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1,500 | <s>[INST] The Labor government, citing competitive concerns related to the broadcast of soccer games in England, [/INST] asked the Monopolies and Mergers Commission to take a closer look at British Sky Broadcasting Group's planned GBP 628 million ($1.05 billion) takeover of the Manchester United team. </s> |
1,501 | <s>[INST] owns a 40% stake in BSkyB and whose dream of owning a European soccer club could hinge [/INST] on what that panel ultimately decides, indicated that the target of his wrath is less the Labor Party, which he opposed in the last election, than a "few paranoid hacks in Fleet Street". </s> |
1,502 | <s>[INST] Mr. Murdoch is also publisher of the tabloid [/INST] Sun, known for its page three pinup girls, and the venerable Times of London. </s> |
1,503 | <s>[INST] Germany's Deutsche Bank is pondering a bid to acquire all of the shares [/INST] of BFG Bank, a smaller German retail institution, in a deal that would be valued at up to five billion marks ($3.02 billion). </s> |
1,504 | <s>[INST] BFG's majority owner, the troubled French banking group Credit [/INST] Lyonnais, is being forced by regulators to divest itself of the shares as part of its reorganization. </s> |
1,505 | <s>[INST] The mighty Deutsche Bank's interest in BFG, which has assets of about 80 billion marks, surprised even the [/INST] most astute analysts since Germany's leading financial institution has shown little desire in the past to expand its domestic retail business, preferring instead to beef up its corporate and investment banking operations in other markets. </s> |
1,506 | <s>[INST] Unlike big banks in other European countries, large German [/INST] banks have a tiny share of the domestic retail market, which is dominated by savings banks. </s> |
1,507 | <s>[INST] Little Ireland has been one of [/INST] the fastest expanding economies in Europe in recent times. </s> |
1,508 | <s>[INST] So news that the French home-appliance maker Moulinex is [/INST] shutting down its plant in Limerick no doubt dealt a blow to trade officials in Dublin. </s> |
1,509 | <s>[INST] But the loss of the 650 jobs at [/INST] the site is less a reflection on Ireland and its booming economy than Russia. </s> |
1,510 | <s>[INST] The French group, which makes everything from microwave ovens [/INST] to Krups coffee makers, issued a profit warning along with the details of the plant closure. </s> |
1,511 | <s>[INST] It seems that Moulinex has been hard hit by the collapse of the ruble and [/INST] Russia's economic crisis; its sales in the former Soviet republic, which once amounted to about 10% of the group's total revenue, have been in a free fall for weeks. </s> |
1,512 | <s>[INST] Nevertheless, the company did have a reassuring message for [/INST] its fellow countrymen; it said there will be no jobs losses at its factories in France. </s> |
1,513 | <s>[INST] Full text: EUROPE Murdoch Criticizes U.K. Plan to Study Soccer Club Deal Just [/INST] as the acceptances were rolling in, London put the brakes on Rupert Murdoch's plan to own one of the nation's wealthiest soccer clubs. </s> |
1,514 | <s>[INST] The Labor government, citing competitive concerns related to the broadcast of soccer games in England, [/INST] asked the Monopolies and Mergers Commission to take a closer look at British Sky Broadcasting Group's planned GBP 628 million ($1.05 billion) takeover of the Manchester United team. </s> |
1,515 | <s>[INST] owns a 40% stake in BSkyB and whose dream of owning a European soccer club could hinge [/INST] on what that panel ultimately decides, indicated that the target of his wrath is less the Labor Party, which he opposed in the last election, than a "few paranoid hacks in Fleet Street". </s> |
1,516 | <s>[INST] Mr. Murdoch is also publisher of the tabloid [/INST] Sun, known for its page three pinup girls, and the venerable Times of London. </s> |
1,517 | <s>[INST] Meanwhile, BSkyB reported that its quarterly earnings [/INST] tumbled by nearly a fifth to GBP 52 million, though sales climbed 8.7%. </s> |
1,518 | <s>[INST] The company said the retrenchment in earnings was [/INST] because of costs related to the launching of its digital TV venture on Oct. </s> |
1,519 | <s>[INST] 1 -- something the markets were [/INST] sympathetic to as BSkyB's shares rose slightly in London trading. </s> |
1,520 | <s>[INST] Deutsche Bank Eyes Germany's BFG Germany's Deutsche Bank is pondering a bid to acquire [/INST] all of the shares of BFG Bank, a smaller German retail institution, in a deal that would be valued at up to five billion marks ($3.02 billion). </s> |
1,521 | <s>[INST] BFG's majority owner, the troubled French banking group Credit [/INST] Lyonnais, is being forced by regulators to divest itself of the shares as part of its reorganization. </s> |
1,522 | <s>[INST] The mighty Deutsche Bank's interest in BFG, which has assets of about 80 billion marks, surprised even the [/INST] most astute analysts since Germany's leading financial institution has shown little desire in the past to expand its domestic retail business, preferring instead to beef up its corporate and investment banking operations in other markets. </s> |
1,523 | <s>[INST] Unlike big banks in other European countries, large German [/INST] banks have a tiny share of the domestic retail market, which is dominated by savings banks. </s> |
1,524 | <s>[INST] French Jobless Rate Fell in September The [/INST] job creation efforts of the Socialist leadership in France are apparently paying off. </s> |
1,525 | <s>[INST] After keeping the unemployment problem in [/INST] check since last spring, the nation's jobless rate dropped in September. </s> |
1,526 | <s>[INST] The unemployment rate was down a better-than-expected one-tenth of a percentage point to [/INST] 11.7% as more people showered and shaved and made their way through the morning commute in Paris and cities and towns all across France. </s> |
1,527 | <s>[INST] But analysts fear that an increase in pessimism [/INST] among the nation's business leaders may stunt the government's job-creation efforts in the end. </s> |
1,528 | <s>[INST] A recent survey of industry leaders revealed that they plan to curb production [/INST] in the coming months in what analysts see as a further indication that the global economic crisis is taking its toll on European manufacturers. </s> |
1,529 | <s>[INST] Moulinex to Shut Factory in Ireland Little Ireland [/INST] has been one of the fastest expanding economies in Europe in recent times. </s> |
1,530 | <s>[INST] So news that the French home-appliance maker Moulinex is [/INST] shutting down its plant in Limerick no doubt dealt a blow to trade officials in Dublin. </s> |
1,531 | <s>[INST] But the loss of the 650 jobs at [/INST] the site is less a reflection on Ireland and its booming economy than Russia. </s> |
1,532 | <s>[INST] The French group, which makes everything from microwave ovens [/INST] to Krups coffee makers, issued a profit warning along with the details of the plant closure. </s> |
1,533 | <s>[INST] It seems that Moulinex has been hard hit by the collapse of the ruble and [/INST] Russia's economic crisis; its sales in the former Soviet republic, which once amounted to about 10% of the group's total revenue, have been in a free fall for weeks. </s> |
1,534 | <s>[INST] Nevertheless, the company did have a reassuring message for [/INST] its fellow countrymen; it said there will be no jobs losses at its factories in France. </s> |
1,535 | <s>[INST] BRIEFLY: -- Swedish banking group Svenska [/INST] Handelsbanken made a surprise cash bid for Norway's Fokus Bank. </s> |
1,536 | <s>[INST] The offer values the bank at 5.09 billion kroner ($689.9 [/INST] million) and could scuttle the planned three-way merger of Fokus, Christiania Bank and Norwegian state-owned Postbanken announced last month. </s> |
1,537 | <s>[INST] -- Russia's Siberian Oil posted a loss of $60.4 [/INST] million in the first half, citing the nation's economic problems and the slump in oil prices. </s> |
1,538 | <s>[INST] -- Italian tire maker Pirelli saw profit fall 7.5% in the first nine months of [/INST] the year to 505 billion lire ($308.7 million), but said it expects results for all of 1998 to be in line with those reported a year earlier. </s> |
1,539 | <s>[INST] --- ASIA/PACIFIC Cathay to Soon Bid for Airline Stake Hong Kong's flag carrier, Cathay Pacific Airways, has been [/INST] burning the midnight oil going over the books of the beleaguered Philippine Airlines and is expected to make an offer to buy a stake in the carrier within the next couple of weeks. </s> |
1,540 | <s>[INST] But Cathay Pacific, which also has had its share [/INST] of troubles because of the Asian financial crisis, has no intention of throwing good money after bad. </s> |
1,541 | <s>[INST] The deal being worked out will apparently give Cathay Pacific a say in [/INST] all major decisions made by the Philippine carrier, which just recently restarted limited service after telling the world it had closed its doors for good. </s> |
1,542 | <s>[INST] Japanese Bank to Cut 3,000 Workers With Japan embroiled in its worst [/INST] economic troubles in years, yet another big bank unveiled plans to shake up its operations to cope with the crisis at hand. </s> |
1,543 | <s>[INST] Sakura Bank, the core bank of the Mitsui industrial [/INST] group, will slash 3,000 jobs, or 20% of its work force, over the next three years. </s> |
1,544 | <s>[INST] A huge number of job losses for any company, but particularly [/INST] noteworthy for a concern in Japan, where layoffs are still seen as something to avoid at just about any cost. </s> |
1,545 | <s>[INST] The announcement comes as Sakura and other major Japanese banks are [/INST] doing everything they can to raise the money they need to write off bad loans amid the economic downturn. </s> |
1,546 | <s>[INST] Earlier this year, Sakura asked Toyota Motor and other Mitsui [/INST] group members to shore up its eroded capital base with an emergency infusion of more than $2.1 billion. </s> |
1,547 | <s>[INST] India Decides to Keep Rates Steady The governor of India's central bank says he really would [/INST] have liked to have lowered interest rates on Friday, but that it will be better for everyone concerned if the nation holds off on any such moves awhile longer. </s> |
1,548 | <s>[INST] In the wake of the central bank's decision to leave rates unchanged, Bimal Jalan conceded there's a likelihood of [/INST] reducing rates when a seasonal decline in food prices is reported in a few weeks, but that "the other joker in the pack is liquidity," which he says is still too high in the banking system. </s> |
1,549 | <s>[INST] Earlier, State Bank of India, one of India's biggest commercial lenders, [/INST] said the decision not to raise rates, despite the higher-than-targeted money supply, will help the South Asian nation's industrial recovery. </s> |
1,550 | <s>[INST] BRIEFLY: -- China plans to mitigate risks by [/INST] setting up financial asset management institutions that will take over the assets of bankrupt banks. </s> |
1,551 | <s>[INST] --- THE AMERICAS Citibank to Take Over Latin Bank In a strong signal of [/INST] confidence in Argentina's banking industry, Citigroup's Citibank unit will take over Banco Mayo Cooperativo, one of the nation's top 20 banks in terms of deposits. </s> |
1,552 | <s>[INST] The deal will allow Citibank Argentina to expand into middle market [/INST] banking in the South American nation, a potentially lucrative arena despite the current credit crunch resulting from high interest rates. </s> |
1,553 | <s>[INST] Citibank Argentina will pay $90 [/INST] million for Banco Mayo's credit card operations. </s> |
1,554 | <s>[INST] It will also absorb $728 million [/INST] in deposits, and a similar amount of loans and other assets. </s> |
1,555 | <s>[INST] Citibank said it will keep 54 of Banco [/INST] Mayo's 104 branches, expanding its total branch network in Argentina to a total of 105. </s> |
1,556 | <s>[INST] Brazil Agency Backs Cargill Proposal Brazil's National Monetary Council recommended [/INST] that Minnesota-based Cargill be allowed to set up commercial and investment-banking operations at several sites in the country. </s> |
1,557 | <s>[INST] According to the central bank, Cargill requested that it be allowed to establish [/INST] a bank to ensure continued support for its operations in the Latin American region's biggest economy, where it has been active since 1965. </s> |
1,558 | <s>[INST] The decision still needs to [/INST] be signed off by President Fernando Henrique Cardoso. </s> |
1,559 | <s>[INST] BRIEFLY: -- Third-quarter earnings released last week by Mexico's top financial groups show the [/INST] sector still has big challenges in its asset quality outlook and will face a bumpy road in the final quarter of the year, analysts say. </s> |
1,560 | <s>[INST] -- Sevel Argentina plans to suspend production on its assembly [/INST] lines through the second week of November because of the unsteady market conditions facing the local auto industry. </s> |
1,561 | <s>[INST] -- Lawyers for Raul Salinas appealed a Swiss decision [/INST] to order the confiscation of $114.4 million as probable laundered drug money, his wife's Swiss attorney said. </s> |
1,562 | <s>[INST] The appeal will send the case of [/INST] Mr. Salinas, brother of former Mexican president, to Switzerland's supreme court. </s> |
1,563 | <s>[INST] -- Peruvian authorities suspended two stockbrokerage firms, [/INST] Argos and Ares, for failing to meet liquidity and net worth requirements. </s> |
1,564 | <s>[INST] While Brazil Agonizes, The U.S. Makes a Move --- Fed Action Thrills Markets; Cardosa Must Decide Between [/INST] Dueling Experts --- `Money Has to Be a Measure' Author: By David Wessel and Craig Torres Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 16 Oct 1998: A1. </s> |
1,565 | <s>[INST] It's exactly the kind of gut-wrenching decision that economic policy-makers are facing all over the world [/INST] -- including in the U.S. Only 17 days ago, the Federal Reserve decided to lower interest rates a quarter percentage point, disappointing markets, which had hoped for a greater cut. </s> |
1,566 | <s>[INST] Yesterday, concerned about "unsettled conditions in [/INST] financial markets," the Fed unexpectedly cut another quarter-point, sending markets soaring. </s> |
1,567 | <s>[INST] The Dow Jones Industrial Average [/INST] closed up 330.58 points, or 4.15%, at 8299.36. </s> |
1,568 | <s>[INST] But an equally strong case can be [/INST] made against devaluation: Look what happened to Thailand, Korea, Indonesia and Russia. </s> |
1,569 | <s>[INST] Devaluation was followed by recession, [/INST] high interest rates, widespread bankruptcies and panic. </s> |
1,570 | <s>[INST] Mr. (Fernando) Cardoso knows that pushing down the real could [/INST] lead to higher import prices and risk rekindling the devastating inflation he worked so hard to conquer. </s> |
1,571 | <s>[INST] With money flowing across international borders [/INST] more easily than it did a decade ago, devaluation is trickier. </s> |
1,572 | <s>[INST] Rich-country investors and banks lend and invest billions in [/INST] faraway markets; companies, banks and wealthy families in those faraway countries borrow heavily from abroad. </s> |
1,573 | <s>[INST] When their governments reduced the value of their currencies, Thais or Koreans [/INST] or Indonesians who had borrowed from abroad (in dollars) to invest or lend at home (in baht, won or rupiah) got smashed. </s> |
1,574 | <s>[INST] A Thai borrower that owed $1 million to foreigners on June 30, 1997, [/INST] just before the government devalued, owed the equivalent of 24.7 million baht; a month later, it owed the equivalent of 31.5 million baht. </s> |
1,575 | <s>[INST] Full text: Some day soon, Brazilian President Fernando Cardoso and his economic [/INST] advisers will have to decide whether to let the value of the Brazilian currency, the real, fall sharply against the U.S. dollar. </s> |
1,576 | <s>[INST] Brazil is seen as a firebreak [/INST] in the financial conflagration that has swept through Asia and Russia. </s> |
1,577 | <s>[INST] If Brazil gets it right, [/INST] the worst of the crisis may be past. </s> |
1,578 | <s>[INST] If it gets it wrong, [/INST] the odds of world-wide financial calamity increase. </s> |
1,579 | <s>[INST] It's exactly the kind of gut-wrenching decision that economic policy-makers are facing all over the world [/INST] -- including in the U.S. Only 17 days ago, the Federal Reserve decided to lower interest rates a quarter percentage point, disappointing markets, which had hoped for a greater cut. </s> |
1,580 | <s>[INST] Yesterday, concerned about "unsettled conditions in [/INST] financial markets," the Fed unexpectedly cut another quarter-point, sending markets soaring. </s> |
1,581 | <s>[INST] The Dow Jones Industrial Average [/INST] closed up 330.58 points, or 4.15%, at 8299.36. </s> |
1,582 | <s>[INST] Unfortunately for Mr. Cardoso, who vows he won't devalue his nation's currency, the [/INST] issue of devaluation has been the focus of an almost theological debate for decades among the economic experts who have thought the hardest about it. </s> |
1,583 | <s>[INST] But when it comes to [/INST] facts, neither side has a preponderance of the evidence. </s> |
1,584 | <s>[INST] The case for devaluation is clear-cut: When something bad happens to demand [/INST] for a country's products or assets, the smart thing is to do what companies do when demand falls -- cut the price. </s> |
1,585 | <s>[INST] The easiest way for a country to do [/INST] that is to reduce the value of its currency against other currencies, to "devalue". </s> |
1,586 | <s>[INST] Exports are instantly cheaper to [/INST] foreign consumers, sales increase, the economy perks up. </s> |
1,587 | <s>[INST] Today, Brazil's imports exceed its exports by a sum greater than 4% of its economy, and its inflation [/INST] rate, though down from the early 1990s, still exceeds that of the U.S. Those measures suggest to Harvard University economists Jeffrey Sachs and Steven Radelet, among others, that the real is overpriced by about 25%. </s> |
1,588 | <s>[INST] But an equally strong case can be [/INST] made against devaluation: Look what happened to Thailand, Korea, Indonesia and Russia. </s> |
1,589 | <s>[INST] Devaluation was followed by recession, [/INST] high interest rates, widespread bankruptcies and panic. </s> |
1,590 | <s>[INST] Mr. Cardoso knows that pushing down the real could [/INST] lead to higher import prices and risk rekindling the devastating inflation he worked so hard to conquer. </s> |
1,591 | <s>[INST] With money flowing across international borders [/INST] more easily than it did a decade ago, devaluation is trickier. </s> |
1,592 | <s>[INST] Rich-country investors and banks lend and invest billions in [/INST] faraway markets; companies, banks and wealthy families in those faraway countries borrow heavily from abroad. </s> |
1,593 | <s>[INST] When their governments reduced the value of their currencies, Thais or Koreans [/INST] or Indonesians who had borrowed from abroad (in dollars) to invest or lend at home (in baht, won or rupiah) got smashed. </s> |
1,594 | <s>[INST] A Thai borrower that owed $1 million to foreigners on June 30, 1997, [/INST] just before the government devalued, owed the equivalent of 24.7 million baht; a month later, it owed the equivalent of 31.5 million baht. </s> |
1,595 | <s>[INST] And when the borrowers are banks, as [/INST] many have been, the heavier debt burden can push them into insolvency. </s> |
1,596 | <s>[INST] That, in turn, makes it almost impossible for local [/INST] exporters to get the credit they need to take advantage of devaluation to increase their sales abroad. </s> |
1,597 | <s>[INST] In short, the pain of devaluation is worse [/INST] than it was in the old days, and the benefits to exporters are elusive. </s> |
1,598 | <s>[INST] Franklin Roosevelt devalued the dollar in 1933, [/INST] and the U.S. economy bounced back from the Depression -- temporarily. </s> |
1,599 | <s>[INST] Richard Nixon devalued the dollar in [/INST] 1971; critics say that helped produce a decade of inflation. </s> |
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