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U.S. Treasury Secretary James Baker holds talks with counterparts from Europe and Japan today to urge them to carry out commitments in a recent accord to speed their economic growth. Baker is also expected to outline proposals for making agreements to coordinate economic policies more binding. The bilateral discussions foreshadow full-blown talks of the Group of Five industrial countries joined later by Italy and Canada to form the Group of Seven. The five comprise finance ministers and central bankers of the United States Japan West Germany France and Britain. The Treasury Secretary is expected to see Japanese Finance Minister Kiichi Miyazawa West German Finance Minister Gerhard Stoltenberg and British Chancellor of the Exchequer Nigel Lawson. Baker and other finance ministers say they intend to reaffirm the Paris Agreement to buttress global economic growth reduce trade imbalances and stabilize currencies. Monetary sources said a short communique to that effect is expected after the meeting ends. These talks form part of this weeks semi-annual meetings of the International Monetary Fund and the World Bank. At the same time monetary sources say they expect Baker to put forward proposals originally outlined at the 1986 Tokyo Summit to tighten procedures for policy coordination. Washington wants other major nations to establish specific policy goals for economic growth inflation current account balance of payments trade balances budget performance monetary conditions and currencies. If actual economic performance veers sharply away from such objectives then countries should consult on whether corrective action is necessary the proposal says. Monetary sources said there was some support for the proposal which may not be made final until the Venice Economic Summit in June but Britain and West Germany were firmly against any attempt to make corrective action automatic. The U.S. Treasury team led by Baker has worked on this plan since last September when it won the support of France. Baker meanwhile will press Japan and West Germany to live up to their commitments made over six weeks ago in Paris to boost their domestic demand to absorb more imports. He is also expected to reassure his counterparts that the Reagan administration will reach agreement with Congress on a significant budget deficit cut this year helping to depress U.S. demand for imports. The aim of the Paris Accord is to redress the huge imbalance between the trade surpluses of Tokyo and Bonn on the one hand and Washingtons massive trade deficit on the other. Japan in particular is under pressure to come up with a meaningful stimulus package or face a further rise in the yen. Financial markets appear to believe the yen should go higher against the dollar a development that has become unacceptable in Japan. The Paris Agreement by the United States Japan West Germany France Britain and Canada called for currencies to be stabilized around current levels. But the dollar fell again just several weeks after the agreement was reached and its present stability is said to be temporary as dealers await the outcome of this weeks talks. Meanwhile representatives of the leading Third World countries continue preparing their position for their ministers to present to industrial nations later this week. Monetary sources said the so-called Group of 24 developing nations are preparing a very tough communique which brands the western strategy for shoring up the debt strategy as a failure. They call instead for vast new assistance from the industrial world and a much greater role for the International Monetary Fund and the World Bank. Reuter | TREASURY'S BAKER TO HOLD TALKS ON ECONOMIC GROWTH |
 N.Y. COMEX ALUMINUM OFFICIAL VOLUME FOR APRIL 6 APL 0 MAY 5 JNE 0 JLY 2 SEP 3 OCT 0 DEC 0 Total 10  | |
Michigan General Corp said holders of 75 pct of its outstanding 10-3/4 pct senior subordinated debentures due December 1 1998 have indicated their intention to tender under the companys current exchange offer and to reach an agreement with the company. It said it hopes to conclude negotiations with the debenture holders and its lenders and to conclude the exchange offer as soon as possible. Michigan General in March had said that the exchange offer would be conditioned on 90 pct acceptance and on its lender waiving or providing relief from loan agreement defaults. Michigan General had also said that the offer would be conditioned on ratification of amendments to the indenture governing the 10.75 pct debentures by holders of two thirds of the issue. It had said that if the offer and talks with its lender did not succeed it would probably have to file for bankruptcy law protection. Michigan General is offering to exchange 500 dlrs of increasing rate senior subordinated notes due March 1 1992 200 dlrs of non-interest bearing delayed convertible senior subordinated notes due March 1 1997 and 2 shares of two dlr delayed convertible preferred stock with a liquidation value of 25 dlrs a share for each 1000 dlrs of the debentures. Reuter | MICHIGAN GENERAL <MGL> GETS OFFER COMMITMENTS |
Egypts Central Bak left the dollar rate for Commercial banks for April 8 unchanged at 1.353/67 pounds. REUTER | EGYPTIAN CENTRAL BANK DOLLAR RATE UNCHANGED |
 N.Y. COMEX COPPER OFFICIAL VOLUME FOR APRIL 6 APL 0 MAY 3406 Jne 0 Jly 1812 SEP 155 DEC 112 JAN 0 MCH 77 MAY 13 JLy 0 SEP 0 DEC 0 JAN 0 Total 6634 TOTAL SWITCHES 1059 (VOL INCLUDED IN MONTHS) Reuter  | |
Stock prices may climb higher today riding a two-day advance that saw the Dow Industrials climb 85 points analysts said. But they cautioned that the market is due for a pause after such a strong climb and could move into a short term consolidation today as well. Yesterday the Dow Jones Industrial average closed above the 2400 mark for the first time ever. Special situations airlines and a strong bond market helped push the average up 15 points to end the day at 2406. Gainers led losers by seven-six on the Big Board while volume slid slightly to 175 mln shares from 213 mln shares last Friday. I think well get a day that will be on balance positive but not any record setter Thom Brown of Butcher and Singer said. Brown said that the market needs a pause before any stronger advance. We need a bit of consolidation here he said. Eighty-five points is just too much too soon. Brown added that the market probably will not pay much attention to the February consumer credit number being released today. The markets been ignoring fundamentals he said. I dont see any problems with the Blue Chips easing higher today Chris Callies of Dean Witter said. But she said the market may have some short term trouble in this 2400 area. Were still in the midst of a correction in the broad market she said. Its not entirely clear that this rally is the end of the two day correction that began last week. In the newspapers -- The Wall Street Journals Heard on the Street said some people feel that when Mesa Limited Partnership provided badly needed assets to NRM Energy in exchange for a large stake in the company the move may have turned NRM into a T. Boone Pickens investment fund. The New York Times Market Place column said the first half hour of trading is becoming more important. That is the time when a large amount of important and growing investment from Japan and Europe enters the market. Indeed the column said that a Salomon Brothers study shows that 44 pct of the markets total gain during the first two and a half months of this year came in the first half hour of trading. Reuter | WALL STREET STOCKS OUTLOOK |
 ACCU-WEATHER HIGHLIGHTS - APRIL 7 The storm that battered the eastern portion of the United States over the weekend with heavy snow and flooding rains will continue weakening today. Only lighter rains will linger from Pennsylvania through New England. The drier weather will be welcome as many streams and rivers are near or over their banks especially in New England. Significant rain has occurred the past two days in the coffee growing regions of Kenya. Prior to Sunday very dry weather had been occurring in the central and eastern portions of the coffee areas. However 0.50 to 2.00 inches and more rain occurred Sunday through Monday helping to erase the moisture deficits that had built up. The western coffee regions also shared in the ample rains of the past couple of days but moisture supplies were already adequate. Moisture supplies in most of the major wheat growing regions of the United States are currently adequate despite dry weather the past week. However there are a couple of pockets where rain would be welcome. The wheat regions of Washington State have been rather dry since the beginning of the year as less than 65 pct of normal precipitation has been recorded. Also the past few weeks have been extremely dry. The wheat areas of Minnesota and eastern North Dakota could also use rain the next few weeks before spring planting begins. Reuter  | |
 N.Y. COMEX GOLD OFFICIAL VOLUME FOR APRIL 6 Apl 447 MAY 0 Jne 32005 AUG 696 OCT 125 DEC 359 FEB 115 APL 14 JUN 204 AUG 762 OCT 1157 DEC 527 TOTAL 36411  | |
Commodity traders expect the futures markets to open as follows based on current London values: Gold - 1.50 to 2.00 dlrs higher Silver - 15.0 to 20.0 cents higher Platinum - 4.00 to 6.00 dlrs higher Palladium - 1.00 to 2.00 dlrs higher Copper - 0.20 to 0.30 cent higher Aluminum - unchanged to 0.10 cent higher World sugar - 0.07 to 0.10 cent lower Cocoa - 10 to 15 dlrs lower Coffee - little changed. Reuter | N.Y. COMMODITY OPENING FORECASTS |
Iraq said today its troops had killed thousands of Iranians in checking a new Tehran offensive on their southern war front. The official Iraqi news agency INA quoted a correspondent in the field as saying Baghdads forces were pursuing retreating Iranian troops. The agency said the al-Ghadeer Brigade of the Iranian Revolutionary Guards and the 21st Brigade had been destroyed in the fighting. The INA correspondent said Iraqi troops had surrounded the Iranians after the overnight attack was launched. Reuter | IRAQ SAYS IRAN OFFENSIVE ON SOUTHERN FRONT CHECKED |
The dollar was fixed slightly above its opening levels in moderately active trading dealers said. The dollar was fixed at 6.0620 francs after an early 6.0565/90 and a late 6.0710/30 range yesterday with dealers unable to pinpoint any specific reason for the slight rise. However the dollar was expected to remain in a narrow trading range ahead of the Washington monetary talks. The mark was fixed at 332.70 francs per 100 after an early 332.72/75 against last nights late 332.70/72 range. REUTER | DOLLAR FIXED SLIGHTLY FIRMER IN PARIS |
Comex gold futures are expected to open 1.50 to 2.00 dlrs higher following London gold. Reuter | COMEX GOLD FUTURES EXPECTED TO OPEN HIGHER |
Comex silver futures are expected to open 15.0 to 20.0 cents higher following London silver prices. Reuter | COMEX SILVER FUTURES EXPECTED SHARPLY HIGHER |
LME morning ring dealings in copper ended with three months Grade A business at 883 stg per tonne up seven stg from yesterdays afternoon kerb close equivalent to 1417 dlrs per tonne a rise of 11 dlrs. Morning ring dealings featured a wave of cash pricing purchases near the official close which established an indicated spread backwardation of 37 stg after earlier borrowing at a premium of 32 stg unchanged from yesterday afternoon traders said. Forward values extended pre-market gains despite currency factors with short covering and some chart support evident. Ring dealings also included options-linked borrowing interest from end April dates for one month at a backwardation of 23 stg. Analysts said the 870 stg area appears to have provided a minor chart support base although upside potential remains limited against a background of routine physical demand and a buoyant U.K. Currency. On the pre-market activity was mainly dollar-based and within the range 1408 to 1411 dlrs per tonne traders said. Standard grade retained a spread backwardation of 10 stg but was tradeless. REUTER | LME COPPER MIDSESSION FEATURES CASH PRICING |
Italys government is expected to fall tomorrow after the majority Christian Democrats decided to withdraw their 16 ministers unless Socialist Prime Minister Bettino Craxi resigned political sources said today. They said the decision brought the prospect of early general elections even closer. After a tense eight-hour meeting the Christian Democrat leadership late last night said it registered the dissolution of the present government in which the party provides more than half the 30 ministers. Party leader Ciriaco De Mita told reporters that when Craxi went to parliament for a confidence debate. There wont be a Craxi government any more ... I dont believe you can have a confidence vote for a government which does not exist. Craxi announced today after being told of the Christian Democrat decision that a cabinet meeting would be held tomorrow afternoon and he would then go to the Senate (upper house). The sources said that at the cabinet meeting the Christian Democrats senior partners in a coalition including Social Democrats Liberals and Republicans as well as the Socialists would tell Craxi he had to resign. If he refused to do so and insisted on a full debate they would withdraw their ministers forcing the collapse of the government before a confidence vote the sources said. Reuter | ITALIAN GOVERNMENT EXPECTED TO FALL TOMORROW |
 N.Y. COMEX SILVER OFFICIAL VOLUME FOR APRIL 6 APL 0 May 28932 Jne 9 JLY 6188 SEP 737 DEC 1151 JAN 1 MCH 78 MAY 691 JLY 1016 SEP 662 DEC 85 Jan 0 Total 39530 Reuter  | |
Cattle prices expected 0.50 to 1.00 dlr higher on estimated receipts of 900 head private sources said. Steer top seen at 67.00 to 67.50 and Heifers at 66.00 dlrs. Sources expect support from good buyer demand influenced by higher trending wholesale carcass beef. Reuter | SIOUX CITY CATTLE SEEN UP 0.50-1.00 DLR-PRIVATE |
Hog prices expected 0.50 dlr higher on estimated receipts of 3200 head private sources said. Top seen at 51.00 dlrs per cwt. Sources cited higher cut-out values late yesterday. Reuter | SIOUX CITY HOGS SEEN UP 0.50 DLR - PRIVATE |
Comex copper futures are expected to open 0.20 to 0.30 cent higher based on London copper prices. Reuter | COMEX COPPER FUTURES EXPECTED TO OPEN HIGHER |
Trade house pricing purchases of cash metal at the end of the official ring gave the LME lead market a firmer tone this morning dealers said. The cash metal price rose from 805.50 up to 807 stg before the pricing demand was satisfied. The backwardation widened to around six stg a tonne from three stg yesterday. Some buying interest was stimulated for three months delivery up to 301 stg and the 483 dlrs equivalent but dealers generally reckoned this was range trading and expected resistance to develop around 305 stg or 485 dlrs. REUTER | LME LEAD MIDSESSION FIRMER ON CASH METAL DEMAND |
 LONDON DOLLAR FLUCTUATIONS 1400 - APRIL 7 STG 1.6195/6205 DMK 1.8220/30 SFR 1.5110/20 DFL 2.0555/65 FFR 6.0600/50 YEN 145.10/20 LIT 1297/1299 BFC 37.73/76  | |
 WEST GERMAN METALS - APRIL 7 copper basis lme settlement high grade del notiz 276.48/277.95 lead in cables 99.94 pct 98.50/99.50  | |
 LONDON PLATINUM FREE MARKET - APR 7 At 1400 hours dealers indicated London free market Platinum in a range of 565.50 567.00 dlrs per troy ounce.  | |
 ODD LOT SALES FOR APR 6 Customer purchases 480699 Short sales 1997 Other sales 724486 Total sales 726483  | |
 FRENCH COPPER - APR 7 Cathodes 932 francs per 100 kilos.  | |
CLOSE APRIL 6 CENTS PER LB CHANGE CHOICE STEERS YIELD GRADE 3 600/700 unquoted 700/800 unquoted 800/900 unquoted CHOICE HEIFERS 500/550 88A unch 550/700 93-95 unch Reuter | CASH WHOLESALE BEEF PRICES |
CLOSE APRIL 6 CENTS PER LB CHANGE BELLIES 12-14 60 up 1 to up 2 14-16 60 up 1 16-18 57 unch HAMS 14-17 78-1/2 unch 17-20 84 up 1-1/2 LOINS 14-18 98 unch 18-22 96 unch Reuter | CASH WHOLESALE PORK PRICES |
Hog prices are expected 0.50 dlr higher on estimated receipts of 3000 head private sources said. Top seen at 51.00 dlrs per cwt. Reuter | SIOUX FALLS HOGS SEEN UP 0.50 DLR - PRIVATE |
Cattle prices are expected 0.50 dlr higher on estimated receipts of 1200 head private sources said. Steer top 67.50 and Heifers at 66.00 dlrs. Reuter | SIOUX FALLS CATTLE SEEN UP 0.50 DLR - PRIVATE |
LME zinc was quiet throughout the morning with very little dealing after some light trade selling on the pre-market dealers said. Three months delivery ended official ring dealings quoted at 454.50/455 stg a tonne down around two stg from yesterday afternoons kerb close. The pre-market dollar based trade selling pushed three months down to a 730 dlrs equivalent but attracted no follow through selling and the price held at that level for the rest of the morning. REUTER | LME ZINC MIDSESSION SLIGHTLY EASIER |
total 156708754 off 323664. Chase Manhattan 30034873 unch Citibank 61107328 off 340082 Iron Mountain 25980352 unch Irving Trust. 1316184. unch Republic. Natl 33008542 up 16418 Swiss.Bank. 5261475 unch. COPPER total 96547 off 667. Port of New York 6468 unch New Haven 4351 off 605 Stratford Conn 785 unch Camden N.J. 62 unch Reading. Pa. 13 unch Phila nil nil Balt 12 unch Chicago 362 unch E. ST Louis 991 off 37 St Louis 38 unch New Orleans. 464 off 25 Amarillo Texas 10907 unch El Paso Tex. 45406 unch Demming N Mex 10077 unch Tacoma. Wash. unch. GOLD - total 2763817 off 65437. Chase Manhattan 728239 off 64533 Citibank 1419438 off 904 Iron Mountain 270748 unch Irving Trust 1949. unch Republic National 174396 unch Swiss Bank 169047 unch. ALUMINUM - total 8627 off 20. Charlotte N.C. nil unch New Haven 0 unch New Orleans 734 off 20 Seattle nil unch Tacoma Wash 885 unch. VancouverWash 7008 unch. Reuter | N.Y. COMEX METALS WAREHOUSE STOCKS - APRIL 7 |
A Brazilian seamens strike which began on February 27 and has been tapering off for weeks has now ended a seamens spokesman said. The spokesman said the seamen had signed an agreement with the state-owned Lloyd Brasileiro company on Saturday for a 120 pct salary rise. The national strike had been tailing off since mid-March as seamen struck individual accords with companies. At the height of the stoppage seamen said about 200 ships were strike-bound. Reuter | BRAZIL SEAMEN'S STRIKE ENDS |
Ing. C. Olivetti EC Spa <OLIV.MI> plans to announce a new line of computer products in June company chairman Carlo De Benedetti said at a news conference. De Benedetti said the new products would include personal computers and would compete with the new computers announced last week by International Business Machines Corp <IBM>. De Benedetti reiterated that Olivettis provisional figures show that 1986 turnover rose 1160 billion lire to 7300 billion lire and that net profit will be more than 550 billion lire compared with 503.7 billion the year before. This year will be a year of consolidation of the results reached thus far and characterized by an important renewal of the product line and the turnaround of Triumph Adler he said. Olivetti acquired West German typewriter maker <Triumph Adler> from Volkswagen AG <VOWG.F> last year . As part of the deal VW bought a five pct stake in Olivetti. De Benedetti added that Olivetti would continue to seek international alliances. Reuter | OLIVETTI TO ANNOUNCE NEW COMPUTER LINE IN JUNE |
South African gold holdings rose 172.56 mln rand to 4.17 billion rand in March after rising 39 mln rand to 4.0 billion rand in February Reserve Bank figures show. In volume terms gold holdings rose to 5.51 mln ounces in March from 5.26 mln ounces in February valued at 757.24 rand an ounce for March versus 754.59 rand an ounce for February. Total gold and foreign assets rose to 6.30 billion rand from 6.22 billion of which the gold content increased to 66.22 pct from 64.3 pct. Foreign bills remained at zero in March while investments fell slightly to 105.69 mln rand from Februarys 106.56 mln rand and other assets to 2.02 billion rand from 2.11 billion the figures showed. Total liabilities fell to 12.21 billion rand in March after rising to 13.62 billion in February. REUTER | SOUTH AFRICAN GOLD HOLDINGS RISE IN MARCH |
Cattle prices are expected to range from steady to 0.50 dlr higher on estimated receipts of 2700 head private sources said. Steer top seen at 68.00 and Heifers at 66.50 dlrs. Sources said death losses that were reported in part of the high plains areas were causing concern in the industry. Reuter | OMAHA CATTLE SEEN STEADY/UP 0.50 DLR - PRIVATE |
Iran reported launching a new offensive east of Iraqs southern city of Basra while Baghdad said its forces had repulsed the attack killing thousands of Iranians. - - - - BEIRUT - Rescue workers planned to evacuate wounded from Palestinian refugee settlements in Beirut in a bid to relieve the plight of the besieged community Palestinian sources said. - - - - CAIRO - Egypts opposition charged that yesterdays general election was rigged as early results showed President Hosni Mubaraks ruling National Democratic Party (NDP) heading for a big majority in Parliament. - - - - ZEEBRUGGE Belgium - A stricken British car ferry in which up to 140 bodies could still be trapped rose slowly from the North Sea in a mammoth salvage operation off the coast. - - - - BUENOS AIRES - Pope John Paul starting a one-week tour of Argentina told politicians they should always defend human rights and that even in difficult situations no government had a right to respond to violence with violence. - - - - TOKYO - Japans ruling Liberal Democratic Party outlined a package of economic measures under mounting protectionist pressure from the United States. Meanwhile visiting British Corporate Affairs Minister Michael Howard told Japan to resolve a telecommunications row with his country or face an abrupt deterioration in trading relations. - - - - MANILA - Communist rebels said they had destroyed a vital military communications station in the Northern Philippines and an army spokesman said seven rebels were killed in a gun battle in the southern region. - - - - BELFAST - Mourners clashed with police at an Irish Republican Army (IRA) funeral in Northern Ireland prisoners rioted in a high-security jail and guerrillas attacked security bases. - - - - FREETOWN Sierra Leone - Sierra Leones former vice-president Francis Minah sacked two weeks after a failed coup has been detained on suspicion of involvement in the plot police sources said. - - - - BELGRADE - Over 2000 Yugoslav firms with almost 600000 workers are heading for bankruptcy a trade union chief said. Newspapers quoted union leaders as saying recent strikes would be aggravated when the authorities force loss-making companies to shut down. - - - - BRUNSWICK West Germany - A former chief of foreign exchange at Volkswagen has been arrested in connection with a scandal which may have cost the carmaker millions of dollars the chief state prosecutor said. - - - - NEW DELHI - Hindus staged their biggest-ever rally in Delhi to press their claim against Indias Moslem minority for control of a shrine disputed by the two faiths. REUTER | BC-WORLD-HIGHLIGHTS |
 NY COMEX GOLD OPG TRENDS 7-APR OPEN P SETT APR7 4205 4185 MAY7 -- 4202 JUN7 4250 4226 AUG7 4300 4273 OCT7 4340 4317 DEC7 4373 4361 FEB8 4430 4407 APR8 -- 4453 JUN8 -- 4498 AUG8 -- 4546 OCT8 -- 4595 DEC8 -- 4644 FEB9 -- 4692  | |
Magma Copper Co a subsidiary of Newmont Mining Corp said it is raising its copper cathode price by 0.50 cent to 66.00 cents a lb effective immediately. Reuter | MAGMA RAISES COPPER PRICE 0.50 CT TO 66.00 CTS |
INTERCO INC 4TH QTR SHR 99 CTS VS 97 CTS |
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 USSR EXCHANGE RATES - SOVIET STATE BANK EFFECTIVE APRIL 1 1987 ROUBLES PER HUNDRED UNLESS STATED U.S. 63.60 (64.07) STG 102.56 (103.41) BFR (1000) 17.01 (16.99) DMK 35.43 (35.24) DFL 31.20 (31.18) LIT (10000) 4.94 (4.96) CAN 48.79 (49.04) DKR 9.32 (9.35) NKR 9.34 (9.30) FFR 10.59 (10.57) SKR 10.06 (10.07) SFR 42.33 (42.05) YEN (1000) 4.34 (4.25) AUS SCH 5.01 (UNCH) AUS DLR 44.77 (43.89) PAK RUP 3.74 (UNCH) IND RUP 5.10 (UNCH) IRN RYL 0.88 (UNCH) LIB DIN (ONE) 2.09 (UNCH) MRC DRHM 7.78 (UNCH)  | |
The U.S. Feeder Steer Price or USFSP as posted by the CME is calculated by Cattle Fax and represents the price used for cash settlement of the CME Feeder Cattle contract. The USFSP is a seven-calendar-day average of feeder steer prices from 27 states based on auction and direct country sales for feeder steers that weigh between 600 and 800 lbs and are estimated to grade between 60 and 80 pct choice when fed to slaughter weight. April 5 Previous quote 69.35 69.25 April 3 69.32 Reuter | U.S. FEEDER STEER PRICE |
 NYMEX PLATINUM OPG TRENDS 7-APR OPEN P SETT APR7 5670L 5680H 5629 MAY7 -- -- JUN7 -- 5663 JUL7 5730L 5740H 5686 OCT7 5785L 5790H 5728 JAN8 5820B 5830A 5771 APR8 5890 5816 JUL8 5900B 5950A 5866  | |
 ZURICH GOLD 1515 - APRIL 7 pool 419.00-422.00 (418.50-421.50 at 1415) interbank 420.00-420.50 (420.00-420.50 at 1415)  | |
 NYMEX PALLADIUM OPG TRENDS 7-APR OPEN P SETT APR7 -- 13030 MAY7 -- JUN7 13050L 13125H 13030 SEP7 13100L 13125H 13005 DEC7 13110 12980 MAR8 13025B 13125A 12980 JUN8 13025B 13100A 12980  | |
 NY COMEX SILVER OPG TRENDS 7-APR OPEN P SETT APR7 -- 6548 MAY7 6730 6580 JUN7 -- 6617 JUL7 6840 6654 SEP7 6910 6730 DEC7 7010 6838 JAN8 -- 6876 MAR8 7130 6946 MAY8 7210 7025 JUL8 7280 7109 SEP8 7400 7194 DEC8 7540 7327 JAN9 -- 7373  | |
Kaneb Energy Partners Ltd 82 pct owned by Kaneb Services Inc <KAB> said a juiry in Circuit Court of Tuscaloosa County Ala. has ruled in its favor and that of Jim Walter Corp <JWC> against Sonat Inc <SNT> in a dispute over a natural gas sales contract. The company said the suit was filed seekiong to enforce Sonats obligations under the contract to pay for methane gas produced by the Brookwood Coal Degasificiation Project in the Black Warrior Basin of Alabama which is equally owned by Kaneb and Jim Walter. Kaneb said the jury awarded it and Jim Walter about 22 mln dlrs for required payments for deliveries through January 1987 plus interest through March 16 -- the full amount sought -- and rejected Sonats counterclaim of fraud. It said the decision may be appealed. Reuter | KANEB ENERGY <KEP> SAYS JURY RULES FOR IT |
Rent-A-Center Inc is raising 35 mln dlrs via an offering of convertible subordinated debentures due 2012 with a 5-3/4 pct coupon and par pricing said sole manager Morgan Stanley and Co Inc. The debentures are convertible into the companys common stock at 40.50 dlrs per share representing a premium of 25.58 pct over the stock price when terms on the debt were set. Non-callable for two years the issue is rated Ba-3 by Moodys Investors Service Inc and BB-minus by Standard and Poors Corp. Reuter | RENT-A-CENTER <RENT> SELLS CONVERTIBLE DEBT |
Whittaker Corp said it has completed the previously-announced sale of its wholly-oiwned Whittaker General Medical Corp subsidiary to R.A.B. Holdings Inc for undisclosed terms. Whittaker General Medical has annual revenues of about 450 mln dlrs. Reuter | WHITTAKER <WKR> COMPLETES SALE OF MEDICAL UNIT |
 LIVE HOG DELIVERY INTENTIONS FOR April 7 DELIVERED RECEIVED Nil Up to July 28 1986 total to date nil Reuter  | |
Big Bear Inc said it has filed for a secondary offering of one mln of its common shares to be made by Odyssey Partners and Dover Fund Inc. Lead underwriters are <Goldman Sachs and Co> and <Oppenheimer and Co Inc>. Underwriters have been granted an overallotment option for up to 150000 more shares. Reuter | BIG BEAR <BGBR> FILES FOR SECONDARY OFFERING |
Wang Laboratories Inc said it has added two entry-level 32-bit minicomputers to its TEMPEST systems product line. It said the low-cost VS 5T and VS 6T priced at 13500 dlrs and 21500 dlrs respectively maintain software and peripheral compatibility with all VS systems. The new systems can be configured both as standalone processors and as end-node systems in large distributed networks. Wang also said it is introducing a 1/4-inch streaming caRtridge tape drive for system back-up and two SCSI-technology portable Winchester disk drives for increased security greater capaicty and faster throughput. It said the caRtridge tape dirve is priced at 4000 dlrs. The new disk drives are priced at 9000 dlrs for a 72MB model and 15000 dlrs for a 145MB model. The company said the new computers and storage devices available in May comply with the U.S. Governments NACSIM 5100A specifications. Reuter | WANG <WAN B> ADDS ENTRY-LEVEL TEMPEST UNITS |
StarTel Corp said it expects to report a first quartter loss on a 25 to 30 pct revenue fall from the year-earlier 2524000 dlrs. The company earned 64000 dlrs in last years first quarter. Reuter | STARTEL <STAS> TO HAVE LOSS, SALES DROP |
Datron Systems Inc said it expects to report a falloff in earnings for the year ended March 31 of about 25 pct from fiscal 1986 levels. In fiscal 1986 Datron earned 1776000 dlrs. The company said new orders for the year just ended however rose 50 pct to 26 mln dlrs bringing backlog at year-end to 19 mln dlrs. Reuter | DATRON SYSTEMS <DTSI> SEES LOWER YEAR NET |
DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT |
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Enterra Corp said it has completed the sale of its Hale Fire Pump co and Macomson Machine Co subsidiaries to a company formed by Los Angeles investment firm McBain Rose Partners for about 27 mln dlrs in cash. Both Hale and Macomson make fire pumps and related equipment. Reuter | ENTERRA CORP <EN> SELLS TWO UNITS |
Vancouver Stock Exchange said March volume was 479.2 mln shares its highest monthly volume ever and up from 270.1 mln in March 1986 and share value was 679.1 mln dlrs up from 381.4 mln dlrs a year ago and second only to November 1980s 731.4 mln dlrs. For the first quarter it said volume was 1.2 billion shares the largest ever for a quarter and up 38.7 pct from a year earlier and share value was 1.6 billion dlrs second only to 1.7 billion dlrs in the fourth quarter of 1980 and up 47 pct from last years first quarter. Reuter | VANCOUVER EXCHANGE MARCH VOLUME RISES |
Compaq Computer Corp said cofounder and vice president of sales is resigning effective April 20 and will enter a masters in religious education program in Houston this summer. Reuter | COMPAQ COMPUTER <CPQ> COFOUNDER LEAVING |
FMD Inc said it has agreed to acquire Bankers Protective Financial Corp for 28836000 common shares subject to approval by the Texas State Board of Insurance. Bankers Protective is a life insurance company based in Texas. Reuter | <FMD INC> IN MERGER AGREEMENT |
Shr not given Net profit 1033000 vs loss 4346000 Sales 6060000 vs 5818000 NOTE: Company operating in Chapter 11 bankruptcy. 1985 sales exclude contract revenues of 3217000 dlrs. 1986 net includes reversal of 597000 dlrs of reserves no longer deemed necessary and tax credit 340000 dlrs. Reuter | <BEDFORD COMPUTER CORP> YEAR NET |
Hog prices advanced 2.00 dlrs at the opening private sources said. Top seen at 52.00 dlrs per cwt. Reuter | PEORIA HOGS OPEN UP 2.00 DLRS - PRIVATE SOURCES |
Shr 99 cts vs 97 cts Net 31011000 vs 30899000 Sales 651.5 mln vs 583.1 mln Year Shr 3.13 dlrs vs 2.92 dlrs Net 98643000 vs 92347000 Sales 2.61 billion vs 2.51 billion NOTE: 1986 results reflect two-for-one stock split of July 23 1986 Reuter | INTERCO INC <ISS> 4TH QTR FEB 28 NET |
 N.Y. SUGAR NO.11 OFFICIAL VOLUME FOR APRIL 6 MAY 4618 Jly 1415 SEP 6 OCT 1334 JAN 2 Mch 343 MAY 0 JLY 51 Total official volume 7769 Reuter  | |
 N.Y. MONEY OPENING INDICATIONS - APR 7 Federal funds 6-1/8 TREASURY BILLS 90 days 5.52/51 180 days 5.67/66 One year 5.76/75  | |
LME nickel ended the morning with three months business at 2365 stg per tonne up about seven stg from yesterdays afternoon kerb close equivalent to 1.7225 dlrs per lb a rise of 0.5 cents. The market traded up to 2370 stg near the official morning ring close under the influence of trade buying before speculative selling halted the advance traders said. Borrowing interest over the last two delivery months was seen at a narrower contango of five stg. The market now appears to be showing signs of mild dollar-based bullishness analysts said. REUTER | LME NICKEL MIDSESSION BOOSTED BY TRADE BUYING |
Household International Inc said it expects its fully diluted earnings per share for the first quarter to be about 35 pct above the same year-ago period. It also looks for 1987 full-year fully diluted earnings to be about 20 pct higher than the record 4.31 dlrs a share reported for 1986. Chairman Donald Clark in remarks prepared for delivery to New York security analysts cited increased earnings from Household Financial Services and excellent return on equity from Household Manufacturing combined with the impact of our share repurchase program will result in higher earnings per share and improved return on equity in 1987. Reuter | HOUSEHOLD INT'L <HI> PROJECTS EARNINGS RISE |
Cocoa futures are expected to open 10 to 15 dlrs lower following London cocoa prices. ---- Buffer stock purchases could reach 75000 tonnes in a matter of weeks without lifting prices significantly London cocoa traders said....Cocoa Producers Alliance heard address from Cameroon minister urging coordination of sales policies among members who account for 80 pct of world output....CPA meeting to discuss a backup withholding scheme if the International Cocoa Agreement fails to defend prices.... Norway said it would check imported cocoa beans and most chocolate brands on sale after an outbreak of salmonella poisoning while Ghana news agency scorned report....Sterling opened at 1.6195/05 dlrs in New York from 1.6175/85 yesterday. Reuter | NEW YORK COCOA FUTURES EXPECTED TO OPEN LOWER |
Hog prices added 1.00 dlr at the opening private sources said. Top 51.00 dlrs per cwt. Reuter | ST LOUIS HOGS OPEN UP 1.00 DLR - PRIVATE |
 BELGIAN COPPER AFTERNOON - APRIL 7 Prices in francs per tonne SGM Base price 57410 GECAMINES COMMERCIALE Base price 57410  | |
Rescue workers planned to evacuate wounded from Palestinian refugee settlements in Beirut in a bid to relieve the plight of the besieged community Palestinian sources said. CAIRO - Egypts opposition charged that yesterdays general election was rigged as early results showed President Hosni Mubaraks ruling National Democratic Party (NDP) heading for a big majority in Parliament. ZEEBRUGGE Belgium - The stricken British car ferry Herald of Free Enterprise in which up to 140 bodies could still be trapped rose slowly from the North Sea in a mammoth salvage operation off the coast. BUENOS AIRES - Pope John Paul starting a one-week tour of Argentina told politicians they should always defend human rights and that even in difficult situations no government had a right to respond to violence with violence. MANILA - Communist rebels said they destroyed a vital military communications station in the Northern Philippines and an army spokesman said seven rebels were killed in a gun battle in the southern region. BELFAST - Mourners clashed with police at an Irish Republican Army funeral in Northern Ireland prisoners rioted in a high-security jail and guerrillas attacked security bases. FREETOWN Sierra Leone - Sierra Leones former vice-president Francis Minah sacked two weeks after a failed coup has been detained on suspicion of involvement in the plot police sources said. BELGRADE - Over 2000 Yugoslav firms with almost 600000 workers are heading for bankruptcy a trade union chief said. Newspapers quoted union leaders as saying recent strikes would be aggravated when the authorities force loss-making companies to shut down. NEW DELHI - Hindus staged their biggest-ever rally in Delhi to press their claim against Indias Moslem minority for control of a shrine disputed by the two faiths. REUTER | REUTER WORLD NEWS HIGHLIGHTS 1300 GMT APRIL 7 |
LME aluminium prices eased this morning under light dollar based selling of three months delivery but persistent covering of nearby short positions widened the backwardation to around 69 stg from 66 yesterday dealers said. Three months ended official ring dealings at 805.50 stg down 2.50 stg a tonne from yesterday afternoons kerb close and the dollar equivalent traded from 1299 on the pre-market down to 1293 dlrs at the end of the rings and compared with 1298 yesterday. The nearby covering was prompted by supply tightness created by likely large April option declarations but no reports circulated this morning of any further enquiry for short term April options. This was evident Friday and yesterday. REUTER | LME ALUMINIUM MIDSESSION SEES WIDER BACKWARDATION |
LME silver ended the morning with the three months large contract trading at a new five month high of 420 pence per troy ounce compared with 415/418 pence indicated on yesterdays afternoon kerb close. Traders said the market is continuing to be largely marked-up in sympathy with bullion movements but investors have been generally reluctant to participate in LME silver trading ever since the traumatic period some seven years ago when the market was subjected to massive speculative manipulation. REUTER | LME SILVER REACHES FIVE MONTHS HIGH BY MIDSESSION |
 LONDON GOLD PRE-AFTERNOON FIX - APRIL 7 419.60/420.10 dlrs  | |
A total of 14685 tonnes of British intervention feed wheat were sold at todays tender for the home market the Home Grown Cereals Authority said. Bids amounted to 19115 tonnes against offerings of 31528. Prices paid were at or above the prevailing intervention feed wheat price of 120.71 stg per tonne. Grain traders said a large part of the tonnage on offer was in stores which would mean high transport costs to deficient areas. The European Commission recently made available 70000 tonnes for next weeks tender. Reuter | U.K. INTERVENTION WHEAT SOLD TO HOME MARKET |
Coffee futures are expected to open little changed following London coffee prices. ----- U.S. State Dept. undersecretary Allen Wallis said U.S. will wait until September International Coffee Organization meeting to discuss export quotas again....Brazils seamen strike officially ended....Brazils IBC closed May registrations after two days saying coffee exporters had registered 2.05 mln bags....Coffee C daily price limit now 6.0 cents a lb expandable to 9.0 cents from previous 4.0 to 6.0 cent limits....Other milds producers to meet May 4 in Guatemala....ICO member exports dropped to 21.4 mln bags in first five months (Oct/Feb) of 1986/87 year from 28.2 mln last year....Significant rain has fallen in Kenya coffee regions. Reuter | NEW YORK COFFEE FUTURES CALLED LITTLE CHANGED |
A unit of Banca Nazionale del Lavoro is issuing a 15 billion yen eurobond due May 12 1992 paying 4-1/2 pct and priced at 101-1/2 pct market sources said. The joint bookrunners are Tokai International and Daiwa Europe Ltd. The formal name of the borrower is Banca Nazionale del Lavoro (London Branch) (Through the Law Debenture Corporation Plc). The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/4 pct while management and underwriting combined pays 5/8 pct. The payment date is May 11 and there will be a long first coupon period. REUTER | BNL UNIT ISSUES 15 BILLION YEN EUROBOND |
Hog prices opened 0.50 dlr higher private sources said. Top 51.00 dlrs per cwt. Reuter | ST PAUL HOGS OPEN UP 0.50 DLR - PRIVATE SOURCES |
The dollar opened lower following the trend set earlier in the Far East and Europe dealers said. Still the U.S. currency remained well within recent trading ranges because few operators are prepared to go out on a limb ahead of todays meeting of Group of Five finance ministers and central bankers in Washington. The overnight sell-off was partly due to skepticism that this weeks monetary talks will yield new or lasting measures to stabilise currencies. But whatever their opinions U.S. dealers remained cautious of selling the dollar aggressively. The dollar opened at 145.10/20 yen down from 145.85/90. The dollars decline occurred despite renewed Bank of Japan intervention on its behalf in Tokyo dealers noted. Dealers in Japan said the central bank bought dollars steadily for yen during Tokyo hours. There were some large sell-orders in Tokyo but apparently it wasnt too hectic said a dealer at one major U.S. bank. The tone still is very cautious ahead of the Washington meetings. The dollar also opened at 1.8220/30 marks down from 1.8260/70 at last nights close and at 1.5120/30 Swiss francs down from 1.5180/90. Meanwhile sterling prolonged its advance with the aid of more public opinion polls indicating the ruling Conservative party would retain power with a large majority in any general election. Sterling rose to 1.6186/91 dlrs from 1.6175/85 on Monday but eased slightly to about 2.953 marks from 2.955. Dealers did not detect any U.K. intervention to subdue the pound today. Some said the U.K. central bank may have bought dollars for yen in Europe but this could not be confirmed. The dollar eased to 1.3071/76 Canadian dollars from 1.3080/85 yesterday showing limited response to president Reagans endorsement of efforts for U.S./Canada free trade. Reuter | DOLLAR OPENS LOWER IN NEW YORK |
 LONDON METAL SPOTS 1430 - APR 7 All nominal Stg per tonne dlvd UK byrs. Brass ingots 750 770 Brass scrap 460 480 Copper scrap 775 835 Gunmetal LG2 860 880 Phosphor bronze ingots 1490 1510 Zinc scrap 180 230  | |
Data General Corp said it expects to record an extraordinary pretax charge of about 18.2 mln dlrs in the second quarter ended March 28. The company said the charge will result from a redemption of debt. On May 18 Data General said it will redeem 150 mln dlrs of outstanding 12-3/8 pct sinking fund debentures due 2015. The redemption price will be 111.138 pct of the total principal amount of notes then outstanding plus accrued interest to the redemption date it said. No interest will accrue or will be payable on the debentures starting May 18 the computer and communications company said. Data General reported a loss of 1.8 mln dlrs or six cts a share for the second quarter ended March 29 1986. The loss included a charge of 3.8 mln dlrs from redemption of debentures. In the year-ago quarter revenues fell less than one pct to 318.8 mln dlrs. Reuter | DATA GENERAL <DGN> TO TAKE 2ND QTR CHARGE |
 CBT SILVER OPG TREND 7-APR 1000 OUNCE OPEN P SETT APR7 6700L 6720H 6570 MAY7 6730L 6750H 6600 JUN7 6780L 6790H 6640 AUG7 6860L 6880H 6720 OCT7 6980 6800 DEC7 7070H 7040L 6880 FEB8 7100A 6960 APR8 7250 7040 JUN8 7350 7120 AUG8 7350B 7400A 7200  | |
 LONDON STERLING RATES MIDAFT - APRIL 7 US 1.6188/95 YEN 234.95/235.15 CAN 2.1155/80 DKR 11.1175/1300 DMK 2.9515/45 NKR 11.0350/0480 DFL 3.3290/3320 SKR 10.2700/2840 SFR 2.4470/4500 AUS SCH 20.72/74 BFC 61.05/16 PORT 227.50/229.60 FFR 9.8170/8270 SPAIN 206.65/95 LIT 2100/2102 IRL 1.1035/60 ECU 1.4194/4212  | |
Malaysian and Indonesian palm oil production is likely to drop sharply this year due to lower yields the Hamburg-based newsletter Oil World said. The publication expects total Malaysian output during Jan/Sept 1987 to decline by eight pct to 3.05 mln tonnes. For East Malaysia it put production during the period at 297000 tonnes after 312000 a year earlier and for West Malaysia 2.75 mln compared with just over 3.0 mln during Jan/Sept 1986. It said new plantings had slowed markedly in both countries but the effects of this will not be felt until 1988-90. Above normal yields during recent years resulted in trees reacting to the stress by changing the sex ratio to more male inflorescences and/or aborting more female Oil World said. Yields per hectare are also likely to be adversely affected this year by insufficient rain up to 25 months ago. This could especially affect trees in West Malaysia during April/June while in East Malaysia the impact will be in February/April and July/Dec and in Indonesia July/Sept. Last years cut in fertilizer use will hit this years yields and bigger effects are expected within the next three years Oil World said without elaborating. Opening stocks in West Malaysia at the start of this year were put at only 565000 tonnes compared with 914000 in January 1986 Oil World said. West Malaysian net exports are therefore expected to drop 500000 tonnes to 2.54 mln during Jan/Sept while those of East Malaysia are likely to decline by 10 pct to 280000 tonnes. Indonesian palm oil production is forecast to fall about eight pct during Jan/May but to rise from June on. Overall Indonesian output during Jan/Sept is forecast to rise three pct to 933000 tonnes. Indonesian stocks as of April 1 however are put at only 65000 tonnes compared with 160000 a year ago. Indonesian export commitments and domestic requirements are both running at high levels Oil World said and it expects the countrys imports to reach a record 110000 tonnes during Jan/Sept. The bulk of this will arrive during Feb/May ahead of the April elections and the religious Ramadan festival throughout May it said. Indonesian net exports therefore may fall by 29 pct to 350000 tonnes Oil World said. The possibility that recent Indonesian palm oil purchases will not actually enter the country but be transshipped to other countries to fulfill Indonesias export orders cannot be ruled out it said. REUTER | PALM OIL OUTPUT SEEN DROPPING SHARPLY - OIL WORLD |
The Bank of England said it provided the money market with a further 284 mln stg assistance in the afternoon session. This takes the banks total help so far today to 508 mln stg and compares with its revised estimate of a 900 mln stg shortage in the system which it earlier revised up from 850 mln. The central bank made outright purchases of bank bills comprising 100 mln stg in band one at 9-7/8 pct 56 mln stg in band two at 9-13/16 pct 112 mln stg in band three at 9-3/4 pct and 16 mln stg in band four at 9-11/16 pct. REUTER | U.K. MONEY MARKET GIVEN FURTHER 284 MLN STG HELP |
 NY COMEX SILVER 09:30 APR7 UNTRD MAY7 6685 UP 105 JUN7 UNTRD JUL7 6760 UP 106 SEP7 6830 UP 100 DEC7 6970 UP 132 JAN8 UNTRD MAR8 7090 UP 144 MAY8 7250 UP 225  | |
 CME LIVE CATTLE CERTIFICATES FOR April 6 delivered received Refco 3 - Goldberg 1 - Hutton 1 - Merrill 4 - Miller 12 - Collins 2 - RJO 7 - RBH 8 - Stotler 4 43 ADM 1 - Total 43 43 Partly through Feb 19 1987 total to date 376 demands 0 reclaims 0 total to date demands 56 reclaims 15 for April 6 (TENDERS RETENDERS DEMANDS AND RECLAIMS): AT NO ACCRUED CHARGE - TENDERS - Joliet 29 Peoria 6 Sioux City 8 DEMANDS - nil AT 1.5 CENT ACCRUED CHARGE - RETENDERS - nil DEMANDS - nil RECLAIMS - nil AT 3.00 CENT ACCRUED CHARGE - RETENDERS - nil DEMANDS - nil RECLAIMS - nil ACTUAL DELIVERIES - Joliet 12 Peoria 3 Sioux City 18 Omaha 8 Reuter  | |
 NY COMEX GOLD OPG 7-APR OPEN P SETT APR7 4205 4185 MAY7 4222B 4227A 4202 JUN7 4250 4226 AUG7 4293B 4298A 4273 OCT7 4340 4317 DEC7 4373 4361 FEB8 4430 4407 APR8 4473B 4478A 4453 JUN8 4518B 4523A 4498 AUG8 4566B 4571A 4546 OCT8 4615B 4620A 4595 DEC8 4664B 4669A 4644 FEB9 4712B 4717A 4692  | |
 NY COMEX SILVER OPG 7-APR OPEN P SETT APR7 6698B 6718A 6548 MAY7 6730 6580 JUN7 6767B 6787A 6617 JUL7 6840 6654 SEP7 6910 6730 DEC7 7010 6838 JAN8 -- 6876 MAR8 7130 6946 MAY8 7210 7025 JUL8 7280 7109 SEP8 7344B 7364A 7194 DEC8 7540 7327 JAN9 7523B 7543A 7373  | |
Sesostris the Spanish subsidiary of the international grain trader Dreyfus sold 18000 tonnes of barley to Greece for delivery from Mediterranean ports from April 14 to 30 a company spokesman said. He gave no details on price. The barley has a 14 pct humidity. Reuter | SESOSTRIS SELLS 18,000 TONNES BARLEY TO GREECE |
 LONDON COCOA 1430 B/S - APR 7 May 1285 1292 Jul 1317 1319 Sep 1337 1340 Dec 1364 1366 Mar 1389 1390 May 1410 1411 Jul 1428 1432  | |
 CANADIAN EXCHANGE OPENING U.S. Dollar 1.3061/66  | |
 PRS PARIS COCOA 15.30 - APR 7 May 1255 ask Jul 1285 ask Sep 1295 bid Dec 1320 bid Mar 1335/1345 ba May 1350 bid Jul 1365 bid Sales at call nil accumulative total nil quiet  | |
Wall Street stocks were lower at the opening bell. | WALL STREET STOCKS OPEN LOWER |
Traders expect U.S. energy futures will open higher tracking firmer gasoil futures and cash crude markets. Also lending support said traders are reports that the Iran/Iraq war is heating up. Crude futures are called five to 10 cts higher with support from a squeeze in the April 15-day forward Brent crude market which traded as high as 19.40 dlrs a barrel today and from domestic grades trading unchanged to seven cts higher traders said. Iraq said today it attacked Irans Sirri Island as well as offshore oil escalations west of Kharg Island. Iran meanwhile reported victories on the southern front in its war with Iraq. These reports may support the market which is begging for news said one broker. He said resistance is at 18.75-18.85 dlrs then 19.00 dlrs a barrel for May crude. Products are called 0.25-0.50 cent higher a gallon following gasoil futures which ended the morning session 1.25 dlrs higher a tonne basis April which expired today and 1.00 dlr higher basis May traders said. Reuter | U.S. ENERGY FUTURES CALLED SLIGHTLY HIGHER |
 LONDON SUGAR NO.6 FOB 1430 - APR 7 MTH BYR SLR HIGH LOW SALES May 150.2 150.4 152.0 149.0 168 Aug 154.2 154.6 155.8 154.0 207 Oct 158.2 158.8 160.0 158.0 110 Dec 160.0 161.8 163.0 163.0 4 Mar 166.0 166.6 167.0 167.0 10 May 168.8 170.0 nil Aug 172.0 174.0 nil TOTAL SALES 499  | |
 CHICAGO PORK BELLY STORAGE MOVEMENT - April 7 IN THE 8 WAREHOUSES VS 8 LAST YEAR IN THOUSAND LBS IN 80 OUT 9 ON HAND 8305 ON HAND YEAR AGO 9361 YEAR AGO NET MOVEMENT in 157 Reuter  | |
Widespread strikes have not seriously disrupted Spains economy and wage restrictions are likely to continue as policy makers call for more austerity to help the country compete in the European Community (EC) foreign bankers and analysts said. The strikes were unexpected and in some cases spectacular but they have had little effect on basic economic life a U.S. Banker told Reuters. The socialists can apply restrictive measures as long as the unions remain relatively weak. The communist-led Workers Commissions recently rejected a call by its leadership for a general strike while the ruling Socialist Partys trade union arm the General Workers Union has refused to demonstrate with the communists on May 1. The governments chief concern is inflation which stood at 8.3 pct last year. The high inflation rate is especially damaging in view of Spains trade balance with Europe which turned into a deficit last year after entry to the EC. Officials say the situation is rapidly deteriorating. The deficit of 450 mln dlrs in the first two months of 1987 was only slightly below the 515 mln dlr deficit for all of 1986. The government has tightened up money supply called for maximum 5.0 pct wage increases -- the same as this years inflation target -- and is pursuing a program of industrial restructuring despite an unemployment rate of 21.5 pct. Bankers say tight-money policies have attracted an avalanche of foreign capital that is cashing in on the strong peseta and high interest rates and those funds converted into pesetas are swelling money supply still further. Bank of Spain governor Mariano Rubio said last week that money supply is expected to rise 14.3 pct in the first quarter compared with this years eight pct target. Most analysts agree that the government will have to accept inflation closer to six pct this year but they say there is little cause for alarm. The money supply should be back on track by the summer and we will begin to see lower interest rates said Andres Trujillo general manager of Hong Kong and Shanghai Banking Corps Madrid branch. He told Reuters the labour protests despite occasional outbursts of violence are not having a serious impact on foreign investment. Spain is a big and relatively underdeveloped market he said. It is still easier to compete from here than in other countries and this sporadic unrest is not likely to scare off investors. Juan Jose Macaya general manager of Investban SA a portfolio management company said he expects monetary objectives to be under control in two or three months. There has been some nervousness in the stock exchange but we see this as a short-term reaction he said. REUTER | SPAIN'S SOCIALISTS HOLD OUT AGAINST STRIKERS |
Bow Valley Industries Ltd said it agreed to sell its wholly owned Norwegian subsidiary to Elf Aquitaine Norge A/S of Stavanger Norway for 13 mln Canadian dlrs. The principal asset of the subsidiary Bow Valley Exploration Norge A/S is an eight pct interest in the Heimdal gas and condensate field offshore Norway. The sale is expected to conclude by the middle of April Bow Valley said. Reuter | BOW VALLEY <BVI> TO SELL NORWEGIAN SUBSIDIARY |
 NASDAQ RESUMPTION - GALACTIC RESOURCES LTD <GALCF> FIRST SALE 7-5/16 UP 1/8 FROM HALT AND UP 3/16 FROM PREVIOUS CLOSE  | |
 N.Y. COFFEE C OFFICIAL VOLUME FOR APRIL 6 MAY 1414 JLY 1199 SEP 289 Dec 310 Mch 11 MAY 9 JLY 2 Sep 0 Total official volume 3234  | |
 LONDON COFFEE ROBUSTA MIDAFTERNOON - APR 7 MTH BYR SLR HIGH LOW SALES May 1247 1250 1255 1245 347 Jul 1257 1260 1265 1253 371 Sep 1277 1280 1283 1274 153 Nov 1302 1308 1306 1299 15 Jan 1320 1330 1330 1324 119 Mar 1340 1350 1350 1345 118 May 1360 1370 nil 1123  |
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