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Japan will seek to strengthen the Paris accord on currency stability at the meeting of the group of seven leading industrial nations tomorrow Japanese officials said. However the officials travelling with Japanese Finance Minister Kiichi Miyazawa and who asked not to be identified would not provide any details of how they wanted the accord which was signed by the six leading industrial democracies in February to be strengthened. Currency target zones or reference ranges will not be discussed at the G-7 meeting which is scheduled for tomorrow the Japanese officials said. The meeting which is being held in conjunction with this weeks International Monetary Fund/World Bank sessions will reaffirm the currency pact and there is no need for changing the language used in the Paris accord the officials said. Miyazawa met with U.S. Treasury Secretary James Baker early in this afternoon and discussed the dollar/yen exchange rates officials said but they declined to disclosed the details of that discussion. The Japanese officials also declined to detail what Miyazawa and Baker discussed on the subject of greater joint intervention in currency markets to stabilize the dollar or on independent American intervention. The officials said such a money market action to stabilize the dollar is not only for the benefit of Japan which is suffering from a sharp appreciation in its currency but also for the benefit of the United States as well. As to U.S. urgings for Japan to take steps to boost its domestic demand to reduce its trade surplus Japan will explain economic measures to the G-7 the officials said. However Miyazawa failed to outline the size of the Japanese economic package in his meeting with Baker today because the Japanese 1987/88 budget has not been authorized by the Diet or parliament despite the new fiscal year which started April one the officials said. Japans ruling liberal democratic party revealed its own economic package today calling for more than 5000 billion yen in additional spending. Reuter | JAPAN SEEKS TO STRENGTHEN PARIS CURRENCY ACCORD |
Moodys Investors Service Inc said the credit quality of corporate bond issuers continued to decline in first quarter of 1987. Of all corporate ratings changes during the quarter 66 pct were downgrades compared with 55 pct during all of 1986. Moodys said downgrades led upgrades last quarter by two to one. It downgraded 50 companies affecting 61 billion dlrs of debt and upgraded 25 companies affecting 9 billion dlrs of debt. It said more than half of the quarters downgrades were in the industrial sector affecting 25 billion dlrs of debt. Moodys said that continued leveraged buyouts and restructuring among small and medium-sized companies will account for up to one-quarter of coporate debt downgrades. Worldwide competition and overcapacity will continue to take its toll on industrial companies Moodys added. It said intensifying competition in an environment of slow economic growth Moodys predicts 2.5 pct worldwide growth in 1987 will lower returns and margins for many multinational firms. Bank and finance company downgrades outpaced upgrades by 16 to 6 respectively. It said this trend will continue because of Latin American debt problems. Reuter | MOODY'S SAYS LOWER RATINGS SHOW 1987 DOWNTREND |
Communications Satellite Corp said it changed the name of its Hi-Net Communications unit to Comsat Video Enterprises to better reflect the nature of the units operations. Comsat recently took full control of Hi-Net which provides in-room entertainment to hotels by satellite by acquiring Holiday Corps <HIA> 50 pct interest in the firm. In addition Comsat said it signed new seven-year contracts with LaQuinta Motor Inns Inc <LQM> and <Drury Inns Inc>. Reuter | COMSAT <CQ> CHANGES NAME OF HI-NET UNIT |
Ameritrust Corp said it is introducing a pooled investment fund for IRAs and other retirement accounts called the Collective INvestment Retirement Fund. The fund will operate much like a mutual fund and will allow initial investments as low as 250 dlrs it said. Reuter | AMERITRUST <AMTR> INTRODUCES IRA FUND |
TCW Convertible Securities Fund Inc said its board declared an initial quarterly dividend of three cents per share payable April 30 to shareholders of record April 17. TCW said it anticipates paying a regular quarterly dividend. The company made its initial public stock offering March five. Reuter | TCW CONVERTIBLE SECURITIES <CVT> SETS DIVIDEND |
The Australian dollar opened easier at 0.7085/90 U.S. Dlrs but quickly breached the 0.7100 barrier in early trade. Dealers said there was still strong support for the unit and forecast it would test its recent highs after shrugging off yesterdays selling pressure. They said the dollar was better equipped to hold its current values as its U.S. Conterpart is significantly lower than the last time these levels were tested. A trading range of 0.7080 to 0.7120 U.S. Dlrs is expected today. In early Australian trade the US dollar was pegged at 1.8253/63 marks and 145.40/50 yen from its New York closes of 1.8270/80 and 145.60/70. Dealers said the market had become sceptical about the resolve of the major trading nations to assist the U.S. Out of its twin deficit problems. They forecast a quiet day for the currency. The Australian dollar was firmer on the crossrates in early Australian trade at 1.2964 marks from 1.2918 103.32 yen from 103.15 1.0763 swiss francs from 1.0732 1.2391 NZ dlrs from 1.2403 and 0.4392 sterling from 0.4361. Reuter | AUSTRALIAN DOLLAR OPENS EASIER |
The House Armed Services Committee slashed President Reagans funding request for the Strategic Defense Initiative (SDI) approving 1.7 billion dlrs less than he had proposed for the anti-missile program. The committee during its consideration of the 1988 defense authorization bill also cut by more than half Reagans request for a rail system for strategic missiles. The proposals must be adopted by the full House and Senate before becoming law. The committee approved 3.5 billion dlrs for SDI a land- and space-based anti-missile defense program commonly known as Star Wars. The amount was 1.7 billion dlrs less than the administration request of 5.2 billion dlrs. The Reagan administration has requested a total of 312 billion dlrs for defense in 1988 but congressional leaders have said that will be cut as part of a budget-trimming effort to reduce the huge federal deficit. In other action today the committee approved 250 mln dlrs for a rail system for inter-continental ballistic missiles but did not specify which missile system. Supporters have said missiles on such a rail network would be less vulernable to attack than those in fixed underground silos. The administration requested 590 mln dlrs specifically for a rail-mobile system for the 10-warhead MX missile. But many congressmen including House Armed Services Chairman Les Aspin a Wisconsin Democrat favor a smaller mobile missile dubbed the Midgetman. Reuter | HOUSE COMMITTEE SLASHES "STAR WARS" FUNDING |
 LIVERPOOL COTTON OUTLOOK INDICES - APR 7 INDEX A 62.65 INDEX B 57.65 REUTER  | |
 NYMEX ESTIMATED VOLUMES/APRIL 7 MONTH CRUDE OIL HEATING OIL UNLEADED GASOLINE MAY 16175 3282 3215 JUNE 15789 2493 3449 JULY 7175 793 1358 AUGUST 2665 325 388 SEPTEMBER 1403 159 104 OCTOBER 136 40 42 NOVEMBER 118 3 19 DECEMBER 750 86 33 JANUARY 170 2 ----- TOTAL 44380 7268 8693  | |
Dutch Finance Minister Onno Ruding said there was a growing feeling in the World Bank and the International Monetary Fund that commercial banks and debtor countries should take a greater lead in assembling new financing packages. The IMF and the Bank may be less inclined to put together large packages like Mexico Ruding told reporters in a briefing on this weeks semi-annual IMF and World Bank talks. Ruding who is also chairman of the IMFs policy-making Interim Committee said he was reflecting a feeling within the two institutions. Asked whether his comments reflected a feeling the institutions were being unduly pressured by the Reagan administration Ruding replied we should not go in the direction of politicisation of the two institutions. Ruding said no country large or small should push in that direction. He said he expected commercial bank lending to debtors to come in for some criticism for the slow pace of lending recently. Ruding also said he did not expect any major initiatives to develop a larger commercial bank role in the debt strategy or any new proposals for dealing with the debt crisis itself. In other remarks Ruding said many countries supported a General Capital Increase for the World Bank and he expected Bank president Barber Conable also to express his support. The U.S. has said it is opposed to a GCI at present. Ruding said the Interim Committee Communique would support the use of indicators to assist multilateral surveillance but would stop short of supporting U.S. proposals for automatic consultations if indicators were sharply out of line with policy objectives. Monetary sources say the U.S. has suggested establishing norms or automatic triggers for consultations among industrial states if policies deviate from plan. Currently the plan also has the support of France the Netherlands and Italy while Britain Japan and West Germany are all opposed. Reuter | RUDING SAYS BANKS, DEBTORS SHOULD TAKE LEAD |
News of an agreement among G-5 and G-7 finance ministers meeting in Washington this week will be key to the direction of currency futures at the International Monetary Market but any such agreement will need to go beyond the Paris accord to stem the recent rise in futures financial analysts said. If they (the finance ministers) give the market something really new to look at -- that is some package that goes beyond the Paris agreement -- you could have a real boost in the dollar said Shearson Lehman Brothers analyst Anne Mills. On the other hand anything neutral would tend to be bearish for the dollar Mills said. Traders and analysts agree a simple reaffirmation of the Paris accord will not be enough to halt the decline in the dollar nor will central bank intervention. A lot of people are looking for a reason to buy currencies and sell the dollar said one trader for a large retail firm on the floor of the IMM. If there is no concrete resolution they will be looking to sell the dollar possibly down to the 1.80 mark level he said. Technically most currency futures are poised for another rise said Smith Barney Harris Upham analyst Craig Sloane. Sloane noted that June yen futures set a new contract high on Tuesday and closed at its best level ever while June sterling set a new contract high on Monday. Everything seems to be coming to a head right now and you dont need much to get things rolling Sloane said. In particular the June Canadian dollar for which Sloane recently put out a buy recommendation has hovered in a range between 0.7600 and 0.7660 in recent weeks forming a triangle on the charts from which it may soon break out on the upside. A close above the contract high of 0.7665 would signal a breakout Sloane said and would likely mean the nearby Canadian dollar contract would extend its advance to near the 0.7800 level. June Canadian dollar closed at 0.7656 Tuesday. Mills noted however that interest rate differentials between Canadian securities and U.S. securities have narrowed dramatically recently with yields on 10-year Canadian bonds only about 80 basis points above U.S. 10-year notes. What has helped the Canadian currency she noted is an increasing proportion of foreign funds flowing into the Canadian equity market particularly from Japanese investors. Other analysts however said currency futures may be near the top of their long-term rally. Something will be done at the (G-5 and G-7) meeting to calm people said David Horner of Merrill Lynch Economics. The Paris accord has pretty much fixed where major European currencies will trade Horner said. But sterling futures may still make another run for new highs up to 1.6300 to 1.6500 dlr in the June contract on the positive atmosphere that will prevail before British elections and possibly another interest rate cut Horner said. The June British pound closed at 1.6080 on Tuesday. Horner said that new boundaries for the trading range of the yen are likely to come out of the G-5 and G-7 meetings. The most likely range will be a bottom for the dollar between 140 to 142 yen per dollar and a top near 150 to 152 yen Horner said. In yen futures the bottom of the dollars range would be equivalent to 0.007100 to 0.007150 in the June contract. June yen closed at 0.006913 on Tuesday. If such a range does emerge from the meetings we will have one more rally in the yen Horner said. Reuter | CURRENCY FUTURES TO KEY OFF G-5, G-7 MEETINGS |
TEXACO GETS TEMPORARY RESTRAINING ORDER FROM TEXAS COURT AGAINST PENNZOIL |
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Texaco Inc said it obtained a temporary restraining order from the Texas court of appeals against Pennzoil Co <PZL> taking action to enforce a multi-billion dlr judgment against Texaco. A Texas jury last year found that Texaco interfered with Pennzoils attempt to acquire Getty Oil Co last year and awarded Pennzoil more than 10 billion dlrs in damages. Texaco said the temporary restraining order was a positive initial step. A spokesman said arguments will begin in the Texas State Court of Appeal in Houston on April 13 on Texacos request for relief from the full bond and lien requirement which equal the amount of the judgment. REUTER | TEXACO <TX> GETS TEMPORARY RESTRAINING ORDER |
Bundesbank President Karl Otto Poehl said a weaker dollar would be risky and a further appreciation of the mark would damage prospects for sustained West German economic growth. In a speech to the Institute of Contempory German Affairs here Poehl said It would be an extremely risky policy to aim for a further substantial decline in the value of the dollar to correct the trade deficit. He said the United States could face a vicious circle of depreciation inflation and more depreciation if it took that route. Poehl noted West Germany had already taken steps to meet U.S. Demands for greater stimulation of its domestic economy accelerating tax cuts cutting interest rates and tolerating above-target money supply growth. He said he would have been happy to have brought forward five billion marks of tax cuts now planned for January 1988 to the beginning of this year but he said the government faced political constraints getting such measures through the upper house of the West German parliament. But there were also limits to the impact West Germany could accept on exports from a rising mark he said. Poehl said West Germany relied on exports for about one-third of its gross national product so a substantial erosion of export markets could not be offset by increasing demand at home. A further appreciation of the mark could even be an obstacle to further growth he said. Poehl said the Bundesbank had tolerated rapid money supply growth last year because the country enjoyed low inflation and because external factors including low oil prices and favourable terms of trade had given some extra leeway. But Poehl said West Germany now faced a difficult dilemma over monetary policy. The underlying rate of inflation was now two pct not the reported negative inflation rates last year and West Germany was affected more than before by exchange rate developments. For the time being we will have to focus our policy more on the external side and we can live with a more expansionary money supply. But we must be very careful he said. He said he shared some of the U.S. Concern about Japans trade surpluses which affected European countries as well as the United States. Poehl welcomed the so-called Louvre accord of monetary officials of major industrialized countries saying the importance of the February 22 agreement to stabilize exchange rates had been underestimated. All partners had agreed that the dollar was at about the right level and that further changes would damage growth he said. This was a remarkable change in attitude especially on the part of our American colleagues he said. But he said there was still a danger that the correction of the dollars value could overshoot. REUTER | POEHL WARNS AGAINST FURTHER DOLLAR FALL |
New Zealands unemployment rate was 3.9 pct of the workforce in the quarter ended December 31 unchanged from a revised 3.9 pct (preliminary 3.8 pct) in the previous quarter but slightly above 3.8 pct in the year-earlier quarter the Statistics Department said. The Department citing the Household Labour Force Survey said in a statement the number of unemployed in October- December 1986 was 61500 against 60500 in the September quarter and 60500 a year earlier. REUTER | N.Z. UNEMPLOYMENT RATE 3.9 PCT IN DECEMBER QUARTER |
 TODAY IN WASHINGTON FOR WEDNESDAY APRIL 8 (TIMES EST/GMT) NO ECONOMIC INDICATORS... PRESIDENT REAGAN MEETS U.S.-CANADA FREE TRADE GROUP (1000/1400) ADVISORY CMTE ON TRADE NEGOTIATIONS (1400/1800).. BANK GROUP OF 5 FINANCE MINISTERS EXPECTED TO MEET IN MORNING; GROUP OF 7 EXPECTED TO MEET IN AFTERNOON. MINISTERS OF GROUP OF 24 ALSO MEET. COMMUNIQUE IS EXPECTED (NO TIMES)... SENATE INTELLIGENCE CMTE TELEVISED HEARING INTO NOMINATION OF FBI DIRECTOR WEBSTER TO HEAD CIA (1000/1400)... BUDGET DIRECTOR MILLER AT HOUSE APPROPRIATIONS SUBCMTE (1000/1400)...HOUSE OPENS DEBATE ON 1988 BUDGET PLAN (1000/1400)... REUTER  | |
The dollar opened easier against major currencies on underlying negative sentiment but is likely to move marginally ahead of expected meetings of leading Finance Ministers in Washington this week dealers said. The dollar is expected to move between 145.00 and 145.60 yen today as operators avoid taking big positions despite low expectations from any Washington talks dealers said. The dollars upward potential looks limited as selling interest appears strong around 145.60 yen they said. The dollar opened at 145.33 yen against 145.60/70 in New York and 145.25 at the close here yesterday. The dollar opened at 1.8245/50 marks against 1.8270/80 in New York. Sterling was unchanged from New Yorks 1.6175/85 dlr finish. The market is generally sceptical about the outcome of any G-5 or G-7 meeting in Washington and the dollar is likely to come under selling pressure which could push it towards 140 yen if no significant measures to stabilise currencies emerge dealers said. They said Japan is expected to try to strengthen the Paris accord on currency stability but added they expect disagreement between Japan and other nations. Japanese officials travelling with Finance Minister Kiichi Miyazawa told Reuters the G-7 will meet today but currency target zones or reference ranges will not be discussed. The Bank of Japan bought a small amount of dollars shortly after the opening at around 145.30 yen when a medium-sized trading house started to sell the dollar dealers said. The dollar opened at 1.5140/47 Swiss francs against 1.5145/55 in New York. REUTER | DOLLAR OPENS EASIER IN TOKYO |
 TOKYO EXCH OPG - APRIL 08 US DLR 145.33/35  | |
 SYDNEY GREASY WOOL CASH SETT OPEN CONTRACT - April 8 the sydney greasy wool has been substituted by the greasy wool cash settlement quotes. APR 45 JUN 7 AUG 36 OCT 41 DEC 20 FEB 11 APR JUN AUG TOTAL 160 DELIVERABLE STOCK 36  | |
The Reserve Bank said it will offer 400 mln N.Z. Dlrs in government bonds of two differing maturities at a 14 pct coupon at a bond tender on April 15. The bank said it will offer 200 mln dlrs of bonds maturing March 1990 and 200 mln dlrs of bonds maturing July 1992. The bond tender is the first for the fiscal year ending on March 31 1988. A full bond tender program for the year has not yet been announced. REUTER | N.ZEALAND RESERVE BANK GIVES BOND TENDER DETAILS |
Bank of Japan buys dollars shortly after opening at around 145.30 yen -- dealers |
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 AUSTRALIAN EXCHANGES - United States 0.7092 0.7058 United Kingdom 0.4395 0.4342 Canada 0.9297 0.9147 France 4.3241 4.2544 W. Germany 1.3005 1.2798 italy 926.0000 909.0000 Japan 103.6300 101.9700 new zealand 1.2326 1.2262 switzerland 1.0791 1.0618 90 DAY AIRMAIL BUYING RATES STG 0.4506 US DLR 0.7236 90 DAY FWD BUYING RATES STG 0.4313 US DLR 0.6926  | |
The Bank of Japan bought a small amount of dollars shortly after the opening at around 145.30 yen dealers said. The central bank intervened as a medium-sized trading house sold dollars putting pressure on the U.S. Currency they said. The dollar was also supported by a major electrical consumer goods company which was a speculative dollar buyer at around 145.25 yen they added. The dollar opened at 145.33 yen against 145.60/70 in New York and 145.25 at the close here yesterday. REUTER | BANK OF JAPAN INTERVENES SOON AFTER TOKYO OPENING |
The U.S. Dollar opened slightly lower in moderately active trading as bearish sentiment persisted dealers said. They said the selling pressure was light ahead of expected meetings of leading finance ministers in Washington this week. Participants tended to keep their positions small and Bank of Japan intervention shortly after Tokyos opening at around 145.30 yen failed to have a strong impact on the market they said. The dollar opened at 1.8247/57 marks against New Yorks 1.8270/80 close and the 1.8205/15 finish here yesterday. The dollar opened at 145.40/50 yen but weakened to near 145.30 when the Bank of Japan intervened. It finished at 145.60/70 in New York and 145.15/20 here yesterday. Dealers said the dollar appeared to be holding comfortably above the critical 145 yen level now as yesterdays attempt to break that level failed for lack of momentum. But the markets generally are not expecting much from the Washington talks today they added. The dollar is expected to stay within a tight range today with considerable selling pressure at the 145.60 yen and 1.8270 mark levels dealers said. Dealers said supportive remarks yesterday from Federal Reserve chairman Paul Volcker and Japanese Finance Minister Kiichi Miyazawa were ignored as players squared positions. Volcker told a Congressional committee the dollars fall so far should be large enough ... To support widespread expectations of a narrowing in the real trade deficit in the period ahead. Miyazawa after meeting Treasury Secretary James Baker said they agreed on the need for currency stabilization and that he was satisfied with the role the U.S. Has played in supporting the dollar since the February Paris accord. Sterling opened at 1.6182/92 dlrs against New Yorks 1.6175/85 close and the 1.6200/10 finish here yesterday. Dealers said sterling sentiment remains positive as the ruling Conservative party maintained its lead in opinion polls. But they said technical selling may depress it to 1.6150. The Hong Kong dollar opened at 7.8005/25 against its U.S. Counterpart compared with yesterdays 7.8015/35 close. Local interest rates tended easier with overnight opening at four 3-1/2 pct against yesterdays 4-1/2 four pct close. Asian dollar rates were steady with three months opening unchanged at 6-1/2 3/8 pct. The dollar started at 1.5147/57 Swiss francs against New Yorks 1.5145/55 close and the 1.5137/47 finish here yesterday and at 6.0690/0720 French francs against 6.0780/0810 and 6.0600/20. REUTER | U.S. DOLLAR OPENS LOWER IN HONG KONG |
 TOKYO RUBBER (YEN PER KILO) - APRIL 08 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 122.3 122.3 MAY 124.3 123.5 JUN 125.2 124.6 JUL 125.7 125.4 AUG 126.7 125.9 SEP 126.9 126.7 OCT 126.7 126.6 NOV 127.5 127.8 DEC 127.8 128.2 T/O 1341 OPN/TTL27565  | |
 BANK OF TOKYO SPOT RATE - APRIL 08 US DLR 144.30/146.30  | |
Japans rubber stocks fell to 44980 tonnes in March from 46198 in February and from 53784 in March 1986 the Japan Rubber Trade Association said. The stocks (in tonnes) with February and year-earlier comparisons were - March 87 Feb 87 March 86 Crude Rubber 41536 42094 49551 Synthetic 3334 3978 4044 Latex 110 126 189 REUTER | JAPAN RUBBER STOCKS FALL IN MARCH |
 HONG KONG GOLD OPG - APR 8 local mkt (99.00 fine hk dlrs per tael) 3930.00 (prev clsg 3904.00) international mkt (99.5 fine us dlrs per ounce) 422.80/423.20 (420.00/420.50)  | |
THE BANK OF KOREA SAID IT FIXED THE MIDRATE OF THE WON AT 844.30 TO THE DOLLAR ITS HIGHEST LEVEL SINCE FEBRUARY 26 1985 WHEN IT WAS 843.90. THE WON WAS SET at 845.50 YESTERDAY. THE WON HAS RISEN 2.03 PCT AGAINST THE DOLLAR SO FAR THIS YEAR AFTER RISING 3.34 PCT IN 1986. REUTER | SOUTH KOREAN WON FIXED AT 25-MONTH HIGH |
Yen-denominated gold futures opened mostly firmer with contracts unchanged to eight yen per gram higher after falls yesterday dealers said. Gold closed stronger and near the days highs in New York yesterday underpinned by a buoyant silver market they noted. This generated sporadic buying at the opening here but investors continue to focus interest on the silver market they said. International bullion firmed to 423.00/423.50 dlrs an ounce from 422.25/3.25 in New York. REUTER | TOKYO GOLD FUTURES OPEN SLIGHTLY FIRMER |
 SINGAPORE ASIAN DLR DEPOSIT 0930 - APRIL 8 WED/THURS 6-5/16 6-3/16 THURS/FRI 6-3/8 6-1/4 7 DAYS FIX 6-3/8 6-1/4 ONE MTH 6-7/16 6-5/16 TWO MTHS 6-1/2 6-3/8 THREE MTHS 6-9/16 6-7/16 FOUR MTHS 6-5/8 6-1/2 FIVE MTHS 6-5/8 6-3/4 SIX MTH 6-11/16 6-9/16 NINE MTHS 6-3/4 6-5/8 TWELVE MTHS 6-7/8 6-3/4  | |
 TOKYO RUBBER BUYER-SELLER - APRIL 08 FRESH/SELL LIQUIDATION FRESH/BUY SHORT/COVER APR 7 56 1 62 (AS OF APRIL 07 MAY 26 12 5 33 LOT-FIVE TONNES) JUN 30 59 14 75 JUL 22 42 1 63 AUG 30 29 NIL 59 SEP 99 81 12 168 OCT 132 68 27 173 NOV 189 152 59 282 DEC 272 35 244 63 TOTAL 807 534 363 978  | |
 TOKYO RUBBER (YEN PER KILO) - APRIL 08 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 122.3 122.3 122.3 1613 MAY 124.3 123.5 123.6 3832 JUN 125.2 124.6 124.6 2640 JUL 125.7 125.4 125.6 2398 AUG 126.7 125.9 126.0 2405 SEP 126.9 126.7 126.8 3008 OCT 126.7 126.6 127.4 3967 NOV 127.5 127.8 128.7 6307 DEC 127.8 128.2 128.4 1224 T/O 1341 225 OPN/TTL27565 27394  | |
 HONG KONG GOLD 1000 - APR 8 local mkt (99.00 fine hk dlrs per tael) 3929.00 (prev clsg 3904.00) international mkt (99.5 fine us dlrs per ounce) 422.75/423.25 (420.00/420.50)  | |
3 3/4 one month 4 13/16 - 4 11/16 two months 5 1/16 - 4 15/16 three months 5 1/8 - 5 six months 5 7/16 - 5 5/16 12 months 6 - 5 3/4 | HONG KONG TERM MONEY 1000 - APR 8 |
 Manila copra - april 8 copra (u.S. Dlrs per tonne cif europe) junjul 270 slrs coconut oil (u.S. Dlrs per long ton/cif europe) afloat 380 junjul 415 julaug 425 422.50 420 417.50 430 traded afloat 375 aprmay 390 395 392.50 mayjun 400 405 junjul 415 slrs 405 byrs julaug 422.50 420 425 slrs 417.50 byrs e a s I e r  | |
Gold opened firmer in fairly active trading on continued buying interest and light short covering following the sharp rise in New York dealers said. They said gold drew its strength from the buoyant silver market which has been underpinned by speculative purchases. The metal opened at 422.80/423.20 U.S. Dlrs an ounce against New Yorks 422.25/423.25 close and the 420.00/50 finish here yesterday. On the local market gold opened 26 H.K. Dlrs higher at 3930 H.K. Dlrs a tael. REUTER | GOLD OPENS FIRMER IN HONG KONG |
 SPOT RATES FROM BANK OF TOKYO - APRIL 08 TTS TTB TTS TTB TTS TTB USD 146.30 144.30 NKR 21.65 20.95 P.ESC 1.06 1.00 CAN.D 112.81 109.61 SKR 23.32 22.42 BAHT 5.74 5.58 STG 239.10 231.10 AUD 105.95 100.95 I.RUP 11.85 11.11 DMK 80.21 78.81 NZD 86.24 81.14 P.RUP 8.85 8.45 SFR 96.87 95.07 LIT 11.48 10.88 KW.D 540.43 524.43 FFR 24.32 23.52 ASC 11.49 11.19 S.RL 39.55 37.95 DGL 71.12 69.92 HKD 19.06 18.20 UA.D 40.24 38.88 BFR.C 389.10 380.50 RIN 59.15 57.49 Q.RL 40.60 39.24 BFR.F 388.68 378.48 SIN 68.85 67.19 ECU 167.85 162.85 DKR 21.47 20.77 PTS 115.77 111.97 RBL 229.91 226.91  | |
 SPOT AND FORWARDS RATES FROM BANK OF TOKYO - APRIL 08 SPOT TTS TTB A/S 30D 60D 90D 120D 150D 146.30 144.30 143.87 142.83 141.78 140.73 139.67 138.62 FORWARD MAR/87 APR/87 MAY/87 JUN/87 JUL/87 AUG/87 USD TTS 146.80 146.70 146.40 146.00 145.70 145.40 TTB 143.50 143.20 142.80 142.50 142.10 141.80 STG TTS 238.32 237.68 236.57 235.32 234.29 233.43 TTB 230.80 229.68 228.41 227.42 226.38 225.44 DMK TTS 80.65 80.77 80.80 80.77 80.79 80.81 TTB 78.36 78.30 78.25 78.25 78.23 78.24  | |
 SINGAPORE RUBBER OPENING - APRIL 8 NOMINAL ONES MAY 195.25 195.75 (PREV CLSG 195.50 196.00) JUNE 192.50 193.00 (192.50 193.00) PROMPT 198.75 199.75 (199.00 200.00 NOM)  | |
A sharp overnight fall on Wall Street due to profit taking and arbitrage related selling and a subsequent local share market slump led to a steep drop in most share price index contracts dealers said. They said domestic credit futures were higher however in response to lower yields in short term money markets as the Australian dollar firmed and cash weakened. Comex-linked gold futures were higher as a result of rises in bullion. International credit futures were steady in extremely thin trade. June share price index futures opened lower at 1730.0 against yesterdays 1735.5 close in moderate trade. September was slightly higher at 1741.0 against 1737.0 in thin trade. About 950 lots changed hands. Dealers said the market which seemed to lose its momentum late yesterday reacted badly to the 45 point drop in the Dow Jones index. The all ordinaries index dropped 10.3 points to 1743.7 at mid-morning with losses across the board. June 90 day bank bills rose to 85.23 from yesterdays 85.16 close. September rose to 85.32 from 85.25. About 3054 contracts were traded. Physical yields eased to 15.40 pct from 15.50. June 10-year bond futures the only month to trade were higher at 86.92 against yesterdays 86.87 finish. About 5433 lots were exchanged. March 1997 paper was 13.09 pct down from 13.11. June Comex-linked gold futures started strongly at 427.50 U.S. Dlrs an ounce up from 426.20 in New York and yesterdays close of 425.00. Only two lots were traded. June U.S. T-bonds started at 97.02 down from a Chicago finish of 97.08 and a close of 97.27 with 20 lots traded. June Eurodollars were steady with only five lots exchanged. REUTER | SYDNEY FINANCIAL FUTURES OPEN MIXED |
 Kuala lumpur rubber rss ones open position of april 7 nil  | |
U.S. Interest rate futures opened slightly lower on underlying weakness of the U.S. Dollar dealers said. Sentiment was also dampened by a firmer federal funds rate and stable oil prices. Remarks by Federal Chairman Paul Volcker and Japanese Finance Minister Kiichi Miyazawa on the need for foreign exchange stability had little impact on the market they said. June eurodollar opened at 93.26 below Chicagos close of 93.29 and September at 93.18 below 93.21 with around 720 lots traded. June T-bond futures opened at 97.02 below Chicagos close of 97.08 on early turnover of 15 lots. REUTER | U.S. INTEREST RATE FUTURES OPEN SLIGHTLY LOWER |
 Kuala lumpur rubber opg call - april 8 rss ones (in order byr/slr/last trd/sales) all unquoted  | |
 Kuala lumpur smr 20 open position of april 7 n I l  | |
Simex currency futures eased in early dealings after a higher opening in quiet and cautious trading dealers said. They said operators were unwilling to take large positions ahead of the expected group of seven ministers meeting in Washington today. Participants also were cautious because of persistent Bank of Japan dollar buying intervention with dollar supportive comments by Federal Reserve chairman and Japans Finance Minister having little impact dealers said. June mark eased to around 0.5500 dlrs from a 0.5510 opening and Chicagos 0.00501 and yen to 0.006910 against 0.006920 and 0.006913. About 200 lots of mark and 65 lots of yen were traded. June Sterling was indicated at 1.6075/85 dlrs against Chicagos 1.6080 with no business seen in the first trading hour. Speculative buying helped Nikkei Stock Average Index futures to firm in early trading after a lower opening following weaker New York stock market. June firmed to 22920 from a 22550 low and 22895 here yesterday with about 400 lots exchanged. Gold futures remained idle. REUTER | SIMEX CURRENCY FUTURES EASE IN EARLY TRADING |
 SINGAPORE RUBBER 1020 QUIET - APRIL 8 NO 1 RSS MAY 195.25 195.75 (UNCH) JUNE 192.50 193.00 PROMPT 198.75 199.75  | |
 Kuala lumpur rubber opg call - april 8 smr 20 (in order byr/slr/last trd/sales) all unquoted  | |
Nippon Mining Co Ltd said it lowered its selling price for electrolytic copper by 10000 yen per tonne to 260000 effective immediately. REUTER | NIPPON MINING LOWERS COPPER PRICE |
 SINGAPORE RUBBER 1045 SLIGHTLY STEADIER - APRIL 8 NO 1 RSS MAY 196.00 196.50 (UP 0.75) JUNE 193.00 193.50 PROMPT 199.50 200.50  | |
 AUSTRALIAN WHEAT EXPORT PRICES - apr 08 IN U.S. DOLLARS PER TONNE FOB EASTERN STATES. AUST STANDARD AUST PRIME HARD WHITE HARD 13 PCT 14 PCT APR 116.00 124.50 129.00 136.00 MAY 116.00 124.50 128.00 136.00 JUN 117.00 122.50 125.50 135.50 JUL 117.00 122.50 125.50 135.50 AUG 117.00 122.50 125.50 135.00 SEP 117.00 122.50 125.50 135.00 PRICES VALID UNTIL 1700 EASTERN AUSTRALIA TIME.  | |
 AUSTRALIAN WHEAT INDICATIVE BASIS QUOTES - apr 08 MELBOURNE apr 27 - 11.30 AM LOCAL IN US CENTS PER BUSHEL FOB EASTERN STATES WITH ASW OVER RESPECTIVE CHICAGO FUTURES AND PRIME HARD OVER KANSAS CITY FUTURES. VALID S.E. ASIA AND JAPAN. ASW PRIME HARD APR 27 98 MAY 43 108 JUN 46 107 JUL 46 105 AUG 46 103 SEP 40 98  | |
President Reagan ordered a high-level review of U.S. Embassy security amid rising concern over a sex-and-spy scandal in the Moscow embassy which he said had wide implications. At the same time he said Soviet diplomats will not be allowed to use their new embassy in Washington until the U.S. Embassy in Moscow was made secure. BAHRAIN - Iranian forces have renewed their assault on Iraqi lines defending the southern city of Basra and gained what Baghdad described as footholds on Iraqi territory. BEIRUT - Syria intervened to halt months of fighting over Palestinian refugee camps besieged by Amal militia. CAIRO - The ruling National Democratic Party of President Hosni Mubarak took 75 pct of the seven mln votes cast in Mondays general election but incomplete official results indicated some Socialist and Moslem Brotherhood gains. WASHINGTON - U.S. And NATO forces are monitoring what seems to be the largest deployment of Soviet attack submarines in the Western Atlantic since 1985 the Pentagon said. ROME - Partners in Italys collapsing coalition government headed for a showdown in a parliamentary vote of confidence. PARIS - Frances conservative government won as expected a parliamentary vote of confidence sought by Prime Minister Jacques Chirac on his general policies. ROME - Israeli Foreign Minister Shimon Peres discussed the Middle East with Palestinian and Soviet officials at a Socialist International committee meeting here. WASHINGTON - Jordanian Prime Minister Zaid al-Rifai said he had made progress in talks with U.S. Secretary of State George Shultz on the possibility of convening an international conference on Middle East peace. BELFAST - A British soldier was shot and seriously hurt in Northern Ireland and buses and lorries were hijacked and set on fire after mourners clashed with police at an Irish Republican Army funeral. REUTER | REUTER WORLD NEWS HIGHLIGHTS 0300 GMT - APRIL 8 |
 Malaysian rubber opg - april 8 quiet ones may 228.00 230.00 (prev same) Jne 228.00 230.00 (prev same)  | |
Asian dollar deposit rates opened narrowly mixed in quiet trading dealers said. They said the market ignored dollar supportive comments by U.S. Federal Reserve Chairman Paul Volcker and Japanese Finance Minsiter Kiichi Miyazawa. The U.S. Federal Reserves addition of temporary reserves via two-day system repurchase agreements when fed funds were trading at 6-1/8 pct also had little effect on the market. Short-dates were unchanged to slightly higher underpinned by a steady U.S. Fed funds rate. Overnight was little changed at 6-5/16 6-3/16 and week-fixed rose 1/16 point to 6-3/8 6-1/4. Dealers said most operators refrained from taking large positions as they await more news from the expected currency talks in Washington starting today. Among period rates one month eased 1/16 point to 6-7/16 6-5/16 pct three and six months were unchanged at 6-9/16 6-7/16 and 6-11/16 6-9/16 pct respectively while one year gaind 1/16 point to 6-7/8 6-3/4 pct. Asian dollar CD rates opened mixed in quiet trading. One month slipped to 6.40/30 pct from 6.45/35 yesterday three months was steady at 6.55/45 pct but six months rose slightly to 6.70/60 pct from 6.65/55. REUTER | ASIAN DOLLAR DEPOSITS OPEN QUIETLY MIXED |
 TOKYO EXCH 1200 - APRIL 08 US DLR 145.40/45 ONE MTHS 32.7/31 TWO MTHS 65/64 THREE MTHS 97/95 FOUR MTHS 130/128 FIVE MTHS 165/158 SIX MTHS 199/197 (ALL DISCS)  | |
Yen bond futures prices hit record highs in early trade in response to the early jump in the cash bond market on speculative purchases by brokers dealers said. Key June was 111.31 after hitting a record high earlier of 111.48 against an opening of 111.02. It closed at 110.68 yesterday. September was 110.10 below the earlier record of 110.15 and against a 109.40 close. The rally was triggered by a fall in short-term interest rates and heavy broker speculation in expectation of more end-investor purchases. But prices eased towards end-morning as the cash bond market fell on profit taking dealers said. The yen unconditional call rate was 3.5000 pct today down from 3.6250 pct yesterday. The Bank of Japan sold a total of 800 billion yen worth of financial bills from its holdings to help absorb a projected money market surplus of 1300 billion yen due to allocation of government revenues to local governments and public entities and the return of bank notes. Dealers were divided about whether expectations of another discount rate cut have been built into the market. Some dealers said it is too early for the market to discount a rate cut and projected a possible sudden market retreat. REUTER | YEN BOND FUTURES HIT RECORD HIGH IN EARLY TRADE |
 SINGAPORE RUBBER 1115 QUIET - APRIL 8 NO. 1 RSS MAY 196.00 196.50 (UNCH) JUNE 193.00 193.50 PROMPT 199.50 200.50  | |
 SINGAPORE MONEY RATE - APRIL 8 OVERNIGHT 3-1/4 3-1/8 ONE MTH 3-3/8 3-1/4 TWO MTHS 3-3/8 3-1/4 THREE MTHS 3-3/8 3-1/4 SIX MTHS 3-9/16 3-7/16  | |
Securities Commissioner Ray Astin and Chairman of the Stock Exchange of Hong Kong Ronald Li said in a joint statement they have rejected a plan by Jardine Matheson Holdings Ltd <JARD.HK> to list its new B shares and that other such plans will not be approved. They said the move resulted from recognition of the potential disadvantages of listing B shares and from strong opposition by stock brokers and members of the exchange. They also noted both Cheung Kong (Holdings) Ltd <CKGH.HK> and associate Hutchison Whampoa Ltd <HWHH.HK> have agreed to withdraw previously announced plans to issue B shares. The Cheung Kong firms each announced bonus issues of one new B share for each two ordinary shares last week after a proposed four-for-one bonus issue of B shares by Jardine. The stock exchange then barred any further issues of B shares except the three proposals already submitted. The B shares have equal voting rights with existing shares but a much lower par value. The exchanges Hang Seng index lost 134 points between Jardine Mathesons March 27 announcement and its close at 2664.70 yesterday. But the index rose over 40 points in early trading today and brokers linked the rise to the statement. REUTER | H.K. OFFICIAL, STOCK EXCHANGE BAR JARDINE ISSUE |
 SINGAPORE RUBBER 1135 QUIET - APRIL 8 NO 1 RSS MAY 195.75 (UP 1.25) JUNE 192.25 192.75 PROMPT 198.75 199.75  | |
Australian trade unions said they have launched week-long strikes and other industrial action in New South Wales (NSW) to protest against new laws that would reduce injury compensation payments. Union sources said talks with the state government broke down last night but the two sides are scheduled to meet later today in an attempt to find a compromise. Rail freight and shipping cargo movements in the countrys most populous state were the first to be affected and union officials said almost every business sector will be hit unless there is a quick settlement. The state government recently introduced a new workers compensation act which would cut the cash benefits to injured workers by up to a third. The act is now awaiting parliamentary ratification. NSW state premier Barrie Unsworth has said workers compensation has risen steeply in recent years and the proposed cuts would save hundreds of mlns of dollars a year. Union officials said industrial action could spread to other states as the federal government also plans to make sharp cuts in workers compensation. REUTER | AUSTRALIAN UNIONS LAUNCH NEW SOUTH WALES STRIKES |
The ruling Liberal Democratic Party (LDP) has proposed expanding imports of 12 farm products named in a U.S. Complaint against Japan to the General Agreement on Tariffs and Trade last year an LDP official said. The products include fruit juices purees and pulp some tomato products peanuts prepared beef products and beans. The proposal will be used as the basis for a more detailed LDP economic package to cut the trade surplus with the U.S. The party is expected to formalise the package before April 19 when LDP General Council Chairman Shintaro Abe visits Washington. REUTER | JAPAN'S LDP URGES MORE IMPORTS OF 12 FARM ITEMS |
Ministry of International Trade and Industry (MITI) Vice Minister Makoto Kuroda leaves for Washington today with data he hopes will refute U.S. Charges Japan has violated a pact on microchip trade. A three-man Japanese trade team is already in Washington laying the groundwork for talks between Kuroda and Deputy U.S. Trade Representative Michael Smith aimed at persuading the U.S. Not to impose tariffs on certain Japanese products. But Kuroda said he is taking no new proposals. I have nothing in my briefcase except an explanation of the current situation Kuroda told the daily newspaper Asahi Shimbun. Kuroda said the U.S. Decision was based on incorrect data and an exaggerated sense of MITIs power to control market forces. The U.S. Has excessive expectations. To stabilise supply-demand relations which have been disrupted by excess inventories since 1985 will take some time he said. Kuroda also laid part of the blame for low U.S. Chip sales in Japan on a lack of effort by American firms here. He said if he fails in talks tomorrow and Friday to forestall sanctions he will seek further talks with U.S. Trade Representative Clayton Yeutter. U.S. Officials said this weeks talks are unlikely to delay imposition of tariffs. REUTER | JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS |
 BANGKOK RICE 1 - APRIL 8 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  | |
 BANGKOK TAPIOCA - APRIL 8 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).  | |
Sharp Corp will set up a 100 pct-owned subsidiary in Thailand to make microwave ovens and refrigerators for export to the U.S. And western Europe a company spokesman said. The company to be named <Sharp Appliances (Thailand) Ltd> will be capitalised at 2.1 billion yen and start operations in October he told Reuters. Sharp hopes the subsidiary which will use parts from Japan and southeast Asia will eventually produce other electric appliances he said. REUTER | SHARP CORP <SHRP.T> TO SET UP PLANT IN THAILAND |
Yugoslav government plans to stop subsidising loss-making firms will anger hundreds of thousands of workers Western diplomats said. The law proposed by Prime Minister Branko Mikulic goes into effect on July 1 and aims to end a long-standing practice of supporting unprofitable companies. Under the law wage cuts will be imposed on losing enterprises while those failing to recover within a six-month grace period will face liquidation. The diplomats said Mikulics attempt to create a market economy is inevitable but has still come as a shock to those accustomed to government subsidies. It was a bitter pill which had to be swallowed but if an overdose is taken too abruptly it may have adverse effects on the system a Western diplomat said. He said if the law was applied too strictly it would probably provoke a new wave of strikes and unrest. Yugoslavia was swept by strikes last month following the introduction of a wage-freeze law later amended to allow more flexibility and some exemptions in what some political analysts saw as a retreat by Mikulic. But with inflation moving towards 100 pct trade union leaders have asked how much more deprivation workers can take. The union leaders said workers thoughout the country are already receiving salaries below limits set under existing law while others have received no wages at all this year because their employers are unable to pay them. Workers also complain much of their income is taken in local state and federal taxes. Many others are losing their motivation to work and confidence in government as they feel their decision-making powers are being eroded trade union officials said. Meanwhile the official Tanjug news agency reported a paper and cellulose factory at Ivangrad in the Montenegro republic closed yesterday and 2000 of its workers were given temporary leave. Tanjug said the plant had been running at a loss for the 24 years it had been in operation and its closure was the result of economic necessity rather than bankruptcy. REUTER | YUGOSLAV WORKERS MAY BE ANGERED BY LOST SUBSIDIES |
The French government won as expected a vote of parliamentary confidence sought by Prime Minister Jacques Chirac on his general policies. Votes from Chiracs Gaullist RPR party and its junior partner in the ruling coalition the centre-right UDF gave Chiracs cabinet a slim majority in the National Assembly. A total of 294 deputies in the 577-member assembly voted to support Chirac with 282 voting against. One member was absent. The Socialists Communists and the extreme-right National Front voted against the prime ministers call. REUTER | FRENCH GOVERNMENT WINS CONFIDENCE VOTE |
Mounting trade friction between the U.S. And Japan has raised fears among many of Asias exporting nations that the row could inflict far-reaching economic damage businessmen and officials said. They told Reuter correspondents in Asian capitals a U.S. Move against Japan might boost protectionist sentiment in the U.S. And lead to curbs on American imports of their products. But some exporters said that while the conflict would hurt them in the long-run in the short-term Tokyos loss might be their gain. The U.S. Has said it will impose 300 mln dlrs of tariffs on imports of Japanese electronics goods on April 17 in retaliation for Japans alleged failure to stick to a pact not to sell semiconductors on world markets at below cost. Unofficial Japanese estimates put the impact of the tariffs at 10 billion dlrs and spokesmen for major electronics firms said they would virtually halt exports of products hit by the new taxes. We wouldnt be able to do business said a spokesman for leading Japanese electronics firm Matsushita Electric Industrial Co Ltd <MC.T>. If the tariffs remain in place for any length of time beyond a few months it will mean the complete erosion of exports (of goods subject to tariffs) to the U.S. said Tom Murtha a stock analyst at the Tokyo office of broker <James Capel and Co>. In Taiwan businessmen and officials are also worried. We are aware of the seriousness of the U.S. Threat against Japan because it serves as a warning to us said a senior Taiwanese trade official who asked not to be named. Taiwan had a trade trade surplus of 15.6 billion dlrs last year 95 pct of it with the U.S. The surplus helped swell Taiwans foreign exchange reserves to 53 billion dlrs among the worlds largest. We must quickly open our markets remove trade barriers and cut import tariffs to allow imports of U.S. Products if we want to defuse problems from possible U.S. Retaliation said Paul Sheen chairman of textile exporters <Taiwan Safe Group>. A senior official of South Koreas trade promotion association said the trade dispute between the U.S. And Japan might also lead to pressure on South Korea whose chief exports are similar to those of Japan. Last year South Korea had a trade surplus of 7.1 billion dlrs with the U.S. Up from 4.9 billion dlrs in 1985. In Malaysia trade officers and businessmen said tough curbs against Japan might allow hard-hit producers of semiconductors in third countries to expand their sales to the U.S. In Hong Kong where newspapers have alleged Japan has been selling below-cost semiconductors some electronics manufacturers share that view. But other businessmen said such a short-term commercial advantage would be outweighed by further U.S. Pressure to block imports. That is a very short-term view said Lawrence Mills director-general of the Federation of Hong Kong Industry. If the whole purpose is to prevent imports one day it will be extended to other sources. Much more serious for Hong Kong is the disadvantage of action restraining trade he said. The U.S. Last year was Hong Kongs biggest export market accounting for over 30 pct of domestically produced exports. The Australian government is awaiting the outcome of trade talks between the U.S. And Japan with interest and concern Industry Minister John Button said in Canberra last Friday. This kind of deterioration in trade relations between two countries which are major trading partners of ours is a very serious matter Button said. He said Australias concerns centred on coal and beef Australias two largest exports to Japan and also significant U.S. Exports to that country. Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the trade stand-off continue. Japans ruling Liberal Democratic Party yesterday outlined a package of economic measures to boost the Japanese economy. The measures proposed include a large supplementary budget and record public works spending in the first half of the financial year. They also call for stepped-up spending as an emergency measure to stimulate the economy despite Prime Minister Yasuhiro Nakasones avowed fiscal reform program. Deputy U.S. Trade Representative Michael Smith and Makoto Kuroda Japans deputy minister of International Trade and Industry (MITI) are due to meet in Washington this week in an effort to end the dispute. REUTER | ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT |
The union representing 7000 pilots at United Airlines is proposing wage cuts of up to 25 pct to help finance a 4.5 billion dlr employee buyout of the nations second largest air carrier. In a television link-up of 10000 employees at 11 sites nationwide the Air Line Pilots Association unveiled details of a planned employee stock ownership plan for United a wholly-owned subsidiary of UAL Inc. The proposed wage cuts would affect senior pilots the most although the other 53000 workers employed by United would also be asked to accept less pay. In addition the union is asking its pilots to invest one-third of the union pension funds 1.1 billion dlrs in the proposed employee-owned company. In an effort to get the rank and file to contribute five pct of their earnings Uniteds 21-member master executive council donated 150000 dlrs in cash and committed 2.1 mln dlrs in pension fund assets for acquisition of new preferred shares. REUTER | UAL <UAL.N> PILOTS PROPOSE WAGE CUT TO FUND BUYOUT |
A survey of 19 provinces and seven cities showed vermin consume between seven and 12 pct of Chinas grain stocks the China Daily said. It also said that each year 1.575 mln tonnes or 25 pct of Chinas fruit output are left to rot and 2.1 mln tonnes or up to 30 pct of its vegetables. The paper blamed the waste on inadequate storage and bad preservation methods. It said the government had launched a national programme to reduce waste calling for improved technology in storage and preservation and greater production of additives. The paper gave no further details. REUTER | CHINA DAILY SAYS VERMIN EAT 7-12 PCT GRAIN STOCKS |
The Ministry of International Trade and Industry (MITI) will revise its long-term energy supply/demand outlook by August to meet a forecast downtrend in Japanese energy demand ministry officials said. MITI is expected to lower the projection for primary energy supplies in the year 2000 to 550 mln kilolitres (kl) from 600 mln they said. The decision follows the emergence of structural changes in Japanese industry following the rise in the value of the yen and a decline in domestic electric power demand. MITI is planning to work out a revised energy supply/demand outlook through deliberations of committee meetings of the Agency of Natural Resources and Energy the officials said. They said MITI will also review the breakdown of energy supply sources including oil nuclear coal and natural gas. Nuclear energy provided the bulk of Japans electric power in the fiscal year ended March 31 supplying an estimated 27 pct on a kilowatt/hour basis followed by oil (23 pct) and liquefied natural gas (21 pct) they noted. REUTER | JAPAN TO REVISE LONG-TERM ENERGY DEMAND DOWNWARDS |
Nissan Motor Co Ltd <NSAN.T> is negotiating the supply of car components to Mexican units of Ford Motor Co <F> and Chrysler Corp <C> a Nissan spokeswoman said. <Nissan Mexicana SA de CV> is owned 96.4 pct by Nissan and 3.6 pct by Marubeni Corp <MART.T>. It expects to win orders for precision casting parts for engines and aluminium cases for automatic transmissions. These will supply output of 70000 mid-size cars a year at Chryslers Mexican unit the spokeswoman said. Nissan is negotiating a similar deal to supply Fords Mexican unit with precision casting parts for car engines the spokeswoman said without providing further details. The company is expected to reach agreements with both U.S. Car makers sometime this year she said. Nissan Mexicana will invest about 400 mln yen to improve production facilities after the agreements are signed she said. REUTER | NISSAN MAY SUPPLY PARTS TO MEXICAN FORD, CHRYSLER |
Foreigners will be able to invest up to two mln N.Z. Dlrs in New Zealand assets without getting approval from the Overseas Investment Commission the Commission said. The decision effective tomorrow raises the threshold from its previous level of 500000 dlrs it said in a statement. The new level is felt to be more appropriate to objectives given the present cost structure involved in operating a business in New Zealand the commission said. The increase does not apply to the acquisition of shares. REUTER | NEW ZEALAND RAISES FOREIGN INVESTMENT THRESHOLD |
Thailands trade deficit widened to 4.5 billion baht in the first quarter of 1987 from 2.1 billion a year ago the Business Economics Department said. It said Janunary/March imports rose to 65.1 billion baht from 58.7 billion. Thailands improved business climate this year resulted in a 27 pct increase in imports of raw materials and semi-finished products. The countrys oil import bill however fell 23 pct in the first quarter due to lower oil prices. The department said first quarter exports expanded to 60.6 billion baht from 56.6 billion. Export growth was smaller than expected due to lower earnings from many key commodities including rice whose earnings declined 18 pct maize 66 pct sugar 45 pct tin 26 pct and canned pineapples seven pct. Products registering high export growth were jewellery up 64 pct clothing 57 pct and rubber 35 pct. REUTER | THAI TRADE DEFICIT WIDENS IN FIRST QUARTER |
Indonesia expects crude palm oil (CPO) prices to rise sharply to between 450 and 550 dlrs a tonne FOB sometime this year because of better European demand and a fall in Malaysian output Hasrul Harahap junior minister for tree crops told Indonesian reporters. Prices of Malaysian and Sumatran CPO are now around 332 dlrs a tonne CIF for delivery in Rotterdam traders said. Harahap said Indonesia would maintain its exports despite making recent palm oil purchases from Malaysia so that it could possibly increase its international market share. Indonesia the worlds second largest producer of palm oil after Malaysia has been forced to import palm oil to ensure supplies during the Moslem fasting month of Ramadan. Harahap said it was better to import to cover a temporary shortage than to lose export markets. Indonesian exports of CPO in calendar 1986 were 530500 tonnes against 468500 in 1985 according to central bank figures. REUTER | INDONESIA SEES CPO PRICE RISING SHARPLY |
<Nissho Iwai Corp> and Kawasaki Heavy Industries Ltd <KAWH.T> have jointly won an order to build 200 subway cars worth about 200 mln dlrs for the Metropolitan Transportation Authority of New York a Nissho spokesman said. The cars to be produced with 51 pct U.S. Content will be delivered between early 1988 and August 1989 he said. Ten will be built in Japan but the others will be made at a Yonkers New York plant equally owned by Nissho and Kawasaki. REUTER | JAPANESE CONSORTIUM WINS NEW YORK SUBWAY CAR ORDER |
Japan four-year note auction average yield record low 3.714 pct, stop 3.743 -official |
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Tokyo stock market index rises 128.34 to record close of 22,912.99 |
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The House Armed Services Committee last night proposed cutting President Reagans funding request for the Strategic Defence Initiative program by 1.7 billion dlrs to 3.5 billion. The committee also cut by more than half the amount the president requested for a rail system for strategic missiles. It approved 250 mln dlrs for the project during its consideration of the 1988 defence authorisation bill. The committees proposals must be adopted by the full House and Senate before becoming law. The administrations total request for 1988 defence spending was 312 billion dlrs. REUTER | U.S. HOUSE COMMITTEE PROPOSES DEFENCE CUTS |
NEC Corp <NESI.T> filed suit in Tokyo District Court to temporarily halt the manufacture and marketing of <Seiko Epson Corp>s NEC-compatible personal computer series an NEC spokesman said. He said Seiko Epsons PC 286 computer and HDD-20 interface board infringe on software copyrights of the Basic In Out System program of NECs best-selling 9801 computer series. A spokesman for Seiko Epson which is part of the Hattori Seiko Co Ltd <HATT.T> group said its computer does not infringe on any copyrights and will be marketed this month. The HDD-20 interface board went on sale last December. NECs request for an injunction against Seiko Epson and its marketing subsidiary is the first entirely domestic lawsuit charging infringement of computer software copyrights the Seiko Epson spokesman said. Share market analysts said that NEC controls about 70 pct of Japans personal computer market. Introduction of NEC-compatible machines could spark a price war and cut NECs profits as happened to International Business Machines Corp <IBM> following the introduction of IBM-compatible machines they added. REUTER | NEC SUES SEIKO EPSON OVER COPYRIGHT INFRINGEMENT |
Tug crews in New South Wales (NSW) Victoria and Western Australia yesterday lifted their ban on foreign-flag ships carrying containers but NSW ports are still being disrupted by a separate dispute shipping sources said. The ban imposed a week ago over a pay claim had prevented the movement in or out of port of nearly 20 vessels they said. The pay dispute went before a hearing of the Arbitration Commission today. Meanwhile disruption began today to cargo handling in the ports of Sydney Newcastle and Port Kembla they said. The industrial action at the NSW ports is part of the week of action called by the NSW Trades and Labour Council to protest changes to the states workers compensation laws. The shipping sources said the various port unions appear to be taking it in turn to work for a short time at the start of each shift and then to walk off. Cargo handling in the ports has been disrupted with container movements most affected but has not stopped altogether they said. They said they could not say how long the disruption will go on and what effect it will have on shipping movements. REUTER | AUSTRALIAN FOREIGN SHIP BAN ENDS BUT NSW PORTS HIT |
The Indonesian Commodity Exchange is likely to start trading in at least one new commodity and possibly two during calendar 1987 exchange chairman Paian Nainggolan said. He told Reuters in a telephone interview that trading in palm oil sawn timber pepper or tobacco was being considered. Trading in either crude palm oil (CPO) or refined palm oil may also be introduced. But he said the question was still being considered by Trade Minister Rachmat Saleh and no decision on when to go ahead had been made. The fledgling exchange currently trades coffee and rubber physicals on an open outcry system four days a week. Several factors make us move cautiously Nainggolan said. We want to move slowly and safely so that we do not make a mistake and undermine confidence in the exchange. Physical rubber trading was launched in 1985 with coffee added in January 1986. Rubber contracts are traded FOB up to five months forward. Robusta coffee grades four and five are traded for prompt delivery and up to five months forward exchange officials said. The trade ministry and exchange board are considering the introduction of futures trading later for rubber but one official said a feasibility study was needed first. No decisions are likely until after Indonesias elections on April 23 traders said. Trade Minister Saleh said on Monday that Indonesia as the worlds second largest producer of natural rubber should expand its rubber marketing effort and he hoped development of the exchange would help this. Nainggolan said that the exchange was trying to boost overseas interest by building up contacts with end-users. He said teams had already been to South Korea and Taiwan to encourage direct use of the exchange while a delegation would also visit Europe Mexico and some Latin American states to encourage participation. Officials say the infant exchange has made a good start although trading in coffee has been disappointing. Transactions in rubber between the start of trading in April 1985 and December 1986 totalled 9595 tonnes worth 6.9 mln dlrs FOB plus 184.3 mln rupiah for rubber delivered locally the latest exchange report said. Trading in coffee in calendar 1986 amounted to only 1905 tonnes in 381 lots valued at 6.87 billion rupiah. Total membership of the exchange is now nine brokers and 44 traders. REUTER | INDONESIAN COMMODITY EXCHANGE MAY EXPAND |
Food Department officials said the U.S. Department of Agriculture approved the Continental Grain Co sale of 52500 tonnes of soft wheat at 89 U.S. Dlrs a tonne C and F from Pacific Northwest to Colombo. They said the shipment was for April 8 to 20 delivery. REUTER | SRI LANKA GETS USDA APPROVAL FOR WHEAT PRICE |
Western Mining Corp Holdings Ltd <WMNG.S> (WMC) said it will establish a new joint venture gold mine in the Northern Territory at a cost of about 21 mln dlrs. The mine to be known as the Goodall project will be owned 60 pct by WMC and 40 pct by a local W.R. Grace and Co <GRA> unit. It is located 30 kms east of the Adelaide River at Mt. Bundey WMC said in a statement It said the open-pit mine with a conventional leach treatment plant is expected to produce about 50000 ounces of gold in its first year of production from mid-1988. Annual ore capacity will be about 750000 tonnes. REUTER | WESTERN MINING TO OPEN NEW GOLD MINE IN AUSTRALIA |
Sumitomo Bank Ltd <SUMI.T> is certain to lose its status as Japans most profitable bank as a result of its merger with the Heiwa Sogo Bank financial analysts said. Osaka-based Sumitomo with desposits of around 23.9 trillion yen merged with Heiwa Sogo a small struggling bank with an estimated 1.29 billion dlrs in unrecoverable loans in October. But despite the link-up Sumitomo President Koh Komatsu told Reuters he is confident his bank can quickly regain its position. Well be back in position in first place within three years Komatsu said in an interview. He said that while the merger will initially reduce Sumitomos profitability and efficiency it will vastly expand Sumitomos branch network in the Tokyo metropolitan area where it has been relatively weak. But financial analysts are divided on whether and how quickly the gamble will pay off. Some said Sumitomo may have paid too much for Heiwa Sogo in view of the smaller banks large debts. Others argue the merger was more cost effective than creating a comparable branch network from scratch. The analysts agreed the bank was aggressive. It has expanded overseas entered the lucrative securities business and geared up for domestic competition but they questioned the wisdom of some of those moves. Theyve made bold moves to put everything in place. Now its largely out of their hands said Kleinwort Benson Ltd financial analyst Simon Smithson. Among Sumitomos problems are limits placed on its move to enter U.S. Securities business by taking a share in American investment bank Goldman Sachs and Co. Sumitomo last August agreed to pay 500 mln dlrs for a 12.5 pct limited partnership in the bank but for the time being at least the Federal Reserve Board has forbidden them to exchange personnel or increase the business they do with each other. The tie-up is widely looked on as a lame duck because the Fed was stricter than Sumitomo expected said one analyst. But Komatsu said the move will pay off in time. U.S. Regulations will change in the near future and if so we can do various things. We only have to wait two or three years not until the 21st century Komatsu said. Komatsu is also willing to be patient about possible routes into the securities business at home. Article 65 of the Securities and Exchange Act Japans version of the U.S. Glass-Steagall Act separates commercial from investment banking. But the walls between the two are crumbling and Komatsu said he hopes further deregulation will create new opportunities. We need to find new business chances Komatsu said. In some cases these will be securities related in some cases trust bank related. Thats the kind of deregulation we want. Until such changes occur Sumitomo will focus on such domestic securities business as profitable government bond dealing and strengthening relations with Meiko Securities Co Ltd in which it holds a five pct share Komatsu said. He said Sumitomo is cautiously optimistic about entering the securities business here through its Swiss universal bank subsidiary Banca del Gottardo. The Finance Ministry is expected to grant licences to securities subsidiaries of U.S. Commercial banks soon following a similar decision for subsidiaries of European universal banks in which the parent holds a less than 50 pct. But Komatsu is reluctant to push hard for a similar decision on a Gottardo subsidiary. We dont want to make waves. We expect this will be allowed in two or three years he said. Like other city banks Sumitomo is also pushing to expand lending to individuals and small and medium businesses to replace disappearing demand from big business he added. The analysts said Sumitomo will have to devote a lot of time to digesting its most recent initiatives including the merger with ailing Heiwa Sogo. Its (Sumitomo) been bold in its strategies said Kleinworts Smithson. After that its a question of absorbing and juggling around. It will be the next decade before we see if the strategy is right or wrong. REUTER | SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER |
Mines and Energy Minister Subroto confirmed Indonesian support for an extension of the sixth International Tin Agreement (ITA) but said a new pact was not necessary. Asked by Reuters to clarify his statement on Monday in which he said the pact should be allowed to lapse Subroto said Indonesia was ready to back extension of the ITA. We can support extension of the sixth agreement he said. But a seventh accord we believe to be unnecessary. The sixth ITA will expire at the end of June unless a two-thirds majority of members vote for an extension. REUTER | SUBROTO SAYS INDONESIA SUPPORTS TIN PACT EXTENSION |
Negotiations between mining companies and the National Union of Mineworkers are foundering and mines could face a May Day work stoppage the Chamber of Mines said. It said the union had called off talks on a specific issue the introduction of a Labour Day on May 1. The union refused a request to give advance notification of the names of workers who would be working on May 1 rather than taking the option of a paid holiday the Chamber said. It said mining companies wanted advance notice in order to plan their operations. The union is adamant only employees who wish to work on Labour Day should notify management the Chamber said. This raises the prospect that the mines will once again face stay-away action on May 1 and that the employees who do not work will once again forfeit pay. It said the union accepted all the proposals except giving advance notification for May 1. It said miners had been offered a full paid holiday on May 1 or a premium of six pct of their basic monthly pay for working that day. REUTER | SOUTH AFRICA MINES BODY SEES MAY DAY WORK STOPPAGE |
The coupon on the 75 mln dlr 15-year convertible eurobond for Atari Corp has been set at 5-1/4 pct compared with indicated range of five to 5-1/4 pct lead manager Paine Webber International said. The conversion price was set at 32-5/8 dlrs representing a premium of 20.38 pct over yesterdays Atari share close of 27 dlrs. REUTER | FINAL TERMS SET ON ATARI CORP CONVERTIBLE EUROBOND |
Bangladesh is expected to draw up a 47 billion taka development plan for the 1987/88 fiscal year beginning July 1 Finance Ministry officials said. This is a rise of six pct over the current year. They said 86.5 pct of the funds would come from foreign sources. Bangladesh will seek nearly two billion dlrs to be used for development projects and imports in 1987/88 at a donors meeting in Paris later this month the officials said. REUTER | BANGLADESH LIKELY TO SET HIGHER DEVELOPMENT PLAN |
Bundesbank allocates 6.1 billion marks in 28-day repurchase pact at 3.80 pct |
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The Bundesbank accepted bids for 6.1 billion marks at todays tender for a 28-day securities repurchase pact at a fixed rate of 3.80 pct a central bank spokesman said. Banks which bid for a total 12.2 billion marks liquidity will be credited with the funds allocated today and must buy back securities pledged on May 6. Some 14.9 billion marks will drain from the market today as an earlier pact expires so the Bundesbank is effectively withdrawing a net 8.1 billion marks from the market with todays allocation. A Bundesbank spokesman said in answer to enquiries that the withdrawal of funds did not reflect a tightening of credit policy but was to be seen in the context of plentiful liquidity in the banking system. Banks held an average 59.3 billion marks at the Bundesbank over the first six days of the month well clear of the likely April minimum reserve requirement of 51 billion marks. The Bundesbank spokesman noted that by bidding only 12.2 billion marks below the outgoing 14.9 billion banks themselves had shown they felt they had plenty of liquidity. Dealers said the Bundesbank is keen to prevent too much liquidity accruing in the market as that would blunt the effectiveness of the security repurchase agreement its main open-market instrument for steering market interest rates. Two further pacts are likely this month over the next two weeks. The Bundesbank is currently steering call money between 3.6 and 3.8 pct although short-term fluctuations outside that range are possible dealers said. REUTER | BUNDESBANK ALLOCATES 6.1 BILLION MARKS IN TENDER |
The U.N. Development program (UNDP) will give Bangladesh a 6.79 mln dlr grant to undertake a detailed study on the building of a bridge over the River Jamuna the official BSS news agency said. It said an agreement was signed here yesterday. Communication Ministry officials said the bridge would be to link Dhaka with the northern areas of Bangladesh and was expected to cost about 836 mln dlrs. They said offers of help had been received from Saudi Arabia and the World Bank but they gave no details. REUTER | U.N. OFFERS GRANT FOR STUDY ON BANGLADESH BRIDGE |
The issue price of the European Investment Banks 300 mln guilder 6.25 pct bullet bond due 1995 announced on April 1 has been set at par lead manager Amro bank said. Subscriptions remain open until 1300 gmt tomorrow April 9. Payment is due May 14 and coupon date is May 15. REUTER | EIB 300 MLN GUILDER BULLET BOND PRICED AT PAR |
Bond Corp Holdings Ltd <BONA.S> and Atlas Consolidated Mining and Development Corp <ATLC.MN> are still holding talks on a bail-out package for the troubled mining firm an Atlas statement said. Atlas the Philippines biggest copper producer said it had been hit by depressed world copper prices. It reported a net loss of 976.38 mln pesos in the year ending December 1986 compared with a net loss of 1.53 billion in 1985. The company said it had been able to cut its losses because its scaled-down copper operations in the central island of Cebu started in the second half of 1986. Atlas said negotiations were continuing on the acquisition by Bond of the companys existing bank loans and their restructuring into a gold loan. A memorandum of understanding signed by the two sides in October last year said Bond would acquire Atlas total loans of 275 mln dlrs to be repaid by the mining company in gold. Atlas said the two sides were also discussing equity infusion into Atlas and the creation of a development fund for further exploration and development of the companys gold properties in the central province of Masbate. Wilson Banks general manager of <Bond Corp International Ltd> in Hong Kong told Reuters the Atlas statement on the negotiations was reasonably accurate. Banks said Bond Corp was seriously considering several investments in the Philippines but did not give details. In its statement Atlas said development of the pre-World War Two underground mines in Masbate had been accelerated and the ore tonnage had increased extending the operations life at least until 1993. REUTER | BOND CORP STILL CONSIDERING ATLAS MINING BAIL-OUT |
Thailands improving economy may have helped its trade and finance position but it has also created major problems for local banks Thai and foreign bankers said. They said a 900 mln dlr saving from cheaper imported oil and 19.7 pct export growth last year contributed to the countrys first current account surplus in 20 years. But the bright picture together with a government program to help farmers cope with depressed commodity prices coincides with sluggish investment by a private sector still feeling the lingering effects of the 1984-86 recession. Thai banks have had growing surplus funds and difficulties finding borrowers since the third quarter of 1986. Kunthon Narkprom head of the budget and planning division of Thai Farmers Bank Ltd estimated excess liquidity in banks peaked last month at 60 billion baht three times what he considered normal. Bank of Thailand figures show total deposits in 1986 grew 12.7 pct to 627.7 billion baht while lending rose only 3.4 pct to 548.6 billion. The lending/deposit ratio which measures bank loans as a percentage of deposits fell to 86.6 pct last month the lowest since the 1970s after averaging 96.6 pct in 1985. Thai banks have cut lending and deposit rates a record six times since January 1986 during which time the average minimum loan rate fell to 11.5 pct from 15.5 and the gross one-year fixed deposit rate to 7.25 pct from 11. Five banks announced last week they would cut their maximum lending rates to small borrowers by one percentage point to 14 pct. Kunthon of Thai Farmers estimated banks now have a combined 80 billion baht unused overdraft line as many small and medium-size companies delay borrowing in anticipation of more cuts in interest rates. The record liquidity has seriously hurt the profits of banks which have been forced to invest idle funds in low-yield government securities. Kunthon said the banks hold four to 10 billion baht in short-term government bonds bought through the Bank of Thailands bond repurchase facility double the normal amount. Thailands 16 local commercial banks registered one of their worst years in 1986 with overall profits falling over 30 pct after a 14 pct decline in 1985. Kunthon said profits should increase 10 pct this year as the banks adjust to the new interest rate structure. Olarn Chaipravat senior executive vice president of Siam Commercial Bank Ltd told reporters last week the liquidity problem stems partly from the fact most loan demands come from businesses seeking funds for small labour-intensive projects. He said there are few large capital-intensive projects and many borrowers go offshore to meet their requirements. Somboon Chinsavananond Thai Farmers fund management executive said liquidity has been aggravated by the central banks policy of fixing a stable baht-dollar exchange rate which permits Thai companies to import dollar-denominated funds with a minimal risk of currency exchange losses. He said underlying bearishness towards the U.S. Dollar has encouraged foreign borrowers who hope to pay less on loan principal when their loans mature. Thai bankers said central bank governor Kamchorn Sathirakul last month rejected a request to increase a 10 pct withholding tax on interest on foreign loans a measure they said would reduce foreign borrowings. The governor replied the bankers should extend more loans to rural areas instead. Bankers said some Thai banks have offered credit-worthy clients loans at near money market rates of seven to eight pct in a bid to compete with foreign funds. A market analyst at Siam Commercial Bank said bank lending at such rates amount to about 15 pct of all loans extended by the industry. A foreign banker who requested anonymity said the segmented market approach used by Thai banks for setting different lending rates has caused dislocation of funds in the financial sector eroded bank profits and prevented banks from taking a more logical move of further cutting interest rates. He said the liquidity problem gives the Bank of Thailand a perfect opportunity to assert more control on the Thai money market. The Bank of Thailand is taking a step in the right direction by planning to float three billion baht in bonds to mop up part of the surplus he said but he added the bank has been lax in using its bond repurchase window as a tool to absorb or inject liquidity into the market. William Wu head of the Treasury Unit of Chase Manhattan Bank N.A. Said the money market lacks the instruments to absorb liquidity and avoid sharp interest rate fluctuations. He said the liquidity has fuelled the stock markets strongest rally in seven years and Thailand should seize the opportunity to develop the corporate bond market. REUTER | ECONOMIC SPOTLIGHT - EXCESS MONEY HURTS THAI BANKS |
Chinas industrial output rose 14.1 pct in the first quarter of 1987 against the same 1986 period the Peoples Daily said. Its overseas edition said the growth rate which compares with a target of seven pct for the whole of 1987 was rather high but the base in the first quarter of 1986 was on the low side. Industrial output grew 4.4 pct in the first quarter of 1986. It said Chinas industrial production this year has been normal but product quality and efficiency need further improvement. It gave no further details. REUTER | CHINA INDUSTRIAL OUTPUT RISES IN FIRST QUARTER |
The Saitama Bank Ltd is issuing a 100 mln dlr convertible eurobond due March 31 2002 paying an indicated two pct and priced at par the banks London office said. The issue is being lead managed by Saitama Bank (Europe) SA. The deal is available in denominations of 5000 dlrs and will be listed in Luxembourg. Final terms will be set on April 15. The selling concession is 1-1/2 pct while management and underwriting each pay 1/2 pct. The payment date is May 6 and there will be a short first coupon period. REUTER | SAITAMA BANK ISSUES 100 MLN DLR CONVERTIBLE BOND |
Westpac Banking Corporation is issuing a 50 mln Australian dlr eurobond due May 6 1990 paying 14-1/2 pct and priced at 101-1/4 pct lead manager Deutsche Bank Capital Markets said. The non-callable bond is available in denominations of 1000 and 10000 Australian dlrs and will be listed in Luxembourg. The selling concession is one pct while management and underwriting combined pays 1/2 pct. The payment date is May 6. REUTER | WESTPAC BANKING ISSUES 50 MLN AUSTRALIAN DLR BOND |
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