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ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS Argentine grain board figures show crop registrations of grains, oilseeds and their products to February 11, in thousands of tonnes, showing those for futurE shipments month, 1986/87 total and 1985/86 total to February 12, 1986, in brackets: Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total 2,692.4 (4,161.0). Maize Mar 48.0, total 48.0 (nil). Sorghum nil (nil) Oilseed export registrations were: Sunflowerseed total 15.0 (7.9) Soybean May 20.0, total 20.0 (nil) The board also detailed export registrations for subproducts, as follows, SUBPRODUCTS Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total 111.8 (82.7) . Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8 (87.4). Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0, total 166.1 (218.5). Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5, total 149.8 (145.3). Vegetable oil registrations were : Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil, Jun 10.0, total 182.4 (117.6). Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8, (76.1). Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0, Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER | [
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COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE Computer Terminal Systems Inc said it has completed the sale of 200,000 shares of its common stock, and warrants to acquire an additional one mln shares, to <Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs. The company said the warrants are exercisable for five years at a purchase price of .125 dlrs per share. Computer Terminal said Sedio also has the right to buy additional shares and increase its total holdings up to 40 pct of the Computer Terminal's outstanding common stock under certain circumstances involving change of control at the company. The company said if the conditions occur the warrants would be exercisable at a price equal to 75 pct of its common stock's market price at the time, not to exceed 1.50 dlrs per share. Computer Terminal also said it sold the technolgy rights to its Dot Matrix impact technology, including any future improvements, to <Woodco Inc> of Houston, Tex. for 200,000 dlrs. But, it said it would continue to be the exclusive worldwide licensee of the technology for Woodco. The company said the moves were part of its reorganization plan and would help pay current operation costs and ensure product delivery. Computer Terminal makes computer generated labels, forms, tags and ticket printers and terminals. | [
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COBANCO INC <CBCO> YEAR NET Shr 34 cts vs 1.19 dlrs Net 807,000 vs 2,858,000 Assets 510.2 mln vs 479.7 mln Deposits 472.3 mln vs 440.3 mln Loans 299.2 mln vs 327.2 mln Note: 4th qtr not available. Year includes 1985 extraordinary gain from tax carry forward of 132,000 dlrs, or five cts per shr. | [
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BROWN-FORMAN INC <BFD> 4TH QTR NET Shr one dlr vs 73 cts Net 12.6 mln vs 15.8 mln Revs 337.3 mln vs 315.2 mln Nine mths Shr 3.07 dlrs vs 3.08 dlrs Net 66 mln vs 66.2 mln Revs 1.59 billion vs 997.1 mln | [
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BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT Brown-Forman Inc said its board has approved a three-for-two stock split and a 35 pct increase in the company cash dividend. The company cited its improved earnings outlook and continued strong cash flow as reasons for raising the dividend. Brown-Forman said the split of its Class A and Class B common shares would be effective March 13. The company said directors declared a quarterly cash dividend on each new share of both classes of 28 cts, payable April one to holders of record March 20. Prior to the split, the company had paid 31 cts quarterly. Brown-Forman today reported a 37 pct increase in third quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a seven pct increase in sales to a record 337 mln dlrs. Brown-Forman said nine month profits declined a bit to 66.0 mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08 dlrs a share, a year earlier due to a second quarter charge of 37 cts a share for restructuring its beverage operations. The company said lower corporate tax rates and the restructuring "are expected to substantially improve Brown-Forman's earnings and cash flow in fiscal 1988." | [
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UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET Shr 39 cts vs 50 cts Net 1,545,160 vs 2,188,933 Revs 25.2 mln vs 19.5 mln Year Shr 1.53 dlrs vs 1.21 dlrs Net 6,635,318 vs 5,050,044 Revs 92.2 mln vs 77.4 mln NOTE: Results include adjustment of 848,600 dlrs or 20 cts shr for 1986 year and both 1985 periods from improvement in results of its universal life business than first estimated. | [
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COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR Shr loss 22 cts vs loss 18 cts Net loss 3,035,000 vs loss 2,516,000 Revs 20.9 mln vs 19.6 mln Qtly div three cts vs three cts prior Year Shr profit two cts vs profit 34 cts Net profit 215,000 vs profit 4,647,000 Revs 93.4 mln vs 98.7 mln NOTE: Dividend payable April one to shareholders of record March 17. | [
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STANDARD TRUSTCO SEES BETTER YEAR Standard Trustco said it expects earnings in 1987 to increase at least 15 to 20 pct from the 9,140,000 dlrs, or 2.52 dlrs per share, recorded in 1986. "Stable interest rates and a growing economy are expected to provide favorable conditions for further growth in 1987," president Brian O'Malley told shareholders at the annual meeting. Standard Trustco previously reported assets of 1.28 billion dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on common shareholders' equity was 18.6 pct last year, up from 15 pct in 1985. | [
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ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL International Coffee Organization, ICO, producing countries will present a proposal for reintroducing export quotas for 12 months from April 1 with a firm undertaking to try to negotiate up to September 30 any future quota distribution on a new basis, ICO delegates said. Distribution from April 1 would be on an unchanged basis as in an earlier producer proposal, which includes shortfall redistributions totalling 1.22 mln bags, they said. Resumption of an ICO contact group meeting with consumers, scheduled for this evening, has been postponed until tomorrow, delegates said. | [
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N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY New Zealand's official foreign reserves fell to 7.15 billion N.Z. Dlrs in January from 7.20 billion dlrs in December and compared with 3.03 billion a year ago period, the Reserve Bank said in its weekly statistical bulletin. | [
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AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT <America First Federally Guaranteed Mortgage Fund Two> said it is making a special distribution of 71.6 cts per exchangeable unit, which includes 67.62 cts from return on capital and 3.98 cts from income gains. | [
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AM INTERNATIONAL <AM> CITES STRONG PROSPECTS AM International Inc, reporting an operating loss for the January 31 second quarter, said prospects for the balance of the fiscal year remain good. It said orders at its Harris Graphics subsidiary, acquired in June 1986, "continue to run at a strong pace." For the six months, orders rose 35 pct over the corresponding prior-year period, or on an annualized basis are running at about 630 mln dlrs. The backlog at Harris is up 30 pct from the beginning of the fiscal year, AM said. AM International said its old division are expected to benefit from recent new product introductions and the decline in the value of the dollar. "Research, development and engineering expenditures in fiscal 1987 will be in the 45-50 mln dlr range, and the company said it has allocated another 30-40 mln dlrs for capital expenditures. Earlier AM reported a fourth quarter operating loss of two cts a share compared to profits of seven cts a share a year ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs. | [
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ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK Assets of money market mutual funds increased 720.4 mln dlrs in the week ended yesterday to 236.90 billion dlrs, the Investment Company Institute said. Assets of 91 institutional funds rose 356 mln dlrs to 66.19 billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to 62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln dlrs to 107.77 billion dlrs. | [
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GULF BARGE FREIGHT RATES UP FURTHER ON CALL Gulf barge freight rates firmed again on the outlook for steady vessel loadings at the Gulf, increasing the demand for barges to supply those ships, dealers said. No barges traded today on the St Louis Merchants' Exchange call session, versus 29 yesterday. Quotes included - - Delivery this week on the Illinois River (Joliet) 135 pct of tariff bid/140 offered, with next week same river (ex Chicago) quoted the same - both up 2-1/2 percentage points. - Next week Mississippi River (St Louis) 120 pct bid/127-1/2 offered - up five points. - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2 offered - up 7-1/2 points. - On station Illinois River (south Chicago) 135 pct bid/140 offered - no comparison. - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up 2-1/2 points. - March Ohio River bid at yesterday's traded level of 125 pct, offered at 132-1/2. - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct bid/120 offered - no comparison. - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered - no comparison. - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct bid/145 offered, with Sept/Dec same section 125 pct bid/135 offered - no comparison. | [
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FARMERS GROUP INC <FGRP> 4TH QTR NET Shr 80 cts vs 72 cts Net 55,513,000 vs 48,741,000 Revs 290.9 mln vs 264.2 mln Year Shr 3.09 dlrs vs 2.72 dlrs Net 213,470,000 vs 184,649,000 Revs 1.12 billion vs 992.9 mln Avg shrs 69,127,000 vs 68,004,000 | [
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U.S. WEEKLY SOYBEAN CRUSH 21,782,929 BUSHELS Reporting members of the National Soybean Processors Association (NSPA) crushed 21,782,929 bushels of soybeans in the week ended Feb 25 compared with 22,345,718 bushels in the previous week and 16,568,000 in the year-ago week, the association said. It said total crushing capacity for members was 25,873,904 bushels vs 25,873,904 last week and 25,459,238 bushels last year. NSPA also said U.S. soybean meal exports in the week were 117,866 tonnes vs 121,168 tonnes a week ago and compared with 84,250 tonnes in the year-ago week. NSPA said the figures include only NSPA member firms. | [
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TULTEX CORP <TTX> SETS QUARTERLY DIVIDEND Qtly div eights cts vs eight cts prior Pay April one Record March 13 | [
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N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS | [
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NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK | [
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N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS The eight major New York City banks had 64 mln dlrs in average borrowings from the Federal Reserve in the week to Wednesday February 25, a Fed spokesman said. The week marked the second half of the two-week bank statement period that ended on Wednesday. The banks had no borrowings in the prior week. Commenting on the latest week, a Fed spokesman said that all of the borrowing occurred yesterday and was done by fewer than half of the banks. National data on discount window borrowings are due to be released at 1630 EST (2130 GMT). | [
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PHILIPPINE LONG DISTANCE <PHI> YEAR NET Shr primary 95.30 pesos vs 29.71 pesos Shr diluted 61.11 pesos vs 18.49 pesos Qtly div 1.25 pesos vs 1.25 pesos Net 1.9 billion vs 779 mln Revs 6.1 billion vs 4.7 billion NOTE: Full name Philippine Long Distance Telephone Co. Figures quoted in Philippine Pesos. Dividend payable April 15 to holders or record March 13. Exchange rate on day of dividend declaration was 20.792 pesos per dollar. | [
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COMBUSTION ENGINEERING INC <CSP> REGULAR DIV Qtly div 25 cts vs 25 cts prior Pay April 30 Record April 16 | [
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BDM INTERNATIONAL <BDM> INCREASES QTRLY DIVS Annual div Class A 14 cts vs 12 cts prior Annual div Class B 12.1 cts vs 10.4 cts prior Payable April one Record March 20 NOTE: full name is BDM International Inc. | [
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<IVACO INC> YEAR NET Shr 1.11 dlrs vs 1.04 dlrs Net 44,092,000 vs 35,145,000 Revs 1.94 billion vs 1.34 billion Note: 1986 results include extraordinary gain of 1,035,000 dlrs or six cts a share from secondary share offering of Canron unit. | [
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U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS | [
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INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE A group of affiliated New York investment firms said they lowered their stake in Cyclops Corp to 260,500 shares, or 6.4 pct of the total outstanding common stock, from 370,500 shares, or 9.2 pct. In a filing with the Securities and Exchange Commission, the group, led by Mutual Shares Corp, said it sold 110,000 Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs. | [
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ASCS TERMINAL MARKET VALUES FOR PIK GRAIN The Agricultural Stabilization and Conservation Service (ASCS) has established these unit values for commodities offered from government stocks through redemption of Commodity Credit Corporation commodity certificates, effective through the next business day. Price per bushel is in U.S. dollars. Sorghum is priced per CWT, corn yellow grade only. WHEAT HRW HRS SRW SWW DURUM Chicago -- 3.04 2.98 -- -- Ill. Track -- -- 3.16 -- -- Toledo -- 3.04 2.98 2.90 -- Memphis -- -- 3.05 -- -- Peoria -- -- 3.11 -- -- Denver 2.62 2.63 -- -- -- Evansville -- -- 2.99 -- -- Cincinnati -- -- 2.96 -- -- Minneapolis 2.65 2.71 -- -- 3.70 Baltimore/ Norf./Phil. -- -- 3.06 2.98 -- Kansas City 2.87 -- 3.17 -- -- St. Louis 3.03 -- 3.03 -- -- Amarillo/ Lubbock 2.64 -- -- -- -- HRW HRS SRW SWW DURUM Lou. Gulf -- -- 3.16 -- -- Portland/ Seattle 3.07 3.08 -- 3.10 3.70 Stockton 2.78 -- -- -- -- L.A. 3.23 -- -- -- 4.05 Duluth 2.65 2.71 -- -- 3.70 Tex. Gulf 3.10 -- 3.16 -- -- CORN BRLY OATS RYE SOYB SORG Chicago 1.47 -- -- -- 4.81 2.49 Ill. Track 1.49 2.04 -- -- 4.85 2.52 Toledo 1.41 2.04 1.50 -- 4.78 2.39 Memphis 1.59 1.95 1.71 -- 4.90 2.86 Peoria 1.51 --- -- -- 4.80 2.60 Denver 1.56 1.56 -- -- -- 2.54 Evnsvlle 1.54 2.04 1.50 2.17 4.90 2.61 Cinci 1.52 2.04 1.50 2.17 4.85 2.58 Mpls 1.34 1.75 1.50 1.85 4.68 -- Balt/Nor/ Phil 1.70 1.80 -- -- 4.98 3.12 KC 1.49 1.56 1.64 -- 4.76 2.58 St Lo 1.54 -- 1.66 -- 4.90 2.91 Amarlo/ Lubbck 1.84 1.40 -- -- 4.75 2.92 Lou Gulf 1.73 -- -- -- 5.05 3.12 Port/ Seattle 1.87 2.10 1.68 -- -- -- Stockton 2.18 2.23 2.10 -- -- 4.00 LA 2.54 2.50 -- -- -- 4.38 Duluth 1.34 1.75 1.50 1.85 4.68 -- Tex Gulf 1.73 1.48 1.73 -- 5.05 3.12 | [
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N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY New Zealand's trading bank seasonally adjusted deposit growth rose 2.6 pct in January compared with a rise of 9.4 pct in December, the Reserve Bank said. Year-on-year total deposits rose 30.6 pct compared with a 26.3 pct increase in the December year and 34.5 pct rise a year ago period, it said in its weekly statistical release. Total deposits rose to 17.18 billion N.Z. Dlrs in January compared with 16.74 billion in December and 13.16 billion in January 1986. | [
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26-FEB-1987 26-FEB-1987 | [
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SUGAR QUOTA IMPORTS DETAILED -- USDA The U.S. Agriculture Department said cumulative sugar imports from individual countries during the 1987 quota year, which began January 1, 1987 and ends December 31, 1987 were as follows, with quota allocations for the quota year in short tons, raw value -- CUMULATIVE QUOTA 1987 IMPORTS ALLOCATIONS ARGENTINA nil 39,130 AUSTRALIA nil 75,530 BARBADOS nil 7,500 BELIZE nil 10,010 BOLIVIA nil 7,500 BRAZIL nil 131,950 CANADA nil 18,876 QUOTA 1987 IMPORTS ALLOCATIONS COLOMBIA 103 21,840 CONGO nil 7,599 COSTA RICA nil 17,583 IVORY COAST nil 7,500 DOM REP 5,848 160,160 ECUADOR nil 10,010 EL SALVADOR nil 26,019.8 FIJI nil 25,190 GABON nil 7,500 QUOTA 1987 IMPORTS ALLOCATIONS GUATEMALA nil 43,680 GUYANA nil 10,920 HAITI nil 7,500 HONDURAS nil 15,917.2 INDIA nil 7,500 JAMAICA nil 10,010 MADAGASCAR nil 7,500 MALAWI nil 9,,100 QUOTA 1987 IMPORTS ALLOCATIONS MAURITIUS nil 10,920 MEXICO 37 7,500 MOZAMBIQUE nil 11,830 PANAMA nil 26,390 PAPUA NEW GUINEA nil 7,500 PARAGUAY nil 7,500 PERU nil 37,310 PHILIPPINES nil 143,780 ST.CHRISTOPHER- NEVIS nil 7,500 QUOTA 1987 IMPORTS ALLOCATIONS SWAZILAND nil 14,560 TAIWAN nil 10,920 THAILAND nil 12,740 TRINIDAD-TOBAGO nil 7,500 URUGUAY nil 7,500 ZIMBABWE nil 10,920 | [
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MERIDIAN BANCORP INC <MRDN> SETS REGULAR PAYOUT Qtly div 25 cts vs 25 cts prior Pay April one Record March 15 | [
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U.S. BANK DISCOUNT BORROWINGS 310 MLN DLRS U.S. bank discount window borrowings less extended credits averaged 310 mln dlrs in the week to Wednesday February 25, the Federal Reserve said. The Fed said that overall borrowings in the week fell 131 mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs at 304 mln dlrs. The week was the second half of a two-week statement period. Net borrowings in the prior week averaged 451 mln dlrs. Commenting on the two-week statement period ended February 25, the Fed said that banks had average net free reserves of 644 mln dlrs a day, down from 1.34 billion two weeks earlier. A Federal Reserve spokesman told a press briefing that there were no large single day net misses in the Fed's reserve projections in the week to Wednesday. He said that natural float had been "acting a bit strangely" for this time of year, noting that there had been poor weather during the latest week. The spokesman said that natural float ranged from under 500 mln dlrs on Friday, for which he could give no reason, to nearly one billion dlrs on both Thursday and Wednesday. The Fed spokeman could give no reason for Thursday's high float, but he said that about 750 mln dlrs of Wednesday's float figure was due to holdover and transportation float at two widely separated Fed districts. For the week as a whole, he said that float related as of adjustments were "small," adding that they fell to a negative 750 mln dlrs on Tuesday due to a number of corrections for unrelated cash letter errors in six districts around the country. The spokesman said that on both Tuesday and Wednesday, two different clearing banks had system problems and the securities and Federal funds wires had to be held open until about 2000 or 2100 EST on both days. However, he said that both problems were cleared up during both afternoons and there was no evidence of any reserve impact. During the week ended Wednesday, 45 pct of net discount window borrowings were made by the smallest banks, with 30 pct by the 14 large money center banks and 25 pct by large regional institutions. On Wednesday, 55 pct of the borrowing was accounted for by the money center banks, with 30 pct by the large regionals and 15 pct by the smallest banks. The Fed spokesman said the banking system had excess reserves on Thursday, Monday and Tuesday and a deficit on Friday and Wedndsday. That produced a small daily average deficit for the week as a whole. For the two-week period, he said there were relatively high excess reserves on a daily avearge, almost all of which were at the smallest banks. | [
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AMERICAN EXPRESS <AXP> SEEN IN POSSIBLE SPINNOFF American Express Co remained silent on market rumors it would spinoff all or part of its Shearson Lehman Brothers Inc, but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock. American Express stock got a lift from the rumor, as the market calculated a partially public Shearson may command a good market value, thereby boosting the total value of American Express. The rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend. American Express closed on the New York Stock Exchange at 72-5/8, up 4-1/8 on heavy volume. American Express would not comment on the rumors or its stock activity. Analysts said comments by the company at an analysts' meeting Tuesday helped fuel the rumors as did an announcement yesterday of management changes. At the meeting, company officials said American Express stock is undervalued and does not fully reflect the performance of Shearson, according to analysts. Yesterday, Shearson said it was elevating its chief operating officer, Jeffery Lane, to the added position of president, which had been vacant. It also created four new positions for chairmen of its operating divisions. Analysts speculated a partial spinoff would make most sense, contrary to one variation on market rumors of a total spinoff. Some analysts, however, disagreed that any spinoff of Shearson would be good since it is a strong profit center for American Express, contributing about 20 pct of earnings last year. "I think it is highly unlikely that American Express is going to sell shearson," said Perrin Long of Lipper Analytical. He questioned what would be a better investment than "a very profitable securities firm." Several analysts said American Express is not in need of cash, which might be the only reason to sell a part of a strong asset. But others believe the company could very well of considered the option of spinning out part of Shearson, and one rumor suggests selling about 20 pct of it in the market. Larry Eckenfelder of Prudential-Bache Securities said he believes American Express could have considered a partial spinoff in the past. "Shearson being as profitable as it is would have fetched a big premium in the market place. Shearson's book value is in the 1.4 mln dlr range. Shearson in the market place would probably be worth three to 3.5 bilion dlrs in terms of market capitalization," said Eckenfelder. Some analysts said American Express could use capital since it plans to expand globally. "They have enormous internal growth plans that takes capital. You want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road," said E.F. Hutton Group analyst Michael Lewis. "They've outlined the fact that they're investing heavily in the future, which goes heavily into the international arena," said Lewis. "...That does not preclude acquisitions and divestitures along the way," he said. Lewis said if American Express reduced its exposure to the brokerage business by selling part of shearson, its stock might better reflect other assets, such as the travel related services business. "It could find its true water mark with a lesser exposure to brokerage. The value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company," he said. Lewis said Shearson contributed 316 mln in after-tax operating earnings, up from about 200 mln dlrs in 1985. | [
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CHINESE PORK OUTPUT SEEN LOWER -- USDA High feed prices will cause the Chinese to reduce hog herd growth and pork production this year, the U.S. Agriculture Department said. In its World Production and Trade Report, the department said hog numbers at the start of 1987 were estimated at 331.6 mln head, up slightly from 1986, and 10 mln head above earlier projections for 1987. Pork production in 1986 was up 4.2 pct to 17.25 mln tonnes, slightly below earlier estimates, it said. For 1987, production is projected to fall to 17.05 mln tonnes. Feed prices at the end of January were reported 35 to 40 pct above year-ago levels, the department said. | [
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IVACO SEES MINIMAL FIRST QUARTER EARNINGS (Ivaco Inc) said price pressure on steel products, particularly in the U.S., and the recent increase in the value of the Canadian dollar is expected to result in "minimal" first quarter earnings. It said subsequent quarters should show substantial improvement from first quarter levels but 1987 earnings will not reach 1986 levels as long as those conditions continue. Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs, after a one mln dlr extraordinary gain, from 35.1 mln dlrs the previous year. It said demand for the company's products are continuing at high levels and sales are expected to show further growth. Revenues last year rose to 1.94 billion dlrs from 1.34 billion dlrs in 1985. | [
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U.S. GRAIN CARLOADINGS FALL IN WEEK U.S. grain carloadings totaled 26,108 cars in the week ended February 21, down 2.2 pct from the previous week but 22.8 pct above the corresponding week a year ago, the Association of American Railroads reported. Grain mill product loadings in the week totalled 11,382 cars, down 1.8 pct from the previous week but 7.6 pct above the same week a year earlier, the association said. | [
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LIEBERT CORP <LIEB> APPROVES MERGER Liebert Corp said its shareholders approved the merger of a wholly-owned subsidiary of Emerson Electric Co <EMR>. Under the terms of the merger, each Liebert shareholder will receive .3322 shares of Emerson stock for each Liebert share. | [
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NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT | [
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26-FEB-1987 26-FEB-1987 | [
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26-FEB-1987 26-FEB-1987 | [
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INVESTMENT GROUP RAISES ROBESON <RBSN> STAKE A group of affiliated Miami-based investment firms led by Fundamental Management Corp said it raised its stake in Robeson Industries Corp to 238,000 shares, or 14.6 pct of the total, from 205,000 or 12.8 pct. In a filing with the Securities and Exchange Commission, the group said it bought 32,800 Robeson common shares between Jan 26 and Feb 9 for 175,691 dlrs. The group said it may buy more shares and plans to study Robeson's operations. Afterwards it may recommend that management make changes in its operations. Fundamental Management Chairman Carl Singer was recently elected to the Robeson board. | [
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DAHLBERG INC <DAHL> 4TH QTR NET Shr profit 10 cts vs loss seven cts Net profit 286,870 vs loss 156,124 Revs 10.0 mln vs 7,577,207 Year Shr profit five cts vs profit 42 cts Net profit 160,109 vs profit 906,034 Revs 38.1 mln vs 31.2 mln Avg shrs 2.9 mln vs 2.2 mln NOTE: 1986 year includes 53 weeks. | [
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<PAGE PETROLEUM LTD> YEAR LOSS Shr loss 1.98 dlrs vs loss 5.24 dlrs Net loss 23.3 mln vs loss 44.8 mln Revs 13.6 mln vs 29.6 mln Note: 1986 net includes nine mln dlr extraordinary loss for oil and gas writedowns and unrealized foreign exchange losses vs yr-ago loss of 32.5 mln dlrs. | [
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ARMOR ALL PRODUCTS CORP <ARMR> QUARTERLY DIV Qtly div ten cts vs ten cts Pay April 1 Record March 9 | [
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OPEC MAY HAVE TO MEET TO FIRM PRICES - ANALYSTS OPEC may be forced to meet before a scheduled June session to readdress its production cutting agreement if the organization wants to halt the current slide in oil prices, oil industry analysts said. "The movement to higher oil prices was never to be as easy as OPEC thought. They may need an emergency meeting to sort out the problems," said Daniel Yergin, director of Cambridge Energy Research Associates, CERA. Analysts and oil industry sources said the problem OPEC faces is excess oil supply in world oil markets. "OPEC's problem is not a price problem but a production issue and must be addressed in that way," said Paul Mlotok, oil analyst with Salomon Brothers Inc. He said the market's earlier optimism about OPEC and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices. But some other analysts were uncertain that even an emergency meeting would address the problem of OPEC production above the 15.8 mln bpd quota set last December. "OPEC has to learn that in a buyers market you cannot have deemed quotas, fixed prices and set differentials," said the regional manager for one of the major oil companies who spoke on condition that he not be named. "The market is now trying to teach them that lesson again," he added. David T. Mizrahi, editor of Mideast reports, expects OPEC to meet before June, although not immediately. However, he is not optimistic that OPEC can address its principal problems. "They will not meet now as they try to take advantage of the winter demand to sell their oil, but in late March and April when demand slackens," Mizrahi said. But Mizrahi said that OPEC is unlikely to do anything more than reiterate its agreement to keep output at 15.8 mln bpd." Analysts said that the next two months will be critical for OPEC's ability to hold together prices and output. "OPEC must hold to its pact for the next six to eight weeks since buyers will come back into the market then," said Dillard Spriggs of Petroleum Analysis Ltd in New York. But Bijan Moussavar-Rahmani of Harvard University's Energy and Environment Policy Center said that the demand for OPEC oil has been rising through the first quarter and this may have prompted excesses in its production. "Demand for their (OPEC) oil is clearly above 15.8 mln bpd and is probably closer to 17 mln bpd or higher now so what we are seeing characterized as cheating is OPEC meeting this demand through current production," he told Reuters in a telephone interview. | [
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NORTHERN TELECOM LTD <NT> DECLARES STOCK SPLIT Two-for-one stock split Pay May 12 Note: split is subject to approval of shareholders at April 23 annual meeting. Company also said it will increase dividend on post-split shares to six cts from five cts. | [
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TECHAMERICA GROUP INC <TCH> 4TH QTR LOSS Shr loss six cts vs not available Net loss 562,231 vs profit 10,253 Revs 8,871,874 vs 9,549,308 Year Shr loss 60 cts vs loss nine cts Net loss 5,058,145 vs loss 766,185 Revs 34.3 mln vs 35.5 mln | [
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<NOVA> WINS GOVERNMENT OKAY FOR HUSKY <HYO> DEAL Nova, the Canadian company that owns 56 pct of Husky Oil Ltd, said it received government approval for a transaction under which <Union Faith Canada Holding Ltd> would buy a 43 pct stake in Husky. Nova said the Minister of Regional and Industrial Expansion, Michel Cote, ruled that Union Faith's purchase of the Husky stake would not result in Husky ceding control to a non-Canadian company. It said this ruling was a key condition in completing the deal. Union Faith is equally owned by <Hutchison Whampoa Ltd> and <Hong Kong Electric Holdings Ltd>. Under the agreement with Union Faith, Husky will become a private company with Union Faith and Nova each holding 43 pct of its stock. Nine pct of Husky would be owned by relatives of Li Ka-Shing, chairman of Hutchison, and five pct by the Canadian Imperial Bank of Commerice. | [
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POTOMAC ELECTRIC POWER CO <POM> JANUARY NET Oper shr 27 cts vs 29 cts Oper net 13.5 mln vs 14.6 mln Revs 104.6 mln vs 110.3 mln 12 mths Oper shr 4.10 dlrs vs 3.66 dlrs Oper net 205 mln vs 186.8 mln Revs 1.4 billion vs 1.3 billion NOTE: 1986 12 mths oper net excludes extraordinary gain of 21.7 mln dlrs or 46 cts per share from sale of Virginia service territory to Virginia Power. | [
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<GSW INC> YEAR NET Oper shr 2.16 dlrs vs 2.07 dlrs Oper net 8,037,000 vs 7,710,000 Revs 136.4 mln vs 133.3 mln Note: 1986 net excludes extraordinary gain of 13 mln dlrs or 3.50 dlrs shr from sale of <Camco Inc> shares vs yr-ago loss of 4.3 mln dlrs or 1.14 dlrs shr. | [
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LIQUID AIR CORP <LANA> QUARTERLY DIVIDEND Qtly div 40 cts vs 40 cts Pay March 31 Record March 16 | [
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MARSHALL STEEL DETAILS GAIN FROM UNIT SALE (Marshall Steel Ltd), formerly Marshall Drummond McCall Inc, said it will report a 17 mln dlr net gain before taxes this year from the sale of its Drummond McCall division, which was sold effective January one. | [
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LNG IMPORTS FROM ALGERIA UNLIKELY IN 1987 Liquefied natural gas imports from Algeria are unlikely to happen in 1987 even though its economically feasible, U.S. industry analysts sources said. Youcef Yousfi, director-general of Sonatrach, the Algerian state petroleum agency, indicated in a television interview in Algiers that such imports would be made this year. "Contract negotiations, filing with the U.S. government and the time required to restart mothballed terminals will delay the import until 1988/1989," Daniel Tulis, a natural gas analyst with Shearson Lehman Bros. said. Sonatrach is currently negotiating with two of its former customers, Panhandle Eastern <PEL> and Distrigas, a subsidiary of Cabot Corp <CBT> to resume LNG export, company officials told Reuters. A third, El Paso Gas, a subsidiary of Burlington Northern <BNI>, has expressed no interest. Industry analysts said some imports of Algerian LNG were feasible. "On a marginal cost basis, the companies that have made capital investment to handle LNG import can operate profitably even in the current price environment," Frank Spadine, an energy economist with Bankers Trust, said. Analysts did not forsee a major impact from Algerian imports on U.S. prices which are currently soft but expected to trend higher by the end of 1987. A decline in gas drilling and the time lag to bring Gulf of Mexico productions onstream will tighten gas supplies and firm prices, Shearson's Tulis said. In this context, Algerian LNG import would be a source of supplemental supply to U.S. domestic production, he added. Company sources currently in talks with Algeria agree, saying that Algerian LNG would only serve to meet peak demand. Company sources also said that any negotiations with Algeria would emphasize looser arrangements which would relate volumes to market requirements and prices to U.S. spot market values. | [
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SWISS ECONOMY IN EXCELLENT CONDITION, OECD SAYS Switzerland's economy, combining low unemployment, financial stability and a large external payments surplus, is in excellent condition and faces a satisfactory future, the Organisation for Economic Cooperation and Development, OECD, said. This reflected the success of stable and relatively tight fiscal and monetary policies followed by the government, it said. The OECD, in its annual report on Switzerland, picked out some signs of a slowdown in activity and a slight pick-up in inflation this year, but said these gave no cause for concern. The study forecast a decline in Gross Domestic Product growth to 1.75 pct this year from an estimated two pct in 1986 and a small rise in consumer price inflation to 1.25 pct after last year's sharp fall to 0.75 pct from 3.6 pct in 1985. But it said job creation should continue to absorb a modest increase in the workforce, leaving the unemployment rate unchanged at around one pct, the lowest in the 24-industrial nation OECD area. Assuming an average exchange rate of 1.71 Swiss francs to the dollar this year, against 1.69 in the second half of 1986, the report forecast a 2.75 pct rise in exports and a 3.5 pct rise in imports this year after rises of 3.25 pct and 6.5 pct respectively in 1986. The faster growth of imports compared with exports this year and last, reflecting buoyant private consumption, meant that the contribution of the foreign payments balance to GDP would shrink in both years. But "given Switzerland's large external surplus, there should be no concern if domestic demand grows faster than GDP...Which, if only in a small way, would contribute to improving international balances," the OECD said. Real private consumption appeared to have been unusually buoyant last year, with a 3.25 pct growth rate, after several years of relative weakness, it noted. In 1987 private consumption was expected to slow somewhat to a 2.25 pct growth rate, but should still outstrip overall GDP, it added. The outlook for investment in plant and machinery remained bright into 1987, and with capacity use at near record levels last year there was scope for rationalisation and modernisation in both the industry and service sectors, it said. As a consequence, growth in machinery and equipment investment is likely to decelerate only slightly this year after vigorous growth in 1986. But the report raised a questionmark over the prospects for tourism and the banking industry, two major service sector earners of foreign exchange. The long-term appreciation of the Swiss Franc, and the accelerating deregulation of foreign banking markets, could lead to a loss of international market share for both, it said. Particularly for the banks, "recent developments in international financial markets give rise to the question whether the Swiss financial system, which has shown substantial flexibility in the past, is adapting itself at the speed required ... To preserve its competitive position," it said. | [
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U.S. WHEAT BONUS TO SOVIET CALLED DORMANT The U.S. Agriculture Department is not actively considering offering subsidized wheat to the Soviet Union under the export enhancement program (EEP), senior USDA officials said. However, grain trade analysts said the proposal has not been ruled out and that an offer might be made, though not in the very near future. "The grain companies are trying to get this fired up again," an aide to Agriculture Secretary Richard Lyng said. "But there just isn't much talk about it, informally or formally." Most analysts interviewed by Reuters were more confident than USDA officials that bonus wheat would be offered to the Soviets, even though U.S. officials did not make such an offer when they held grain talks with Soviet counterparts earlier this week. But administration and private sources agreed that if the Reagan administration did decide to offer subsidized wheat to Moscow, it could take several months. "I just don't see any proposal like that sailing through any interagency process," the aide to Lyng said. "An export enhancement offer is not consummated overnight," said one former USDA official, who noted that the administration took three months to decide in favor of selling China wheat under the subsidy program. An official representing a large grain trade company said deliberations within USDA might be nudged along by members of Congress, a number of whom urged USDA this week to make a wheat subsidy offer to the Soviets. But Lyng's aide said that during a day-long visit to Capitol Hill yesterday, House members did not press the secretary on the subsidy question a single time. The administration's interagency trade policy review group, comprised of subcabinet-level officials, has not been asked to clear a request to offer Moscow wheat under the EEP, officials at the U.S. Trade Representative's Office said. In their talks this week, the two sides discussed the administration's previous EEP offer but did not talk about any new initiative. One USDA official who took part in the consultations this week described them as an exchange of "calm, basic, factual economics." Another USDA official said there was "not even an informal suggestion or hint" that the Soviets would live up to their pledge to buy four mln tonnes of wheat this year if they were granted more favorable terms. USDA and private sources agreed that consideration of an EEP initiative by interagency review groups likely would be delayed because of disarray within the White House stemming from the Iran arms affair. | [
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ALATENN RESOURCES INC <ATNG> 4TH QTR NET Shr 75 cts vs 52 cts Net 1,699,124 vs 1,177,786 Revs 45.6 mln vs 31.6 mln 12 mths Shr 2.22 dlrs vs 2.20 dlrs Net 5,057,292 vs 4,961,085 Revs 130.2 mln vs 126.7 mln | [
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VERSATILE TO SELL UNIT TO VICON <Versatile Corp> said it agreed in principle to sell its Alberta-based Versatile Noble Cultivators Co division to Vicon Inc, of Ontario, for undisclosed terms. The division manufactures tillage and spraying equipment. | [
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TEXACO CANADA <TXC> LOWERS CRUDE POSTINGS Texaco Canada said it lowered the contract price it will pay for crude oil 64 Canadian cts a barrel, effective today. The decrease brings the company's posted price for the benchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26 Canadian dlrs a bbl. Texaco Canada last changed its crude oil postings on Feb 19. | [
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USDA SAID UNLIKELY TO BROADEN CORN BONUS OFFER The U.S. Agriculture Department probably will not offer a two dlr per bushel bonus payment to corn farmers for any erodible cropland they enrolled in the conservation reserve program last year, an aide to USDA Secretary Richard Lyng said. Sen. Charles Grassley (R-Iowa) said yesterday that Lyng had indicated he would consider giving those farmers the same two dlr bonus offered corn farmers who are signing up for the 1987 program this month. But the aide to Lyng said it was doubtful that the department would offer a retroactive bonus to farmers who enrolled land in the 10-year conservation reserve last year. "How are you going to stop the tide," he said, referring to demands that would follow from other commodity groups. | [
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<GEORGE WESTON LTD> YEAR NET Shr 2.31 dlrs vs 1.96 dlrs Net 119.0 mln vs 101.0 mln Revs 10.03 billion vs 8.88 billion | [
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RELIEF TO U.S. CORN/OATS GROWERS SAID LIKELY U.S. farmers who in the past have grown oats for their own use but failed to certify to the government that they had done so probably will be allowed to continue planting that crop and be eligible for corn program benefits, an aide to Agriculture Secretary Richard Lyng said. Currently a farmer, to be eligible for corn program benefits, must restrict his plantings of other program crops to the acreage base for that crop. Several members of Congress from Iowa have complained that farmers who inadvertantly failed to certify that they had grown oats for their own use in the past now are being asked to halt oats production or lose corn program benefits. USDA likely will allow historic oats farmers to plant oats but not extend the exemption to all farmers, Lyng's aide said. | [
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CIRCUIT SYSTEMS <CSYI> BUYS BOARD MAKER Circuit Systems Inc said it has bought all of the stock of (Ionic Industries Inc) in exchange for 3,677,272 shares of its common. Following the exchange there will be 4,969,643 shares of Circuit Systems stock outstanding. Ionic holders will own about 74 pct of the outstanding stock of Circuit Systems, it said. Ionic, a maker of circuit boards, had revenues of 8.4 mln dlrs and pretax profits of 232,000 dlrs in 1986, up from revenues of 5.9 mln and pretax profits of 204,000 dlrs in 1985, Circuit Systems said. | [
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FALLING SOYBEAN CRUSH RATIOS CUT OUTPUT The sharp decline in soybean crush ratios seen in the last few weeks, accelerating in recent days, has pushed margins below the cost of production at most soybean processing plants and prompted many to cut output of soybean meal and oil. The weekly U.S. soybean crush rate was reported by the National Soybean Processors Association this afternoon at 21.78 mln bushels, down from the 22 mln bushel plus rate seen over the past two months when crush margins surged to the best levels seen in over a year. Active soymeal export loadings at the Gulf had pushed soybean futures and premiums higher, prompting a pick-up in the weekly crush number. However, much of that export demand seems to have been met, with most foreign meal users now waiting for the expected surge in shipments of new crop South American soymeal over the next few months. U.S. processors are now finding domestic livestock feed demand is very light for this time of year due to the milder than normal winter, so they steadily dropped offering prices in an attempt to find buying interest, soyproduct dealers said. Soybean meal futures have also steadily declined in recent weeks, setting a new contract low of 139.70 dlrs per ton in the nearby March contract today. "Many speculators down here bought March soymeal and sold May, looking for no deliveries (on first notice day tomorrow, which would cause March to gain on deferreds)," one CBT crush trader said. "But they've been bailing out this week because the March has been acting like there will be a lot delivered, if not tomorrow, then later in the month," he added. As a result of the weakness in soymeal, the March crush ratio (The value of soyproducts less the cost of the soybeans) fell from the mid 30s earlier this month to 22.6 cents per bushel today, dropping over five cents in just the last two days. The May crush ended today just over 17 cents, so no processors will want to lock in a ratio at that unprofitable level, the trader said. Hopefully, they will now start to cut back production to get supplies in line with demand, he added. With futures down, processors are finding they must bid premiums for cash soybeans, further reducing crush margins. A central Illinois processor is only making about 30 cents for every bushel of soybeans crushed at current prices, down sharply from levels just seen just a few weeks ago and below the average cost of production, cash dealers said. Most soybean processing plants are still in operation, with little talk of taking temporary down-time, so far. But processors will start halting production in the next few weeks it they continue to face unprofitable margins, they added. | [
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MUNSINGWEAR INC <MUN> 4TH QTR JAN 3 LOSS Shr loss 32 cts vs loss seven cts Net loss 1,566,000 vs loss 292,000 Revs 39.4 mln vs 34.7 mln Year Shr profit 79 cts vs profit 74 cts Net profit 3,651,000 vs profit 3,020,000 Revs 147.9 mln vs 114.2 mln Avg shrs 4,639,000 vs 4,059,000 Note: Per shr adjusted for 3-for-2 stock split July 1986 and 2-for-1 split May 1985. | [
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HOUSTON OIL <HO> RESERVES STUDY COMPLETED Houston Oil Trust said that independent petroleum engineers completed an annual study that estimates the trust's future net revenues from total proved reserves at 88 mln dlrs and its discounted present value of the reserves at 64 mln dlrs. Based on the estimate, the trust said there may be no money available for cash distributions to unitholders for the remainder of the year. It said the estimates reflect a decrease of about 44 pct in net reserve revenues and 39 pct in discounted present value compared with the study made in 1985. | [
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FAMOUS RESTAURANTS INC <FAMS> 4TH QTR LOSS Shr loss 2.07 dlrs vs loss eight cts Net loss 11,445,000 vs loss 501,000 Revs 14.5 mln vs 11.0 mln Year Shr loss 1.91 dlrs vs profit four cts Net loss 12,427,000 vs profit 211,000 Revs 60.8 mln vs 51.5 mln Note: includes non-recurring charges of 12,131,000 dlrs in the 4th qtr and 12,500,000 dlrs in the year for reserve for underperforming restaurants. | [
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26-FEB-1987 26-FEB-1987 | [
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N.Z. CENTRAL BANK SEES SLOWER MONEY, CREDIT GROWTH Monetary and credit growth rates in New Zealand are not expected to continue at current levels following the Reserve Bank's move to tighten liquidity late last year, Reserve Bank Governor Spencer Russell said. The monetary and credit growth figures for the December quarter were probably artifically inflated by unusually high growth in inter-institutional lending activity on the short term money market, Russell said in a statement. The bank moved to tighten liquidity when the initial signs of the recent expansion became apparent in September and October last year, Russell said. Broadly defined M-3 figures released today showed growth of 17.8 pct in the year ended December compared with 13.1 pct in the year ended September. Annual growth of private sector credit in calendar 1986 was 30.7 pct compared with 16.5 pct in the September year. "Available evidence suggests that corporate customers, including non-bank financial institutions, have been exploiting differences between interest rates on overdrafts with trading banks and rates in the call market," Russell said. | [
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AVERAGE YEN CD RATES FALL IN LATEST WEEK Average interest rates on yen certificates of deposit, CD, fell to 4.27 pct in the week ended February 25 from 4.32 pct the previous week, the Bank of Japan said. New rates (previous in brackets), were - Average CD rates all banks 4.27 pct (4.32) Money Market Certificate, MMC, ceiling rates for the week starting from March 2 3.52 pct (3.57) Average CD rates of city, trust and long-term banks Less than 60 days 4.33 pct (4.32) 60-90 days 4.13 pct (4.37) Average CD rates of city, trust and long-term banks 90-120 days 4.35 pct (4.30) 120-150 days 4.38 pct (4.29) 150-180 days unquoted (unquoted) 180-270 days 3.67 pct (unquoted) Over 270 days 4.01 pct (unquoted) Average yen bankers' acceptance rates of city, trust and long-term banks 30 to less than 60 days unquoted (4.13) 60-90 days unquoted (unquoted) 90-120 days unquoted (unquoted) | [
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AUSTRALIA'S KEATING CHANGES ECONOMIC FORECASTS Domestic demand is now expected to make no contribution to Australian economic growth in fiscal 1986/87, ending June 30, while net exports will account for all of the overall increase, Treasurer Paul Keating said here. However, he did not say in his speech to the Economic Planning Advisory Council (EPAC) if the forecast 2.25 pct rise in gross domestic product (gdp) had been revised. But Keating said domestic demand could fall slightly this financial year and net export growth will provide the total source of gdp growth. The August budget had forecast domestic demand would contribute 0.75 percentage points to non-farm gdp growth of 2.5 pct while net exports would account for 1.75 points. Keating said the overall impact of the changed economic parameters is welcome as it appears to have contributed to a slightly more rapid correction in the current account deficit than first anticipated. "The government initially forecast a current account deficit for 1986/87 of 14.75 billion -- our present expectation is that the result will be somewhat lower, around 14 billion," he said. Partial indicators released since the last meeting of EPAC in December indicate that the 1986/87 budget strategy is broadly on track, Keating said. "They indicate that domestic demand has been a little more sluggish than was expected at budget time," he said. "On the other hand, net exports seem to be expanding by more than expected at budget time, and this is underpinning growth in domestic production and employment." Keating said it now seems likely that the 1986/87 inflation rate will exceed the budget forecast of eight pct. "Nevertheless, there is likely to be a marked slowing in inflation over coming quarters as depreciation and budgetary effects wane," he said. Keating said the government expects economic growth to pick up moderately in 1987/88 due to a further significant rise in net exports and a very moderate but positive contribution from private domestic demand. He said domestic demand growth will be due to a strengthening in real household disposable income. The moderate rise in economic growth next financial year should be sufficient to sustain employment growth at a level broadly equivalent to that of the current fiscal year. "The current account deficit will continue to show improvement in 1987/88," Keating said. "As the impact of the exchange rate depreciations of recent years recede further, and given continued effective wage restraint, inflation should moderate markedly in 1987/88," he said. | [
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THAI RICE EXPORTS RISE IN WEEK ENDED FEBRUARY 24 Thailand exported 84,960 tonnes of rice in the week ended February 24, up from 80,498 the previous week, the Commerce Ministry said. It said government and private exporters shipped 27,510 and 57,450 tonnes respectively. Private exporters concluded advance weekly sales for 79,448 tonnes against 79,014 the previous week. Thailand exported 689,038 tonnes of rice between the beginning of January and February 24, up from 556,874 tonnes during the same period last year. It has commitments to export another 658,999 tonnes this year. | [
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PRODUCER SPLIT HEATS UP COFFEE QUOTA TALKS Talks on the possibility of reintroducing global coffee export quotas have been extended into today, with sparks flying yesterday when a dissident group of exporters was not included in a key negotiating forum. The special meeting of the International Coffee Organization (ICO) council was called to find a way to stop a prolonged slide in coffee prices. However, delegates said no solution to the question of how to implement quotas was yet in sight. World coffee export quotas -- the major device used to regulate coffee prices under the International Coffee Agreement -- were suspended a year ago when prices soared in reaction to a drought which cut Brazil"s output by nearly two thirds. Brazil is the world"s largest coffee producer and exporter. Producers and consumers now are facing off over the question of how quotas should be calculated under any future quota distribution scheme, delegates said. Tempers flared late Saturday when a minority group of eight producing countries was not represented in a contact group of five producer and five consumer delegates plus alternates which was set up to facilitate debate. The big producers "want to have the ball only in their court and it isn"t fair," minority producer spokesman Luis Escalante of Costa Rica said. The majority producer group has proposed resuming quotas April 1, using the previous ad hoc method of carving up quota shares, with a promise to try to negotiate basic quotas before September 30, delegates said. Their plan would perpetuate the status quo, allowing Brazil to retain almost all of its current 30 pct share of the export market, Colombia 17 pct, Ivory Coast seven pct and Indonesia six pct, with the rest divided among smaller exporters. But consuming countries and the dissident producer group have tabled separate proposals requiring quotas be determined by availability, using a formula incorporating exportable production and stocks statistics. Their proposals would give Brazil a smaller quota share and Colombia and Indonesia a larger share, and bring a new quota distribution scheme into effect now rather than later. Brazil has so far been unwilling to accept any proposal that would reduce its quota share, delegates said. Delegates would not speculate on prospects for agreement on a quota package. "Anything is possible at this phase," even adjournment of the meeting until March or April, one said. If the ICO does agree on quotas, the price of coffee on the supermarket shelf is not likely to change sinnificantly as a result, industry sources said. Retail coffee prices over the past year have remained about steady even though coffee market prices have tumbled, so an upswing probably will not be passed onto the consumer either, they said. | [
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ITALIAN TREASURY CUTS INTEREST ON CERTIFICATES The Italian treasury said annual coupon rates payable March 1988 on two issues of long-term treasury certificates (CCTs) would be cut by about four percentage points compared with rates this March. Coupon rates on 10-year certificates maturing March 1995 will fall to 9.80 pct from 13.65 pct and rates on 10-year issues maturing in March 1996 would fall to 10.05 pct from 14.30 pct. The Treasury also cut by 0.60 point six-monthly coupons payable this September on six issues maturing between September 1988 and September 1991. The issues carry terms of between five and seven years and will have coupon rates of between 4.85 and 5.65 pct in September compared with 5.45 and 6.25 pct this March. | [
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INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE Indonesia appears to be nearing a political crossroads over measures to deregulate its protected economy, the U.S. Embassy says in a new report. To counter falling oil revenues, the government has launched a series of measures over the past nine months to boost exports outside the oil sector and attract new investment. Indonesia, the only Asian member of OPEC and a leading primary commodity producer, has been severely hit by last year"s fall in world oil prices, which forced it to devalue its currency by 31 pct in September. But the U.S. Embassy report says President Suharto"s government appears to be divided over what direction to lead the economy. "(It) appears to be nearing a crossroads with regard to deregulation, both as it pertains to investments and imports," the report says. It primarily assesses Indonesia"s agricultural sector, but also reviews the country"s general economic performance. It says that while many government officials and advisers are recommending further relaxation, "there are equally strong pressures being exerted to halt all such moves." "This group strongly favours an import substitution economy," the report says. Indonesia"s economic changes have been welcomed by the World Bank and international bankers as steps in the right direction, though they say crucial areas of the economy like plastics and steel remain highly protected, and virtual monopolies. Three sets of measures have been announced since last May, which broadened areas for foreign investment, reduced trade restrictions and liberalised imports. The report says Indonesia"s economic growth in calendar 1986 was probably about zero, and the economy may even have contracted a bit. "This is the lowest rate of growth since the mid-1960s," the report notes. Indonesia, the largest country in South-East Asia with a population of 168 million, is facing general elections in April. But the report hold out little hope for swift improvement in the economic outlook. "For 1987 early indications point to a slightly positive growth rate not exceeding one pct. Economic activity continues to suffer due to the sharp fall in export earnings from the petroleum industry." "Growth in the non-oil sector is low because of weak domestic demand coupled with excessive plant capacity, real declines in construction and trade, and a reduced level of growth in agriculture," the report states. Bankers say continuation of present economic reforms is crucial for the government to get the international lending its needs. A new World Bank loan of 300 mln dlrs last month in balance of payments support was given partly to help the government maintain the momentum of reform, the Bank said. | [
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QATAR UNVEILS BUDGET FOR FISCAL 1987/88 The Gulf oil state of Qatar, recovering slightly from last year's decline in world oil prices, announced its first budget since early 1985 and projected a deficit of 5.472 billion riyals. The deficit compared with a shortfall of 7.3 billion riyals in the last published budget for 1985/86. In a statement outlining the budget for the fiscal year 1987/88 beginning today, Finance and Petroleum Minister Sheikh Abdul-Aziz bin Khalifa al-Thani said the government expected to spend 12.217 billion riyals in the period. Projected expenditure in the 1985/86 budget had been 15.6 billion riyals. Sheikh Abdul-Aziz said government revenue would be about 6.745 billion riyals, down by about 30 pct on the 1985/86 projected revenue of 9.7 billion. The government failed to publish a 1986/87 budget due to uncertainty surrounding oil revenues. Sheikh Abdul-Aziz said that during that year the government decided to limit recurrent expenditure each month to one-twelfth of the previous fiscal year's allocations minus 15 pct. He urged heads of government departments and public institutions to help the government rationalise expenditure. He did not say how the 1987/88 budget shortfall would be covered. Sheikh Abdul-Aziz said plans to limit expenditure in 1986/87 had been taken in order to relieve the burden placed on the country's foreign reserves. He added in 1987/88 some 2.766 billion riyals had been allocated for major projects including housing and public buildings, social services, health, education, transport and communications, electricity and water, industry and agriculture. No figure was revealed for expenditure on defence and security. There was also no projection for oil revenue. Qatar, an OPEC member, has an output ceiling of 285,000 barrels per day. Sheikh Abdul-Aziz said: "Our expectations of positive signs regarding (oil) price trends, foremost among them OPEC's determination to shoulder its responsibilites and protect its wealth, have helped us make reasonable estimates for the coming year's revenue on the basis of our assigned quota." | [
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CANADA-EGYPT WHEAT NEGOTIATIONS TO CONTINUE Canadian and Egyptian wheat negotiators failed to conclude an agreement on Canadian wheat exports to Egypt during talks last week, but the Canadian team will return to Cairo for further negotiations, Canadian embassy officials said. An embassy official declined to identify which issues remained to be resolved and when the talks would resume. In a five-year protocol signed in 1985, Cairo agreed to purchase 500,000 tonnes of Canadian wheat a year. | [
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ZAMBIA TO RETAIN CURRENCY AUCTION, SAYS KAUNDA Zambia will retain its foreign-exchange auction system despite the suspension of weekly auctions since January 24, President Kenneth Kaunda said. "We have not run away from the auction. It hasn't been abolished at all," he told Reuters in an interview. He said the system would be reintroduced after current talks with the World Bank and the International Monetary Fund and, he hoped, would be backed by fresh foreign aid funds. Kaunda dismissed central bank statements the new auction system would be used to allocate foreign exchange to private bidders but not to fix the exchange rate. Kaunda said the auction system had faltered because of the government's shortage of foreign exchange to meet demand. It was suspended when the kwacha's rapid devaluation and strong fluctuations made economic planning almost impossible for the government and the private sector, he said. Weekly foreign-exchange auctions began in October 1985. The kwacha fell from 2.20 to the dollar to about 15 in 16 months. In January 1987 the government was more than two months in arrears in paying foreign currency to successful bidders, and the auction was suspended and replaced with a fixed exchange rate of nine kwacha to the dollar. | [
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INDONESIA UNLIKELY TO IMPORT PHILIPPINES COPRA Indonesia is unlikely to import copra from the Philippines in 1987 after importing 30,000 tonnes in 1986, the U.S. Embassy's annual agriculture report said. The report said the 31 pct devaluation of the Indonesian rupiah, an increase in import duties on copra and increases in the price of Philippines copra have reduced the margin between prices in the two countries. Indonesia's copra production is forecast at 1.32 mln tonnes in calendar 1987, up from 1.30 mln tonnes in 1986. | [
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JAPAN FEBRUARY INTERIM TRADE SURPLUS JUMPS Japan's customs-cleared trade surplus in the first 20 days of February jumped to 3.58 billion dlrs from 1.94 billion a year earlier, the Finance Ministry said. The February interim surplus was sharply up from a 965.04 mln dlr surplus in the same January period. FOB exports rose 14.6 pct from a year earlier in the first 20 days of February to 10.91 billion, while CIF imports fell 3.2 pct to 7.33 billion. The average dollar/yen rates were 152.32 for exports and 152.31 for imports against 196.61 for exports and 196.27 for imports a year earlier. | [
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NIPPON LIGHT METAL CONTINUES ALUMINIUM OUTPUT CUT Nippon Light Metal Co Ltd <NLGT.T>, which has annual capacity of 63,000 tonnes, will continue primary aluminium production at a rate of 35,000 tonnes owing to low domestic and world prices and low water supplies at its hydroelectric power plant, a company official said. Nippon, which has no plans to restore output to the 48,000 tonnes a year at which it was working until late 1986, will become Japan's only smelter. <Ryoka Light Metal Industries Ltd> will stop smelting in April owing to high power costs and low prices, and <Mitsui Aluminium Co Ltd> has said it stopped smelting in February. | [
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SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD Saudi crude oil output last month fell to an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd in January, Gulf oil sources said. They said exports from the Ras Tanurah and Ju'aymah terminals in the Gulf fell to an average 1.9 mln bpd last month from 2.2 mln in January because of lower liftings by some customers. But the drop was much smaller than expected after Gulf exports rallied in the fourth week of February to 2.5 mln bpd from 1.2 mln in the third week, the sources said. The production figures include neutral zone output but not sales from floating storage, which are generally considered part of a country's output for Opec purposes. Saudi Arabia has an Opec quota of 4.133 mln bpd under a production restraint scheme approved by the 13-nation group last December to back new official oil prices averaging 18 dlrs a barrel. The sources said the two-fold jump in exports last week appeared to be the result of buyers rushing to lift February entitlements before the month-end. Last week's high export levels appeared to show continued support for official Opec prices from Saudi Arabia's main crude customers, the four ex-partners of Aramco, the sources said. The four -- Exxon Corp <XON>, Mobil Corp <MOB>, Texaco Inc <TX> and Chevron Corp <CHV> -- signed a long-term agreement last month to buy Saudi crude for 17.52 dlrs a barrel. However the sources said the real test of Saudi Arabia's ability to sell crude at official prices in a weak market will come this month, when demand for petroleum products traditionally tapers off. Spot prices have fallen in recent weeks to more than one dlr below Opec levels. Saudi Arabian oil minister Hisham Nazer yesterday reiterated the kingdom's commitment to the December OPEC accord and said it would never sell below official prices. The sources said total Saudi refinery throughput fell slightly in February to an average 1.1 mln bpd from 1.2 mln in January because of cuts at the Yanbu and Jubail export refineries. They put crude oil exports through Yanbu at 100,000 bpd last month, compared to zero in January, while throughput at Bahrain's refinery and neutral zone production remained steady at around 200,000 bpd each. | [
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INDONESIAN TEA, COCOA EXPORTS SEEN UP, COFFEE DOWN Indonesia's exports of tea and cocoa will continue to rise in calendar 1987 but coffee exports are forecast to dip slightly in 1987/88 (April-March) as the government tries to improve quality, the U.S. Embassy said. The embassy's annual report on Indonesian agriculture forecast coffee output in 1986/87 would be 5.77 mln bags of 60 kilograms each. That is slightly less than the 5.8 mln bags produced in 1985/86. In 1987/88 coffee production is forecast to rise again to 5.8 mln bags, but exports to dip to 4.8 mln from around 5.0 mln in 1986/87. Exports in 1985/86 were 4.67 mln bags. The embassy report says coffee stocks will rise to 1.3 mln tonnes in 1987/88 from 1.15 mln in 1986/87. It bases this on a fall in exports as a result of the "probable" re-introduction of quotas by the International Coffee Organisation. Cocoa production and exports are forecast to rise steadily as the government develops cocoa plantations. Production of cocoa in Indonesia increased to 32,378 tonnes in calendar 1985 from 10,284 tonnes in 1980. It is projected by the government to rise to more than 50,000 tonnes by 1988. Production in 1986 is estimated by the embassy at 35,000 tonnes, as against 38,000 tonnes in 1987. The report forecasts cocoa exports to rise to 35,000 tonnes this year, from 33,000 tonnes in 1986 and 31,000 in 1985. The Netherlands is at present the biggest importer of Indonesian cocoa beans. The report forecasts that in calendar 1987, Indonesia's CTC (crushed, torn and curled) tea exports will increase significantly with the coming on stream of at least eight new CTC processing plants. Indonesia plans to diversify its tea products by producing more CTC tea, the main component of tea bags. Production of black and green teas is forecast in the embassy report to rise to 125,000 tonnes in calendar 1987 from 123,000 tonnes in 1986. Exports of these teas are likely to rise to 95,000 tonnes in 1987 from 85,000 in 1986 and around 90,000 in 1985. The embassy noted the ministry of trade tightened quality controls on tea in October 1986 in an effort to become more competititve in the world market. | [
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JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88 <Nippon Telegraph and Telephone Corp> (NTT) expects its profits to fall to 328 billion yen in the year ending March 31, 1988 from a projected 348 billion this year, the company said. Total sales for the same period are expected to rise to 5,506 billion yen from a projected 5,328 billion this year, NTT said in a business operations plan submitted to the Post and Telecommunications Ministry. NTT said it plans to make capital investments of 1,770 billion yen in 1987/88, including 109 billion for research and development, as against a total of 1,600 billion this year. An NTT spokesman said increased competition from new entrants to the telecommunications field and the effect of a sales tax scheduled to be introduced next January, were the major factors behind the projected decrease in profits. The Japanese telecommunications industry was deregulated in 1985. | [
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JAPAN FEBRUARY RESERVES RECORD 51.73 BILLION DLRS Japan's external reserves rose to a record 51.73 billion dlrs at the end of February from the previous record of 51.46 billion at end-January, the Finance Ministry said. End-February reserves last year were 27.58 billion dlrs. In January, the nation's foreign reserves showed the largest-ever monthly increase at 9.22 billion dlrs due to massive Bank of Japan dollar buying intervention during the month as the dollar fell briefly to an all-time low of 149.98 yen on January 19, foreign exchange dealers said. | [
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ICO TALKS ON COFFEE QUOTAS TO RESUME AT NOON Talks on coffee export quotas at the International Coffee Organization (ICO) special council session will resume at noon gmt today, following a last minute decision taken early this morning to extend the meeting 24 hours, ICO officials said. An 18 member contact group will meet at midday to examine new ideas, and the full council is to convene at 1900gmt, they said. The extension resulted from a last ditch effort by Colombia to salvage the talks, which by late yesterday looked perilously close to ending without agreement on quotas, delegates said. | [
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INDIAN SUGAR OUTPUT RISES IN FIRST FOUR MONTHS India's sugar output to January 31 in the 1986/87 season (October/September) rose to 3.66 mln tonnes from 3.46 mln in the same 1985/86 period, the Indian Sugar Mills Association said. Total offtake in the first four months of the current year was 2.71 mln tonnes (including 241,000 tonnes imported) for domestic use and 4,000 tonnes for export, against 2.81 mln tonnes (including 993,000 imported) for domestic use and 3,000 tonnes for export in the corresponding period of 1985/86. Factory stocks at end-January were 3.05 mln tonnes (96,000 imported) against 3.13 mln (96,000 imported) a year earlier. | [
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JAPAN BUYS SOME 95,000 TONNES SOYBEANS FROM CHINA Japanese importers bought some 95,000 tonnes of Chinese soybeans late last month for May to September shipment, under the semi-annual trade accords, trade sources said. The FOB premium rose to 13.50 dlrs per tonne, up 2.50 dlrs from the premium for the November to April shipment, but down from 13.80 for the last May to September shipment. Flat prices for Chinese beans are based on futures prices in Chicago plus the FOB premium. Japanese purchases of Chinese soybeans, including spot buying, may have totalled 240,000 to 250,000 tonnes of the 1986 crop for November to April 1987 shipment, down from some 300,000 tonnes the previous year, the sources said. Domestic demand for edible-use soybeans is expected to remain stable at about 240,000 to 250,000 tonnes a year, the sources said. In recent years Japanese importers have overbought Chinese edible-use soybeans and sold the surplus to domestic crushers, but low 1986 U.S. Crop prices have discouraged the purchase of Chinese origin beans for crushing, they said. | [
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WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE Sweden's Wallenberg group fought back a bid by the London-based Swedish financier Erik Penser to secure a large stake in Swedish Match <SMBS ST>, one of the companies at the core of their business empire. A statement issued by the Wallenberg holding companies AB Investor and Forvaltnings AB Providentia said they had taken over an option held by Nobel Industrier Sweden AB to acquire 33 pct of the voting rights in Swedish Match. Thre Wallenbergs paid Nobel Industrier <NOBL ST>, in which Penser group has a 72 pct stake, about 20 pct over the market price for the Swedish Match option, the statement said. Swedish Match's B shares open to foreign buyers closed at 424 crowns on Friday. The A shares -- with increased voting rights -- closed at 450 crowns for the restricted and 455 for the free shares. The statement said the deal increased Investor's stake to 49.4 pct of the voting rights and 14.8 pct of the share capital while Providentia is left holding 34.1 pct of the voting rights and 14.5 pct of the share capital in Swedish Match. The Wallenbergs' stake in Swedish Match had previously amounted to 52 pct of the voting rights in the company. The Swedish Match deal will cost the Wallenbergs about 400 mln crowns, share analysts said, making it one of the most expensise moves the group has undertaken in the last four years to defend its far-flung interests from outside predators. The Wallenbergs originally sold Nobel Industrier, an arms and chemicals group, to Penser in 1984 to pay for buying Volvo <VOLV ST> out of two other key group companies, Atlas Copco <ASTS ST> and Stora Koppabergs <SKPS ST>. Since then, the Wallenbergs were ousted as the largest shareholders in SKF (SKFR ST> by Skanska AB <SKBS ST> and Frederik Lundberg wrested control of Incentive AB from them. Lundberg, a Zurich-based Swedish property tycoon, also managed to acquire a 25 pct stake in another Wallenberg company, the diary equipment firm Alfa -Laval AB <ALFS ST>. During 1986, the Wallenbergs have been concentrating on building up their stake in Investor and Providentia to prevent any raid on the heart of their business empire. But analysts say the Wallenbergs' position in the electrical engineering firm ASEA AB <ASEA ST> is also too small at 12.6 pct of the voting rights and there has been growing speculation that the group will be forced to sell off fringe interests to protect its core activities. | [
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SHV SAYS IT MAKING TENDER OFFER FOR IC GAS <SHV (United Kingdom) Holding Co Ltd> said it was making a tender offer for up to 33 mln ordinary shares in Imperial Continental Gas Association.<ICGS.L>. It said in a statement the offer was on the basis of 700p for each IC Gas ordinary and 252p for every one stg nominal of IC Gas loan stock. SHV already holds 6.8 mln IC Gas ordinary stock units representing around 4.9 pct of the current issued share capital. Successful completion of the offer would increase SHV's stake in IC Gas to 39.8 mln shares, representing around 27.9 pct of issued share capital, it said. The offer capitalises IC Gas at around one billion stg. It said it was tendering for both ordinary stock and loan stock, which when fully converted, gave a total of 33 mln IC Gas ordinary. It is making the tender offer through N.M. Rothschilds. IC Gas said in a statement it noted the SHV tender offer and the terms were being considered. It said a further statement would be made as soon as possible. REUTER... | [
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U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG The Bank of England said it forecast a shortage of around 800 mln stg in the money market today. Among the main factors affecting liquidity, bills maturing in official hands and the take-up of treasury bills will drain some 1.61 billion stg. Partly offsetting this outflow, exchequer transactions and a fall in note circulation will add around 425 mln stg and 360 mln stg respectively. In addition, bankers' balances above target will add some 20 mln stg to the system today. | [
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BLACK MINERS SUPPORT S. AFRICAN MINES TAKEOVER Thousands of black mineworkers roared support for a union proposal to seize control of South Africa's gold, uranium, platinum and coal mines if the owners refuse to improve conditions for migrant black workers. About 15,000 miners attended a rally here to endorse moves proposed by last week's annual meeting of the 200,000 strong National Union of Mineworkers (NUM). They also supported a proposal for a national strike at the end of this month if the owners refused to begin negotiations. Migrant workers from surrounding countries make up more than half of the labour force in the mines. It was not stated how the union would "seize control." The miners' leaders also demanded an end to the system of single sex hostels for migrant workers, to be replaced by housing schemes so that workers could live with their families. The crowd, one of the largest to attend a meeting since South Africa declared a state of emergency last June, also shouted approval of a proposal to work closely with anti-apartheid movements such as the United Democratic Front (UDF) which claims two mln members. They also shouted their support for a demand that jailed black nationalist leader Nelson Mandela be released. | [
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THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC Thailand's Commerce Ministry announced a new tapioca export quota of 737,987 tonnes for the European Community against 762,860 tonnes for the previous allocation. The ministry said the fresh allocation, for the February 27-July 7 shipment period, is the third under a maximum 5.5 mln tonne overall quota that Thailand obtained from the EC for calendar 1987. It said the quota allocation was based on a national tapioca pellet stock of 4.34 mln tonnes surveyed last week, up from 3.05 mln in mid-January. | [
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CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT Gold output in the northeast China province of Heilongjiang rose 22.7 pct in 1986 from 1985's level, the New China News Agency said. It gave no figures. It said the province, China's second largest gold producer after Shandong, plans to double gold output by 1990 from the 1986 level. China does not publish gold production figures. However, industry sources estimate output at about 65 tonnes a year, with exports put between 11 and 31 tonnes. China is selling more gold abroad to offset large trade deficits in recent years, western diplomats said. | [
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ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED The combined profits of Japan's major corporations, excluding financial institutions, are forecast to fall 19.2 pct in the 1986/87 year ending March 31, compared to the 19.9 pct decline projected in late November, Wako Research Institute of Economics said. The private research body also said in a statement that 437 of the 1,084 firms listed on the first section of the Tokyo Stock Exchange foresee an 11.6 pct fall in sales in the year against an 11.4 pct fall estimated last November. Current profits are projected to fall 4.4 pct in 1987/88 on sales seen increasing by 4.2 pct, it said. Rationalisation measures taken by manufacturing industries to cope with the yen's sharp rise are beginning to brighten their business outlook, the institute said. It said lower interest rates, which are expected to reduce corporate borrowing costs, are also behind the improved performance outlook. Earnings performance in the non-manufacturing sector will be supported by firm demand in the real estate and construction businesses, it said. The forecast was based on average exchange rate estimates of 160 yen to the dollar in 1986/87 and 155 yen in 1987/88. | [
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INDIA BUYS 46,000 TONNES OF VEGETABLE OILS The Indian State Trading Corporation purchased 46,000 tonnes of vegetable oils at its import tender on Friday, market sources said. The business was for April shipments and comprised 20,000 tonnes of European rapeseed oil at 318 dlrs, 20,000 tonnes of soyoil, believed South American origin, at 314, and 6,000 tonnes of Malaysian rbd palm olein at 347 dlrs, all per tonne cif. Palm oil sellers were disappointed at the light purchase of rbd olein and early trading saw the market ease nearly 10 dlrs under Malaysian refiner and dealer selling. April shipments traded down to 326 dlrs per tonne, fob. | [
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PAKISTAN TO TENDER FOR RBD PALM OIL Pakistan will hold an import tender tomorrow for 6,000 tonnes of refined bleached deodorised palm oil for second half March shipments, traders said. | [
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COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY <Coloroll Group Plc> said it has entered into a conditional agreement to acquire the business and assets of <Wallco Inc> and related companies for 14.5 mln dlrs. Miami-based Wallco manufactures and distributes wallcoverings and showed a pretax profit of 1.5 mln dlrs on turnover of 37 mln in the year ending June 1986. The total U.S. Market was estimated to be worth 840 mln dlrs in 1986, having grown by 47 pct in the previous five years, Coloroll said. The combined sales and profit of the enlarged Coloroll U.S. Business would be 67 mln and four mln dlrs respectively. | [
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U.K. MONEY MARKET RECEIVES 37 MLN STG ASSISTANCE The Bank of England said it had provided the money market with 37 mln stg assistance in the morning session. This compares with the Bank's downward revised estimate of the shortfall in the system today of around 700 mln stg. The central bank purchased bank bills outright comprising four mln stg in band one at 10-7/8 pct and 33 mln stg in band two at 10-13/16 pct. | [
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JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS Japan and the U.S. Kick off top-level trade talks tomorrow amid signs officials from both sides are growing increasingly irritated with each other. The talks, held annually at sub-cabinet level to review the whole gamut of U.S./Japan economic relations, will pave the way for American Secretary of State George Schultz's one day stop-over here at end-week on his way home from China. Faced with growing Congressional protectionist pressure, the U.S. Administration is pressing Japan for speedy action to reduce its still huge trade surplus, U.S. Officials said. "We appreciate their frustration," a senior Japanese government official said. "But we are also frustrated." The official said the 40 pct rise of the yen over the last 18 months has hit Japan hard, forcing exporters to slash spending and lay off workers to make up for lost sales abroad. That has not yet shown up in dollar-based statistics on trade, but it will, he said. He said the U.S. Administration was ignoring the progress that has been made and instead emphasizing the problems that remain when it talks with Congress. "It would only take five minutes to list their accomplishments," a senior U.S. Official replied. The talks begin tomorrow with high-level discussions on the economic structures of both countries and how they affect the bilateral trade imbalance, which last year amounted to 51.48 billion dlrs in Japan's favour. On the following two days, the topics will range from multilateral trade talks under the auspices of the General Agreement on Tariffs and Trade (GATT) to such bilateral trade problems as super computers. The structural talks are intended to be free-wheeling discussions among senior officials. Tomorrow's topics include savings and investment issues such as consumer credit and housing, and the implications of government budget deficits. These talks come at a particularly delicate time for the Japanese government, which is facing increasing domestic pressure to abandon its tight-fisted fiscal policy and stimulate the sagging economy by spending more. Some U.S. Officials complained Japan has no intention of boosting domestic demand and imports, as Washington wants. Japanese officials in turn pointed the finger at the huge U.S. Budget deficit as one of the main culprits for the trade imbalance. That budget deficit has meant that the U.S. Is buying more imports. Japan seems particularly peeved at being singled in a draft trade bill before the Senate as a nation following adverserial trade practices. "It condemns Japan without due process," one Japanese official said. That reference spoils what is otherwise a well-thought-out bill introduced by Democratic Senator Lloyd Bentsen, he said. Japan is also not totally happy with the administration's trade bill, particularly its proposal to establish reciprocal access to foreign markets as one criteria for retaliatory trade action by the U.S., Officials said. Nevertheless, Japanese officials said they remain in a weak bargaining position, especially with the threat of a trade bill overhanging them. "We have no leverage," one official admitted. As a result, Tokyo is striving to meet U.S. Complaints about its trade practices in a variety of fields, including super computers. The U.S. Is pressing for greater access to the Japanese super computer market. The Japanese government has sent a long questionnaire to public institutions like universities which buy the sophisticated machines in hopes of eventually setting up informal bidding procedures easily understood by all potential sellers, officials said. | [
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SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD Saudi Arabian Oil Minister Hisham Nazer reiterated the kingdom's commitment to last December's OPEC accord to boost world oil prices and stabilize the market, the official Saudi Press Agency SPA said. Asked by the agency about the recent fall in free market oil prices, Nazer said Saudi Arabia "is fully adhering by the ... accord and it will never sell its oil at prices below the pronounced prices under any circumstance." Saudi Arabia was a main architect of December pact under which OPEC agreed to cut its total oil output ceiling by 7.25 pct and return to fixed prices of around 18 dollars a barrel. | [
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End of preview. Expand
in Dataset Viewer.
Dataset from Kaggle
The split is done on the training set using iterative_train_test_split from scikit-multilearn
There are the following 90 labels.
'interest',
'groundnut-oil',
'potato',
'palmkernel',
'sun-meal',
'lei',
'cotton-oil',
'sunseed',
'sorghum',
'barley',
'dlr',
'groundnut',
'wpi',
'strategic-metal',
'livestock',
'l-cattle',
'lin-oil',
'gold',
'fuel',
'nzdlr',
'oat',
'soybean',
'hog',
'tin',
'lumber',
'bop',
'soy-oil',
'dfl',
'nkr',
'gas',
'carcass',
'silver',
'coffee',
'gnp',
'crude',
'rapeseed',
'alum',
'copper',
'housing',
'grain',
'cocoa',
'sun-oil',
'rice',
'jobs',
'rubber',
'jet',
'tea',
'retail',
'ship',
'corn',
'meal-feed',
'naphtha',
'sugar',
'rand',
'platinum',
'money-supply',
'yen',
'nickel',
'income',
'cpu',
'copra-cake',
'instal-debt',
'coconut-oil',
'cotton',
'rye',
'palm-oil',
'acq',
'wheat',
'propane',
'dmk',
'reserves',
'rape-oil',
'money-fx',
'heat',
'ipi',
'castor-oil',
'earn',
'iron-steel',
'palladium',
'coconut',
'veg-oil',
'nat-gas',
'pet-chem',
'lead',
'trade',
'cpi',
'oilseed',
'zinc',
'soy-meal',
'orange'
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