from plummetting equities into the relative security of
government securities.
Equity markets dropped sharply on the news, touching a
day's low of 1,766.7 on the FTSE 100 index after the data,
before staging a recovery. Sterling held its buoyant tone
throughout.
U.K. Money market rates, in a similarly calm response,
resumed the slightly easier trend of earlier in the morning
after little more than a token blip as the figures came out.
Noting that such a huge rise in credit extended by banks
would under other circumstances have prompted market fears of a
rise in clearing bank base rates from the current 10 pct, "With
the financial markets doing what they're doing, that's the last
thing the Bank of England would want to do," Spencer said.
"The monetary situation is clearly very bad but as long as
sterling is firm, the authorities are unlikely to put rates up,"
said Kevin Boakes, chief U.K. Economist at Greenwell Montagu
Gilt Edged. Boakes pointed to a rise in the narrow money
measure M0 to 5.2 pct year-on-year from August's 4.5 pct
growth, which he said must cause some concern at the Treasury.
But "The fact that overall broad money growth has slowed
down is a rather encouraging sign," noted Paul Temperton, U.K.
Economist with Merrill Lynch Capital Markets. He pointed to a
fall in the year-on-year growth rate of the M3 broad money
aggregate to 19.5 pct in September from August's 22 pct.
It was concern about credit growth which prompted the Bank
of England to engineer a one point rise in U.K. Bank base rates
to 10 pct in early August, caution endorsed subsequently by
news of a massive 4.9 billion stg July rise in bank lending.
Temperton noted that a particular focus of bank worry in
that period had been the behaviour of U.K. Asset markets.
Housing and equities were the key two asset markets in
influencing consumer behaviour, he said.
In the light of the precipitous falls on U.K. Equity
markets in the past few days, "There will almost certainly be a
straightforward impact on consumer spending and on retail
sales," Temperton said.
"Almost certainly we can look forward to slower growth in
consumer borrowing if the equity shakeout continues," he added.
"I think the stock market has decided that the bank lending
figure is a thing of the past...We are talking about a very
serious panic and a flight to quality," Spencer said.
A U.K. Treasury official said that it was important to look
at all the monetary information, not just the bank lending,
adding that monetary aggregates were growing much more slowly
than bank lending.
Senior banking sources noted that the surge in bank lending
was evidence of the continuing recent trend of fairly heavy
personal sector borrowing.
Figures from the Banking Information Service showed
personal sector lending by U.K. Clearing banks rose by 1.66
billion stg in September after a 978 mln stg August rise. Much
of the rise reflected quarterly interest payments.
REUTER
| [
0,
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0,
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] |
The Federal Reserve is expected to enter
the government securities market to add reserves via customer
repurchase agreements, economists said.
They expected the amount to total around 1.5 billion to two
billion dlrs.
Economists added that the low rate on federal funds
indicates the Fed is unlikely to add funds agressively through
overnight system repurchases, unless it feels the need to calm
volatile financial markets.
Federal funds were trading at 7-1/8 pct, down from
yesterday's average of 7.61 pct.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
|
Shr 1.11 dlrs vs 59 cts
Net 42.6 mln vs 22.2 mln
Sales 531.8 mln vs 407.4 mln
Nine mths
Shr 2.45 dlrs vs 1.27 dlrs
Net 93.7 mln vs 48.1 mln
Sales 1.44 billion vs 1.12 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 64 cts vs 40 cts
Net 14.9 mln vs 8,600,000
Revs 468.5 mln vs 411.7 mln
Nine mths
Shr 2.64 dlrs vs 2.96 dlrs
Net 61.6 mln vs 67.0 mln
Revs 1.43 billion vs 1.32 billion
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Norway's September oil output rose by 22.2
pct to 1.07 mln barrels per day (bpd) from 830,492 bpd in
August, according to a Reuter survey of firms operating here.
Operators said the sharp rise reflected higher output at
several of Norway's biggest fields and resumed production at
fields shut down for 27 days in August for the Ekofisk field
rescue project.
Industry analysts said the increase did not exceed Norway's
voluntary move to curb by 7.5 pct planned growth in its oil
output, a move designed to back OPEC-led efforts to stabilise
oil prices by limiting supplies to world crude markets.
Norway, not an OPEC member, decided in June to extend the
production restraints, enforced since February 1 1987, on all
its North Sea fields for the rest of the year.
Oil Minister Arne Oeien said last month he expected Norway
would extend into 1988 its policy of slowed production growth.
The biggest increase was seen on the Ekofisk field, which
pumped 168,023 bpd in September against 48,195 bpd in August,
field operator Phillips Petroleum Norway Inc said.
Ekofisk and the nearby Valhall and Ula fields, which use
the Ekofisk pipeline, were shut down for most of August while
Phillips raised Ekofisk platforms to counter seabed subsidence.
BP Petroleum Development Norway Ltd, operator of the Ula
field, said September output rose to 86,727 bpd after dropping
to 27,237 bpd in August because of the shutdown.
Valhall, operated by Amoco Norway A/S, flowed 74,694 bpd
last month compared with 69,748 bpd in August, the company
said.
September production was also sharply higher at the
Statfjord field. Norway's 84 pct share of Statfjord, which
extends into the British North Sea sector, was 611,138 bpd
against 552,646 bpd in August, operator Den Norske Stats
Oljeselskap A/S (Statoil) said.
Norway's 22.2 pct share of the Murchison field which, like
Statfjord, extends into the British sector, yielded 15,388 bpd
in September, a slight 920 bpd decrease from the previous
month, Norwegian partners on the British-operated field said.
Statoil boosted output at its Gullfaks field to 109,670 bpd
in September, compared with 100,188 in August.
Norsk Hydro, operator of the Oseberg field, said test
output at the field from the mobile production ship Petro Jarl
totalled 1,719 bpd last month, down sharply from 16,170 bpd in
August.
Hydro said the drop was caused by failure to bring on
stream a second well, cutting September production to just two
days.
REUTER
| [
0,
0,
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0,
0,
0,
0,
0,
0,
0
] |
Shr 70 cts vs 61 cts
Net 200.2 mln vs 173.9 mln
Sales 1.38 billion vs 1.26 billion
Nine mths
Shr 1.87 dlrs vs 1.54 dlrs
Net 535.6 mln vs 437.8 mln
Sales 4.04 billion vs 3.63 billion
NOTE: Share adjusted for two-for-one stock split.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 14 cts vs 15 cts
Net 867,000 vs 956,000
Revs 9,203,000 vs 5,304,000
Six mths
Shr 18 cts vs 34 cts
Net 1,111,000 vs 1,747,000
Revs 16.7 mln vs 10.4 mln
NOTE: 1987 2nd qtr and six mths net includes 279,000 dlrs
and 432,000 dlrs for tax credits. 1986 2nd qtr and six mths net
includes 361,000 dlrs and 1,747,000 dlrs for tax credits.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
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] |
Subsets and Splits