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<!DOCTYPE lewis SYSTEM "lewis.dtd">
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19419" NEWID="3001">
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<DATE> 9-MAR-1987 04:58:41.12</DATE>
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<TOPICS><D>money-fx</D></TOPICS>
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<PLACES><D>uk</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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b f BC-U.K.-MONEY-MARKET-SHO 03-09 0095</UNKNOWN>
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<TITLE>U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG</TITLE>
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<DATELINE> LONDON, March 9 - </DATELINE><BODY>The Bank of England said it forecast a
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shortage of around 250 mln stg in the money market today.
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Among the factors affecting liquidity, it said bills
19
maturing in official hands and the treasury bill take-up would
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drain around 1.02 billion stg while below target bankers'
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balances would take out a further 140 mln.
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Against this, a fall in the note circulation would add 345
23
mln stg and the net effect of exchequer transactions would be
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an inflow of some 545 mln stg, the Bank added.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19420" NEWID="3002">
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<DATE> 9-MAR-1987 05:03:09.75</DATE>
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<TOPICS><D>money-fx</D><D>interest</D></TOPICS>
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<PLACES><D>france</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-BANK-OF-FRANCE-SETS-M 03-09 0112</UNKNOWN>
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<TITLE>BANK OF FRANCE SETS MONEY MARKET TENDER</TITLE>
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<DATELINE> PARIS, March 9 - </DATELINE><BODY>The Bank of France said it invited offers
43
of first category paper today for a money market intervention
45
Money market dealers said conditions seemed right for the
46
Bank to cut its intervention rate at the tender by a quarter
47
percentage point to 7-3/4 pct from eight, reflecting an easing
48
in call money rate last week, and the French franc's steadiness
49
on foreign exchange markets since the February 22 currency
50
stabilisation accord here by the Group of Five and Canada.
51
Intervention rate was last raised to eight pct from 7-1/4
52
on January 2. Call money today was quoted at 7-11/16 7-3/4 pct.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19421" NEWID="3003">
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<DATE> 9-MAR-1987 05:03:38.51</DATE>
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<TOPICS><D>crude</D></TOPICS>
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<PLACES><D>china</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-AMOCO-REPORTS-SOUTH-C 03-09 0073</UNKNOWN>
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<TITLE>AMOCO REPORTS SOUTH CHINA SEA OIL FIND</TITLE>
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<DATELINE> PEKING, March 9 - </DATELINE><BODY>The U.S. <Amoco Petroleum Corp> has
71
reported an offshore oil find at its Pearl River basin
72
concession in the South China Sea, the New China News Agency
74
It said the Liu Hua 11-1-1 A well produced at around 2,240
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barrels per day at a depth of 305 metres.
76
The news agency said Amoco plans to drill a second well in
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the area this year, but gave no further details.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19422" NEWID="3004">
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<DATE> 9-MAR-1987 05:12:17.12</DATE>
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<PLACES><D>south-korea</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-SOUTH-KOREA-DELAYS-CO 03-09 0110</UNKNOWN>
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<TITLE>SOUTH KOREA DELAYS CONTRACT FOR NUCLEAR PLANTS</TITLE>
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<DATELINE> SEOUL, March 9 - </DATELINE><BODY>Technology transfer problems have delayed
96
the finalising of contracts between South Korea's state-owned
97
Korea Electric Power Corp (Kepco) and U.S. Firms for supplies
98
of equipment and services for Kepco's latest two 950-megawatt
99
nuclear power plants, a Kepco spokesman said.
100
He told Reuters the contracts for Kepco's tenth and
101
eleventh stations, costing between two and three billion dlrs,
102
were due for completion by the end of February.
103
Kepco has been negotiating with Combustion Engineering Inc
104
(CSP) for pressurised light-water reactors and General Electric
105
Co (GE) for turbines.
107
KEPCO has also been negotiating with (Sargent and Lundy
108
Engineers) for engineering and design consultancy services.
109
"We have been waging a tug-of-war on the transfer of
110
advanced technology. But I am optimistic we will sign contracts
111
with them within this month," the spokesman said.
112
He said the transfer of advanced technology is vital for
113
South Korea, which wants to build future nuclear power plants
114
with its own technology.
115
Work on the two plants is due to start about June 1988 for
116
completion in 1995 and 1996, although the sites have yet to be
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19423" NEWID="3005">
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<DATE> 9-MAR-1987 05:19:27.56</DATE>
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<PLACES><D>switzerland</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-KEIAISHA-ISSUING-12-M 03-09 0060</UNKNOWN>
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<TITLE>KEIAISHA ISSUING 12 MLN SWISS FRANC NOTES</TITLE>
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<DATELINE> ZURICH, March 9 - </DATELINE><BODY>Keiaisha Co Ltd of Tokyo is issuing 12
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mln Swiss francs of straight notes due March 26, 1992 with a
137
4-5/8 pct coupon, lead manager Gotthard Bank said.
138
The notes can be called from September 26, 1989 at 101-1/4,
139
declining semi-annually.
140
The issue is guaranteed by the Kyowa Bank Ltd.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19424" NEWID="3006">
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<DATE> 9-MAR-1987 07:59:05.79</DATE>
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<TOPICS><D>interest</D></TOPICS>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f f BC-NATIONAL-WESTMINSTER 03-09 0015</UNKNOWN>
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<TEXT TYPE="BRIEF">
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******<TITLE>NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
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</TITLE>Blah blah blah.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19425" NEWID="3007">
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<DATE> 9-MAR-1987 08:08:57.16</DATE>
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<TOPICS><D>interest</D></TOPICS>
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<PLACES><D>uk</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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b f BC-NATIONAL-WESTMINSTER 03-09 0029</UNKNOWN>
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<TITLE>NATIONAL WESTMINSTER BANK CUTS BASE RATE</TITLE>
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<DATELINE> LONDON, March 9 - </DATELINE><BODY>National Westminster Bank Plc said it has
178
cut its base lending rate 0.5 percentage points to 10.5 pct
180
National Westminster said that it was responding to general
181
easing in money market rates.
182
Its move followed a signal from the Bank of England earlier
183
this afternoon that it would endorse a half point cut in the
184
base rate, a surprise move following its strong signals last
185
week that such a move would be premature.
186
However, since then the pound has continued to gain
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19426" NEWID="3008">
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<DATE> 9-MAR-1987 08:11:20.25</DATE>
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<TOPICS><D>earn</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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s f BC-U.S.-FACILITIES-<USRE 03-09 0047</UNKNOWN>
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<TITLE>U.S. FACILITIES <USRE> SEMI-ANNUAL DIVIDEND</TITLE>
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<DATELINE> COSTA MESA, Calif., March 9 -
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</DATELINE><BODY>Semi-annual dividend 4 cts
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Note: full name is U.S. Facilities Corp. This is first dividend
210
declared since company completed its initial public offering on
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19427" NEWID="3009">
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<DATE> 9-MAR-1987 08:13:16.75</DATE>
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<TOPICS><D>acq</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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r f BC-STANDARD-PACIFIC-<SPF 03-09 0134</UNKNOWN>
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<TITLE>STANDARD PACIFIC <SPF> ACQUIRES SOUTH BAY S/L</TITLE>
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<DATELINE> COSTA MESA, Calif, March 9 - </DATELINE><BODY>Standard Pacific LP said it
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has acquired substantially all of the assets and liabilities of
231
South Bay Savings and Loan Association of Newport Beach.
232
The firm said over the weekend that it will conduct its
233
savings and loan activities through Standard Pacific Savings
234
FA, a Federal stock association.
235
On Friday, the Federal Home Loan Bank Board in Washington
236
said it approved the acquisition of South Bay S and L, a 62.5
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mln dlr state-chartered stock association, by Standard Pacific,
238
which has 312.8 mln dlrs in assets.
239
The Bank Board said that the Federal Savings and Loan
240
Insurance Corp will make a cash contribution, provide capital
241
loss coverage and indemnify Standard Pacific against
242
undisclosed liabilities.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19428" NEWID="3010">
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<DATE> 9-MAR-1987 08:13:36.29</DATE>
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<TOPICS><D>strategic-metal</D></TOPICS>
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<PLACES><D>usa</D><D>south-africa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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d f AM-URANIUM 03-09 0135</UNKNOWN>
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<TITLE>U.S. TO ALLOW TEMPORARY IMPORTS OF S.A. URANIUM</TITLE>
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<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>The Treasury Department said it would
261
temporarily permit imports of South African uranium ore and
262
oxide pending clarification of anti-apartheid sanctions laws
263
passed by Congress last fall.
264
The decision was announced late Friday. It applies, until
265
July 1, to uranium ore and oxide imported into the U.S. for
266
processing and re-export to third countries.
267
The Treasury said it took the action because it felt that
268
when Congress passed the comprehensive South African sanctions
269
bill last fall over President Reagan's veto it had not intended
270
to hurt U.S. industry.
271
In addition, the Treasury said it would permit U.S.-made
272
goods to be imported temporarily from South African
273
state-controlled organizations for repair or servicing.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19429" NEWID="3011">
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<DATE> 9-MAR-1987 08:15:28.61</DATE>
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<PLACES><D>usa</D><D>iran</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-PAPER-SAYS-INDICTMENT 03-09 0115</UNKNOWN>
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<TITLE>PAPER SAYS INDICTMENTS IN IRAN CASE EXPECTED</TITLE>
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<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>The special prosecutor in the Iran arms
293
scandal is expected to bring indictments that could include
294
felony charges against senior Reagan administration officials,
295
the New York Times reported.
296
It quoted law enforcement officials with knowledge of the
297
investigation as saying special prosecutor Lawrence Walsh, who
298
is investigating the scandal, was focusing on three areas.
299
The paper identified these as conspiracy to defraud the
300
government, obstructing justice and making false statements to
301
the government. It said the prosecutor had not ruled out any
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suspects, including current and former government officials.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19430" NEWID="3012">
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<DATE> 9-MAR-1987 08:15:42.31</DATE>
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<PLACES><D>usa</D><D>uk</D></PLACES>
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<EXCHANGES><D>nyse</D><D>lse</D></EXCHANGES>
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<COMPANIES></COMPANIES>
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r f BC-NYSE-RULE-COULD-AFFEC 03-09 0101</UNKNOWN>
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<TITLE>NYSE RULE COULD AFFECT TRADING IN LONDON</TITLE>
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<DATELINE> LONDON, March 9 - </DATELINE><BODY>An existing New York Stock Exchange,
321
NYSE, rule might be used to limit the trading activities of its
322
members in London in stocks listed on both exchanges, sources
323
at the London Exchange said.
324
This could arise if the London Stock Exchange goes ahead
325
with plans to close its trading floor.
326
The London Exchange sources were commenting on press
327
reports that the NYSE would bar its members firms from trading
328
on the London Exchange in interlisted stocks during periods
329
when the NYSE was open.
330
The London exchange is seeking clarification.
331
London Exchange sources said the possibility of
332
restrictions on NYSE members appears to reflect a rule which
333
requires that exchanges recognised by the NYSE possess a
335
Last month, the London Exchange said in a statement that it
336
planned to close its floor in due course, apart from a floor
337
for traded options, because almost all business is now being
338
done by screen and telephone between brokerage offices.
339
This development stemmed from the Big Bang restructuring of
340
the market on October 27. The demise of the traditional Stock
341
Exchange floor has been widely expected, though no date has
343
Market sources said a compromise over the NYSE rule could
344
well be reached, partly because the interests of U.S.
345
Securities dealers are not all identical.
346
Some of them could well start lobbying the NYSE, pointing
347
out, among other things, that the expansion of global trading
348
needs to be based on reciprocal arrangements.
349
NYSE brokerage firms which also trade on the London
350
Exchange would presumably be put at a disadvantage over
351
non-NYSE U.S. Firms, which have affiliates on the London
352
Exchange, market sources said.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19431" NEWID="3013">
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<DATE> 9-MAR-1987 08:16:35.37</DATE>
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<TOPICS><D>acq</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-/PIEDMONT-<PIE>-AGREE 03-09 0113</UNKNOWN>
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<TITLE>PIEDMONT <PIE> AGREES TO USAIR <U> BUYOUT</TITLE>
370
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>USAir Group Inc said Piedmont Aviation
371
Inc has agreed to be acquired for 69 dlrs per share.
372
The company, in a newspaper advertisement, said it has
373
started a tender offer for all Piedmont shares at that price,
374
and the Piedmont board, with two directors absent, has
375
unanimously approved the bid. The offer and withdrawal rights
376
are to expire April Three unless extended, and the bid is to be
377
followed by a merger at the same price.
378
USAir said Piedmont has granted it an irrevocable option to
379
buy up to 3,491,030 new shares under certain circumstances.
380
Piedmont now has about 18.6 mln shares outstanding.
381
USAir said the tender is conditioned on receipt of enough
382
shares to give USAir at least a 50.1 pct interest in Piedmont
383
on a fully diluted basis and approval by the U.S. Department of
384
Transportation of a voting trust agreement permitting USAir to
385
buy and hold shares pending review of its application to gain
387
The company said its merger agreement with Piedmont
388
provides that the offer is not to be amended without Piedmont's
389
prior written consent in any way that would be adverse to
390
Piedmont shareholders, but it said it could cut the number of
391
shares to be bought without Piedmont's consent.
392
USAir said it could reduce the number of Piedmont shares to
393
be purchased in the offer to no less than the minimum number
394
needed to cause the voting trust condition of the bid to be
396
In that case, it said if more than that minimum number of
397
shares were tendered, it would buy shares on a pro rata basis.
398
In February USAir had offered to pay 71 dlrs per share in
399
cash for 50 pct of Piedmont's stock and 1.55 to 1.90 USAir
400
shares for each remaining Piedmont share.
401
Last week, Carl C. Icahn-controlled Trans World Airlines
402
Inc <TWA> made a conditional offer to acquire USAir for 52 dlrs
403
per share, a bid that was rejected by the USAir board.
404
The Transportation Department on Friday rejected TWA's
405
application to acquire USAir on the grounds that the
406
application failed to comply with department regulations by
407
omitting necessary information. TWA said it would refile
408
today, providing the information needed.
409
On Friday TWA said it had already acquired four mln shares
414
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19432" NEWID="3014">
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<DATE> 9-MAR-1987 08:21:01.71</DATE>
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<PLACES><D>usa</D><D>ussr</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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r f BC-U.S.-AIDES-SEE-MOSCOW 03-09 0103</UNKNOWN>
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<TITLE>U.S. AIDES SEE MOSCOW AGREEING TO ARMS CHECK PACT</TITLE>
428
<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>Senior U.S. Arms control officials
429
said they were optimistic the United States and Soviet Union
430
could reach agreement on ways to verify a pact to eliminate
431
medium-range nuclear missiles in Europe.
432
Chief U.S. Arms control negotiator Max Kampelman said on
433
the NBC television network a fair pact would be hard to
434
negotiate, but, "We are determined to do it."
435
Assistant Secretary of Defence for international security
436
policy Richard Perle said he thought the two sides could agree
437
on a method to ensure each side was honouring a missile pact.
438
President Reagan said on Friday that Secretary of State
439
George Shultz would go to Moscow next month for talks on arms
440
control and a possible U.S.-Soviet summit meeting.
441
The decision to send Shultz to Moscow followed an
442
announcement by Soviet leader Mikhael Gorbachev that he was
443
willing to separate elimination of medium-range missiles in
444
Europe from his demand for curbs on U.S. Development of a
445
Strategic Defence Initiative (SDI) anti-missile system.
446
Kampelman said the United States and the Soviet Union both
447
had a general definition of so-called "intrusive" or on-site
448
inspection of a pact, but details would be tough to work out.
452
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19433" NEWID="3015">
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<DATE> 9-MAR-1987 08:22:57.04</DATE>
454
<TOPICS><D>crude</D><D>nat-gas</D></TOPICS>
455
<PLACES><D>usa</D></PLACES>
458
<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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d f BC-API-REPORTS-SHARP-FAL 03-09 0082</UNKNOWN>
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<TITLE>API REPORTS SHARP FALL IN DRILLINGS</TITLE>
466
<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>Estimated oil and gas drilling
467
completions in the United States dropped by almost 41 per cent
468
in 1986 from 1985, the American Petroleum Institute said.
469
API, an industry group, said that of the 42,387 wells
470
completed last year, a total of 19,741 were oil wells, 8,645
471
were natural gas wells and 14,001 were dry holes.
472
In 1985, a total of 71,539 wells were drilled - 36,834 oil
473
wells, 13,036 gas wells and 21,669 dry holes.
477
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19434" NEWID="3016">
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<DATE> 9-MAR-1987 08:23:31.25</DATE>
479
<TOPICS><D>instal-debt</D></TOPICS>
480
<PLACES><D>uk</D></PLACES>
483
<EXCHANGES></EXCHANGES>
484
<COMPANIES></COMPANIES>
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b f BC-U.K.-CREDIT-BUSINESS 03-09 0109</UNKNOWN>
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<TITLE>U.K. CREDIT BUSINESS FALLS IN JANUARY</TITLE>
491
<DATELINE> LONDON, March 9 - </DATELINE><BODY>New credit advanced by finance houses,
492
retailers, bank credit cards and other specialist providers of
493
credit slipped to 2.66 billion stg in January from 2.78 billion
494
in December - but remained close to the average level for
495
1986's fourth quarter, the Department of Trade and Industry
497
Of the January total, 1.15 billion stg was advanced on bank
499
On a three-month basis, total advances in November to
500
January were 3.0 pct lower than in the previous three months.
501
Within this total, lending to consumers fell by 6.0 pct and
502
lending to businesses declined by 5.0 pct.
503
At end-January 1987, the total amount outstanding was 24.07
504
billion stg, up from December's 23.77 billion stg and 3.0 pct
505
above the total three months earlier, the department said.
506
January saw a rise of 300 mln stg in amounts outstanding to
507
finance houses, other specialist credit grantors and retailers.
508
The department said advances on credit cards rose by 1.0
509
pct between the latest two three-month periods. Retailers
510
advanced 3.0 pct less in the latest three months than in the
511
previous three months, it said.
515
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19435" NEWID="3017">
516
<DATE> 9-MAR-1987 08:27:14.06</DATE>
517
<TOPICS><D>crude</D><D>ship</D></TOPICS>
518
<PLACES><D>brazil</D></PLACES>
521
<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
524
C G L M T
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u f BC-BRAZILIAN-SEAFARERS' 03-09 0108</UNKNOWN>
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<TITLE>BRAZILIAN SEAFARERS' STRIKE DAMAGES OIL EXPORTS</TITLE>
529
<DATELINE> SAO PAULO, March 9 - </DATELINE><BODY>A strike by Brazil's 40,000 seafarers
530
who want pay rises of up to 180 pct may have cost the
531
state-owned oil company Petrobras 20 mln dlrs in lost export
532
orders, the company's commercial director Arthur de Carvalho
533
was quoted as saying in press reports.
534
More than 170 ships in Brazil, and about nine more in
535
foreign ports, have been halted by the strike, which began on
537
Marines began blockading the ships on Friday after the
538
strike was ruled illegal, and some strikers are running short
539
of food, National Merchants Marine Union president Edson Areias
544
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19436" NEWID="3018">
545
<DATE> 9-MAR-1987 08:38:11.68</DATE>
547
<PLACES><D>usa</D></PLACES>
550
<EXCHANGES></EXCHANGES>
551
<COMPANIES></COMPANIES>
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u f BC-NEC-<NIPNY>-UNIT-INTR 03-09 0098</UNKNOWN>
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<TITLE>NEC <NIPNY> UNIT INTRODUCES NEW COMPUTERS</TITLE>
558
<DATELINE> BOXBOROUGH, Mass., March 9 - </DATELINE><BODY>NEC Corp's NEC Informational
559
Systems Inc said it introduced three advanced personal
560
computers that are fully compatible with the International
561
Business Machines Corp <IBM> PC AT.
562
The computers, the PowerMate 1, PowerMate 2 and
563
BusinessMate, are based on a chip made by Intel Corp <INTC>.
564
The PowerMate 1 and 2 are available immediately and sell
565
for 1,995 dlrs and 2,595 dlrs, respectively, the company said.
566
The BusinessMate, scheduled for April availability, will
567
sell for less than 6,000 dlrs, it said.
571
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19437" NEWID="3019">
572
<DATE> 9-MAR-1987 08:40:06.50</DATE>
573
<TOPICS><D>trade</D><D>gnp</D><D>bop</D><D>dlr</D></TOPICS>
574
<PLACES><D>uk</D><D>usa</D><D>west-germany</D><D>japan</D></PLACES>
576
<ORGS><D>oecd</D></ORGS>
577
<EXCHANGES></EXCHANGES>
578
<COMPANIES></COMPANIES>
581
f0886reute
582
d f BC-OECD-TRADE,-GROWTH-SE 03-09 0110</UNKNOWN>
584
<TITLE>OECD TRADE, GROWTH SEEN SLOWING IN 1987</TITLE>
585
<DATELINE> LONDON, March 9 - </DATELINE><BODY>The 24 nations of the Organisation for
586
Economic Cooperation and Development (OECD), hampered by
587
sluggish industrial output and trade, face slower economic
588
growth, and their joint balance of payments will swing into
589
deficit in 1987, the Economist Intelligence Unit (EIU ) said.
590
The EIU said in its World Trade Forecast it revised OECD
591
economic growth downwards to 2.5 pct this year, compared with a
592
2.8 pct growth forecast in December.
593
It said the new areas of weakness are West Germany and the
594
smaller European countries it influences, and Japan, hardest
595
hit by currency appreciation this year.
596
The independent research organisation cut its 1987 growth
597
rate forecasts for West Germany to 2.2 pct from 3.2 pct in
598
December and to 2.3 pct from three pct for Japan.
599
It said it expected the OECD to post a current account
600
deficit of some 13 billion dlrs in both 1987 and 1988, due in
601
large part to a 1.50 dlrs a barrel rise in 1987 oil prices.
602
It said the U.S. Current account deficit looked likely to
603
fall even more slowly than forecast, to 125 billion dlrs in
604
1987 and 115 billion in 1988 from 130 billion in 1986.
605
It said it expected West Germany to post a 31 billion dlr
606
payments surplus and Japan a 76 billion dlr surplus this year.
607
The EIU said it saw oil prices dropping to around 16.50
608
dlrs a barrel by end-1987 and 15.50 dlrs in 1988 from about 18
609
dlrs last year, as adherence to OPEC output policy becomes
611
It said the dollar is poised to resume its decline in
612
foreign exchange markets, and will lose a further 13 pct on its
613
trade-weighted index this year and five pct in 1988 after last
614
year's 18.4 pct drop. The average mark/dollar rate is put at
615
1.80 marks this year and 1.70 in 1988 while the yen/dollar rate
616
is expected to break through the 150 yen barrier with an
617
average value of 150 yen in 1987 and 146 yen in 1988, it said.
618
"This is not a crash scenario but the dollar's steeper
619
angle of descent increases the risk of ending with a fireball
620
rather than a three-point landing," the EIU said.
621
"Talking will not stop the dollar's slide for long and the
622
February meeting (of finance ministers of the Group of Five and
623
Canada) produced scant promise of either a decisive shift to
624
more expansive policies in West Germany and Japan, or a tighter
625
U.S. Fsical policy," it said.
626
It said the key to the dollar's fortunes was the
627
willingness of Japanese institutions to buy U.S. Government
628
assets despite prospects of sustaining a currency loss.
629
"Thus far they have been willing," the EIC said, adding
630
that if Japan was deterred from buying U.S. bonds the dollar
632
To contain such a currency crisis, dollar interest rates
633
would have to soar, bringing recession and a Third World debt
635
On trade, the EIU said prospects for 1987 look
637
Import growth, forecast in December at 4.5 pct, is now seen
638
slowing down to around 3.8 pct in 1987 with a recovery only to
639
4.2 pct in 1988, it said.
640
The weakness of the West German economy is the biggest
641
single factor, with import growth there expected to feature a
642
sluggish 3.5 pct growth in 1987 against the 6.5 pct forecast in
643
December, the EIU said.
644
On the export side, it said it saw weak demand in West
645
Germany affecting export prospects elsewhere in Europe, while
646
Japan's exports in 1987 would remain flat and sales by U.S.
647
Exporters would respond only marginally to a lower, more
648
competitively-priced dollar.
649
It said in most of Europe and in Japan, raw materials and
650
oil will cost less in domestic currency in 1987 than in 1986.
654
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655
<DATE> 9-MAR-1987 08:44:23.42</DATE>
656
<TOPICS><D>interest</D><D>money-fx</D><D>dlr</D></TOPICS>
657
<PLACES><D>usa</D><D>west-germany</D></PLACES>
658
<PEOPLE><D>poehl</D></PEOPLE>
660
<EXCHANGES></EXCHANGES>
661
<COMPANIES></COMPANIES>
664
f0895reute
665
u f BC-POEHL-SAYS-FURTHER-RA 03-09 0110</UNKNOWN>
667
<TITLE>POEHL SAYS FURTHER RATE CUT POSSIBLE - SOURCES</TITLE>
668
<AUTHOR> By Allan Saunderson and Antonia Sharpe, Reuters</AUTHOR>
669
<DATELINE> FRANKFURT, March 9 - </DATELINE><BODY>Bundesbank president Karl Otto Poehl
670
told a closed investment symposium that West Germany could cut
671
leading interest rates again if the United States makes a
672
similar move, banking sources said.
673
The sources were reporting Poehl's remarks at a symposium
674
in Duesseldorf last week organised by Deutsche Bank Ag. Press
675
representatives were not invited.
676
The sources, speaking separately, said Poehl told about 200
677
bankers in reply to questions that a cut in U.S. Interest rates
678
would give room for a matching measure in Germany.
679
"It was a definite hint at lower German interest rates," said
680
one banker who attended the symposium.
681
A Bundesbank spokesman said the central bank would have no
682
comment on the reported remarks, made at the private meeting.
683
But, according to a second source, who also declined to be
684
identified, Poehl's comments were seen by bankers present as a
685
direct pointer to further moves by the central bank to defend
686
German industry from an additional revaluation of the mark.
687
"He said if the Americans drop their interest rates then the
688
Bundesbank would also drop them. He said that quite clearly,"
689
the second source said.
690
In reply to questions, Poehl also said the half-point cut
691
in the discount and Lombard rates on January 22 came after the
692
U.S. Had signalled it would be prepared to attend a meeting to
693
discuss the level of the dollar on condition Germany made such
694
a move in advance, the sources said.
695
Asked if American authorities could have been persuaded, by
696
cuts in German rates, to come to the bargaining table as early
697
as last September, one of the sources quoted Poehl as saying,
698
"No, they wouldn't have been. We checked that."
699
The Paris meeting of the Group of Six industrial nations
700
took place exactly one month after the German cut in rates.
701
Poehl emphasised in his comments the very close talks
702
between central banks before and after the G-6 meeting, saying
703
that financial markets had not fully realised the significance
704
of the Paris session and the U.S. Agreement to stem further
705
falls in the value of the dollar, the sources said.
706
For the first time all participants at the summit agreed
707
that a further fall in the dollar would be harmful for all
708
world economies, including the U.S., Poehl had said.
709
The sources said the tone of Poehl's comments boosted
710
growing sentiment that the dollar would be stabilised around
711
current levels by international central bank cooperation.
712
One source said Poehl's remarks also underlined the fact
713
that the Bundesbank was now more prepared to be accommodative
714
in monetary policy in order to prevent a further slowdown in
715
West Germany's economic growth.
716
Poehl and other Bundesbank officials have in the past
717
stressed that the German central bank had no direct
718
responsibility for growth and was solely concerned with
719
combatting inflation.
720
This led, for instance, to the introduction of a tighter
721
monetary stance from the beginning of December until the
722
half-point cut in rates in late January.
723
The sources quoted Poehl as saying that the current
724
overshooting of the German monetary target would not directly
725
respark inflation. The Bundesbank was not obliged to react
726
immediately whenever such overshooting occurs.
727
Latest data for central bank money stock, the Bundesbank's
728
main measure of money supply, showed the measure was growing at
729
7-1/2 pct in January, outside its three to six pct 1987 target.
730
Share prices rose in very active trading today, with
731
dealers reporting that Poehl's remarks, coupled with a bullish
732
outlook on stock prices from Deutsche at the same symposium,
733
brought in strong bargain hunting at current low levels.
737
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19439" NEWID="3021">
738
<DATE> 9-MAR-1987 08:44:51.73</DATE>
740
<PLACES><D>uk</D><D>colombia</D></PLACES>
743
<EXCHANGES></EXCHANGES>
744
<COMPANIES></COMPANIES>
747
f0897reute
748
u f BC-PLESSEY-TO-SELL-TELEP 03-09 0106</UNKNOWN>
750
<TITLE>PLESSEY TO SELL TELEPHONE SYSTEM TO COLOMBIA</TITLE>
751
<DATELINE> LONDON, March 9 - </DATELINE><BODY>Plessey Co Plc <PLY.L> said it had won a
752
multi-million stg contract to supply Colombia with the System X
753
digital telephone exchange, the first major export contract for
755
Company sources said the deal was worth about 15 mln stg.
756
v A Plessey statement said the contract, awarded by the
757
National Telecommunications Authority of Colombia, was won
758
against competition from Telefon L M Ericsson AB, NEC Corp,
759
Fujitsu Ltd and Italtel of Italy.
760
"The award is regarded as a triumph for System X and a
761
breakthrough in the South American market," it said.
762
Plessey said the contract was one of the largest awarded by
763
Telecom Colombia for the past 10 years and involved supplying
764
13 telephone exchanges including 68,000 lines.
765
The award also includes transmission equipment for the
766
interconnection of the exchanges and the existing system.
767
The firm was actively marketing System X worldwide and
768
contract negotiations in certain countries had reached an
769
advanced stage, it said.
770
Plessey shares were down 5p at 235p, having gone
775
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19440" NEWID="3022">
776
<DATE> 9-MAR-1987 08:46:08.05</DATE>
778
<PLACES><D>venezuela</D></PLACES>
781
<EXCHANGES></EXCHANGES>
782
<COMPANIES></COMPANIES>
785
f0901reute
786
r f BC-VENEZUELA-REVEALS-DEB 03-09 0113</UNKNOWN>
788
<TITLE>VENEZUELA REVEALS DEBT PAYMENT SCHEDULE DETAILS</TITLE>
789
<DATELINE> CARACAS, March 8 - </DATELINE><BODY>The 20.3 billion dlr debt rescheduling
790
accord Venezuela signed a week ago will reduce its payments
791
over the next three years by 64 pct, according to Finance
792
Ministry figures released this weekend.
793
A ministry statistical analysis said while the original
794
accord called for payments of 3.82 billion dlrs between 1987
795
and 1989, the new agreement requires debt servicing of 1.35
796
billion over the same period. In 1987, Venezuela will be
797
required to pay 250 mln dlrs instead of the 1.55 billion
798
originally agreed. Payments in 1988 were cut to 400 mln from
799
1.20 billion, and in 1989 to 700 mln from 1.11 billion.
800
The ministry's analysis said the reduction in debt
801
servicing during 1987-1989 amounts to an effective grace
802
period, something the Venezuelan negotiators sought from
803
creditor banks but were not granted.
804
Most of the rescheduling falls during 1994-1998, when 53.3
805
pct, or some 11.25 billion dlrs, must be paid. Under the
806
February 27 accord, Venezuela will repay 20.3 billion dlrs of
807
public sector debt over 14 years at 7/8 of a percentage point
808
over London interbank offered rates (Libor).
809
This compares with the February 1986 accord which called
810
for a 12-year term and interest of 1-1/8 point over Libor.
814
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19441" NEWID="3023">
815
<DATE> 9-MAR-1987 08:48:26.10</DATE>
816
<TOPICS><D>acq</D></TOPICS>
817
<PLACES><D>usa</D></PLACES>
820
<EXCHANGES></EXCHANGES>
821
<COMPANIES></COMPANIES>
824
f0909reute
825
r f BC-SOSNOFF-STARTS-BID-FO 03-09 0113</UNKNOWN>
827
<TITLE>SOSNOFF STARTS BID FOR CAESARS WORLD <CAW></TITLE>
828
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY><MTS Acquisition Corp>, a company
829
formed by Martin T. Sosnoff, said it has started a tender offer
830
for all shares of Caesars World Inc at 28 dlrs each.
831
In a newspaper advertisement, MTS said the offer and
832
withdrawal rights expire April Three unless extended.
833
Sosnoff, a New York investor, already owns about four mln
834
of Caesars' 30.3 mln shares outstanding, or about 13.3 pct, and
835
is Caesars' largest shareholder. Caesars owns casino hotels in
836
Nevada and honeymoon resorts in Pennsylvania's Pocono
837
Mountains. It also controls Caesars New Jersey Inc <CJN>,
838
which owns an Atlantic City, N.J., casino hotel.
839
For the second quarter ended January 31, Caesars World
840
earned 12.6 mln dlrs on revenues of 190.4 mln dlrs, up from
841
earnings of 7,500,000 dlrs and revenues of 163.8 mln dlrs a
842
year before. For all of fiscal 1986, the company earned 41.0
843
mln dlrs on revenues of 694.4 mln dlrs.
844
MTS said the offer is conditioned on receipt of at least
845
enough shares to give Sosnoff a majority interest on a fully
846
diluted basis, the arrangement of sufficient financing to buy
847
all Caesars shares not already owned and pay related costs and
848
approval by the New Jersey Casino control Commission and the
849
NEvada Gaming Commission and State Gaming Control Board.
850
MTS said Marine Midland Banks Inc <MM> has committed to
851
lend it 100 mln dlrs for the acquisition and use its best
852
efforts to syndicate another 400 mln dlrs in senior financing
854
It said its financial adviser, PaineWebber Group Inc <PWJ>,
855
has stated in writing that subject to market conditions, it is
856
highly confident that it can arrange commitments for up to 475
857
mln dlrs in "mezzanine" financing.
858
MTS said it does not expect problems in obtaining New
859
Jersey and Nevada regulatory approval for the acquisition,
860
since ownership in a Caesars stake has already been cleared.
861
In June 1986, Sosnoff requested a seat on the Caesars World
862
board, a request that has not yet been granted. In September
863
1986, Sosnoff, who is chairman of <Atalanta/Sosnoff Capital
864
Corp>, filed for clearance under U.S. antitrust laws to raise
865
his interest in Caesars World to 25 pct.
866
Sosnoff said, in a letter to Caesars World chairman and
867
chief executive officer Henry Gluck, that "The decision to go
868
directly to the shareholders was made at the urging of may
869
financial and legal advisors, who repeatedly stressed to me the
870
lack of responsiveness of the management in the past."
871
Sosnoff, who said he has made numerous efforts to express
872
his views to management on ways of maximizing shareholder
873
values, said Caesars twicce refused his request for a board
874
seat. "My advisers felt that, had I given you advance notice,
875
you would have used the time to throw up obstacles to my offer
876
rather than giving it serious consideration," he said.
877
Sosnoff said he hopes that Caesars World management will be
878
willing to negotiate an acquisition agreement with him.
879
"As I have indicated publicly in the past, I believe
880
operating management of the company has performed well and that
881
appropriate consideration should be given to a significant
882
equity interest for them in the company following the
883
acquisition," Sosnoff said in the letter to Gluck.
884
MTS said Sosnoff has asked the company to fix March 27 as
885
the record date for the determination of shareholders entitled
886
to authorize action without a meeting -- including the election
887
or removal of directors.
891
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19442" NEWID="3024">
892
<DATE> 9-MAR-1987 08:51:35.60</DATE>
893
<TOPICS><D>gnp</D><D>jobs</D><D>cpi</D><D>bop</D><D>dfl</D></TOPICS>
894
<PLACES><D>netherlands</D></PLACES>
897
<EXCHANGES></EXCHANGES>
898
<COMPANIES></COMPANIES>
901
f0913reute
902
r f BC-DUTCH-PLANNING-AGENCY 03-09 0104</UNKNOWN>
904
<TITLE>DUTCH PLANNING AGENCY FORECASTS LOWER GROWTH</TITLE>
905
<DATELINE> THE HAGUE, March 9 - </DATELINE><BODY>Dutch economic growth is slowing as a
906
firming guilder cuts competitiveness abroad and industries
907
reduce the pace of investment, the Dutch official planning
909
The Centraal Planbureau, publishing its 1987 economic
910
outlook, said Dutch Net National Income (NNI) was expected to
911
grow by one pct this year, down from two pct growth recorded in
912
1986 and 2.5 pct in 1985 and 1984.
913
Dutch Gross National Product is expected to rise to 432.20
914
billion guilders in 1987 in constant prices, a two pct increase
915
from last year's 423.95 billion.
916
The CPB, forecasting an 8.5 pct increase in the value of
917
the guilder on a trade-weighted basis compared with 10.0 pct
918
last year, said the dollar was expected to trade at an average
919
of 2.0 guilders in 1987 compared with 2.45 guilders in 1986.
920
"The higher guilder is causing a substantial fall in unit
921
labour costs abroad, when measured in guilder terms, while
922
these are rising slightly in the Netherlands," the CPB said.
923
More of economic growth now depended on domestic
924
consumption, the CPB said, but noting that higher margins set
925
by domestic producers and importers mitigated the effect on
926
purchasing power of lower import costs and deflation.
927
Consumer prices were set to fall by 1.5 pct this year, the
928
CPB said. Inflation was zero last year.
929
Gross investment in industry was expected to grow by five
930
pct this year, a slowdown compared with 11.5 pct growth last
932
Exchange rate and oil price fluctuations will continue to
933
condition the Dutch economy in the future as it has in recent
934
years, the CPB said, noting a continued depressing impact of
935
these factors on Dutch competitiveness.
936
In addition, it noted a slight rise in taxation and social
937
security costs to employers.
938
The CPB, forecasting a rise in the budget deficit to 7.2
939
pct of Net National Income in 1987 from 6.3 pct last year,
940
urged the government to cut expenditure further to bring down
941
the deficit and reduce tax and social security payments in
943
Dutch government revenue is being depressed further by
944
falling income from natural gas sales in 1987, the CPB said.
945
It said unemployment was expected to fall to 675,000 this
946
year from 710,000 last year.
947
While the two pct GDP growth forecast set by the CPB is
948
within its latest forecast, issued last month, of 1.5 to two
949
pct growth, the figure is well above recent market estimates.
950
Dutch merchant bank Pierson, Heldring en Pierson said in
951
its February economic outlook that GDP growth at constant
952
prices was expected to be 1.1 pct this year and market analysts
953
had expected the CPB's final forecast to be below its own
955
"It is too early to comment because I haven't seen the whole
956
document yet, but it would seem we are more pessimistic in some
957
of our estimates," a Pierson economist said.
958
The CPB forecast 2.5 pct export growth in volume terms in
959
1987, after four pct growth last year. Excluding energy
960
exports, the 1987 figure would be two pct, it said.
961
Imports were set to rise by 4.5 pct this year compared with
962
four pct in 1986 in volume terms, the CPB said.
963
The balance of payments would see a sharp decline in the
964
surplus, to six billion guilders in 1987 compared with 12.1
965
billion last year, the CPB forecast.
969
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19443" NEWID="3025">
970
<DATE> 9-MAR-1987 08:51:49.54</DATE>
971
<TOPICS><D>acq</D></TOPICS>
972
<PLACES><D>usa</D></PLACES>
975
<EXCHANGES></EXCHANGES>
976
<COMPANIES></COMPANIES>
979
f0914reute
980
b f BC-TRUMP-MAKES-BID-FOR-C 03-09 0088</UNKNOWN>
982
<TITLE>TRUMP MAKES BID FOR CONTROL OF RESORTS <RTB></TITLE>
983
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>Casino owner and real estate developer
984
Donald Trump has offered to acquire all Class B common shares
985
of Resorts International Inc, a spokesman for Trump said.
986
The estate of late Resorts chairman James M. Crosby owns
987
340,783 of the 752,297 Class B shares.
988
Resorts also has about 6,432,000 Class A common shares
989
outstanding. Each Class B share has 100 times the voting power
990
of a Class A share, giving the Class B stock about 93 pct of
991
Resorts' voting power.
995
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19444" NEWID="3026">
996
<DATE> 9-MAR-1987 08:54:12.02</DATE>
997
<TOPICS><D>earn</D></TOPICS>
998
<PLACES><D>usa</D></PLACES>
1001
<EXCHANGES></EXCHANGES>
1002
<COMPANIES></COMPANIES>
1005
f0922reute
1006
u f BC-IOMEGA-<IOMG>-SETS-MA 03-09 0096</UNKNOWN>
1008
<TITLE>IOMEGA <IOMG> SETS MANAGEMENT, LABOR LAYOFFS</TITLE>
1009
<DATELINE> ROY, Utah, March 9 - </DATELINE><BODY>Iomega Corp said it has laid off over
1010
a quarter of its professional and management staff and nearly
1011
half of its direct labor force as part of a restructuring and
1012
downsizing of its business.
1013
The company also said it will receive a qualified opinion
1014
from the auditors of it 1986 financial statement subject to the
1015
outcome of two suits. The company is a defendant in a
1016
consolidated class action law suit which seeks damages in an
1017
unspecified amount and is also a defendant in a related
1019
Iomega said the auditors state in their opinion letter that
1020
both actions are in the early stages of discovery and the
1021
likely outcome can not be determined at this time.
1022
The company said a corporate wide reduction of its
1023
professional, management and indirect labor will result in the
1024
permanent elimination of 183 positions in all functional areas
1025
of the company's business. This represents over 25 pct of
1026
professional, management and indirect employees, it added.
1027
In addition, Iomega announced layoff of about 182
1028
employees, principally from its manufacturing direct labor
1029
force. Those affected represent about 46 pct of direct labor.
1030
Commenting on the layoffs, Iomega said those from among the
1031
direct labor force affects personnel building the Alpha Eight
1032
Inch Disk Drive and Bernoulli Boxes.
1033
"This action is required as we bring our finished goods
1034
inventory and inventory in our distribution channels down to
1035
acceptable levels," it explained.
1036
The company stated this layoff does not affect the
1037
production of its new 5-1/4 inch Beta 20 product which is
1038
currently being built to a backlog of orders.
1042
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19445" NEWID="3027">
1043
<DATE> 9-MAR-1987 08:58:22.38</DATE>
1045
<PLACES><D>usa</D></PLACES>
1048
<EXCHANGES></EXCHANGES>
1049
<COMPANIES></COMPANIES>
1052
f0942reute
1053
d f BC-TECHNOLOGY/NEW-ERA-FO 03-09 0109</UNKNOWN>
1055
<TITLE>TECHNOLOGY/NEW ERA FOR INFORMATION HANDLING</TITLE>
1056
<AUTHOR> By Lawrence Edelman, Reuters</AUTHOR>
1057
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>Ground-breaking new systems for storing
1058
and retrieving information are ushering in a new era for
1059
computer companies and computer users.
1060
Within the past few weeks, International Business Machines
1061
Corp <IBM>, Eastman Kodak Co <EK> and others have launched
1062
products that radically increase the amount of data that can be
1063
catalogued and shelved in computerized libraries.
1064
"This flurry of new technology could yield systems that
1065
handle a multimedia blitz of data," said Ian Warhaftig, a
1066
senior analyst with International Data Corp, Framingham, Mass.
1067
"We're developing new systems because our customers are
1068
asking for them," Peter Giles, vice president and general
1069
manager of Kodak's mass memory division, said in a recent
1071
This demand is expected to soar in coming years. While
1072
estimates vary, industry analysts project that providing
1073
products and services geared for information storage and
1074
retrieval could become a 20 billion dlr a year business by
1076
A wide range of technologies will be needed to meet the
1077
varying requirements of users.
1078
For example, a large credit verification service would want
1079
a system from which it could quickly retrieve credit data and
1080
relay it to its clients. A law firm, however, may need a
1081
computerized law library in which capacity, rather than speed,
1082
is the key feature. For architects and engineers, the ability
1083
to store photographs, sketches and other graphics would be
1085
Regardless of the specific application, the trend is toward
1086
converting information - documents, video or film or even sound
1087
recordings - into to the digital language of zeros and ones
1088
understood by computers.
1089
Saving space is the key goal in digitizing data for
1090
storage. An optical disk the size of a standard compact disk
1091
can store 550 megabytes of data, or about 250,000 pages of
1093
For this reason, the compact disk read-only memory, or
1094
CD-ROM, is already a popular data storage media. Last week,
1095
Microsoft introduced Microsoft Bookshelf, a 300 dlr program
1096
that contains, on a single CD-ROM disk, a dictionary,
1097
thesaurus, national ZIP code directory, Bartlett's Familiar
1098
Quotations, the World Almanac and other reference works.
1099
Scores of such products are already on the market, but most
1100
are specialty items, such as Lotus Development Corp's <LOTS>
1101
CD-ROM data base of stock information for financial analysts
1102
and investors. "Microsoft Bookshelf is important because it
1103
marks the arrival of CD-ROM packages for the general public,"
1104
said Ian Warhaftig of International Data Corp.
1105
One drawback of the CD-ROM, which uses a laser to record
1106
and read data, is that that it requires a special player.
1107
CD-ROM players for the retail market will appear later this
1109
Moreover, IDC's Warhaftig said CD-ROM's will be integrated
1110
with personal computers.
1111
"Eventually, CD-ROM's will fit right inside the PC box," he
1112
said. "Imagine the advantage of having a spelling checker and
1113
thesaurus at your fingertips when you're writing with a word
1114
processing program."
1115
But CD-ROM's are just the beginning. Also last week, Kodak
1116
unveiled several systems that use 12-inch optical disks. The
1117
largest Kodak system uses a jukebox-like cabinet to hold up to
1118
150 optical disks from which data can be retrieved in a matter
1120
Kodak also announced a 14-inch optical disk with 6.8
1121
gigabytes of memory, five times the memory of a CD-ROM. The
1122
Kodak disk, which will not be available until the middle of
1123
1988, is designed for users who need quick access to very large
1124
amounts of data, said Kodak's Giles.
1125
Meanwhile, N.V. Philips <PGLO.AS>, the Dutch electronics
1126
giant, is preparing to take optical disk technology a step
1127
further with the first disk that can combine text, video and
1128
sound. Philips said the system, called Called CD-Interactive,
1129
will be ready next year. It will include a new kind of CD-ROM
1130
player that can hook up with a television set and stereo.
1131
Additional breakthroughs are expected as the next
1132
generation of computer memory chips are introduced. Last month
1133
IBM said it has made a four-megabyte chip, capable of storing
1134
more data than eight CD-ROM's. Meantime, <Nippon Telegraph and
1135
Telephone> of Japan said it has built a 16-megabyte chip.
1136
Analysts say commercial versions of these chips are several
1137
years away, though some suspect that IBM may start volume
1138
production of its four-megabyte chip sometime this year.
1139
Such chips will enable computer makers to build computers
1140
with immense memory capacities.
1145
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19446" NEWID="3028">
1146
<DATE> 9-MAR-1987 09:01:34.94</DATE>
1147
<TOPICS><D>ship</D></TOPICS>
1148
<PLACES><D>brazil</D></PLACES>
1151
<EXCHANGES></EXCHANGES>
1152
<COMPANIES></COMPANIES>
1154
C G L M T
1155
f0951reute
1156
u f BC-BRAZIL-SEAMEN-CONTINU 03-09 0114</UNKNOWN>
1158
<TITLE>BRAZIL SEAMEN CONTINUE STRIKE DESPITE COURT</TITLE>
1159
<DATELINE> RIO DE JANEIRO, March 9 - </DATELINE><BODY>Hundreds of marines were on alert
1160
at 11 key Brazilian ports after 40,000 seamen decided to remain
1161
on indefinite strike, even after the Higher Labour Court
1162
Saturday ruled it illegal, union leaders said.
1163
The halt, the first national strike by seamen in 25 years,
1164
started on February 27, and union leaders said they would not
1165
return to work unless they got a 275 pct pay rise. Shipowners
1166
have offered a 100 per cent raise, which the seamen rejected.
1167
"We have nothing to lose. If they want to lay off the
1168
workers, fine, but we are determined to carry on with our
1169
protest until the end," a union leader said.
1171
He said they had decided in a meeting that if the marines
1172
take over the ships, the seamen would abandon the vessels and
1173
let the marines handle the situation by themselves.
1174
A spokesman for the Rio de Janeiro Port said the order to
1175
send marines to take over the ports was given by Navy Minister
1176
Henrique Saboya on grounds that ports are areas of national
1177
security. But he said there were no incidents. The strike has
1178
cut exports and imports and made an estimated 160 ships idle.
1179
Petrol station owners in four states also continued their
1180
shutdown and there were fears that the combination of the two
1181
stoppages could lead to a serious fuel shortage.
1185
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19447" NEWID="3029">
1186
<DATE> 9-MAR-1987 09:06:39.94</DATE>
1188
<PLACES><D>usa</D></PLACES>
1191
<EXCHANGES></EXCHANGES>
1192
<COMPANIES></COMPANIES>
1195
f0971reute
1196
r f BC-BANKING-TRADE-GROUP-S 03-09 0098</UNKNOWN>
1198
<TITLE>BANKING TRADE GROUP SAYS BANK PROFITS DOWN</TITLE>
1199
<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>The American Bankers Association said
1200
the profitability of the nation's commercial banks declined by
1201
12 pct during the first three quarters of 1986.
1202
During the first nine months of last year, the industry's
1203
annualized rate of return on assets dropped to 0.68 pct from
1204
0.77 pct in the same period in 1985, the ABA said. Return on
1205
equity fell to 10.8 pct from 12.3 pct the previous year.
1206
Despite the decline in profits, the ABA said banks' capital
1207
grew boosting the industry's capital ratio to 6.4 pct from 6.3
1209
The number and size of banks losing money during the period
1210
increased significantly, the ABA said.
1211
During the first nine months of 1986, 17.5 pct of banks,
1212
holding 9.6 pct of banking assets, were unprofitable, the group
1213
said. That compares with 13 pct of banks, holding 8.8 pct of
1214
assets, during the same period in 1985, it said.
1215
The industry's provisions for loan losses increased to 0.73
1216
pct of assets during the period, up from 0.59 pct of assets
1217
during the same period in 1985, the group said.
1221
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19448" NEWID="3030">
1222
<DATE> 9-MAR-1987 09:08:09.30</DATE>
1224
<PLACES><D>usa</D></PLACES>
1227
<EXCHANGES></EXCHANGES>
1228
<COMPANIES></COMPANIES>
1231
f0975reute
1232
r f BC-PAPER-INSTITUTE-SEES 03-09 0074</UNKNOWN>
1234
<TITLE>PAPER INSTITUTE SEES STRONG PAPER MARKET IN '87</TITLE>
1235
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>The American Paper Institute said the
1236
industry is headed for another year of record volume in 1987,
1237
with linerboard particularly strong.
1238
"A pro-growth trade policy, continued attention to currency
1239
management, a fairly low interest rate climate and no major tax
1240
increases are the essential ingredients in this outlook," Red
1241
Cavaney, American Paper Institute president said.
1242
Cavaney said that so far this year the industry's
1243
performance mimics last year's strength.
1244
Last year, he said, paper and paperboard production hit a
1245
record 71 mln tons, 5.9 pct above 1985's 67 mln tons, while
1246
industry after-tax profits in 1986 exceeded 1985 profits.
1247
Cavaney said that inventories will play a major role in
1248
this year's performance.
1249
"Inventories, which are generally low, are a positive
1250
factor in the industry's outlook this year," he said, citing
1251
market pulp stocks, which are currently at 21 days supply, at
1252
the low end of the industry's long term average.
1253
Cavaney added that as a result of slimmer inventories in
1254
1986 and in the early part of this year, shipments for 1987 as
1255
a whole will be higher than last year, even if demand slackens.
1256
Cavaney said, however, he expects demand this year to be
1257
strong, spurred by consumer spending.
1258
The benefits of tax reform on individual after-tax income
1259
and consumer goods companies' cash flow, he said, will increase
1260
demand for both communications paper and packaging this year.
1261
In addition, Cavaney said low mortgage rates should support
1262
high levels of housing starts in 1987, increasing demand for
1263
many kinds of packaged goods.
1264
Inventory building should help demand for cartons and
1265
corrugated containers this year, he added.
1266
Cavaney said he expects exports to remain fairly high in
1267
1987, as well, as a result of the recent declines in the dollar
1268
against major world currencies.
1269
But more importantly, he said, an improved balance of trade
1270
in 1987 from the lower dollar would induce increased industrial
1271
activity at home and thus higher packaging demand.
1272
Cavaney said increased competitiveness, caused by lower
1273
costs, higher productivity and improved efficiency would also
1274
contribute to a strong showing from the industry this year.
1275
Cavaney said, however, that the Tax Reform Act of 1986
1276
could have a negative impact on the industry this year.
1277
"For manufacturers, the removal of the investment tax
1278
credit creates an impediment to future investment," he said.
1279
Also, he said API estimates the industry will lose three
1280
billion dlrs in cash flow over a five year period as a result
1282
"Adjustments to this loss will require time and careful
1283
evaluation and will adversely affect the capital spending
1284
decisions of individual companies," Cavaney said.
1288
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19449" NEWID="3031">
1289
<DATE> 9-MAR-1987 09:11:10.46</DATE>
1290
<TOPICS><D>money-fx</D><D>gnp</D></TOPICS>
1291
<PLACES><D>belgium</D><D>west-germany</D></PLACES>
1293
<ORGS><D>ec</D></ORGS>
1294
<EXCHANGES></EXCHANGES>
1295
<COMPANIES></COMPANIES>
1298
f0984reute
1299
r f BC-BONN-SERIOUS-ABOUT-CU 03-09 0090</UNKNOWN>
1301
<TITLE>BONN SERIOUS ABOUT CURRENCY PACT, SAYS TIETMEYER</TITLE>
1302
<DATELINE> BRUSSELS, March 9 - </DATELINE><BODY>West Germany takes "very seriously" the
1303
recent undertaking by major industrial countries to promote
1304
exchange rate stability around current levels, Finance Ministry
1305
State Secretary Hans Tietmeyer said.
1306
Talking to journalists before a meeting of European
1307
Community Economy and Finance Ministers here, Tietmeyer
1308
declined to say whether the February 22 Paris accord by the
1309
Group of Five countries plus Canada included secret agreements
1310
for stabilising currencies.
1311
But he noted the official communique said the participants
1312
agreed to cooperate closely to foster stability of exchange
1313
rates around current levels. "We're taking this sentence very
1314
seriously," he said.
1315
Tietmeyer remarked that the dollar had hardly moved against
1316
the mark since the meeting.
1317
He said a slowdown in West German economic growth had been
1318
caused by sharp exchange rate swings and that the Paris
1319
agreement should help in this respect.
1320
Economics Ministry State Secretary Otto Schlecht said the
1321
Bonn government saw no current need for measures to bolster the
1322
economy but was paying close attention to the slower growth and
1323
had not ruled out "appropriate and timely" action if necessary.
1324
Schlecht and Tietmeyer were speaking ahead of a discussion
1325
by the EC ministers of the latest EC Commission report on the
1326
economic situation in the 12-nation bloc.
1327
The Commission has sharply revised down expected German
1328
gross national product growth this year to two pct from 3.2 pct
1329
predicted last autumn and says Bonn has the most room of any EC
1330
country to stimulate economic activity.
1331
Schlecht said the upturn in West Germany's economy slowed
1332
in the fourth quarter of last year and the first quarter of
1333
1987. But he said there was no cumulative downwards trend in
1334
view that would make quick remedial action necessary.
1335
He said a number of favourable indicators such as high
1336
level of investment and a good climate for consumption meant a
1337
recovery could be expected, while exports would pick up
1338
slightly during the course of the year.
1342
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19450" NEWID="3032">
1343
<DATE> 9-MAR-1987 09:11:41.38</DATE>
1345
<PLACES><D>saudi-arabia</D></PLACES>
1348
<EXCHANGES></EXCHANGES>
1349
<COMPANIES></COMPANIES>
1352
f0986reute
1353
r f BC-SAUDI-FRENCH-BANK-TO 03-09 0109</UNKNOWN>
1355
<TITLE>SAUDI-FRENCH BANK TO DOUBLE PAID-UP CAPITAL</TITLE>
1356
<DATELINE> JEDDAH, March 9 - </DATELINE><BODY><Al Bank Al Saudi Al Fransi>, also known
1357
as Saudi-French, will double paid-up capital to 400 mln riyals
1358
from 200 mln by converting reserves into equity, bank officials
1360
Jeddah-based Saudi-French, 40 pct owned by Banque Indosuez
1361
and 60 pct by the Saudi public, will sign a technical services
1362
agreement with Indosuez in Riyadh on Tuesday for management of
1363
the bank over the next five years, they said.
1364
The officials said the increase in paid-up capital,
1365
doubling the number of shares held by shareholders, will add
1366
depth to the market and extend trading to more investors.
1370
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19451" NEWID="3033">
1371
<DATE> 9-MAR-1987 09:12:08.15</DATE>
1373
<PLACES><D>usa</D></PLACES>
1376
<EXCHANGES></EXCHANGES>
1377
<COMPANIES></COMPANIES>
1380
f0988reute
1381
u f BC-COMPAQ-COMPUTER-<CPQ> 03-09 0031</UNKNOWN>
1383
<TITLE>COMPAQ COMPUTER <CPQ> HAS NEW DESKTOP COMPUTER</TITLE>
1384
<DATELINE> HOUSTON, March 9 - </DATELINE><BODY>Compaq Computer Corp said it has
1385
introduced a new 12 megahertz desktop personal computer called
1386
the Compaq Deskpro 286R.
1390
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19452" NEWID="3034">
1391
<DATE> 9-MAR-1987 09:12:30.97</DATE>
1392
<TOPICS><D>coffee</D></TOPICS>
1393
<PLACES><D>uganda</D></PLACES>
1395
<ORGS><D>ico-coffee</D></ORGS>
1396
<EXCHANGES></EXCHANGES>
1397
<COMPANIES></COMPANIES>
1400
f0990reute
1401
u f BC-UGANDA-DISAPPOINTED-B 03-09 0129</UNKNOWN>
1403
<TITLE>UGANDA DISAPPOINTED BY COFFEE TALKS FAILURE</TITLE>
1404
<DATELINE> KAMPALA, March 9 - </DATELINE><BODY>Uganda, Africa's second largest coffee
1405
producer, was disappointed by the stalemate in recent coffee
1406
talks in London, the chairman of the state-run Coffee Marketing
1408
"This has not been good for coffee producers, more so in a
1409
situation where the prices dropped by 200 pounds per tonne of
1410
robusta coffee," J. Makumbi said when he returned from London on
1412
Producers and consumers failed to agree on a quota formula
1413
to share the world's coffee production during International
1414
Coffee Organisation, ICO, talks that ended last week.
1415
Makumbi blamed the failure to set quotas, which were
1416
suspended in Feburary last year, on Indonesian demands that its
1417
quota be increased dramatically.
1418
Uganda -- which earns about 400 mln dlrs annually from
1419
coffee exports, over 95 pct of its foreign exchange earnings --
1420
had sought to raise its ICO quota to 3.0 mln from 2.45 mln
1421
60-kilo bags, according to sources close to the CMB.
1422
The CMB has estimated that production will rise 20 to 25
1423
pct in the current 1986/87 October-September season to over
1425
For several years Uganda had been unable to meet its ICO
1426
export quota as rebel activity disrupted the coffee industry.
1427
The Ugandan government depends on coffee export duties for
1428
about 60 pct of its sales tax revenue and the industry employs
1429
over half of salaried manpower.
1430
In Dar es Salaam, Tanzania's Agriculture and Livestock
1431
Development Minister Paul Bomani said today Third World
1432
countries would suffer from the failure of the London coffee
1434
"It is only the middlemen who will benefit, he said.
1435
Bomani called on the ICO to convene another meeting within
1436
two months, saying, "Once tempers have cooled and delegations
1437
have had time to report back to their headquarters, common
1438
sense will prevail."
1442
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19453" NEWID="3035">
1443
<DATE> 9-MAR-1987 09:17:04.78</DATE>
1444
<TOPICS><D>acq</D></TOPICS>
1448
<EXCHANGES></EXCHANGES>
1449
<COMPANIES></COMPANIES>
1452
f0001reute
1453
f f BC-Chrysler-to-take-over 03-09 0012</UNKNOWN>
1454
<TEXT TYPE="BRIEF">
1455
******<TITLE> Chrysler to take over Renault stake in American Motors, says Renault
1456
</TITLE>Blah blah blah.
1461
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19454" NEWID="3036">
1462
<DATE> 9-MAR-1987 09:17:44.88</DATE>
1463
<TOPICS><D>meal-feed</D></TOPICS>
1464
<PLACES><D>usa</D><D>hungary</D></PLACES>
1467
<EXCHANGES></EXCHANGES>
1468
<COMPANIES></COMPANIES>
1471
f0005reute
1472
r f BC-ADDITIONAL-CCC-CREDIT 03-09 0127</UNKNOWN>
1474
<TITLE>ADDITIONAL CCC CREDIT GUARANTEES FOR HUNGARY</TITLE>
1475
<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>The Commodity Credit Corporation,
1476
CCC, has authorized an additional 8.0 mln dlrs in credit
1477
guarantees for sales of vegetable protein meals to Hungary for
1478
fiscal year 1987, the U.S. Agriculture Department said.
1479
The additional guarantees increase the vegetable protein
1480
meal credit line to 16.0 mln dlrs and increases the cumulative
1481
fiscal year 1987 program for agricultural products to 23.0 mln
1482
dlrs from 15.0 mln, it said.
1483
The department also announced an extension of the export
1484
period from September 30, 1987, to December 31 for sales of
1485
vegetable protein meals.
1486
To be eligible for the credit guarantees all sales must be
1487
registered before export but not later than September 30.
1491
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19455" NEWID="3037">
1492
<DATE> 9-MAR-1987 09:20:38.92</DATE>
1493
<TOPICS><D>earn</D></TOPICS>
1497
<EXCHANGES></EXCHANGES>
1498
<COMPANIES></COMPANIES>
1501
f0010reute
1502
b f BC-******southern-co-to 03-09 0012</UNKNOWN>
1503
<TEXT TYPE="BRIEF">
1504
******<TITLE>SOUTHERN CO TO TAKE 226 MLN DLR CHARGE ON PROJECTED VOGTLE COST RISE
1505
</TITLE>Blah blah blah.
1510
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19456" NEWID="3038">
1511
<DATE> 9-MAR-1987 09:21:19.67</DATE>
1512
<TOPICS><D>acq</D></TOPICS>
1513
<PLACES><D>usa</D></PLACES>
1516
<EXCHANGES></EXCHANGES>
1517
<COMPANIES></COMPANIES>
1520
f0014reute
1521
r f BC-APPLIED-CIRCUIT<ACRT> 03-09 0091</UNKNOWN>
1523
<TITLE>APPLIED CIRCUIT<ACRT> SELLS ELECTRONICS BUSINESS</TITLE>
1524
<DATELINE> ANAHEIM, Calif., March 9 - </DATELINE><BODY>Applied Circuit Technology Inc
1525
(ACT) said it has agreed in principal to sell its primary
1526
computer electronics business to the <Sanpao Group> of San
1528
ACT said it has not disclosed the deal's terms, but added
1529
that 50 pct of the sale price is in cash, with the remainder to
1530
be paid over a two year period.
1531
The deal is expected to close on March 31, ACT said.
1532
ACT said it made the move to concentrate resources on its
1533
pharmaceuticals subsidiaries.
1537
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19457" NEWID="3039">
1538
<DATE> 9-MAR-1987 09:24:32.21</DATE>
1539
<TOPICS><D>acq</D></TOPICS>
1540
<PLACES><D>usa</D></PLACES>
1543
<EXCHANGES></EXCHANGES>
1544
<COMPANIES></COMPANIES>
1547
f0030reute
1548
u f BC-USAIR-<U>-ACQUIRES-9. 03-09 0107</UNKNOWN>
1550
<TITLE>USAIR <U> ACQUIRES 9.9 PCT OF PIEDMONT <PIE></TITLE>
1551
<DATELINE> WASHINGTON, D.C., March 9 - </DATELINE><BODY>USAir Group Inc said it has
1552
acquired 2,292,599 Piedmont Aviation Inc shares, about 9.9 pct
1553
on a fully diluted basis, from Norfolk Southern Corp <NSC>.
1554
The acquisition of Piedmont by USAir has been approved by
1555
the directors of both companies.
1556
USAir said it has been advised by Norfolk Southern that the
1557
company supports the proposed merger and intends to tender all
1558
of its remaining 1,477,829 Piedmont common shares in response
1559
to USAir's tender offer which began today. This total includes
1560
shares issuable upon conversion of Piedmont preferred, USAir
1562
USAir said Piedmont has about 23.1 mln common shares on a
1563
fully diluted basis, adding its offer is conditioned on the
1564
tender of at least 9,309,394 shares, representing 40.2 pct of
1565
the oustanding shares on a diluted basis.
1566
USAir said the 3,491,030 new shares it has an option to buy
1567
represent 18.5 pct of Piedmont's currently outstanding shares.
1571
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19458" NEWID="3040">
1572
<DATE> 9-MAR-1987 09:25:10.00</DATE>
1573
<TOPICS><D>coffee</D></TOPICS>
1574
<PLACES><D>brazil</D></PLACES>
1577
<EXCHANGES></EXCHANGES>
1578
<COMPANIES></COMPANIES>
1581
f0031reute
1582
r f BC-BRAZILIAN-COFFEE-RAIN 03-09 0059</UNKNOWN>
1584
<TITLE>BRAZILIAN COFFEE RAINFALL</TITLE>
1585
<DATELINE> SAO PAULO, MARCH 9 - </DATELINE><BODY>THE FOLLOWING RAINFALL WAS RECORDED IN
1586
THE AREAS OVER PAST 72 HOURS
1587
PARANA STATE: UMUARAMA NIL, PARANAVAI 1.5 MILLIMETRES,
1588
LONDRINA NIL, MARINGA NIL.
1589
SAO PAULO STATE: PRESIDENTE PRUDENTE O.6 MM, VOTUPORANGA
1590
12.0 MM, FRANCA 28.0 MM, CATANDUVA 10.0 MM, SAO CARLOS NIL, SAO
1591
SIMAO NIL. REUTER11:43/VB
1594
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19459" NEWID="3041">
1595
<DATE> 9-MAR-1987 09:25:41.63</DATE>
1596
<TOPICS><D>acq</D></TOPICS>
1600
<EXCHANGES></EXCHANGES>
1601
<COMPANIES></COMPANIES>
1604
f0033reute
1605
f f BC-******GENCORP-TO-SELL 03-09 0011</UNKNOWN>
1606
<TEXT TYPE="BRIEF">
1607
******<TITLE>GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO
1608
</TITLE>Blah blah blah.
1613
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19460" NEWID="3042">
1614
<DATE> 9-MAR-1987 09:26:28.51</DATE>
1615
<TOPICS><D>acq</D></TOPICS>
1616
<PLACES><D>usa</D></PLACES>
1619
<EXCHANGES></EXCHANGES>
1620
<COMPANIES></COMPANIES>
1623
f0035reute
1624
d f BC-NATIONWIDE-CELLULAR-< 03-09 0073</UNKNOWN>
1626
<TITLE>NATIONWIDE CELLULAR <NCEL> COMPLETES PURCHASE</TITLE>
1627
<DATELINE> VALLEY STREAM, N.Y., March 9 - </DATELINE><BODY>Nationwide Cellular Service
1628
Inc said it has completed the previously-announced acquisition
1629
of privately-held Nova Cellular Co, a Chicago reseller of
1630
mobile telephone service with 1,800 subscribers, for about
1631
65,000 common shares.
1632
Nova Cellular has an accumulated deficit of about 650,000
1633
dlrs and had revenues of about 2,600,000 dlrs for 1986, it
1638
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19461" NEWID="3043">
1639
<DATE> 9-MAR-1987 09:27:57.44</DATE>
1640
<TOPICS><D>interest</D></TOPICS>
1641
<PLACES><D>uk</D></PLACES>
1644
<EXCHANGES></EXCHANGES>
1645
<COMPANIES></COMPANIES>
1648
f0038reute
1649
u f BC-NATIONAL-WESTMINSTER 03-09 0092</UNKNOWN>
1651
<TITLE>NATIONAL WESTMINSTER BANK CUTS BASE RATE</TITLE>
1652
<DATELINE> LONDON, March 9 - </DATELINE><BODY>National Westminster Bank Plc said it has
1653
cut its base lending rate 0.5 percentage points to 10.5 pct
1655
National Westminster said it was responding to general
1656
easing in money market rates.
1657
Its move followed a signal from the Bank of England earlier
1658
this afternoon that it would endorse a half point cut in the
1659
base rate, a surprise move following its strong signals last
1660
week that such a move would be premature.
1661
However, since then the pound has continued to gain
1666
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19462" NEWID="3044">
1667
<DATE> 9-MAR-1987 09:30:35.65</DATE>
1668
<TOPICS><D>money-fx</D><D>interest</D></TOPICS>
1669
<PLACES><D>uk</D></PLACES>
1672
<EXCHANGES></EXCHANGES>
1673
<COMPANIES></COMPANIES>
1676
f0039reute
1677
b f BC-U.K.-MONEY-MARKET-GIV 03-09 0096</UNKNOWN>
1679
<TITLE>U.K. MONEY MARKET GIVEN FURTHER HELP AT NEW RATES</TITLE>
1680
<DATELINE> LONDON, March 9 - </DATELINE><BODY>The Bank of England said it provided the
1681
market with further assistance during the afternoon, buying
1682
bills worth 166 mln stg at the lower rates introduced this
1684
It bought 45 mln stg of local authority bills plus 27 mln
1685
stg of bank bills in band one at 10-3/8 pct together with 94
1686
mln stg of band two bank bills at 10-5/16 pct.
1687
The bank also revised its estimate of the market shortage
1688
up to 300 mln stg from 250 mln this morning. It has given total
1689
assistance of 213 mln stg today.
1693
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19463" NEWID="3045">
1694
<DATE> 9-MAR-1987 09:30:53.98</DATE>
1696
<PLACES><D>usa</D></PLACES>
1699
<EXCHANGES><D>cbt</D><D>cme</D></EXCHANGES>
1700
<COMPANIES></COMPANIES>
1703
f0040reute
1704
u f BC-CBT,-CME-HEADS-TO-ADD 03-09 0125</UNKNOWN>
1706
<TITLE>CBT, CME HEADS TO ADDRESS CFTC COMMITTEE</TITLE>
1707
<DATELINE> WASHINGTON, March 9 - </DATELINE><BODY>The heads of the Chicago Board of
1708
Trade, CBT, and the Chicago Mercantile Exchange, CME, are to
1709
address a meeting of the Commodity Futures Trading Commission's
1710
financial products advisory committee March 11 in Chicago, CFTC
1712
CBT Chairman Karsten Mahlmann will present the objectives
1713
and views of the CBT's ad hoc committee on off exchange trading
1715
CME President William Brodsky is set to discuss current
1716
issues involving equity index markets, including factors
1717
affecting price volatility, changes in settlement procedures,
1718
margin changes and price limits.
1719
The CFTC committee, headed by Commissioner Robert Davis,
1720
examines financial futures market issues.
1724
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19464" NEWID="3046">
1725
<DATE> 9-MAR-1987 09:31:21.09</DATE>
1726
<TOPICS><D>ship</D></TOPICS>
1727
<PLACES><D>hong-kong</D><D>japan</D></PLACES>
1730
<EXCHANGES></EXCHANGES>
1731
<COMPANIES></COMPANIES>
1734
f0043reute
1735
r f BC-HUTCHISON-UNIT-BUYS-C 03-09 0075</UNKNOWN>
1737
<TITLE>HUTCHISON UNIT BUYS CONTAINER CRANES FROM JAPAN</TITLE>
1738
<DATELINE> HONG KONG, March 9 - </DATELINE><BODY>Container port operator, <Hong Kong
1739
International Terminals Ltd>, a 89 pct held unit of Hutchison
1740
Whampoa Ltd <HWHH.HK>, said it has placed a 164 mln H.K. Dlr
1741
order for seven quayside container cranes of 800 tons each with
1742
Japan's Mitsui Engineering and Shipbuilding Co Ltd <MSET.T> for
1743
May 1988 to August 1989 delivery.
1744
Hong Kong International Terminals operates 32 cranes.
1748
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19465" NEWID="3047">
1749
<DATE> 9-MAR-1987 09:32:01.67</DATE>
1750
<TOPICS><D>ship</D></TOPICS>
1751
<PLACES><D>turkey</D></PLACES>
1754
<EXCHANGES></EXCHANGES>
1755
<COMPANIES></COMPANIES>
1758
f0046reute
1759
d f BC-BOSPHORUS-SHIPPING-MO 03-09 0111</UNKNOWN>
1761
<TITLE>BOSPHORUS SHIPPING MOVES, ISTANBUL OFFICES CLOSE</TITLE>
1762
<DATELINE> ISTANBUL, March 9 - </DATELINE><BODY>Istanbul remained at a virtual
1763
standstill today under snow up to a meter deep but shipping was
1764
moving through the narrow Bosphorus waterway linking the Sea of
1765
Marmara and the Black Sea, officials said.
1766
The authorities ordered government offices closed until
1767
Wednesday. Many banks, businesses and schools stayed shut as
1768
workers struggled to keep main roads and supply lines open in
1769
this city of 6.5 mln people.
1770
The second blizzard to hit Istanbul in a week stopped
1771
yesterday afternoon and the international airport reopened
1772
today after a two-day closure. It was also shut earlier last
1777
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19466" NEWID="3048">
1778
<DATE> 9-MAR-1987 09:32:40.79</DATE>
1779
<TOPICS><D>crude</D></TOPICS>
1780
<PLACES><D>ecuador</D></PLACES>
1782
<ORGS><D>opec</D></ORGS>
1783
<EXCHANGES></EXCHANGES>
1784
<COMPANIES></COMPANIES>
1787
f0048reute
1788
u f BC-ECUADOR-TO-EXPORT-NO 03-09 0113</UNKNOWN>
1790
<TITLE>ECUADOR TO EXPORT NO OIL FOR 4 MONTHS, OFFICIAL</TITLE>
1791
<AUTHOR> By WALKER SIMON, Reuters</AUTHOR>
1792
<DATELINE> QUITO, March 9 - </DATELINE><BODY>The suspension of Ecuador's crude oil
1793
shipments after an earthquake cut an oil pipeline will last at
1794
least four months, a senior Energy Ministry official said.
1795
The official said Ecuador could resume exports after
1796
repairing a 40 km section of the 510 km pipeline, which links
1797
jungle oil fields at Lago Agrio to Balao on the Pacific coast.
1798
It would take about 100 mln U.S. Dlrs to repair the pipeline,
1799
the official, who did not want to be named, told Reuters.
1800
Ecuador had enough oil to meet domestic demand for about 35
1801
days and would have to import crude to supplement stocks.
1802
The earthquake last Thursday night registered six on the
1803
12-point international Mercalli scale. The damage to the
1804
pipeline was a severe economic blow to Ecuador, where oil
1805
accounts for up to two-thirds of total exports and as much as
1806
60 pct of government revenues.
1807
Financially pressed Ecuador, a member of the Organisation
1808
of Petroleum Exporting Countries (OPEC), was recently pumping
1809
about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
1810
above the output quota assigned by the cartel, another Energy
1811
Ministry spokesman said. Last year, it exported an average of
1812
173,500 bpd, according to the central bank.
1813
However, Ecuador might build an emergency 25 km pipeline,
1814
costing 15 to 20 mln dlrs, to hook up with a Colombian
1815
pipeline, the first official said. He estimated it could take
1816
about 60 days to build.
1817
Ecuador, squeezed by the slide in world oil prices in 1986,
1818
had only 138 mln dlrs in net international reserves at the end
1819
of January, about equal to one month's imports.
1820
It suspended interest payments in January on 5.4 billion
1821
dlrs owed to about 400 private foreign banks. The country's
1822
total foreign debt is 8.16 billion dlrs, the eighth largest in
1824
In Caracas, President Jaime Lusinchi said Venezuela would
1825
loan five mln barrels of crude to Ecuador over the next three
1826
months to make up for losses from damage to the pipeline.
1827
Ecuador asked for the loan to guarantee domestic supplies
1828
and would ship an equivalent volume back to Venezuela in
1829
repayment in May, Lusinchi said.
1830
A commission headed by Venezuelan Investment Fund Minister
1831
Hector Hurtado and including representatives from the interior
1832
and defence ministries and the state oil company Petroleos de
1833
Venezuela will travel to Ecuador Tuesday to evaluate and
1834
co-ordinate an emergency relief program, he said.
1838
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19467" NEWID="3049">
1839
<DATE> 9-MAR-1987 09:33:35.86</DATE>
1840
<TOPICS><D>money-supply</D></TOPICS>
1841
<PLACES><D>france</D></PLACES>
1844
<EXCHANGES></EXCHANGES>
1845
<COMPANIES></COMPANIES>
1848
f0056reute
1849
f f BC-FRENCH-JAN-M-3-MONEY 03-09 0015</UNKNOWN>
1850
<TEXT TYPE="BRIEF">
1851
******<TITLE>FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.
1852
</TITLE>Blah blah blah.
1857
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19468" NEWID="3050">
1858
<DATE> 9-MAR-1987 09:35:55.99</DATE>
1860
<PLACES><D>greece</D><D>italy</D></PLACES>
1863
<EXCHANGES></EXCHANGES>
1864
<COMPANIES></COMPANIES>
1867
f0067reute
1868
d f PM-GREECE-BLIZZARDS 03-09 0109</UNKNOWN>
1870
<TITLE>HEAVY SNOWS HIT GREECE, ITALY</TITLE>
1871
<DATELINE> ATHENS, March 9 - </DATELINE><BODY>Blizzards lashed Greece today, piling up
1872
to 10 feet of snow in places and paralyzing transport in what
1873
state radio called unprecedented weather conditions for this
1875
Except for a handful of flights of the national airline
1876
Olympic Airways that took off before the blizzards started, all
1877
air traffic in and out of the Athens international airport was
1878
canceled, radio said.
1879
The weather service said heavy snowfalls would continue for
1881
Cold weather also hit southern and eastern Italy. Heavy
1882
snowfalls caused long delays and difficulties for road, rail
1887
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19469" NEWID="3051">
1888
<DATE> 9-MAR-1987 09:39:30.30</DATE>
1889
<TOPICS><D>rubber</D></TOPICS>
1890
<PLACES><D>malaysia</D></PLACES>
1893
<EXCHANGES></EXCHANGES>
1894
<COMPANIES></COMPANIES>
1897
f0080reute
1898
r f BC-MALAYSIA-SAYS-RUBBER 03-09 0138</UNKNOWN>
1900
<TITLE>MALAYSIA SAYS RUBBER PACT DEPENDS ON CONSUMERS</TITLE>
1901
<DATELINE> KUALA LUMPUR, March 9 - </DATELINE><BODY>Malaysia said the success of talks
1902
opening today on a new International Natural Rubber Agreement
1903
(INRA) depends on how flexible consumer countries are.
1904
Rubber producer and consumer countries meet for 12 days in
1905
Geneva from tomorrow to try to hammer out a rubber pact after
1906
they failed to reach agreement last November to replace the
1907
current accord, which expires next October.
1908
Primary Industries Minister Lim Keng Yaik said in a
1909
statement that Malaysia wants to continue with a second INRA
1910
and is prepared to accept modifications that would strengthen
1911
the present agreement.
1912
He said the second INRA would allow for an orderly disposal
1913
of the accumulated buffer stock of 375,000 tonnes, since the
1914
market is now capable of absorbing such releases.
1918
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19470" NEWID="3052">
1919
<DATE> 9-MAR-1987 09:39:45.70</DATE>
1921
<PLACES><D>sweden</D></PLACES>
1924
<EXCHANGES></EXCHANGES>
1925
<COMPANIES></COMPANIES>
1928
f0081reute
1929
u f BC-PHARMACIA-AB-LAUNCHES 03-09 0115</UNKNOWN>
1931
<TITLE>PHARMACIA AB LAUNCHES EUROCOMMERCIAL PAPER PROGRAMME</TITLE>
1932
<DATELINE> STOCKHOLM, March 9 - </DATELINE><BODY>Pharmacia AB said it was launching a
1933
200 mln dlr Eurocommercial paper programme as part of a move to
1934
internationalise the company's financing.
1935
Market makers will be Credit Suisse First Boston, Morgan
1936
Stanley International and Svenska Handelsbanken PLC.
1937
Pharmacia treasurer Bertil Tiusanen said gaining direct
1938
access to the short term international capital market would
1939
improve its ability to meet its dollar borrowing requirement.
1940
He said it was a natural step for an internationally known
1941
company whose shares are noted in Tokyo and Stockholm and are
1942
traded over the counter in the United States.
1946
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19471" NEWID="3053">
1947
<DATE> 9-MAR-1987 09:40:54.41</DATE>
1948
<TOPICS><D>acq</D></TOPICS>
1949
<PLACES><D>usa</D></PLACES>
1952
<EXCHANGES></EXCHANGES>
1953
<COMPANIES></COMPANIES>
1956
f0084reute
1957
u f BC-MCDOWELL-<ME>-TO-MERG 03-09 0103</UNKNOWN>
1959
<TITLE>MCDOWELL <ME> TO MERGER WITH <INTERPHARM INC></TITLE>
1960
<DATELINE> NASHVILLE, Tenn., March 9 - </DATELINE><BODY>McDowell Enterprises Inc said
1961
it has signed a definitive agreement to acquire an 80 pct
1962
interest in privately held Interpharm Inc for a 19.9 pct
1963
interest in McDowell.
1964
The company said subject to contigencies, including future
1965
sales and profit levels, McDowell could over a four-year period
1966
acquire 100 pct of Interpharm in exchange for up to 51 pct of
1967
McDowell's voting stock.
1968
It said the transaction is expected to be completed within
1969
60 days, at which time the McDowell board would be restructured
1970
to include Interpharm management.
1974
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19472" NEWID="3054">
1975
<DATE> 9-MAR-1987 09:41:09.67</DATE>
1977
<PLACES><D>usa</D></PLACES>
1980
<EXCHANGES></EXCHANGES>
1981
<COMPANIES></COMPANIES>
1984
f0085reute
1985
r f BC-FEDERAL-HOME-MORTAGE 03-09 0108</UNKNOWN>
1987
<TITLE>FEDERAL HOME MORTAGE BUYS FUNDS FROM LENDER</TITLE>
1988
<DATELINE> CHARLOTTE, N.C., March 9 - </DATELINE><BODY>The Federal Home Mortgage Corp
1989
announced the sale of 400 mln dlrs for residential mortgages to
1990
First Union Corp's mortgage subsidiary.
1991
Freddie Mac said that First Union Mortgage Corp already
1992
swapped 70 mln dlrs of new residential mortgages to Freddie Mac
1993
in the first phase of the contract.
1994
Freddie Mac said buy selling 400 mln dlrs worth of
1995
mortages, it makes more mortgage money available. It said
1996
through its guarantor program, First Union will be allowed to
1997
convert its investment-quality mortgages into mortgage-backed
1998
securities accepted in capital markets.
1999
Freddie Mac explained that the securities can be used as
2000
collateral for borrowings, sold to other investors, or employed
2001
in a variety of cash management techniques.
added
removed
src/test/data/reuters-21578/reut2-003.sgm
