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1,000 | <s>[INST] He cited the possibility of continuing turmoil in Asian markets and [/INST] questions about how much impact that would have on the U.S. "All that needs to be shaken out," he said. </s> |
1,001 | <s>[INST] Bond trading halts at 2 p.m. today ahead [/INST] of Monday's Martin Luther King Jr. holiday, when the market will be closed entirely. </s> |
1,002 | <s>[INST] Meanwhile, had the 10-year global bond offering by Argentina gone [/INST] ahead, that nation would have been the first sovereign borrower to tap the U.S. market this year. </s> |
1,003 | <s>[INST] Investment bankers said work on the deal was halted when the [/INST] government balked at paying additional yield to compensate investors for market instability generated by the financial woes of Asian countries. </s> |
1,004 | <s>[INST] "They decided that the premium they would have to [/INST] pay was higher than they would like and scrapped the deal," one investment banker said. </s> |
1,005 | <s>[INST] In a statement yesterday, Argentina's Economy Ministry said that it "gave [/INST] no mandate to issue a new dollar bond" and that it's "not currently working on a plan of that sort". </s> |
1,006 | <s>[INST] Argentina would apparently have had to pay an additional yield [/INST] margin over U.S. Treasurys of 0.25 to 0.5 percentage point compared with its Eurobonds due 2006 issued in 1996. </s> |
1,007 | <s>[INST] Those were trading at a [/INST] yield 4.35 percentage points higher than comparable Treasurys. </s> |
1,008 | <s>[INST] The government has decided to wait for more [/INST] stable conditions before returning to the dollar-denominated international capital market, according to bankers. </s> |
1,009 | <s>[INST] Argentina can afford to wait because it has already [/INST] secured $2.85 billion of the $3.5 billion it needs for the first quarter of this year. </s> |
1,010 | <s>[INST] Bond sales in the Argentinian domestic [/INST] market, or nondollar markets, could help with the remainder. </s> |
1,011 | <s>[INST] Argentina has previously said it needs [/INST] to raise about $8 billion in the international markets this year. </s> |
1,012 | <s>[INST] Still, analysts said continued market volatility could [/INST] soon put Argentina and other emerging economies in a difficult position. </s> |
1,013 | <s>[INST] The Asian crisis, they noted, has virtually [/INST] closed international capital markets to these countries, even though many need financing. </s> |
1,014 | <s>[INST] "If this goes into the second quarter, then several governments in Latin America will have [/INST] to rethink their strategy, maybe seeking funds from the International Monetary Fund or perhaps considering devaluations," said Walter Molan, head of Latin America economic research at SBC Warburg. </s> |
1,015 | <s>[INST] Corporate Bonds Nabisco Inc., [/INST] a unit of RJR Nabisco Holdings Corp. </s> |
1,016 | <s>[INST] , broke new ground yesterday, selling the largest corporate bond issue [/INST] ever to employ a new structure that exploits both bond and derivatives markets in order to cut the issuer's costs. </s> |
1,017 | <s>[INST] That deal was part of a session that saw [/INST] $3.6 billion in new supply, dominated by Nabisco and a $1.75 billion offering from Ameritech Capital Funding. </s> |
1,018 | <s>[INST] Nabisco's $1 billion three-part offering used a technique where a put [/INST] option is separated from the rest of the bond and sold to derivatives users who will pay a higher price. </s> |
1,019 | <s>[INST] A put option gives the holder the right [/INST] to sell the bond to the issuer at par, regardless of market movements. </s> |
1,020 | <s>[INST] The extra value obtained by separating [/INST] the put option reduces Nabisco's total cost of borrowing. </s> |
1,021 | <s>[INST] Joint lead managers of the deal were Morgan Stanley Dean [/INST] Witter and UBS Securities Inc., both of which have underwritten similar but smaller structures in the past. </s> |
1,022 | <s>[INST] Following the issue, underwriters predicted that the successful [/INST] placement of such a large deal would spur more large offerings using the structure. </s> |
1,023 | <s>[INST] ___ Document 249 of 500 World Watch Author: Compiled by [/INST] Paul J. Deveney Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 14 Jan 1998: A15. </s> |
1,024 | <s>[INST] accountid=28034 Abstract: TRICOM SA wasn't the source for [/INST] an item in the World Watch column Wednesday reporting that the Dominican Republic's No. </s> |
1,025 | <s>[INST] 2 phone company planned a global [/INST] share offering to be listed on the New York Stock Exchange. </s> |
1,026 | <s>[INST] 16, 1998) The problems rocking Asia's troubled [/INST] economies apparently are lighting a fire under the leadership in Poland. </s> |
1,027 | <s>[INST] After eight long years of an on-again, off-again [/INST] privatization program, Warsaw looks set to get serious about selling some of its biggest companies. </s> |
1,028 | <s>[INST] And many economists agree that the East European nation, the largest economy in the region, [/INST] had better do some fast selling to maintain its strong economic growth and avoid the problems that economies on the other side of the globe have been facing. </s> |
1,029 | <s>[INST] But market players are eager for more details on the Polish initiative to see if these long-delayed [/INST] privatizations -- possibly including phone monopoly Telekomunikacja Polska SA, the country's largest bank Polska Kasa Opieki SA, oil giant Nafta Polska SA and the Polish flag carrier Lot -- will be attractive investments. </s> |
1,030 | <s>[INST] France's Aerospatiale SA will create a subsidiary for [/INST] its Airbus Industrie activities and transfer them to a new centralized Airbus company. </s> |
1,031 | <s>[INST] The move marks a breakthrough in Airbus's plans to [/INST] transform itself from a loose four-nation consortium to a centralized aircraft manufacturing concern by early next year. </s> |
1,032 | <s>[INST] Reflecting France's pride in its aviation heritage, Aerospatiale had [/INST] previously resisted transferring key assets such as its vaunted design operations to the new company. </s> |
1,033 | <s>[INST] But apparently the aerospace unit of Daimler-Benz AG and British Aerospace PLC, Airbus's German and [/INST] British partners, won out in the end, arguing that the management of a new Airbus needs direct control over all crucial aircraft-making assets in order to maximize efficiency. </s> |
1,034 | <s>[INST] Full text: Corrections & Amplifications TRICOM SA wasn't the [/INST] source for an item in the World Watch column Wednesday reporting that the Dominican Republic's No. </s> |
1,035 | <s>[INST] 2 phone company planned a global [/INST] share offering to be listed on the New York Stock Exchange. </s> |
1,036 | <s>[INST] 16, 1998) EUROPE Italian Phone Giant Gives New Chief Much Broader Role [/INST] With the opening up of Italy's phone market, it appears that it won't be business as usual at Telecom Italia SpA. </s> |
1,037 | <s>[INST] Its hiring of Gian Mario Rossignolo as its chairman on Monday included a deal that [/INST] will give the holder of that post broad new powers that should ease the group's transformation from a state-controlled company to a private one with a wide shareholder base. </s> |
1,038 | <s>[INST] The board's move came just six weeks after the resignation of the previous chairman, [/INST] Guido Rossi, who threw up his hands in frustration over his inability to change the mentality of a company long run as a state utility. </s> |
1,039 | <s>[INST] Mr. Rossignolo, a well-known executive who has spent [/INST] his entire career in the private sector, will see to new corporate governance rules. </s> |
1,040 | <s>[INST] The board also gave him the power to hire [/INST] and fire -- something the previous chairman never had -- and an oversight role in internal audits. </s> |
1,041 | <s>[INST] Telecom Italia is facing competition for the first time [/INST] this year in its fixed-line business because of the European Union's mandated liberalization of the sector. </s> |
1,042 | <s>[INST] It is also under heavy pressure from the EU to [/INST] clean up its act amid accusations that it has hampered competition and enjoys privileged treatment from the Italian government. </s> |
1,043 | <s>[INST] Poland Outlines Privatization Plans The problems rocking [/INST] Asia's troubled economies apparently are lighting a fire under the leadership in Poland. </s> |
1,044 | <s>[INST] After eight long years of an on-again, off-again [/INST] privatization program, Warsaw looks set to get serious about selling some of its biggest companies. </s> |
1,045 | <s>[INST] And many economists agree that the East European nation, the largest economy in the region, [/INST] had better do some fast selling to maintain its strong economic growth and avoid the problems that economies on the other side of the globe have been facing. </s> |
1,046 | <s>[INST] But market players are eager for more details on the Polish initiative to see if these long-delayed [/INST] privatizations -- possibly including phone monopoly Telekomunikacja Polska SA, the country's largest bank Polska Kasa Opieki SA, oil giant Nafta Polska SA and the Polish flag carrier Lot -- will be attractive investments. </s> |
1,047 | <s>[INST] Airbus Conversion Gets a Lift France's Aerospatiale SA will [/INST] create a subsidiary for its Airbus Industrie activities and transfer them to a new centralized Airbus company. </s> |
1,048 | <s>[INST] The move marks a breakthrough in Airbus's plans to [/INST] transform itself from a loose four-nation consortium to a centralized aircraft manufacturing concern by early next year. </s> |
1,049 | <s>[INST] Reflecting France's pride in its aviation heritage, Aerospatiale had [/INST] previously resisted transferring key assets such as its vaunted design operations to the new company. </s> |
1,050 | <s>[INST] But apparently the aerospace unit of Daimler-Benz AG and British Aerospace PLC, Airbus's German and [/INST] British partners, won out in the end, arguing that the management of a new Airbus needs direct control over all crucial aircraft-making assets in order to maximize efficiency. </s> |
1,051 | <s>[INST] Novartis to Close Some Plants Now that the dust has settled on its huge [/INST] merger, Swiss pharmaceutal giant Novartis AG is planning to shut down, outsource or sell more than half of its 62 drug production facilities by the year 2000. </s> |
1,052 | <s>[INST] While the restructuring process in Europe has already reached an advanced stage, [/INST] plants in the U.S., Latin America and Asia will be the next to be targeted, according to a Swiss news report. </s> |
1,053 | <s>[INST] The costs for the latest revamping of the group, [/INST] created from the merger of Ciba-Geigy AG and Sandoz AG, is estimated at $230 million. </s> |
1,054 | <s>[INST] Philips's Deal May Be in Trouble A fight over money is [/INST] bogging down Philips Electronics NV's plan to sell a stake in its Origin BV computer-services subsidiary to Price Waterhouse. </s> |
1,055 | <s>[INST] Analysts had welcomed Price Waterhouse's letter of intent to acquire a stake [/INST] of about 20% in Origin as a boost to the consulting giant's presence in the fast-growing global market for information-technology services. </s> |
1,056 | <s>[INST] The two parties were [/INST] scheduled to complete the deal by Dec. </s> |
1,057 | <s>[INST] But according to people close to the planned transaction [/INST] the deal is now in jeopardy because of disagreements between Price Waterhouse and Philips over Origin's value. </s> |
1,058 | <s>[INST] If the final talks fail, it could [/INST] have far-reaching consequences for unprofitable Origin, which needs drastic cost cuts and reorganization. </s> |
1,059 | <s>[INST] BRIEFLY: -- Britain's Barclays PLC could take restructuring provisions of as much [/INST] as GBP 450 million ($729.7 million) against 1997 earnings as the result of its piecemeal exit from investment banking, analysts say. </s> |
1,060 | <s>[INST] -- Jobless protesters in Paris took over [/INST] the capital's chamber of commerce yesterday, before riot police moved in. </s> |
1,061 | <s>[INST] Meanwhile, thousands marched in [/INST] several French cities seeking increased jobless benefits. </s> |
1,062 | <s>[INST] -- Britain's Cable & Wireless Communications [/INST] PLC plans to reorganize its $1.5 billion debt to cut costs. </s> |
1,063 | <s>[INST] It says the move will [/INST] lead to annual savings of GBP 40 million. </s> |
1,064 | <s>[INST] -- French car maker PSA Peugeot Citroen saw auto [/INST] sales jump 5.3% to 2.1 million vehicles in 1997 amid inroads made in neighboring European countries. </s> |
1,065 | <s>[INST] predicts that Japan's total steel exports to South Korea will tumble 80% from [/INST] the current level of 700,000 tons a quarter because of the economic crisis affecting its neighbor on the other side of the Sea of Japan. </s> |
1,066 | <s>[INST] The steel group said the large drop in exports to South Korea would [/INST] be temporary, but didn't specify how long it was expected to last, or give figures for Nippon Steel's own exports to the country. </s> |
1,067 | <s>[INST] Steel exports to South Korea by Japanese steel makers for the [/INST] fiscal year ended March 1997 totaled 3.3 million tons, while those to all other Asian countries stood at 16.1 million tons. </s> |
1,068 | <s>[INST] Despite all the uncertainty, Nippon Steel says [/INST] it has no plans to revise its outlook at the present time. </s> |
1,069 | <s>[INST] Hong Kong Delays Airport Opening In the short-term it may [/INST] hurt the pride of city that is used to getting projects done on time -- or ahead of time. </s> |
1,070 | <s>[INST] But most observers say Hong Kong's decision to [/INST] delay the opening of its new airport to July from April makes sense. </s> |
1,071 | <s>[INST] The government says that before the first commercial flight takes off [/INST] it wants the special rail link to the city's downtown area up and running, and apparently that was the hitch. </s> |
1,072 | <s>[INST] The express train will take 23 minutes to [/INST] reach the downtown business district from the new Chek Lap Kok airport on Lantau Island. </s> |
1,073 | <s>[INST] Cathay Pacific Airways, which has invested 4.9 billion [/INST] Hong Kong dollars (US$633 million) in facilities there, called the decision "sensible and prudent". </s> |
1,074 | <s>[INST] The airline added that given the current [/INST] economic situation, it is in no rush to expand its flight schedules anyway. </s> |
1,075 | <s>[INST] Hanoi Asks Pilots to Screen Visitors Vietnam has joined [/INST] the list of countries checking for signs of bird flu among visitors from Hong Kong. </s> |
1,076 | <s>[INST] Health officials in Hanoi have asked pilots flying commercial [/INST] jets between Hong Kong and Vietnam to alert them if any of their passengers take ill. </s> |
1,077 | <s>[INST] Vietnam joins Taiwan, the Philippines and other [/INST] Asian countries screening passengers for signs of the new strain of flu. </s> |
1,078 | <s>[INST] BRIEFLY: -- An investment-management firm affiliated with Dongbu Group, one of [/INST] South Korea's top 30 conglomerates, is negotiating to sell an equity stake in itself to a major U.S. investment company. </s> |
1,079 | <s>[INST] --- THE AMERICAS Dominican Firm to List on Big Board [/INST] In what would be the first global share offering from the Dominican Republic, Tricom SA, the island nation's No. </s> |
1,080 | <s>[INST] 2 phone company, says it's [/INST] preparing to list on the New York Stock Exchange. </s> |
1,081 | <s>[INST] -based Motorola Inc., is seeking to [/INST] raise as much as $100 million to expand its wireless services. </s> |
1,082 | <s>[INST] Pending market conditions, the issue should be launched by the middle of this year via lead-manager Morgan Stanley [/INST] & Co., and co-manager Bear Stearns & Co. Argentine Phone Firm to Cut Staff Telecom Argentina Stet-France Telecom SA plans to trim 600 employees from its ranks, but there's a humanitarian side to the tale. </s> |
1,083 | <s>[INST] The Argentine phone company says it will retrain [/INST] those workers and then seek to place them in positions at other companies. </s> |
1,084 | <s>[INST] But Telecom Argentina didn't say why it's laying off the [/INST] workers in the first place or the potential savings that it expects to gain from the move. </s> |
1,085 | <s>[INST] Meanwhile, a local news report says the South American nation's other [/INST] local phone company, Telefonica de Argentina SA may eliminate 1,000 workers, though the company denies having any such plans. </s> |
1,086 | <s>[INST] BRIEFLY: -- Brazil's central bank discarded any possibility of a [/INST] devaluation of its real currency in the wake of renewed predictions of a speculative attack against the currency. </s> |
1,087 | <s>[INST] It said any such action [/INST] would be "like submitting to the turbulence". </s> |
1,088 | <s>[INST] -- A unit of U.S. investment bank Donaldson, Lufkin & [/INST] Jenrette Inc. will invest $40 million in Argentine wine and soft-drinks maker Penaflor SA, the beverage company said. </s> |
1,089 | <s>[INST] ___ Document 252 of 500 Saving Asia, 101 [/INST] Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 12 Jan 1998: A20. </s> |
1,090 | <s>[INST] An Asian economy starts to sink, the International Monetary [/INST] Fund starts to bail, the local currency -- baht, rupiah, won -- hits a record low. </s> |
1,091 | <s>[INST] And headline writers world-wide rummage daily for fresh verbs [/INST] to describe Asian currencies continuing to tumble, dive, spiral, plummet and plunge to new record lows. </s> |
1,092 | <s>[INST] The plunging currencies devastate wages and global buying power [/INST] of industrious Asian citizens, halve the income of exporting industries and double the liability to foreign banks. </s> |
1,093 | <s>[INST] So all of South Korea is worth [/INST] half of what it was a few months ago, and Indonesia a quarter. </s> |
1,094 | <s>[INST] It makes no sense except [/INST] in terms of a self-feeding downward spiral. </s> |
1,095 | <s>[INST] Devaluations and bailout loans are [/INST] not the only approaches to exchange rate problems. </s> |
1,096 | <s>[INST] The other approach is to use whatever resources are available [/INST] to stop devaluation, or more precisely to deal with the consequences of the policies necessary to do this. </s> |
1,097 | <s>[INST] Devaluation of won or baht or [/INST] whatever can be stopped by restricting the supply of them. </s> |
1,098 | <s>[INST] That is, instead of sterilizing currency inflows and [/INST] outflows, the central bank should let redemptions of its currency reduce its supply. </s> |
1,099 | <s>[INST] Doing this will of course increase internal [/INST] interest rates, slow the internal economy and endanger tottering banking systems. </s> |
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