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The Central Bank has approved the conversion of 80.7 mln dlrs worth of Philippine debt into equity in local projects under a debt-to-equity swap program started last August Finance Minister Jaime Ongpin said. He told reporters the amount represented 57 transactions involving diversified investments. He said 90 applications to convert 316.7 mln dlrs of debt have so far been received by the Central Bank. Ongpin also said the International Finance Corp (IFC) a World Bank affiliate would invest up to 12.5 mln dlrs in the First Philippine Capital Fund. The fund to be launched jointly by New York investment house Shearson Lehman Brothers and IFC was proposed by Ongpin during a trip to the United States in September. There was still no word on when the fund designed to encourage private sector investment in the Philippines would be launched. A telex from IFC to Ongpin said the IFC investment will consist of exchanging up to 12.5 mln dlrs face value of Philippine debt it holds. The capital fund and the Central Banks debt conversion plan are both aimed at reducing the countrys debt burden by enabling interested investors to buy government notes at a discount repatriate these and convert them at full value in pesos. The proceeds will then be used to investing in local projects. The countrys foreign debt now stands at 27.8 billion dlrs. REUTER | PHILIPPINES APPROVES 80 MLN DLR DEBT CONVERSION |
The Plessey Co Plc announced it had won a 100 mln dlr digital telephone exchange order in the United States which it said was the first major U.S. Telephone exchange order not to go to established U.S. Suppliers. <South Central Bell Telephone Co> a unit of Bellsouth Corp <BLS.N> placed the order with Plesseys U.S. Subsidiary <Stromberg-Carlson>. Most of the equipment for the 100 exchanges will be built in Stromberg-Carlsons Florida plant over the next three years. It is the most important thing that has happened in the Plessey telecommunications business said Plessey Telecommunications Managing Director David Dey. The British firm failed to win a four billion dlr deal to supply an advanced communications system to the U.S. Army in November 1985 despite personal lobbying by Prime Minister Margaret Thatcher. A rival French system won the contract. REUTER | PLESSEY <PLYL.L> WINS 100 MLN DLR U.S. PHONE ORDER |
Philippine officials will meet major aid donors in May to discuss a 500 mln dlr funding for an extensive land reform program Finance Minister Jaime Ongpin said. He told a news conference he had planned to sit down with a consultative group of major donors led by the World Bank late this month in Tokyo but said the documentation of the project would not be ready until the end of this month. The World Bank has recommended that we meet some time in the second half of May because it is pointless to have that meeting unless the participants have had adequate time to review the documentation he said. Government officials said the progam estimated to cost 36 billion pesos aims to distribute 9.7 mln hectares of land including some 50000 hectares seized from former associates of deposed President Ferdinand Marcos. The new plan will include not only rice and corn land but also sugar and coconut plantations. It is expected to benefit about three mln impoverished peasants. Ongpin said earlier there was strong interest in the program from donors but said given the substantial financial requirements of the plan the government could not rely on only one source but on a combination of sources. President Corazon Aquino approved last month the use of an estimated 20 billion pesos from the proceeds of the sale of certain non-performing assets to private companies. Ongpin said he has asked Aquino to consider two other sources namely the proceeds from the sale of government corporations which are to be privatised and proceeds from the liquidation of seized Marcos-related assets. He also said he would recommend public hearings before such a big project was legislated. If we get a good reception in the public hearings perhaps then the President might feel persuaded that it is not necessary to wait for the Congress he said. Aquino had said she would prefer that legislation for the program be approved by a two-house Congress whose members will be elected on May 11. But her advisers are trying to persuade her to implement the program before the Congress convenes in July. REUTER | MANILA MEETING WITH DONORS ON LAND REFORM RESET |
The Brazilian Coffee Institute (IBC) confirmed having closed May export registrations effective April 6. On Friday night exporters said they had heard of the closure from IBC officials but the officials could not at the time be reached for confirmation. REUTER | IBC CLOSES EXPORT REGISTRATIONS - IBC OFFICIAL |
British Chancellor of the Exchequer Nigel Lawson said the next U.K. Election was not the only element standing in the way of full British membership of the European Monetary System (EMS). But he added that arguments against joining had weakened. Prime Minister Margaret Thatcher widely believed to be the strongest government opponent of full EMS membership has made clear she does not expect to consider joining until after the next UK election due by mid-1988 at the latest. But Lawson in answer to a question told reporters after an informal European Community finance ministers meeting here that other factors apart from the upcoming election stood in the way of full membership. In addition to the question of the exchange rates at which Britain should enter the EMSs core exchange rate mechanism there was also the impact of sterling membership on the system to be considered he said. British entry would change the EMS from a monopolar system based on the West German mark to a bipolar mark-sterling system he noted. We have to make sure it would work. But Lawson added that some of the considerations that had made it difficult for Britain to join in the past now posed less of a problem. As an example he cited sterlings role as a petrocurrency which he said was diminishing. That argument has clearly weakened he said. Lawson restated that the government was keeping the question of membership under review. REUTER | LAWSON SAYS U.K. ELECTION NOT ONLY EMS BAR |
European Community (EC) finance ministers and central bankers agreed on the need for greater cooperation to strengthen the European Monetary System (EMS) against international market turbulence officials said. There was a general will to reinforce the European Monetary System with all that implies Belgian Finance Minister Mark Eyskens said yesterday after hosting a one-day session of informal talks at this Belgian coastal resort. The gathering was the first such discussion since the second major realignment of EMS parities within nine months in January. The system has come under severe strain as funds have flowed out of the slumping dollar and into the dominant EMS currency the West German mark sending it soaring against weaker currencies in the system. But Eyskens said Februarys agreement between leading western industrialised nations to stabilise exchange rates at around current levels was working and this would allow the EC to speed up its efforts to boost the internal stability of the EMS. He told a news conference yesterdays meeting agreed on the need for closer coordination among EMS member governments of interest rate policies and of interest rate differentials between different countries. They also agreed they needed better coordination of exchange market intervention to hold currencies stable both when they reached their fixed EMS limits and within their agreed margins. But Eyskens said this coordination raised a whole range of technical problems and ministers would discuss these further in Luxembourg in June on the basis of proposals from the ECs Monetary Committee and Committee of Central Bank Governors. He said the EC needed a set of indicators of economic convergence betwen Community countries and it was important that interest rates fulfilled this role together with exchange rates and inflation rates. The Belgian minister whose country presently holds the presidency of the community made clear the meeting had not produced any agreement to move radically forward in developing the EMS towards the ECs long term goal of economic and monetary integration. We have committed ourselves to reestablishing the normal functioning of the system Eyskens said. Eyskens has repeatedly stressed that he believes the EMS has to be reinforced if the ECs plans to liberalise all movements of capital across national borders by 1992 are to go ahead. EC executive Commission President Jacques Delors told the meeting the authority would put forward proposals for a final phase of capital market liberalisation in October that would include safeguard clauses for member countries for which the move would create difficulties. Eyskens said the ministers and central bankers also discussed the need to dedramatise realignments of EMS parities by letting high-ranking monetary officials carry them out by telephone rather than calling a meeting of finance ministers. However West German sources said Bonn Finance Minister Gerhard Stoltenberg was unenthusiastic about the idea. British Chancellor of the Exchequer Nigel Lawson told journalists that one of the technical issues raised by greater coordination of exchange market intervention was the question of which currencies should be used to intervene and held in central bank reserves. He said several EMS member countries believed the EMS would work better if central banks held each others currencies -- an issue of particular importance regarding West Germany since the Bundesbank holds only dollars in its foreign exchange reserves. He said the debate on dedramatising EMS realignments reflected a general feeling among participants that the way the January reshuffle had been conducted was unsatisfactory. The realignment was marked by acrimony between France and West Germany with each side blaming the other for strains in the system that forced the parity overhaul. REUTER | EC AGREES ON NEED TO STRENGTHEN EMS |
The Zambian currency further depreciated yesterday at the second auction since the introduction of a two-tier foreign exchange system last month. The (central) Bank of Zambia said the kwacha was pegged at 16.99 to the dollar compared to last weeks rate of 15 to the dollar. The bank which offered six mln dlrs at the auction reported demand for 13.4 mln dlrs. At the previous auction the government offered eight mln dlrs. Last month the government set a fixed exchange rate of nine kwacha per dollar subject to adjustment against a basket of five currencies for certain official transactions. It also introduced a new weekly foreign exchange auction only for parastatal organisations and the private sector where the exchange rate is allowed to float in accordance with market demand. The new auction system is designed to be more restrictive than the previous one suspended in January after the central bank fell 10 weeks in arrears to successful bidders. Under the new system no bidder except the the state oil company Zimoil and the national airline Zambia Airways is allowed to bid for more than five pct of the foreign exchange on offer. REUTER | ZAMBIAN CURRENCY FALLS AT FOREIGN EXCHANGE AUCTION |
The White House denied a report that the United States was continuing to ship arms or weapons-related equipment to Iran but an administration official said there had been non-weapons sales to Tehran through commercial channels. To the best of our knowledge there have been no illegal sales from the forbidden munitions list a White House spokesman said. The Defence Department also denied any military supplies had been sent to Iran since an administration ban late last year. NBC television quoting U.S. And foreign intelligence sources reported that the United States had been shipping weapons-related equipment to Iran as recently as last month. The administration official who asked not to be named told Reuters there had been commercial sales of products licensed by the Commerce Department which maintains a list of products that can be exported without hurting national security. President Reagan banned arms shipments to Tehran after the Iran arms scandal broke last November. In January Secretary of State George Shultz told the Senate Foreign Relations Committee there would be no more transfers of U.S.-origin military equipment to Iran either directly or through third parties. The NBC report said the Pentagon was coordinating shipments of anti-aircraft command and control equipment used to direct fire of weapons systems. It said some shipments labelled machine parts had moved through Ostend Belgiumon aircraft of the Santa Lucia Airways which it identified as operated by the U.S. Central Intelligence Agency (CIA). The CIA refused to comment. NBC said the equipment was flown to Pakistan and then on to Iran by Pakistani civilian and military aircraft. Later State Department spokeswoman Sondra McCarty said: We categorically deny that the United States is selling and/or sending any weapons to Iran. She added that Washington was not doing anything in connection with the government of Iran which is not consistent with U.S. Laws or trade policy. Another administration official who asked not to be identified told Reuters the United States had licensed commercial sales of low-technology computer equipment to Iran amounting to about 60 mln dlrs over the last three years. REUTER | WHITE HOUSE DENIES ANY FURTHER ARMS SALES TO IRAN |
Defence Secretary Caspar Weinberger has ordered the U.S. Navy to increase its presence near the Gulf in an effort to fulfil President Reagans pledge to keep oil flowing to Europe and Japan The New York Times reported. The newspaper quoted Pentagon officials as saying the Navy would keep the aircraft carrier Kitty Hawk on station in the Arabian Sea and the rest of the Indian Ocean until May three months longer than planned. The Navy would then have a carrier battle group of six to eight warships in the area at all times rather than part of the time as happens now the paper said. The paper said that last month U.S. Intelligence sources said they had spotted land-based anti-ship missiles of a Chinese design known in the West as the HY-2 near the Strait of Hormuz. It said their purpose was seen as a signal Iran was ready to continue and perhaps step up the Gulf shipping war against Iraq. U.S. Carriers or battleships would sail out of range of those missiles but within striking distance the paper quoted officials as saying. From several hundred miles at sea carriers could launch aircraft bombing runs or missile strikes and battleships could fire long-range missiles the paper said. REUTER | U.S. NAVY SAID INCREASING PRESENCE NEAR GULF |
Twenty-seven people were killed and 18 injured when an Indonesian airliner flew into electricity lines and tumbled to the ground in an explosive ball of fire airport officials said. The Garuda Indonesia Airways DC-9 crashed yesterday on a domestic flight while carrying 37 passengers and eight crew members an airline spokesman said. The plane made by McDonnell Douglas Corp <MD.N> cost 18 mln dlrs and was one of 19 DC-9s in Garudas fleet of 74 jets. REUTER | INDONESIAN AIRLINER CRASH KILLS 27 PEOPLE |
A Japanese government investigation team believes that faulty repairs by Boeing Co caused the worst single plane crash in history one of the team said. Boeing Co is the manufacturer of the Japan Air Lines 747 jumbo jet which crashed into a mountain in Japan on August 12 1985 killing 520 people. There were only four survivors. A Boeing spokesman contacted by telephone at the firms headquarters in Seattle Washington told Reuters the firm would probably have no comment to make until the Japanese investigation teams report was officially released. The team investigator a Japanese Transport Ministry official who declined to be identified said a failure by Japanese aircraft inspectors to check the repair work done on the plane by a Boeing team had provoked an internal debate in the Ministry over inspection procedures. The Ministry official told Reuters that a report by his team which has already been sent in draft form to the U.S. National Transportation Safety Board for comment should be released in late May. Under an international convention the draft must be submitted for final comments to the pertinent authorities. Asked on Thursday about Boeings role in the crash a Ministry spokesman declined comment. On September 6 1985 Boeing issued an official statement saying that repairs it had undertaken on the doomed Japan Air Lines plane in 1978 were faulty. However no official direct connection was then made between the faulty repairs and the crash. The Japanese investigation team says in its draft report that it believes those faulty repairs were the cause of the 1985 accident the investigator said. The Boeing statement after the crash said: Examination of the wreckage the flight data recorder readout the cockpit voice recorder and interviews with the surviving off-duty flight attendant indicate that decompression occurred in flight due to a rupture of the aft pressure bulkhead. The Boeing examination of the bulkhead at the site of the crash has revealed that a relatively small section of the bulkhead splice approximately 17 per cent was not correctly assembled during repairs which Boeing made after a 1978 landing accident the statement said. The repairs were required after a 1978 landing accident at Osaka airport in western Japan in which the planes tail scraped the runway. The Japanese report also mentions the government inspectors who in 1978 signed a certificate of airworthiness approving the repairs he said. Police had investigated four inspectors including one man who two weeks ago killed himself by drinking insecticide after four days of police questioning. None of the four had looked at Boeings repair work the investigator said. REUTER | JAL PLANE CRASH THOUGHT DUE TO BOEING <BA.N> FAULT |
A consortium headed by the construction group Bouygues SA has been awarded a 50-pct controlling stake in French state television network TF1 which stock market analysts said represented a major boost for Bouygues. The Bouygues-led consortium was widely regarded as the less likely of the two candidates in contention to be awarded the three billion franc stake by the National Commission for Communications and Liberties (NCCL) the French television watchdog authority. The losing candidate was a consortium headed by publishing group Hachette SA <HACP.PA>. The NCCL decision awarded the Bouygues consortium a 50-pct controlling stake in a company which will have a 10-year operating concession for TF1 Frances oldest and most widely watched television network. Independent market analysis group C.O.P.S. In a note on Bouygues said the award would represent a major diversification for the group out of the highly cyclical construction industry into the rapidly expanding media business. Bouygues in February said it estimated 1986 group net attributable profit at 480 mln francs up from 443 mln for 1985 on consolidated turnover of 45.8 billion francs up from 26.3 billion. The sharp rise in turnover reflected the groups acquisition of the loss-making SCREG construction group last year. Bouygues closed on the Paris stock market at 1451 francs on Friday up from 1405 the previous day but well below its years high of 1475. Hachette closed at 3280 up from a previous 3250. Bouygues holds a 50-pct stake in the winning consortium giving it a 25-pct stake in TF1. The U.K.-based <Pergamon Media Trust> of Robert Maxwell has a 20-pct stake in the consortium representing a 10 pct stake in TF1 while <Maxwell Media France> has a six pct stake or three pct of the television network. Minority shareholders in the consortium include the <GMF/FNAC> group Societe Generale <SGEN.PA> <Editions Mondiale> the <Groupe Bernard Tapie> <Financiere Faltas> <Banque Indosuez> and Credit Lyonnais <CRLP.PA>. The remaining 50 pct of TF1 is to be split between a 40-pct stake to be offered to the general public and a 10-pct stake to be offered to employees. REUTER | BOUYGUES <BOUY.PA> TV AWARD SEEN BOOSTING GROUP |
Algerian and Spanish producers which together meet 40 pct of the Western markets needs in quicksilver have agreed to apply a minimum selling price of 300 dlrs per unit the Algerian news agency APS said. The agreement was made during a meeting here last week between Algerias Entreprise Nationale des Non-ferreux et Substances Utiles (ENOF) and Spains Almaden to discuss the market situation. The two firms took note with regret that prices quoted by some specialised publications do not reflect the reality of the whole market since they take into account only part of the deals made a statement by ENOF said. The result is that the prices quoted are far away from two firms production costs. They have thus decided that their selling price would not be linked any more to the prices quoted by these publications and that sales would be made at a minimum price of 300 dlrs fob per jar which is close to their production cost the statement said. It added that Turkish producers would join in when the two firms meet again in Madrid later this month. The price of quicksilver on the London Metal Exchange hovered around 200 dlrs this week. REUTER | ALGERIAN, SPANISH FIRMS AGREE QUICKSILVER PRICE |
Western creditor governments have reached agreement in principle on new proposals for easing the debt burden of sub-Saharan African countries British Chancellor of the Exchequer Nigel Lawson said. He told journalists the accord reached in the so-called Paris Club of western governments calls for rescheduling the debts of sub-Saharan African countries over very long periods and on very favourable terms. The proposals will be put forward for discussion at a meeting of the International Monetary Fund/World Bank Development Committee in Washington next week he said. Lawson said that under the proposals countries could have 15 or 20 years to repay their debts along with have a grace period. But he added the favourable terms would not be offered indiscriminately to all nations in the region but granted on a case-by-case basis. The Paris Club groups Western governments -- as opposed to commercial banks -- which are owed money by poorer nations. Lawson was speaking after an informal gathering of European Community finance ministers and central bankers held to prepare for discussions on international monetary issues and Third World debt at next weeks spring meetings of the IMF and World Bank. French Finance Minister Edouard Balladur said he had insisted at the gathering that developed countries take adequate account of the problems facing poorer nations that were trying to put their ailing economies in order. He told journalists he would be unveiling new proposals for dealing with the Third World debt problem in Washington. He declined to give details but Belgian Finance Minister Mark Eyskens who hosted the talks indicated that Balladurs proposals involved giving a greater role to a World Bank fund used to compensate developing countries for falls in the prices of their main commodities. The French ideas got a very sympathetic welcome Eyskens told a news conference. He said the European Community felt a new IMF (International Monetary Fund) report which forecasts inflation-adjusted economic growth of just 2.5 pct in the industrialised world this year compared with 3.1 pct expected last autumn was slightly too pessimistic. Many economists believe industrialised countries need to grow by at least three pct a year if the world debt is to be brought under control. Eyskens added the Community wanted to give certain nuances to the IMF report that would be constructive for dealing with the Third World debt problem. However Italian sources quoted Italian Treasury Minister Giovanni Goria as calling it scandalous that the meeting here did not include a discussion of what he called the problem of falling world demand. He complained that West Germany was refusing to do enough to boost demand while the United States suffering from a massive trade deficit was unable to do anything in this direction. REUTER | PARIS CLUB AGREES NEW AFRICAN DEBT INITIATIVE |
Britains corporate affairs minister left for Tokyo saying he planned to present Japanese authorities with a timetable for obtaining fair market access for his countrys goods and financial services. I should be expecting a positive response to that timetable the minister Michael Howard said. He said the response was expected by next month but reiterated his belief that Britain would not have to invoke a new law allowing a ban on Japans banks and insurance firms from trading in London if it failed to reciprocate in Tokyo. I dont think that talk of a trade war is justified in any event ... I think the Japanese are going to realize that its important that access should be available. The Conservative British government decided on Thursday to bring forward legislation allowing the possible imposition of a ban against foreign countries failing to allow reciprocal market access. It is due to take effect in three weeks. Twenty-nine Japanese banks nine insurance companies and 58 securities houses currently operate in London while only five British banks and eight securities firms are licensed in Japan. We are sure reasonable men will come to a reasonable solution said a spokesman for <Nomura International> the biggest of the Japanese securities firms in London which could be targetted. The government decided to rush provisions of the Financial Services Act into effect largely in response to the failure of Cable and Wireless <CAWL.L> to gain what it considers a satisfactory stake in one of two consortia seeking to compete in Japans international telephone business. However British economists say the use of financial services countermeasures in the trade dispute would hurt Britain more than Japan. The British press expressed concern that was Howard was travelling with counterproductive or irrelevant ammunition. The Daily Telegraph commented that an unfortunate minister was being despatched to Tokyo armed with a pistol pointing at his own foot. The Financial Times urged Prime Minister Margaret Thatcher to avoid provoking a nasty backlash from Tokyo. Japan appeared to be making no concessions ahead of Howards trip and Trade and Industry Secretary Paul Channon on Friday sought to dispel some of the growing concern over the dispute. We dont want a trade war he said. Were not interested in trade wars. But Channon made plain the government was determined that British firms should have the same opportunites in Japan as Japanese firms have in Britain and wanted a timetable set for this purpose. REUTER | BRITISH MINISTER GOES TO TOKYO ASKING FREER ACCESS |
Economy Minister Juan Sourrouille was heading for Washington for talks with creditor banks on rescheduling part of Argentinas foreign debt. Economy Ministry sources said he hoped to seal an agreement rescheduling 30 bln dlrs of private foreign debt. Argentina seeking 2.15 bln dlrs in fresh loans from private international banks to meet 1987 growth targets has been negotiating with the banks steering committee since February. Sourroille will also attend International Monetary Fund and World Bank meetings. REUTER | ARGENTINE MINISTER SEEKS DEBT RESCHEDULING |
Chinas foreign exchange reserves totalled 10.514 billion dlrs at end-1986 up from 10.37 billion at end-September but down from 11.9 billion at end-1985 according to central bank figures published by the New China News Agency. The agency said 2.072 billion dlrs of the reserves was held by the state treasury down from 2.26 billion at end-September while 8.442 billion was held by the Bank of China up from 8.11 billion. Chinas outstanding foreign debts rose to 7.572 billion at end-1986 from 5.067 billion at end-1985. Gold reserves stood at 12.67 mln ounces unchanged over the year. REUTER | CHINA'S FOREIGN EXCHANGE RESERVES FALL DURING 1986 |
Growth in oil consumption in the Western industrialised countries is likely to slow to around one pct this year compared with 2.3 pct in 1986 the International Energy Agency (IEA) said. Oil use in the 24 countries of the OECD increased by around one pct in first quarter 1987 to 35.9 mln bpd the IEA said in its Monthly Oil Market Report. Growth in OECD countries is expected to come primarily from transport fuels as in 1986. But if average consumer prices are higher than 1986 the rate of growth for these fuels may be below last years 3.6 pct it said. The IEA said that assuming crude oil and product prices stay close to current levels some destocking by end-users can be expected. If that happens natural gas will also regain some of the market share it lost to heavy fuel in 1986 and there may be slightly less growth in transport fuels. IEA estimates on April 1 put oil stocks in the OECD area at 428 mln tonnes representing 98 days of forward consumption. This is about the same level as at the begining of the year. The agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks. It said initial estimates indicate that company stocks fell by 1.2 mln bpd in OECD countries in the first quarter of the year. This followed a small rise in January of 0.4 mln bpd but a decline of 1.5 mln bpd in February and 2.5 mln bpd in March. It is possible that final data will show a larger draw particulary for March it said. As crude production also fell there is likely to have also been a decline in non-reported stocks particularly at sea the IEA said. Company stocks on land in the OECD rose to 326 mln tonnes on April 1 against 316 mln on April 1 1986. Governments built up strategic stocks to 102 mln tonnes against 97 mln in the period. The year-on-year trend of government stock building is continuing with year-on-year company stocks also rising more or less in line with consumption after declining for five years the IEA noted. Oil stocks on land in the U.S. And Canada were put at 206.6 mln tonnes on April 1 down from the 214 mln tonnes on January 1 and equivalent to 94 and 98 days of consumption respectively. Oil stocks in Western Europe were 147.4 mln tonnes on April 1 down from the 154 mln on January 1 but still equivalent to 94 days of consumption. World oil supply fell in the first quarter by about two mln bpd to 45.2 mln bpd from 47.2 mln bpd in last quarter 1986. This drop was mostly due to a decline in OPEC crude production to around 15.5 mln bpd in February/March from 16.5 mln bpd in January and to the seasonal drop in exports from centrally-planned Economies the IEA said. Total OPEC crude oil supply was 15.8 mln bpd in the first quarter plus 1.4 mln bpd of NGLs compared with 17.3 mln bpd of crude in the last three months of 1986 and 17.9 mln average for the whole of 1986. Supply from non-OPEC countries totalled 28 mln bpd against 28.5 mln bpd in the fourth quarter 1986. A drop in Saudi Arabian output to a tentatively forecast 3.3 mln bpd in March from 3.6 mln bpd in February was the largest factor behind the OPEC production decline the IEA said. Saudi Arabias Opec-assigned output quota is 4.133 mln bpd. REUTER | IEA SEES ONE PCT GROWTH IN 1987 OECD OIL DEMAND |
West Germanys Christian Democrats (CDU) and their liberal Free Democrat Party (FDP) allies today won control of the central state of Hesse in state elections toppling the Social Democrats (SPD) who had governed the state for over 40 years. The CDU/FDP coalition will have a two-seat majority over the SPD and their Greens party allies in the new state parliament. Earlier predictions forecast a hung parliament. The poll was the first major test of public opinion since national elections last January returned Chancellor Helmut Kohls CDU-dominated coalition to power in Bonn. Political commentators said the result was a debacle for the SPD which has been split by disagreements over the partys future direction. It was also a rebuff for a unique coalition the SPD had formed in Hesse with the anti-nuclear Greens movement which left-wing Social Democrats said could provide a model for a similar alliance at federal level. Bonn Environment Minister Walter Wallmann the CDUs victorious candidate for the state premiership told reporters Many traditional SPD voters voted for us because they did not want an SPD that was under the influence of the Greens. REUTER | CENTRE-RIGHT WIN GERMANY'S HESSE STATE POLL |
The U.S. economy in March improved at a faster rate than in February with the National Association of Purchasing Managements composite index rising to 53.9 pct from 51.9 pct the NAPM said. The first quarter average for the index also was 53.9 pct. The NAPM said that if this average were to continue for the rest of 1987 it would be consistent with real gross national product growth of about three pct. An index reading above 50 pct generally indicates that the economy is in an expanding phase. One below 50 pct implies a declining economy. The NAPM said the economic improvement was evident in all of the indicators in the index except inventories which declined slightly. New orders rose sharply in March with production also higher. Vendor deliveries slowed another sign that the economy improved in March. Employment expanded for the first time since August 1984. Robert Bretz chairman of the NAPMs business survey committee and director of materials management at Pitney Bowes Inc <PBI> said the economy ended the first quarter with a healthy if not substantial improvement. Bretz said the sharp rise in the growth of new orders in March assures a good beginning for the second quarter. Some 50 pct of the purchasing managers reported that they were paying higher prices in March than at the end of 1986. Of those paying higher prices now the average increase was put at 2.5 pct. The estimated average price increase anticipated by members for the remainder of 1987 is 2.1 pct. While prices continue to rise the NAPM said that most purchasers do not see them as being significant. The composite index is a seasonally adjusted figure based on five components of the NAPM business survey - new orders production vendor deliveries inventories and employment. The monthly report is based on questions asked of purchasing managers at 250 U.S. industrial companies. Reuter | MARCH U.S. PURCHASING MANAGERS INDEX UP AT 53.9 |
British securities house <Barclays de Zoete Wedd> BZW said it would open today a subsidiary office in Amsterdam its first office in continental Europe. BZW a wholly-owned subsidiary of Barclays Plc <BCS.L> said in a statement the new company had been built on the parent companys former Dutch subsidiary Barclays Kol. The new company <Barclays de Zoete Wedd Nederland NV> will focus on trading in both Dutch and international equities and will develop a full range of investment banking services. It will initially employ 29 aiming to increase numbers to 35 by the year-end it said. BZW said its parent Barclays Bank had subsidiary companies active on the stock exchanges of Zurich Milan and Paris which BZW planned to use to strengthen its presence in continental Europe. Commenting on the move BZW chairman Sir Martin Jacombe said while international deregulation had turned London New York and Tokyo into pivotal points for trading across time zones firms like BZW that seek to serve the world-wide financial community must have a presence in Europe not just in the U.K. BZW currently employs some 2000 staff in its offices in Britain Hong Kong Tokyo New York and Sydney. REUTER | BARCLAYS DE ZOETE WEDD SETS UP AMSTERDAM OFFICE |
Public opinion polls showing a surge in support for British Prime Minister Margaret Thatcher following her trip to Moscow have raised the possibility she will call a spring election political analysts said. A poll in todays Daily Express showed 39 pct support for the ruling Conservative party 30 pct for the Alliance of Liberals and Social Democrats and 29 pct for the Labour party. Reproduced in a general election the result would give Thatcher an overall parliamentary majority of 22. A poll in yesterdays Sunday Times gave the Conservatives 41 pct support 12 percentage points ahead of both opposition groups -- their biggest lead in three-and-a-half years. Conservative sources have said Thatcher would prefer a series of polls giving her party over 40 pct of the vote securing it a clear parliamentary majority before announcing the date for the next election. Lord Whitelaw Conservative leader in the House of Lords and one of Thatchers closest advisors yesterday ruled out a May general election but left open the choices of June and early autumn. The Sunday Times poll taken during Thatchers visit to Moscow last week was the first to show the party breaking through 40 pct. The Express poll was the first since Thatchers trip to Moscow hailed as a triumph by the British media. It confirmed a number of recent surveys suggesting that the Alliance had overtaken Labour. Thatcher currently serving her second consecutive term of office does not have to call elections until June 1988 but is widely expected to do so within the next six months. REUTER | BRITISH OPINION POLLS CONFIRM THATCHER LEAD |
U.S. Bond trading is likely to remain cautious in the near term with a possible downward price bias as market participants focus on trends in the dollar the economy and Federal Reserve policy economists said. Most expect the economy to continue showing modest gains that the dollar has more room to fall and that the Fed will keep policy essentially steady perhaps for several months. Until trends are clearer the market can only attempt to to establish and hold a new trading range at higher interest rates said economists at Merrill Lynch Capital Markets. Merrill Lynch economists Raymond Stone and Ward McCarthy said that while the fundamentals generally bode for a healthy investment climate the market will have no confidence in this environment until there is illumination of and confidence in U.S. Dollar/trade policy. Salomon Brothers Henry Kaufman said the bond market highly sensitized to dollar movements could be encouraged if currency markets seem to be stabilizing or if U.S. And overseas economic growth is perceived as slowing sharply. The crucial question however is how soon either of these developments is likely to occur Kaufman said. Market uncertainties and the erosion of portfolio manager confidence could continue portfolio selling pressure a while longer said Philip Braverman chief economist at Irving Securities Corp. However Braverman said that from a longer term perspective current (bond) prices provide a buying opportunity. Despite a nearly one-point bond price rebound Friday on unexpectedly weak March employment data key 30-year Treasury bonds lost 2-1/4 points in price for the week as a whole and Thursdays 7.93 pct closing yield was a 1987 high. Braverman said historical evidence suggests that a long bond yield in the 7.93 pct area provides a basis for optimism. Bonds closed at 7.86 pct on Friday. The Irving economist noted that three times last year in a similar paroxysm of pessimism the key bonds reached a similar closing yield high. Within three to six weeks in each instance however Braverman said bond prices recovered to bring the yield down sharply by 63 to 82 basis points. Mitchell Held of Smith Barney Harris Upham and Co Inc said that many portfolio managers now believe yields could approach nine pct by midyear which he considers unlikely. Held said that since late 1986 Smith Barney analysts have spoken about the risk that interest rates could move higher and they continue to believe that an upward bias is likely to persist over the next few months. Held said that in conversations with portfolio managers last week there appeared to be increasing belief that the rate rise had just begun and that yields could approach nine pct by midyear. Naturally that would mean a sharp bond price fall. Yields could rise further over the next few months but the rise should be less than the 65 basis point rise weve seen since the start of the year Held said. Most expect Fed policy to be neutral for bonds near term. The Fed is currently frozen into a fixed stance said economists at Aubrey G. Lanston and Co Inc. They said the Fed cannot tighten policy and push up interest rates as might be appropriate to stabilize the dollar and head off renewed inflationary psychology. That might harm the fragile U.S. Economic expansion. The Lanston economists said The Fed cannot ease its policy stance to both foster more rapid economic growth and calm domestic and Third World debt jitters without the threat of causing a further decline in the dollar. Minutes of Februarys Federal Open Market Committee (FOMC) meeting released Friday showed that while the FOMC left policy unchanged it was more inclined to firm rather than ease policy later if conditions in the economy foreign exchange or credit markets warranted a policy shift. However economists generally believe that continued fairly sluggish U.S. Economic growth and the financial strains on U.S. Banks resulting from their problem loans to developing countries rule out any Fed policy firming. There is broad agreement among economists that the FOMC at last Tuesdays meeting also left Fed policy unchanged. This weeks U.S. Economic data are expected to have little impact. February consumer instalment credit numbers are due on Wednesday with March producer price data out Friday. There may be mild relief in some quarters that the U.S. Purchasing Managers Composite Index a closely-watched economic indicator rose only to 53.9 pct in March from 51.9 pct. A Friday rumor had put the number far higher. The indexs first quarter average also was 53.9 pct translating into real GNP growth of about three pct if continued through 1987. Federal funds traded at 5-15/16 pct late Friday and are expected to open about there today with no Fed action seen. REUTER | U.S. CREDIT MARKET OUTLOOK - CAUTIOUS TRADING |
National Australia Bank Ltd <NABA.S> said it lowered its benchmark prime lending rate to 18.25 pct from 18.5 effective today but left its base rate at 18.5. The benchmark reduction brings the rate into line with the prime rates of most of Australias trading banks including those of two of the other three major trading banks. However the rate is above the 18 pct - the lowest ruling rate - set by the other major the Australia and New Zealand Banking Group Ltd <ANZA.S> on Friday and effective today. The benchmark is based on short-term interest rate movements while the base rate is tied to longer-term trends. REUTER | NATIONAL AUSTRALIA BANK LOWERS BENCHMARK PRIME |
Caesars World Inc <CAW> said its directors unanimously approved a recapitalization plan under which stockholders will get a cash distribution of 25 dlrs per share via a one-time special cash dividend and will retain their common stock ownership in Caesars World. Caesars World said it expects to raise the approximately one billion dlrs needed to pay the 25 dlr per share dividend and the expenses of recapitalization through around 200 mln dlrs in bank borrowings and a public sale of approximately 800 mln dlrs of debt. Some outstanding debt will be retired. Drexel Burnham Lambert Inc Caesars financial advisor has told the company it is confident it can arrange the entire financing needed for the recapitalization. Henry Gluck chairman and chief executive officer of the hotel casino and resorts company said in a statement the board believes the recapitalization plan is financially superior to a 28 dlr a share tender offer by Martin Sosnoff. Gluck said the Caesars World board once again recommends that shareholders reject the Sosnoff offer. The stock closed at 29.25 dlrs a share on Friday. Our ability to restructure along these lines is possible primarily because of the financial stability and the strong operating results achieved by management in recent years Gluck said. He said that after the recapitalization takes effect proforma net income for the fiscal year ended July 31 1988 is expected to be about 28.7 mln dlrs. Fiscal 1988 primary earnings per share are projected to be 76 cents based on about 37.8 mln in post-recapitalization common and common-equivalent shares outstanding. Commenting on the companys longer term earnings outlook Gluck said we project net income to increase to 86.2 mln dlrs in 1992 reflecting increased operating income and lower interest expense due to the retirement of 267 mln dlrs of debt incurred in connection with the recapitalization. He said the company does not usually release projections but has done so now beause of the significance of the recapitalization. Gluck said the recapitalization plan will be submitted for stockholder approval at a special meeting expected in June. The plan will require the approval of stockholders and that of the Nevada and New Jersey gaming regulatory authorities. As part of the plan the company will change its state of incorporation from Florida to Delaware by means of a merger of Caesars World into a wholly owned subsidiary of the company. The new incorporation certificate and bylaws will provide for among other things a fair price provision requiring that certain transactions with interested 15 pct stockholders be approved by an 80 pct vote of stockholders excluding shares held by such interested stockholders. Caesars World said in a statement that the cash distribution will result in a substantial deficit in stockholders equity. It did not give an estimate of the size of this deficit. But the company said its financial advisors have said they believe that after the recapitalization Caesars World should have the financial flexibility and resources necessary to finance its current and projected operating and capital requirements. REUTER | CAESARS WORLD BOARD APPROVES RECAPITALIZATION |
The Reserve Bank said it will offer 80 mln N.Z. Dlrs of treasury bills at its regular weekly tender tomorrow. The Bank said in a statement it will offer 30 mln dlrs of 56-day treasury bills and 50 mln dlrs of 77-day Bills. The Bank will also buy 170 mln dlrs of bills maturing in early June and 200 mln dlrs of bills maturing late June for its own portfolio. REUTER | N.Z. WEEKLY T-BILL TENDER SET AT 80 MLN DLRS |
<The Australian Gas Light Co> (AGL) said it will offer one share plus one dlr cash for every two shares in oil and gas producer <TMOC Resources Ltd> in a counter-bid to the previously reported takeover offer by Santos Ltd <STOS.S>. The offer values TMOC shares at 4.75 dlrs each based on AGLs closing price of 8.50 dlrs on Friday. TMOC shares jumped to 4.60 dlrs on the announcement from its Friday closing price of 4.15. The AGL offer the third to be made for TMOC this year compares with the Santos cash offer of 4.00 dlrs a share. Based on TMOCs issued capital of 62.08 mln shares the AGL offer values the entire company at 249.9 mln shares. AGL said in a statement that it already holds 10.5 pct of TMOCs issued capital. This compares with the Santos stake of 3.1 pct when it announced its bid in March 23. <Elders Resources Ltd> began the auction for TMOC about three months ago with an unsuccessful 2.55 dlrs a share on-market offer that has since lapsed. AGL said its offer is above the upper end of the range of values placed on TMOC by its advisers in the companys response urging rejection of the Elders Resources bid. AGL said it will make the same offer for TMOCs convertible notes. Accepting share and note holders will participate in AGLs planned one-for-one bonus issue. It said TMOC is already a partner with AGL in the Alice Springs to Darwin gas pipeline and has a number of businesses complementary with those of AGL. AGL is the New South Wales natural gas utility while TMOC has extensive onshore holdings mainly in Queensland where it owns the Moonie oil field and in the Northern Territory where it operates and holds 43.75 of the Mereenie oil-gas field. It also has interests in a number of gas or oil pipelines. REUTER | AUSTRALIAN GAS LIGHT CO COUNTER-BIDS FOR TMOC |
Growth in oil consumption in the Western industrialized countries is likely to slow to around one pct this year compared with 2.3 pct in 1986 the International Energy Agency said. Oil use in the 24 member countries of the Organization for Economic Cooperation and Development (OECD) increased by around one pct in the first quarter of 1987 to 35.9 mln barrels a day the IEA said in its latest monthly report. Growth in OECD countries is expected to come primarily from transport fuels as was the case in 1986. But if average consumer prices are higher than 1986 the rate of growth for these fuels may be below last years 3.6 pct. The IEA said assuming crude and product prices remain nar current levels some destocking by end-users can be expected. If that takes place natural gas will also regain some of the market share it lost to heavy fuel in 1986 it said. IEA estimates on April one put oil stocks held in the OECD area at 428 mln tonnes or 98 days of forward consumption. This is about the same as at the begining of the year. The agency said this flat trend is explained by the projected seasonal consumption decline in the second quarter of the year which offset a reduction in stocks. Company stocks on land in the OECD rose to 326 mln tonnes on April one this year compared with 316 mln tonnes in calender 1986 while governments also built up their strategic stocks to 102 mln tonnes against 97 mln in 1986. The year-on-year trend of government stock building is continuing with company stocks rising more or less in line with consumption after declining for five years IEA said. Oil stocks on land in the United States and Canada were put at 206.6 mln tonnes down from the 214 mln tonnes on January one and equivalent to 94 and 98 days of consumption respectively. Oil stocks in Western Europe were 147.4 mln tonnes down from the 154 mln tonnes on January one but still equivalent to 94 days of consumption. The IEA said that initial estimates indicate that company stocks fell by 1.2 mln bpd in OECD countries in the first quarter of the year. This followed a small rise in January of 400000 bpd but a decline of 1.5 bpd in February and 2.5 bpd in March. And it is possible that final data will show a larger draw particulary for March it said. As crude production also fell there is likely to have also been a decline in non-reported stocks particularly at sea the IEA said. World oil supply fell through the first quarter by about two bpd to 45.2 bpd from 47.5 bpd in the last quarter of 1986. This drop was mostly due to a decline in OPEC crude production to around 15.5 bpd in February/March from 16.5 bpd in January and to the seasonal drop in exports from Centrally Planned Economies the IEA said. Total OPEC oil supply totalled 17.2 bpd in the first quarter of 1987 compare with 19.3 bpd in the last three months of 1986 while supply from non-OPEC countries totalled 28 bpd as against 28.2 bpd in the same 1986 period. A drop in Saudi Arabian output to a tentatively forecast 3.3 bpd in march from 3.6 bpd in February was the largest factor behind the OPEC production decline the IEA said. Reuter | IEA FORECASTS SLOWER GROWTH IN OECD OIL DEMAND |
Miyazawa sees major nations reaffirming Paris accord this week-political sources |
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Miyazawa expects coordinated action to stabilize currencies - political sources |
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Philippine coffee exports are expected to fall sharply due to a combination of the International Coffee Organisations (ICO) decision not to revive export quotas and higher local prices ICO Certifying Agency official Dante de Guzman told Reuters. He said exporter registrations dropped from an average weekly 500 tonnes in March to 45 tonnes last week with exports in coffee year 1986/87 ending September forecast to total about 8000 tonnes against 48000 in 1985/86. Because of the relatively higher level of domestic prices it has become difficult to service exports de Guzman said adding that most exporters are taking a wait and see attitude. Coffee production was expected to drop slightly to about one mln bags of 60 kg each in the 1986/87 crop year ending June from 1.1 mln bags last year he said. REUTER | PHILIPPINE COFFEE EXPORTS SEEN FALLING SHARPLY |
Finance Minister Kiichi Miyazawa told a parliamentary committee he expects major nations to reafffirm the currency pact they struck in Paris when they meet this week in Washington political sources said. The Minister also was quoted as saying he expects major nations to take coordinated action to ensure exchange rate stability. Finance Ministry officials were unavailable for immediate comment. In Paris on February 22 six nations - Britain Canada France Japan the U.S. And West Germany - pledged to cooperate to hold their currencies stable. REUTER | MIYAZAWA SEES BIG NATIONS REAFFIRMING PARIS PACT |
Leading cocoa producers will discuss whether newly-agreed rules on an international cocoa buffer stock will succeed in reversing a sharp fall in world prices when they start four days of talks here later today conference sources said. Another topic likely to be discussed at the twice-yearly meeting of the Cocoa Producer Alliance (CPA) is the pacts second line of market support -- a witholding scheme under which exporters can take up to 120000 tonnes of cocoa off the market if buffer stock purchases fail to defend prices. The International Cocoa Organisation is due to discuss the scheme at a meeting in June and exporters could use the Yaounde talks to work out a common position on the issue the sources said. Delegates will also be briefed on arrangements for an international cocoa research conference due to take place in Santo Domingo in the Dominican Republic next month CPA secretary general D.S. Kamga said. The 11-member CPA include the worlds top three producers of Ivory Coast Brazil and Ghana and accounts for around 80 pct of world output. REUTER | LEADING COCOA PRODUCERS DISCUSS INTERNATIONAL PACT |
 AUSTRALIAN WEEKLY WHEAT SHIPMENTS - WEEK TO 23-29 (in tonnes for crop year beginning oct 1) current week prev week 316024 297045 crop year to date prev crop to date 7217394 8422811  | |
U.S. Commerce Secretary Malcolm Baldrige said the dispute between the U.S. And Japan over computer chips will not develop into a full-scale trade war. I think both sides will try and make sure that this doesnt start a trade war -- as a matter of fact Im positive that there wont be a trade war with Japan Baldrige said in a television interview. President Reagan last week imposed penalties over Japans alleged failure to adhere to a July 1986 agreement to stop selling semiconductors in third countries at below cost and to open its own market to U.S.-made chips. Despite Tokyos displeasure with the penalties Baldrige said Japan would refrain from taking retaliatory steps that would lead to a trade war largely because Japan itself would have the most to lose in such a conflict. Japan I think will -- because they have the means to do it -- face up to the fact that as the second largest industrial trading power in the world they have to live up to their responsibilities of free trade he said. I think well work our way out of this he added. Its not going to be easy. But I guarantee you were not going to have a trade war. REUTER | BALDRIGE SEES NO TRADE WAR WITH JAPAN |
South Koreas gross national product (gnp) is forecast to grow by nine pct in 1987 surpassing the governments original forecast of eight pct and against a 12.5 pct rise in 1986 an Economic Planning Board report said. The report reviewing the countrys economy in the first three months of this year said year-on-year gnp was provisionally estimated to have grown by about 12 pct in the period against a 10.5 pct growth in the same 1986 period. Board officials said the gnp rise in the January-March period is due largely to increased exports which totalled 9.34 billion dlrs against 6.9 billion a year earlier. REUTER | SOUTH KOREA'S 1987 GNP SEEN GROWING NINE PCT |
7.8035 uk 12.622 - 12.634 us/uk 1.6180 - 1.6190 us/w ger 1.8215 - 1.8225 us/switz 1.5140 - 1.5150 spore 3.6506 - 3.6534 | HONG KONG EXCHS NOON - APR 7 |
Thailand exported 75160 tonnes of rice in the week ended March 31 down from 88785 tonnes the previous week the Commerce Ministry said. It said the government and private exporters shipped 36552 and 38608 tonnes respectively. Private exporters concluded advance weekly sales for 22086 tonnes against 44483 tonnes the previous week. Thailand exported 1.23 mln tonnes of rice in January/March down from 1.29 mln tonnes a year ago. It has commitments to export another 381171 tonnes this year. REUTER | THAI RICE EXPORTS FALL IN WEEK TO MARCH 31 |
<Oki Electric Industry Co Ltd> may import car telephones made by its 100 pct U.S. Subsidiary <Oki America Inc> for sale in Japan an Oki spokesman said. The firm would like to import the car phones which are made according to a system developed jointly by Motorola Inc <MOT> of the U.S. And Oki Electric the spokesman said. A final decision will hinge on obtaining approval from Japans Post and Telecommunications Ministry and whether or not it is feasible to convert the models to meet Japanese specifications he said. REUTER | OKI ELECTRIC STUDIES IMPORT OF U.S. CAR PHONES |
 SINGAPORE RUBBER SSR/SMR NOON FIXING - APRIL 7 FOB SINGAPORE CENTS PER KILO IN ONE TON PELLETS SSR 20 MAY 170.00 172.00 NOM JUNE 170.00 172.00 NOM SSR 50 MAY 169.00 170.00 NOM JUNE 169.00 170.00 NOM SMR 20 MAY 170.00 172.00 NOM JUNE 170.00 172.O0 NOM SMR 50 MAY 169.00 170.00 NOM JUNE 169.00 170.00 NOM  | |
 SINGAPORE RUBBER NOON - APRIL 7 UNCERTAIN ONES MAY 195.00 195.50 JUNE 192.00 192.50 PROMPT 198.50 199.50 NOM ONES JULY 189.00 189.50 AUG 189.00 189.50 SEPT 189.00 189.50 OCTDEC 189.25 189.75 JANMARCH 189.75 190.25 APRILJUNE 190.75 191.25 TWOS MAY 182.00 184.00 NOM THREES MAY 177.00 179.00 NOM FOURS MAY 170.50 172.50 NOM FIVES MAY 167.50 169.50 NOM NO 1 AIR DRIED SHEET 204.00 206.00 NOM ONE PALE CREPE MAY 245.50 249.50 NOM TWO THICK BLANKET CREPE MAY 149.50 150.50 NOM THREE BLANKET CREPE MAY 147.50 148.50 NOM  | |
The weighted average yield for 50 mln N.Z. Dlrs of 77-day Treasury bills sold in this weeks regular weekly tender was 24.97 pct the Reserve Bank said. The weighted average yield on 30 mln dlrs of 56-day bill was 25.50 pct it said in a statement. No comparable bills have been offered recently. Bids totalling 379 mln dlrs were received for the 80 mln dlrs of bills on offer. REUTER | N.Z. 77-DAY T-BILLS YIELD 24.97 PCT AT TENDER |
 BANGKOK RICE 1 - APRIL 7 Offered prices in U.S. Dlrs per tonne FOB basis Bangkok ASSOCIATION TRADER Fragrant rice 100 pct 1st class unq 300 100 pct 2nd class unq 290 100 pct 3rd class unq 280 White rice 100 pct 1st class 258 253 100 pct 2nd class 228 223 100 pct 3rd class 223 218 5 pct 213 208 10 pct 208 203 15 pct 203 198 20 pct 195 190 25 pct 190 185 35 pct 185 180 Offered prices in U.S. Dlrs per tonne FOB basis Bangkok ASSOCIATION TRADER Broken rice A-1 super 146 141 A-1 spcl 143 138 C-1 spcl unq unq C-1 ord unq unq Loonzain rice 100 pct 1st grade unq unq 100 pct 2nd grade 222 217 100 pct 3rd grade unq unq Parboiled rice 5 pct 193 188 10 pct 188 183 Maize unq 95.5-96  | |
 SINGAPORE RUBBER TSR 20 NOON - APRIL 7 MAY 163.50 164.50 JUNE 163.50 164.50 JULY 163.50 165.50 AUG 163.50 165.50 SEPT 163.50 165.50 NOM OCTDEC 164.50 166.50 NOM TONE: QUIET  | |
 BANGKOK TAPIOCA - APRIL 7 Thai pellets (62 min starch five pc max fibre three pc max sand 14 pc max moisture) Apr/Sept 255 sellers D-marks per tonne CIF Euro ports (prev 255).  | |
 SINGAORE RUBBER 1230 QUIET - APRIL 7 NO 1 RSS MAY 195.00 195.50 (UNCH) MAY 192.00 192.50 PROMPT 198.50 199.50  | |
 Kuala lumpur rubber noon call -april 7 smr 20 (in order byr/slr/last trd/sales) may 194.50 196.50 nil jne 195.50 197.50 nil jly 196.00 198.00 nil aug 166.50 198.50 nil sep 196.50 198.50 nil jly/sep 196.50 198.50 nil oct/dec 201.50 203.50 nil total month nil quarter nil tone quiet  | |
 HONG KONG GOLD 1230 - APR 7 local mkt (99.00 fine hk dlrs per tael) 3913.00 (prev clsg 3905.00) hilo 3917.00 - 3896.00 international mkt (99.5 fine us dlrs per ounce) 421.10/421.60 (420.25/420.75) hilo 421.40/421.90 - 419.40/419.90 krugerrand hk dlrs 3285.00 (3300.00) us dlrs equivalent 421.00 (422.90) maple leaf hk dlrs 3396.00 (3392.00) us dlrs equivalent 435.20 (434.75)  | |
 Malaysian rubber noon - april 7 slightly higher ones may 227.50 229.50 Jne 227.50 229.50 Malaysian rubber exchange noon uk/c - april 7 int 2 rss may 209.50 210.50 nom threes may 205.50 206.50 nom fours may 202.50 203.50 nom fives may 197.50 198.50 nom twos may 210.50 211.50 nom threes may 206.50 207.50 nom fours may 203.50 204.50 nom fives may 198.50 199.50 nom  | |
Japans Ministry of International Trade and Industry (MITI) is considering buying a U.S.-built supercomputer worth three to four billion yen but a final decision and funding have yet to be determined MITI said. The Cray II computer made by Cray Research Inc <CYR> would be used jointly by nine MITI research institutes in Tsukuba northeast of Tokyo a MITI official told Reuters. Its purchase would be in line with MITIs goal of boosting imports he said. Funds for the supercomputer are not included in the fiscal 1987 budget currently stalled in parliament. Funds could be provided in a supplementary budget likely to be introduced this autumn the official said. The U.S. Has strongly urged Japan to open its public sector to sales of U.S. Supercomputers and the complaint is a key issue in current U.S.-Japan trade friction. One year before it was privatised in April 1985 <Nippon Telegraph and Telephone Corp> (NTT) bought a Cray supercomputer an NTT official said the only public sector purchase of a U.S. Supercomputer to date. REUTER | JAPAN CONSIDERING BUYING U.S. SUPERCOMPUTER |
 Malaysian exchange smr rubber noon fixing - april 7 fob m cts per kilo in one tonne pallets smr cv may 242.00 244.00 nom jne 243.00 245.00 nom smr l may 241.00 243.00 nom jne 242.00 244.00 nom smr 5 may 201.50 202.50 nom jne 202.50 203.50 nom smr gp may - 213.50 nom jne unquoted smr 10 may 196.50 198.50 nom jne 197.50 199.50 nom smr 20 may 194.50 196.50 nom jne 195.50 197.50 nom smr 50 may 191.00 193.00 nom jne 192.00 194.00 nom  | |
 TOKYO RUBBER (YEN PER KILO) - APRIL 07 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 123.5 122.9 122.9 122.2 1668 MAY 124.8 124.5 124.0 123.5 3839 JUN 125.2 125.0 124.7 124.8 2685 JUL 125.9 1258 125.7 125.7 2439 AUG 127.0 126.6 126.1 126.0 2434 SEP 127.3 126.9 127.0 126.9 3077 OCT 127.8 127.1 127.1 127.0 4008 NOV 128.4 128.1 128.0 127.9 6400 DEC 128.5 127.8 128.0 128.1 1015 T/O 1219 338 250 OPN/TTL27555 27565  | |
 Kuala lumpur rubber noon call - april 7 rss ones (in order byr/slr/last trd/sales) may 227.50 229.50 nil jne 227.50 229.50 nil jly 229.50 231.50 nil aug 231.50 233.50 nil sep 232.50 234.50 nil jly/sep 231.50 233.50 nil oct/dec 236.50 238.50 nil jan/mch 241.50 243.50 nil apl/jne 246.50 248.50 nil sales nil quarter nil tone quiet  | |
 Malaysian rubber 1300 - april 7 quiet ones may 227.50 229.50 Jne 227.50 229.50  | |
April 7 N.Z. Dlr....0.5698/05 Aust Dlr....0.7076/81 U.K. Stg....1.6178/88 REUTER | ZZ ZD |
 SINGAPORE RUBBER 1300 - APRIL 7 QUIET ONES RSS MAY 195.50 196.00 JUNE 192.50 193.00 PROMPT 199.00 200.00 NOM  | |
Wheat and rapeseed crops in east China suffered considerable damage because of frost during a spell of unusually cold weather in late March the China Daily said. It said average temperatures for the last 10 days of March in most of east China were three to five degrees centigrade below average. Snow fell in Jiangsu Anhui Hubei and Henan making early rice sowing difficult. Heavy snow blanketted central and south Jilin and north Liaoning leaving farmland too muddy for spring ploughing and sowing the paper said. The paper said rainfall during the last 10 days of March in areas south of the Yangtze had been much higher than normal. Heavy rain fell last Sunday in parts of Guangdong ending a particularly arid dry season and marking the start of the flood season it said. It gave no further details. The New China News Agency said rain and snow in Henan had improved the prospects for wheat sown on 4.8 mln hectares and caused a drop in grain prices at rural fairs since late February. It gave no 1986 figures for comparison. REUTER | CHINESE CROPS HIT BY FROST, SNOW AND RAIN IN MARCH |
The Kuala Lumpur tin price closed unchanged from yesterdays 16.65 ringgit per kilo close after a very brief trading session dealers said. Buyers and sellers were evenly matched at the opening level of 16.65 ringgit and total turnover was 103 tonnes against 135 yesterday they added. Buying at this level was mainly noted from the Japan local and Europe again influenced by steady currency factors despite an easier European spot market. Some cash-strapped miners continued to sell they said. REUTER | KUALA LUMPUR TIN PRICE CLOSES UNCHANGED |
The Bank of Japan intervened in early afternoon Tokyo trading to support the dollar against active selling by institutional investors and speculative selling by overseas operators dealers said. The central bank had also bought dollars against the yen in morning trade. The dollar traded around 145.20/30 yen when trading began in the afternoon here and weakened only slightly the dealers said. REUTER | JAPAN CENTRAL BANK INTERVENES IN TOKYO AFTERNOON |
The rubber market ended the morning higher with May 1 rss buyers quoted at 195.50 cents/kilo up 1.75 cents from yesterday dealers said. After opening 0.25 cent higher prices gained further ground on some buying support and trade short-covering of nearby position in quiet trading they said. On the TSR-20 market trading was very quiet and prices rose slightly in line with the RSS market dealers said. TSR-20 May and June were quoted at 163.50 cents/kilo both up 0.50 cent from yesterday. REUTER | SINGAPORE RUBBER ENDS MORNING - HIGHER |
CHASE-AMP BANK TO LOWER AUSTRALIAN PRIME RATE TO 17.75 PCT FROM 18.25 TOMORROW |
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japan ruling party seeks over 5,000 billion yen supplementary budget-party official |
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Profit-taking domestic corporate demand and limited Asian buying pushed the New Zealand dollar back to just below 0.5700 U.S. Dlrs in late trading after it had fallen more than one cent in the morning session dealers said. It finished at 0.5693/00 U.S. Dlrs against a mornings quoted low of 0.5600/10 a 0.5720/30 start and a 0.5718/25 end yesterday. Dealers said speculation that the Governments year-end March budget deficit will be lower than expected and will bring lower interest rates caused selling in nervous early trading. Most dealers said deficit figures for the 11 months to end February released during the session were ignored by many traders who believe the figures lacked meaning while the size of the March tax-flow to Government is unknown. Dealers said trading will remain uncertain in the short-term. We hav+/Jkgressive rebound in thin trading and now the market doesnt ?(e~hoing one dealer said. REUTER | N.Z. DOLLAR ENDS LOWER AFTER VOLATILE SESSION |
Kuwait may re-register part of its tanker fleet with foreign flag jurisdictions including the U.S. And USSR in an attempt to protect them from Iranian missile attacks in the Gulf war zone U.S. Officials were quoted by the New York Times as saying. The transfers would allow the country of registration to escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier declined an offer of U.S. Naval escorts as too public an admission of its need for protection they said. Kuwait is also looking at flagging-out to European registries the officials said. Soviet flag tankers transporting Kuwaiti oil through the Gulf may get Soviet escorts the officials said. Kuwait had earlier considered having both USSR and U.S. Escorts but the U.S. Was unwilling to give the Soviet Union a naval role in the region the newspaper quoted the officials as saying. Kuwait has backed Iraq in the seven-year war against Iran and its ships have increasingly been the target of Iranian attacks. The U.S. And Kuwait have been negotiating for over a month on methods of protecting Kuwaiti ships. REUTER | KUWAIT MAY RE-REGISTER GULF TANKERS - NEWSPAPER |
<Chase-AMP Bank Ltd> said it will lower its prime lending rate to 17.75 pct from 18.25 effective tomorrow. The bank is the first to lower its prime rate below the 18 pct set by a few banks in the last few days in a continuation of a downward trend which began late last month. Other prime rates range from 18.25 to 18.5 pct with the majority on 18.25. The bank said the reduction reflected the recent downturn in money market rates the improved economic outlook and adequate liquidity in the second quarter tax rundown period. REUTER | CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT |
The Bank of Japan intervened in early aftenoon trading to support the dollar against active selling by institutional investors and speculative selling by overseas operators dealers said. (NRAV 0513) The dollar was 145.50 yen at midday against 145.85 in New York and an opening of 145.95 yen. It was 1.8215/25 marks against 1.8260/70 in New York. (FXJS 0336) WELLINGTON - New Zealands budget deficit widened to 4.67 billion N.Z. Dlrs in the 11 months to February 28 compared with 3.83 billion for the same period a year ago government accounts show. (NRAP 0213) TOKYO - Central Bank Governor Satoshi Sumita said he would support the issue of Reagan bonds yen-denominated U.S. Government securities if it was considered appropriate a Japanese newspaper reported. (NRAN 0125) WASHINGTON - The mere reaffirmation of the Paris Agreement on currency stability that Japanese Finance Minister Kiichi Miyazwa is seeking in Washington this week will not be enough to stop a further decline of the dollar Japanese currency and bond traders said. (NRAL 2258) WASHINGTON - The General Accounting Office is prepared to recommend that the federal government take over the Farm Credit System in order to stem further financial erosion and to protect the governments financial interests in the beleaguered farm lending network. (NRAD 2258) WELLINGTON - The weighted average yield for 50 mln N.Z. Dlrs of 77-day Treasury bills sold in this weeks regular tender was 2*p_1yA Bank said. (NRAU 0420) The Bank also said it is reducing itsiernight cash target to 30 mln dlrs from 45 mln dlrs. (NRAL 2326) HONG KONG - Gold was trading at 421.10/60 U.S. Dlrs an ounce at midday up from the New York finish of 418.10/60 and yesterdays close of 420.25/75. NEW YORK - After a few days of volatility the credit markets show signs of settling back into the frustratingly narrow ranges that prevailed for much of the first quarter economists said. (NYFQ 2146) Credit markets lost some gains to profit taking on an absence of retail followthrough support but still closed with modest gains dealers said. Fed funds ranged from 6-3/16 to 6-1/8 pct. Treasury bill rates fell two basis points at three six and 12 months. (NYFK 21512) REUTER | REUTER MONEY NEWS HIGHLIGHTS 0530 GMT |
The ruling Liberal Democratic Party has drawn up the guidelines of an economic package including a supplementary budget of more than 5000 billion yen a senior party official said. It also urged the government to concentrate in the first half of the current fiscal year which began on April 1 a record proportion of the years public works spending he said. The LDP also suggested the government review the ceiling on budgetary requests for investment in public works projects presented by individual ministries he added. But the LDP official said the government should not abandon its fiscal reform target of ending the issue of deficit-covering bonds by fiscal 1990. These measures should be treated as an emergency partly because of the urgent need for Japan to redress its external trade imbalance with the U.S. He said. The guidelines will be explained to the U.S. This week when Finance Minister Kiichi Miyazawa visits Washington for the International Monetary Fund (IMF) meeting he added. The official the LDP Policy Affairs Research Councils Chairman Masayoshi Ito told a press conference the proposed supplementary budget will probably be compiled no earlier than August but before November. The guideline will be the basis for a more detailed reflationary plan to be worked out by the LDP before Prime Minister Yasuhiro Nakasone leaves for Washington on April 29 for talks with President Reagan Ito said. The full government-endorsed economic package is expected to be announced in late May. The LDP expects public works spending in the first 1987/88 half to account for more than 80 pct of what was originally incorporated in the fiscal 1987 budget Ito said. The previous record for the rate was 77.5 pct in 1986/87. Ito said revenue sources for the additional pump-priming measures should include the issue of construction bonds and the use of part of the proceeds from sales of the privatized Nippon Telegraph and Telephone Corp stocks. An LDP statement said the government should use the additional budget mainly to encourage housing construction and to revitalize regional economies hit hard by the yens rise. REUTER | JAPAN RULING PARTY SEEKS BIG SUPPLEMENTARY BUDGET |
Hungarian National Bank forint buying/selling rates for April 7. Previous rates in brackets. (USSR denotes transferable and clearing rouble). U.S. 47.6538/7492 (47.5485/6437) STG 77.1971/3517 (76.3586/5114) DMK 26.1288/1812 (26.1961/2485) SFR 31.3615/4243 (31.3955/4583) FFR 7.8520/8678 ( 7.8729/8887) AUS SCH 3.7172/7246 ( 3.7271/7345) DKR 6.9244/9382 ( 6.9263/9401) BFR 1.2616/2642 ( 1.2649/2675) DFL 23.1441/1905 (23.2057/2521) YEN (100) 32.6030/6690 (32.5340/6000) CAN 36.4604/5334 (36.4300/5030) LIT (100) 3.6670/6750 ( 3.6760/6840) NKR 6.9976/7.0116 ( 6.9775/9915) SKR 7.5117/5267 ( 7.5039/5189) ECU 54.2940/4026 (54.3474/4562) USSR 26.9730/27.0270 (SAME) REUTER | HUNGARIAN EXCHANGE RATES |
 BAHRAIN DOLLAR CROSS RATES OPG - APRIL 7 EMIRATES 3.6727/32 BAHRAIN 0.37693/03 JORDAN 0.33640/00 KUWAIT 0.27300/10 SAUDI 3.7501/05 QATAR 3.6400/15 OMAN 0.38495/05 STG 1.6180/90 DMK 1.8210/20 SFR 1.5145/55 YEN 154.25/35 REUTER  | |
6.37 6 MTH SEVEN - 6.75 1 YR 7.18 - 6.93 EURO DOLLAR 1 MTH 6.43 - 6.31 2 MTH 6.50 - 6.37 3 MTH 6.56 - 6.43 6 MTH 6.62 - 6.50 1 YR 6.81 - 6.68 REUTER | BAHRAIN DEPOSIT RATES - APRIL 7 SAUDI RIYAL - SPOT 3.7501/05 1 |
 TOKYO RUBBER (YEN PER KILO) - APRIL 07 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 123.5 122.9 122.9 122.2 122.2 1668 MAY 124.8 124.5 124.0 123.5 124.2 3839 JUN 125.2 125.0 124.7 124.8 125.3 2685 JUL 125.9 1258 125.7 125.7 125.8 2439 AUG 127.0 126.6 126.1 126.0 126.3 2434 SEP 127.3 126.9 127.0 126.9 127.1 3077 OCT 127.8 127.1 127.1 127.0 126.9 4008 NOV 128.4 128.1 128.0 127.9 127.7 6400 DEC 128.5 127.8 128.0 128.1 127.9 1015 T/O 1219 338 250 302 OPN/TTL27555 27565  | |
The Finance Ministry auctioned 280 billion yen of four-year government notes the first auction of fiscal 1987 which started on April 1. The coupon was set at 3.7 pct a record low for any government note and below the 3.8 pct set on the last two-year notes auctioned in February. Todays issue was the first for four-year notes since last May which produced an average price of 99.79 average yield of 4.561 pct and a coupon of 4.5 pct the Ministry said. The auction results will be announced tomorrow afternoon. REUTER | JAPAN AUCTIONS 280 BILLION YEN OF FOUR-YEAR NOTES |
7.8030 uk 12.622 - 12.634 us/uk 1.6180 - 1.6195 us/w ger 1.8210 - 1.8220 us/switz 1.5140 - 1.5150 | HONG KONG EXCHS 1400 - APR 7 |
 NEW ZEALAND EXCHS CLOSE - April 7 N.Z. Dlr....0.5698/05 Aust Dlr....0.7076/81 U.K. Stg....1.6178/88 REUTER  | |
Australian share prices closed at record levels boosted by continued demand for gold and blue chip industrials but fell from the days highs on late profit-taking brokers said. Hectic overnight demand for leading mining stocks by U.S. And European institutions spilled over into early trading here boosting prices to new highs. Investors encouraged by the record gain on Wall Street a stronger local currency and easier interest rates snapped up leading industrials. But brokers said the late burst of profit-taking may signal the end of the bull run. But overseas people may disregard it tonight and see it as a small buying opportunity one broker said. By the close of trading the all ordinaries index had passed yesterdays record close by 7.4 points to reach 1753.7 but was well off its all time high of 1762.3. The all industrials index had gained 13.3 points to 2614.7 and the all resources 3.0 points to 1097.9. The gold index had risen 44.7 to 3073.9 eclipsing yesterdays record close 3026.9. National turnover was a heavy 185.7 mln shares worth 353.1 mln dlrs with rises outnumbering falls 389 to 353. Demand for gold mines was keen in the morning session but eased during the afternoon. Investors sought out lower priced issues after recent strong rises in the sector. ACM and Nuigini Mining gained 60 cents each to 8.10 and 7.90 Devex added 50 to 13.00 Consolidated Exploration and Whim Creek 40 each to 6.90 and 11.00 and GMK 30 to 8.50. Among heavyweight miners CRA closed 10 up at 7.80 after reaching 7.90 Western Mining gained two to 8.12 after reaching 8.24 and MIM was unchanged at 3.10 off its high of 3.22. More than 2.2 mln MIM shares changed hands. Resources leader BHP closed five cents up at 11.60 after reaching 11.70. Bell Resources added 20 to 5.70 and Peko Wallsend closed 40 up at 7.40 after reaching a high of 7.60. On the industrials board ANZ gained 30 to 5.70 National Australia 20 to 5.50 and Westpac seven to 4.90. News Corp put on 10 to 24.30 Northern Star 10 to 3.45 and Universal Telecasters target Mackay TV was steady at 39.00 in Brisbane. Telecasters North Queensland of which Bond Media has 19.9 pct rose 20 to 6.50 and Rockhampton TV 40 to 11.50. June share price index futures reached 1767.0 but fell sharply to close 13.0 points off yesterdays close at 1735.5. REUTER | AUSTRALIAN STOCKS CLOSE AT RECORD, BUT OFF HIGHS |
Tokyo stock market index rises 198.54 to record closing high of 22,784.65 |
|
Swiss consumer prices rose one pct in the year to March the same rise as in the year to February and against 0.9 pct in the year to March 1986 the Federal Statistics Office said. In March alone prices rose 0.1 pct after a 0.3 pct rise in February. The March index base 1982 was 109.7 against 109.5 in February. The Statistics Office said the March increase reflected rises in certain sectors such as food clothing and household goods and falls in transport heating and lighting. Both home produced and imported goods rose by 0.1 pct during the month. But over the year as a whole domestically generated inflation reached 2.5 pct offset by a 2.8 pct drop in imports. REUTER | SWISS CONSUMER PRICES RISE ONE PCT IN MARCH |
 SYDNEY WOOL CASH SETT FUTURES CLSG APR 7 MONTH BUY SELL HIGH LOW LAST Apr 87 800 840 - - - Jun 87 780 810 - - - Aug 87 710 720 720 720 720 Oct 87 710 760 - - - Dec 87 740 760 - - - Feb 88 700 760 - - - Apr 88 700 750 - - - Jun 88 700 760 - - - Aug 88 700 760 - - - TOTALS: Volume 2 Open Positions 158 Tone quiet Movement unchanged.  | |
 HONG KONG GOLD 1430 - APR 7 local mkt (99.00 fine hk dlrs per tael) 3916.00 (prev clsg 3905.00) international mkt (99.5 fine us dlrs per ounce) 421.50/422.00 (420.25/420.75)  | |
Nixdorf world group 1986 net profit 222.42 mln marks vs 172.29 mln, div 10 marks |
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 TOKYO EXCH CLSG - APRIL 07 US DLR 145.20/25 ONE MTH 34/33 TWO MTHS 65/64 THREE MTHS 96/94 FOUR MTHS 129/125 FIVE MTHS 159/157 SIX MTHS 194/193 (ALL DISCS)  | |
 TOKYO RUBBER (YEN PER KILO) - APRIL 07 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 123.5 122.9 122.9 122.2 122.2 122.3 1668 MAY 124.8 124.5 124.0 123.5 124.2 124.3 3839 JUN 125.2 125.0 124.7 124.8 125.3 125.2 2685 JUL 125.9 1258 125.7 125.7 125.8 125.7 2439 AUG 127.0 126.6 126.1 126.0 126.3 126.7 2434 SEP 127.3 126.9 127.0 126.9 127.1 126.9 3077 OCT 127.8 127.1 127.1 127.0 126.9 126.7 4008 NOV 128.4 128.1 128.0 127.9 127.7 127.5 6400 DEC 128.5 127.8 128.0 128.1 127.9 127.8 1015 T/O 1219 338 250 302 168 OPN/TTL27555 27565  | |
 Beirut gold opg - april 7 423.05 dlrs.  | |
41350.00 saudi arabia 3013.00 - 3023.00 france 1865.00 - 1885.00 | Beirut exchs opg - april 7 uk transfer 18350.00 - 18500.00 us |
 SINGAPORE CDS RATE - APRIL 7 ONE MTH 3-3/8 3-1/4 TWO MTHS 3-3/8 3-1/4 THREE MTHS 3-3/8 3-1/4 FOUR MTHS 3-7/16 3-5/16 FIVE MTHS 3-7/16 3-5/16 SIX MTHS 3-1/2 3-3/8  | |
 FRANKFURT EXCHS OPG ONE - APRIL 7 us 1.8200/15 (1.8260/70) stg 2.951/955 (2.954/958)  | |
 SINGAPORE EXCHS 1500 - APRIL 7 US 2.1350/60 STG 3.4610/45 US/STG 1.6210/20 HKG 27.35/40 AUST 1.5130/50 YEN 1.4705/20  | |
7.8020 uk 12.647 - 12.659 us/uk 1.6207 - 1.6217 us/w ger 1.8205 - 1.8215 us/switz 1.5130 - 1.5140 | HONG KONG EXCHS 1500 - APR 7 |
 AMSTERDAM EXCHANGES OPENING - APRIL 7 USD 2.0543-48 DMK 112.85-87 STG 3.3300-40  | |
4 one month 4 7/8 - 4 3/4 two months 5 1/8 - 5 three months 5 3/16 - 5 1/16 six months 5 7/16 - 5 5/16 12 months 6 - 5 3/4 | HONG KONG TERM MONEY 1500 - APR 7 |
The dollar closed lower on selling by speculators and by institutional investors hedging currency risks dealers said. But the dollars downward potential was limited by persistent Bank of Japan intervention throughout the day. Some dealers started to sell dollars on speculation that the Group of Seven meeting expected tomorrow in Washington is unlikely to produce any significant new measures to stabilize currencies some dealers said. The dollar closed at 145.25 yen against 145.85/90 in New York and 146.00 at the close here yesterday. The dollar ended at 1.8205/15 marks against 1.8260/70 in New York. The market consensus is that the G-7 meeting is unlikely to change present underlying bearish sentiment for the dollar and is likely just to reaffirm the February 22 Paris accord on currency stability a manager at a Japanese bank said. The dollar decline seem to come to a halt near 145.00 yen after the Tokyo closing on shortcovering as many operators seem unwilling to hold large positions ahead of the G-7 meeting some dealers said. The dollar ended at 1.8205/15 marks against 1.8260/70 in New York. +The market consensus is that a G-7 meeting is unlikely to change the underlying bearish sentiment for the dollar and is likely just to reaffirm the February 22 Paris accord on currency stability+ a manager at a Japanese bank said. The dollar decline seemed to halt near 145.00 yen after the Tokyo close on shortcovering as many operators seem unwilling to hold large positions ahead of the expected G-7 meeting some dealers said. The market is closely watching for a probable meeting between U.S. Treasury Secretary James Baker and Japanese Finance Minister Kiichi Miyazawa later today ahead of the G-7 meeting dealers said. Some dealers said mere reaffirmation of the Paris accord would fail to stop the dollars decline against the yen unless the U.S. And Japan make progress in resolving trade and other economic friction. Japan is expected to explain to the U.S. The guidelines of the ruling Liberal Democratic Partys economic package to stimulate domestic demand a senior party official said. Operators generally see the dollar as still likely to head downwards probably sliding as low as 140.00 yen despite the G-7 meeting dealers said. The dollar ended at 1.5130/35 Swiss francs against 1.5180/90 in New York and sterling finished at 1.6205/15 dlrs against 1.6175/85. The firm tone of the pound is expected to remain for the time being due to bullish sentiment mainly on speculation the ruling Conservative Party would retain power in expected general elections although the Bank of England may intervene in the market some dealers said. The Bank of Japan stepped into the market soon after the opening and continued to intervene in the market to buy dollars on a small-lot basis all day dealers said. The mark/yen cross rate fell to 79.76 yen from 80.08 at the close here yesterday. Spot dollar/yen volume through brokers was 6.56 billion dlrs with a most actively traded rate of 145.55 yen compared with 146.10 here yesterday. REUTER | DOLLAR CLOSES LOWER IN TOKYO |
 LONDON STERLING OPENING INDICATION - APRIL 7 US 1.6213/23 1 month 48/47 two 91/89 three 131/128 six 227/222 1 year 405/395  | |
 ZURICH GOLD OPENING - APRIL 7 pool 420.50-423.50 (420.00-423.00 previous closing) interbank 421.80-422.20 (421.50-422.00 previous closing)  | |
Share prices surged to close at a record high in heavy trade as record gains on Wall Street yesterday and expectations that Japan will take further steps to boost its economy drew investors into the market brokers said. The market average climbed 198.54 to 22784.65 a record closing high. The last closing record set on April 4 was 22738.67. Yesterday the market average lost 152.56. Advances led declines nine to eight in share turnover of 1.8 billion the same as yesterday. Railway securities house rubber oil insurance glass fisheries machinery and food stocks led the advance. Brokers said a meeting of the Group of Five industrial nations expected in Washington tomorrow is likely to lead to further undertakings by Japan to stimulate domestic demand. Gas some manufacturing shipbuilding and other shares related to the expansion of Japans economy rose. A Nomura Securities broker said he did not expect another cut in Japans discount rate around the time of tomorrows talks but said the meeting would pressure Japan to import more in order to ward off a further yen rise against the dollar. Communications real estate warehouse rolling stock electric power and mining shares fell. The broad-based first section index rose 8.76 to 1942.07 after falling 4.77 yesterday. The second section section index gained 2.77 to 2055.38 extending yesterdays 2.58 rise in turnover of nine mln against seven mln yesterday. REUTER | STOCKS CLOSE AT RECORD HIGH IN HEAVY TOKYO TRADE |
 LONDON DOLLAR CROSS RATES OPENING - APRIL 7 DMK 1.8195/8205 SFR 1.5130/40 FFR 6.0560/80 DFL 2.0540/50 YEN 145.10/20  | |
 ZURICH EXCHANGE OPENING - APRIL 7 us 1.5128-5138 (previous closing 1.5185-5195) stg 2.4526-4557 nkr 22.18-23 can 1.1573-1589 lit 0.11659-11675 dmk 83.09-19 aut 11.8111-8281 dfl 73.61-71 esc 1.0690-0735 ffr 24.97-25.00 ptas 1.1852-1874 bfr 4.0101-0180 austral 0.9875slr dkr 22.03-18 yen 1.0424-0438 skr 23.86-91  | |
 ZURICH DOLLAR FORWARDS 0900 - APRIL 7 one month 0046/0043 two 0083/0080 three 0113/0110 six 0227/0219 twelve 0440/0420 all discs.  | |
 FRANKFURT EXCHS OPG TWO - APRIL 7 can 1.3917/3925 dfl 88.58/62 sfr 120.25/40 lit 1.403/406 ffr 30.04/07 nkr 26.71/73 bfr con 4.828/830 yen 1.2520/2540  | |
 TOKYO GOLD FUTURES CLSG - APRIL 07 (YEN PER GRAM) APR 1985 MAY 1987 JUN 1996 AUG 2006 OCT 2015 DEC 2026 FEB 2038  | |
 FRANKFURT FWDS OPG ONE - APRIL 7 (one three six and twelve mths) us 42/37 123/118 246/236 490/470 discs  |
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