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champion products ch approves stock split champion products inc said its board of directors approved a two for one stock split of its common shares for shareholders of record as of april the company also said its board voted to recommend to shareholders at the annual meeting april an increase in the authorized capital stock from five mln to mln shares reuter | 2earn
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computer terminal systems cpml completes sale computer terminal systems inc said it has completed the sale of shares of its common stock and warrants to acquire an additional one mln shares to sedio n v of lugano switzerland for dlrs the company said the warrants are exercisable for five years at a purchase price of dlrs per share computer terminal said sedio also has the right to buy additional shares and increase its total holdings up to 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 pct of its common stock s market price at the time not to exceed 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 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 reuter | 0acq
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cobanco inc cbco year net shr cts vs dlrs net vs assets mln vs mln deposits mln vs mln loans mln vs mln note th qtr not available year includes extraordinary gain from tax carry forward of dlrs or five cts per shr reuter | 2earn
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am international inc am nd qtr jan oper shr loss two cts vs profit seven cts oper shr profit vs profit revs mln vs mln avg shrs mln vs mln six mths oper shr profit nil vs profit cts oper net profit vs profit revs mln vs mln avg shrs mln vs mln note per shr calculated after payment of preferred dividends results exclude credits of or four cts and or nine cts for qtr and six mths vs or six cts and or cts for prior periods from operating loss carryforwards reuter | 2earn
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brown forman inc bfd th qtr net shr one dlr vs cts net mln vs mln revs mln vs mln nine mths shr dlrs vs dlrs net mln vs mln revs billion vs mln reuter | 2earn
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dean foods df sees strong th qtr earnings dean foods co expects earnings for the fourth quarter ending may to exceed those of the same year ago period chairman kenneth douglas told analysts in the fiscal fourth quarter the food processor reported earnings of cts a share douglas also said the year s sales should exceed billion dlrs up from billion dlrs the prior year he repeated an earlier projection that third quarter earnings will probably be off slightly from last year s cts a share falling in the range of cts to cts a share douglas said it was too early to project whether the anticipated fourth quarter performance would be enough for us to exceed the prior year s overall earnings of dlrs a share in douglas said dean should experience a pct improvement in our bottom line from effects of the tax reform act alone president howard dean said in fiscal the company will derive benefits of various dairy and frozen vegetable acquisitions from ryan milk to the larsen co dean also said the company will benefit from its acquisition in late december of elgin blenders inc west chicago he said the company is a major shareholder of e b i foods ltd a united kingdom blender and has licensing arrangements in australia canada brazil and japan it provides ann entry to mcdonalds corp mcd we ve been after for years douglas told analysts reuter | 2earn
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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 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 the company said directors declared a quarterly cash dividend on each new share of both classes of cts payable april one to holders of record march prior to the split the company had paid cts quarterly brown forman today reported a pct increase in third quarter profits to mln dlrs or dlr a share on a seven pct increase in sales to a record mln dlrs brown forman said nine month profits declined a bit to mln dlrs or dlrs a share from mln dlrs or dlrs a share a year earlier due to a second quarter charge of 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 reuter | 2earn
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esquire radio and electronics inc ee th qtr shr profit cts vs profit four cts annual div cts vs cts prior yr net profit vs profit revs vs mths shr profit cts vs loss cts net profit vs loss revs mln vs note annual dividend payable april to stockholders of record on march reuter | 2earn
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united presidential corp upco th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs mln vs mln note results include adjustment of dlrs or cts shr for year and both periods from improvement in results of its universal life business than first estimated reuter | 2earn
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owens and minor inc obod raises qtly dividend qtly div eights cts vs cts prior pay march record march reuter | 2earn
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computer language research in clri th qtr shr loss cts vs loss cts net loss vs loss revs mln vs mln qtly div three cts vs three cts prior year shr profit two cts vs profit cts net profit vs profit revs mln vs mln note dividend payable april one to shareholders of record march reuter | 2earn
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cinram ltd th qtr net shr cts vs cts net mln vs sales mln vs mln avg shrs vs year shr dlrs vs dlrs net mln vs mln sales mln vs mln avg shrs vs reuter | 2earn
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standard trustco sees better year standard trustco said it expects earnings in to increase at least to pct from the dlrs or dlrs per share recorded in stable interest rates and a growing economy are expected to provide favorable conditions for further growth in president brian o malley told shareholders at the annual meeting standard trustco previously reported assets of billion dlrs in up from billion dlrs in return on common shareholders equity was pct last year up from pct in reuter | 2earn
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handy and harman hnh th qtr loss shr loss cts vs loss three cts net loss vs loss rev mln vs mln months shr loss cts vs profit cts net loss vs profit rev mln vs mln note net loss for th qtr includes charge for restructuring of mln dlrs after tax or cts a share net loss includes after tax special charge of mln dlrs or cts a share reuter | 2earn
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chemlawn chem rises on hopes for higher bids chemlawn corp chem could attract a higher bid than the dlrs per share offered by waste management inc wnx wall street arbitrageurs said shares of chemlawn shot up to in over the counter trading with mln of the company s mln shares changing hands by late afternoon this company could go for times cash flow or dlrs maybe dollars depending on whether there is a competing bidder an arbitrageur said waste management s tender offer announced before the opening today expires march this is totally by surprise said debra strohmaier a chemlawn spokeswoman the company s board held a regularly scheduled meeting today and was discussing the waste management announcement she said a statement was expected but it was not certain when it would be ready she was unable to say if there had been any prior contact between waste management and chemlawn officials i think they will resist it said elliott schlang analyst at prescott ball and turben inc any company that doesn t like a surprise attack would arbitrageurs pointed out it is difficult to resist tender offers for any and all shares for cash schlang said chemlawn could try to find a white knight if does not want to be acquired by waste management analyst rosemarie morbelli of ingalls and snyder said servicemaster companies l p svm or rollins inc rol were examples of companies that could be interested chemlawn with about two mln customers is the largest u s company involved in application of fertilizers pesticides and herbicides on lawns waste management is involved in removal of wastes schlang said chemlawn s customer base could be valuable to another company that wants to capitalize on a strong residential and commercial distribution system both schlang and morbelli noted that high growth rates had catapulted chemlawn s share price into the mid s in but the stock languished as the rate of growth slowed schlang said the company s profits are concentrated in the fourth quarter in chemlawn earned dlrs per share for the full year and dlrs in the fourth quarter morbelli noted chemlawn competes with thousands of individual entrepreuers who offer lawn and garden care sevice reuter | 0acq
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brazil anti inflation plan limps to anniversary inflation plan initially hailed at home and abroad as the saviour of the economy is limping towards its first anniversary amid soaring prices widespread shortages and a foreign payments crisis announced last february the plan froze prices fixed the value of the new cruzado currency and ended widespread indexation of the economy in a bid to halt the country s pct inflation rate but within a year the plan has all but collapsed the situation now is worse than it was although there was inflation at least the economy worked a leading bank economist said the crumbling of the plan has been accompanied by a dramatic reversal in the foreign trade account in and brazil s annual trade surpluses had been sufficient to cover the billion dlrs needed to service its billion dlr foreign debt for the first nine months of all seemed to be on target for a repeat with monthly surpluses averaging one billion dlrs but as exports were diverted and imports increased to avoid further domestic shortages the trade surplus plunged to mln dlrs in october and since then has averaged under mln reuter | 7trade
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agency reports ships waiting at panama canal the panama canal commission a u s government agency said in its daily operations report that there was a backlog of ships waiting to enter the canal early today over the next two days it expects due scheduled to transit end day backlog average waiting time tomorrow super tankers regular vessels north end hrs hrs south end hrs hrs reuter | 6ship
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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 cts per exchangeable unit which includes cts from return on capital and cts from income gains reuter | 2earn
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emhart corp emh qtly dividend qtly div cts vs cts prior payable march record march nine reuter | 2earn
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am international am cites strong prospects am international inc reporting an operating loss for the january second quarter said prospects for the balance of the fiscal year remain good it said orders at its harris graphics subsidiary acquired in june continue to run at a strong pace for the six months orders rose pct over the corresponding prior year period or on an annualized basis are running at about mln dlrs the backlog at harris is up 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 will be in the mln dlr range and the company said it has allocated another 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 mln dlrs from mln dlrs reuter | 2earn
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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 yesterday quotes included delivery this week on the illinois river joliet pct of tariff bid offered with next week same river ex chicago quoted the same both up percentage points next week mississippi river st louis pct bid offered up five points next week ohio river owensboro south pct bid offered up points on station illinois river south chicago pct bid offered no comparison march illinois ex chicago pct bid offered up points march ohio river bid at yesterday s traded level of pct offered at march lower mississippi river memphis cairo pct bid offered no comparison may illinois river ex chicago pct bid offered no comparison sept nov lower mississippi river memphis cairo pct bid offered with sept dec same section pct bid offered no comparison reuter | 6ship
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gulf applied gats sells units sees gain gulf applied technologies inc said it sold its pipeline and terminal operations units for mln dlrs and will record a gain of mln dlrs in the first quarter it added that any federal taxes owed on the transaction will be offset by operating loss carryovers reuter | 2earn
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farmers group inc fgrp th qtr net shr cts vs cts net vs revs mln vs mln year shr dlrs vs dlrs net vs revs billion vs mln avg shrs vs reuter | 2earn
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potomac electric power co pom jan net shr cts vs cts net vs revs vs avg shrs mln vs mln mths shr dlrs vs dlrs net vs revs billion vs billion avg shr mln vs mln note latest mths net includes gain cts per share for sale of virginia service territory to dominion resources inc d reuter | 2earn
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cofab inc buys gulfex for undisclosed amount cofab inc said it acquired gulfex inc a houston based fabricator of custom high pressure process vessels for the energy and petrochemical industries cofab said its group of companies manufacture specialized cooling and lubricating systems for the oil and gas petrochemical utility pulp and paper and marine industries reuter | 0acq
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tultex corp ttx sets quarterly dividend qtly div eights cts vs eight cts prior pay april one record march reuter | 2earn
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atico financial corp atfc th qtr net shr cts vs dlrs net vs mln revs mln vs mln year shr cts vs dlrs net vs mln revs mln vs mln note th qtr and yr amounts include acquisition of pct of common of atico formerly peninsula federal savings and loan association on january th qtr and yr net include net gain of mln dlrs or dlrs per share on exchange of common of pan america banks inc for common of ncnb corp purusant to a merger of the companies reuter | 2earn
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philippine long distance phi year net shr primary pesos vs pesos shr diluted pesos vs pesos qtly div pesos vs pesos net billion vs mln revs billion vs billion note full name philippine long distance telephone co figures quoted in philippine pesos dividend payable april to holders or record march exchange rate on day of dividend declaration was pesos per dollar reuter | 2earn
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liberty all star equity fund initial div qtly div five cts vs n a payable april two record march note dividend includes special two cts per share for the period beginning with the fund s commencement of operations on novebmer three through december reuter | 2earn
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combustion engineering inc csp regular div qtly div cts vs cts prior pay april record april reuter | 2earn
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tonka corp tka raises dividend qtly div two cts vs cts pay march record march reuter | 2earn
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bdm international bdm increases qtrly divs annual div class a cts vs cts prior annual div class b cts vs cts prior payable april one record march note full name is bdm international inc reuter | 2earn
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systematics inc syst regular payout qtly div three cts vs three cts prior pay march record february reuter | 2earn
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ivaco inc year net shr dlrs vs dlrs net vs revs billion vs billion note results include extraordinary gain of dlrs or six cts a share from secondary share offering of canron unit reuter | 2earn
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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 shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission the group led by mutual shares corp said it sold cyclops common shares on feb and for mln dlrs reuter | 0acq
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coradian corp cdin th qtr net shr profit three cts vs loss three cts net profit vs loss revs vs year shr profit one cent vs loss cts net profit vs loss revs mln vs mln avg shrs vs reuter | 2earn
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meridian bancorp inc mrdn sets regular payout qtly div cts vs cts prior pay april one record march reuter | 2earn
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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 up 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 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 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 mln dlr range shearson in the market place would probably be worth three to 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 mln in after tax operating earnings up from about mln dlrs in reuter | 0acq
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liberty all star usa sets initial payout liberty all star equity fund said it declared an initial dividend of five cts per share payable april two to shareholders of record march it said the dividend includes a quarterly dividend of three cts a share and a special payout of two cts a share which covers the period from november three when the fund began operations to december the fund said its quarterly dividend rate may fluctuate in the future reuter | 2earn
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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 earnings will not reach levels as long as those conditions continue ivaco earlier reported profit rose to mln dlrs after a one mln dlr extraordinary gain from 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 billion dlrs from billion dlrs in reuter | 2earn
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u s grain carloadings fall in week u s grain carloadings totaled cars in the week ended february down pct from the previous week but pct above the corresponding week a year ago the association of american railroads reported grain mill product loadings in the week totalled cars down pct from the previous week but pct above the same week a year earlier the association said reuter | 3grain
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hong kong firm ups wrather wco stake to pct industrial equity pacific ltd a hong kong investment firm said it raised its stake in wrather corp to shares or pct of the total outstanding common stock from shares or pct in a filing with the securities and exchange commission industrial equity which is principally owned by brierley investments ltd a publicly held new zealand company said it bought wrather common shares between feb and for mln dlrs when it first disclosed its stake in wrather earlier this month it said it bought the stock for investment purposes reuter | 0acq
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coleco industries inc clo th qtr shr loss dls vs profit cts net loss mln vs profit mln revs mln vs mln year shr loss dlrs vs profit dlrs net loss mln vs profit mln revs mln vs mln reuter | 2earn
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diamond shamrock dia cuts crude prices diamond shamrock corp said that effective today it had cut its contract prices for crude oil by dlrs a barrel the reduction brings its posted price for west texas intermediate to dlrs a barrel the copany said the price reduction today was made in the light of falling oil product prices and a weak crude oil market a company spokeswoman said diamond is the latest in a line of u s oil companies that have cut its contract or posted prices over the last two days citing weak oil markets reuter | 1crude
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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 shares of emerson stock for each liebert share reuter | 0acq
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northern telecom proposes two for one stock split | 2earn
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coleco industries clc sees profit in coleco industries inc said it expects to return to profitability in earlier coleco reported a net loss of mln dlrs for the year ended december compared to a profit of mln dlrs in the year earlier in a prepared statement the company said the dramatic swing in operating results was due primarily to the steep decline in sales of cabbage patch kids products from mln dlrs to mln dlrs coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year products from the new acquisitions and other new product introductions are expected to enable it to return to profitability it said at the annual toy fair earlier this month vice president morton handel said analysts projected earnings of cts a share on sales of mln dlrs are reasonable reuter | 2earn
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gulf applied technologies gats sells units gulf applied technologies inc said it sold its subsidiaries engaged in pipeline and terminal operations for mln dlrs the company said the sale is subject to certain post closing adjustments which it did not explain reuter | 0acq
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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 shares or pct of the total from or pct in a filing with the securities and exchange commission the group said it bought robeson common shares between jan and feb for 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 reuter | 0acq
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gao likely to show certs more costly than cash a study on grain certificates due out shortly from the government accounting office gao could show that certificates cost the government to pct more than cash outlays administration and industry sources said analysis that the gao has obtained from the agriculture department and the office of management and budget suggests that certificates cost more than cash payments a gao official told reuters gao is preparing the certificate study at the specific request of sen jesse helms r n c former chairman of the senate agriculture committee the report which will focus on the cost of certificates compared to cash is scheduled to be released in mid march the cost of certificates said the gao source depends on the program s impact on the usda loan program if gao determines that certificates encourage more loan entries or cause more loan forfeitures then the net cost of the program would go up however if it is determined that certificates have caused the government grain stockpile to decrease the cost effect of certificates would be less gao will not likely suggest whether the certificates program should be slowed or expanded the gao official said but a negative report on certificates will fuel the fire against certificates and weigh heavily on at least an increase in the certificate program an agricultural consultant said the omb is said to be against any expansion of the program while usda remains firmly committed to it reuter | 3grain
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dahlberg inc dahl th qtr net shr profit cts vs loss seven cts net profit vs loss revs mln vs year shr profit five cts vs profit cts net profit vs profit revs mln vs mln avg shrs mln vs mln note year includes weeks reuter | 2earn
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city national corp ctyn raises dividend shr cts vs cts pay april record march reuter | 2earn
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page petroleum ltd year loss shr loss dlrs vs loss dlrs net loss mln vs loss mln revs mln vs mln note net includes nine mln dlr extraordinary loss for oil and gas writedowns and unrealized foreign exchange losses vs yr ago loss of mln dlrs reuter | 2earn
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idb communications group inc idbx year net period ended december shr cts vs cts net vs revs vs reuter | 2earn
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armor all products corp armr quarterly div qtly div ten cts vs ten cts pay april record march reuter | 2earn
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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 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 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 mln bpd and is probably closer to 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 reuter | 1crude
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cenergy crg reports th qtr net profit cenergy corp reported fourth quarter net income of dlrs or seven cts per share on revenues of mln dlrs for the year it reported a net loss of mln dlrs or cts per share as a result of writedowns in the book value of its oil and gas properties in the first two quarters revenues were mln dlrs following the company s fiscal year ended march it changed to a calender year end for the nine months ended dec it reported a loss of mln dlrs or dlrs per share on revenues of mln dlrs which it said was a result of noncash writedowns of oil and gas properties for the year ended march cenergy reported net income of dlrs or cts per share on revenues of mln dlrs the company said its reserves during the year fell to five mln barrels from mln barrels of oil and to bilion cubic feet of gas from bcf it said these reserves did not disappear but are available to produce as prices recover reuter | 2earn
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northern telecom ltd nt declares stock split two for one stock split pay may note split is subject to approval of shareholders at april annual meeting company also said it will increase dividend on post split shares to six cts from five cts reuter | 2earn
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torchmark tmk authorizes stock repurchase torchmark corp said its board authorized the purchase from time to time of a significant portion of its pct convertible subordinated debentures as of february it said there were outstanding mln dlrs of the principal amount of debenures the company also said it plans to redeem the debentures on june eight it also declared a regular quarterly dividend of cts per share on its common payable may one to shareholders of record april reuter | 2earn
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techamerica group inc tch th qtr loss shr loss six cts vs not available net loss vs profit revs vs year shr loss cts vs loss nine cts net loss vs loss revs mln vs mln reuter | 2earn
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wilfred american educational wae regular div qtly div three cts vs three cts prior pay april three record march reuter | 2earn
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drexel official has stake in epsilon data epsi a senior official of drexel burnham lambert inc and his father told the securities and exchange commission they have acquired shares of epsilon data management inc or pct of the total outstanding kenneth thomas senior vice president investments at drexel s los angeles office and his father retired university professor c a thomas said they bought the stake for mln dlrs primarily for investment purposes they said they may buy more stock or sell some or all of their stake depending on market conditions but have no plans to seek control of the company reuter | 0acq
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nova wins government okay for husky hyo deal nova the canadian company that owns pct of husky oil ltd said it received government approval for a transaction under which union faith canada holding ltd would buy a 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 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 reuter | 0acq
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potomac electric power co pom january net oper shr cts vs cts oper net mln vs mln revs mln vs mln mths oper shr dlrs vs dlrs oper net mln vs mln revs billion vs billion note mths oper net excludes extraordinary gain of mln dlrs or cts per share from sale of virginia service territory to virginia power reuter | 2earn
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suffield financial ssbk gets fed approval suffield financial corp said the federal reserve board approved its application to acquire coastal bancorp csbk portland me suffield said it still needs the approval of the superintendent of maine s banking department reuter | 0acq
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afg industries inc afg quarterly dividend qtly div four cts vs four cts pay april record march reuter | 2earn
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gsw inc year net oper shr dlrs vs dlrs oper net vs revs mln vs mln note net excludes extraordinary gain of mln dlrs or dlrs shr from sale of camco inc shares vs yr ago loss of mln dlrs or dlrs shr reuter | 2earn
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santa anita realty sar quarterly dividend qtly div cts vs cts pay april record march santa anita realty enterprises inc reuter | 2earn
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liquid air corp lana quarterly dividend qtly div cts vs cts pay march record march reuter | 2earn
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marshall steel ltd year net oper shr five cts vs cts oper net vs revs mln vs mln note former name marshall drummond mccall inc results include extraordinary gains of dlrs or cts per share in and dlrs or cts in from income tax reduction reuter | 2earn
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marshall steel details gain from unit sale marshall steel ltd formerly marshall drummond mccall inc said it will report a mln dlr net gain before taxes this year from the sale of its drummond mccall division which was sold effective january one reuter | 2earn
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mayfair industries inc mayf th qtr net oper shr cts vs cts oper net vs revs vs avg shrs vs mths oper shr cts vs cts oper net vs revs mln vs mln avg shrs vs note excludes tax gain of dlrs for qtr and year reuter | 2earn
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alatenn resources inc atng th qtr net shr cts vs cts net vs revs mln vs mln mths shr dlrs vs dlrs net vs revs mln vs mln reuter | 2earn
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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 reuter | 0acq
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videotron buys into exhibit company groupe videotron ltd said it agreed to buy pct of groupe promexpo inc a company which specializes in product exhibits for three mln dlrs reuter | 0acq
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memotec data inc year net shr cts vs cts net vs revs mln vs mln note results include extraordinary gains of dlrs or cts a share in and dlrs or cts a share in reuter | 2earn
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texaco canada cuts crude prices canadian cts bbl par grade to canadian dlrs | 1crude
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texaco canada txc lowers crude postings texaco canada said it lowered the contract price it will pay for crude oil canadian cts a barrel effective today the decrease brings the company s posted price for the benchmark grade edmonton swann hills light sweet to canadian dlrs a bbl texaco canada last changed its crude oil postings on feb reuter | 1crude
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marathon petroleum reduces crude postings marathon petroleum co said it reduced the contract price it will pay for all grades of crude oil one dlr a barrel effective today the decrease brings marathon s posted price for both west texas intermediate and west texas sour to dlrs a bbl the south louisiana sweet grade of crude was reduced to dlrs a bbl the company last changed its crude postings on jan reuter | 1crude
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george weston ltd year net shr dlrs vs dlrs net mln vs mln revs billion vs billion reuter | 2earn
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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 shares of its common following the exchange there will be shares of circuit systems stock outstanding ionic holders will own about pct of the outstanding stock of circuit systems it said ionic a maker of circuit boards had revenues of mln dlrs and pretax profits of dlrs in up from revenues of mln and pretax profits of dlrs in circuit systems said reuter | 0acq
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mail boxes etc mail rd qtr jan net shr cts vs cts net vs revs vs avg shrs vs nine mths shr cts vs cts net vs revs vs reuter | 2earn
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munsingwear inc mun th qtr jan loss shr loss cts vs loss seven cts net loss vs loss revs mln vs mln year shr profit cts vs profit cts net profit vs profit revs mln vs mln avg shrs vs note per shr adjusted for for stock split july and for split may reuter | 2earn
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gti corp gti th qtr oper net oper shr profit six cts vs loss two cts oper net profit vs loss revs vs year oper shr profit cts vs loss two cts oper net profit vs loss revs mln vs mln note data does not include from discontinued operations th qtr gain of dlrs or cts per shr th qtr loss of dlrs or seven cts per shr year loss of dlrs or dlrs per shr and year loss of dlrs or cts per shr reuter | 2earn
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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 mln dlrs and its discounted present value of the reserves at 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 pct in net reserve revenues and pct in discounted present value compared with the study made in reuter | 1crude
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famous restaurants inc fams th qtr loss shr loss dlrs vs loss eight cts net loss vs loss revs mln vs mln year shr loss dlrs vs profit four cts net loss vs profit revs mln vs mln note includes non recurring charges of dlrs in the th qtr and dlrs in the year for reserve for underperforming restaurants reuter | 2earn
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avery avy sets two for one stock split avery said its board authorizerd a two for one stock split an increased in the quarterly dividend and plans to offer four mln shares of common stock the company said the stock split is effective march with a distribution of one additional share to each shareholder of record march it said the quarterly cash dividend of cts per share on the split shares a pct increase from the cts per share before the split avery said it will register with the securities and exchange commission shrortly to offer four mln additional common shares it will use the proceeds to repay debt finance recent acquisitions and for other corporate purposes reuter | 2earn
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japan expected to cut base rate for state bodies japan is expected to cut the base lending rate for state financial institutions to pct from as part of the recent pact by major industrial nations in paris finance ministry sources said they said the cut is based on a revision of the trust fund bureau law which should be approved by parliament on march abolishing the pct minimum interest rate on deposits with the bureau the bureau channels funds to government financial institutions for public works and other official uses they said the base lending rate for state bodies such as the japan development bank people s finance corp and the finance corporations of local public enterprises usually moves in tandem with long term prime rates the sources said however it was impossible for them to follow the last cut to pct from pct on january because the trust fund bureau rate was legally set at pct the ministry will abolish the minimum rate and introduce a market related one to resolve the problem and stimulate the domestic economy they said on tuesday the ministry allowed long term bankers to cut their prime to a record low of pct effective february the move suggested it had reached agreement with depositors using the bureau the postal savings system of the posts and telecommunications ministry and the japan welfare annuity of the ministry of health and welfare the sources said these ministries are trying to determine which market rates should be considered when setting the bureau s deposit rate the ministry sources said coupon rates on new year government bonds minus percentage points is the likeliest choice they added reuter | 4interest
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italian treasury cuts interest on certificates the italian treasury said annual coupon rates payable march 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 year certificates maturing march will fall to pct from pct and rates on year issues maturing in march would fall to pct from pct the treasury also cut by point six monthly coupons payable this september on six issues maturing between september and september the issues carry terms of between five and seven years and will have coupon rates of between and pct in september compared with and pct this march reuter | 4interest
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kuwait says no plans for emergency opec talks kuwait s oil minister in remarks published today said there were no plans for an emergency opec meeting to review oil policies after recent weakness in world oil prices sheikh ali al khalifa al sabah was quoted by the local daily al qabas as saying none of the opec members has asked for such a meeting he denied kuwait was pumping above its quota of barrels of crude daily bpd set under self imposed production limits of the nation organisation traders and analysts in international oil markets estimate opec is producing up to one mln bpd above a ceiling of mln bpd agreed in geneva last december they named kuwait and the united arab emirates along with the much smaller producer ecuador among those producing above quota kuwait they said was pumping mln bpd this rumour is baseless it is based on reports which said kuwait has the ability to exceed its share they suppose that because kuwait has the ability it will do so the minister said sheikh ali has said before that kuwait had the ability to produce up to mln bpd if we can sell more than our quota at official prices while some countries are suffering difficulties marketing their share it means we in kuwait are unusually clever he said he was referring apparently to the gulf state of qatar which industry sources said was selling less than bpd of its bpd quota because buyers were resisting official prices restored by opec last month pegged to a marker of dlrs per barrel prices in new york last week dropped to their lowest levels this year and almost three dollars below a three month high of dollars a barrel sheikh ali also delivered a challenge to any international oil company that declared kuwait sold below official prices because it was charging its official price of dlrs a barrel it had lost custom he said but did not elaborate however kuwait had guaranteed markets for its oil because of its local and international refining facilities and its own distribution network abroad he added he reaffirmed that the planned meeting march of opec s differentials committee has been postponed until the start of april at the request of certain of the body s members ecuador s deputy energy minister fernando santos alvite said last wednesday his debt burdened country wanted opec to assign a lower official price for its crude and was to seek this at talks this month of opec s pricing committee referring to pressure by oil companies on opec members in apparent reference to difficulties faced by qatar he said we expected such pressure it will continue through march and april but he expected the situation would later improve reuter | 1crude
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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 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 was probably about zero and the economy may even have contracted a bit this is the lowest rate of growth since the mid s the report notes indonesia the largest country in south east asia with a population of million is facing general elections in april but the report hold out little hope for swift improvement in the economic outlook for 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 mln dlrs last month in balance of payments support was given partly to help the government maintain the momentum of reform the bank said reuter | 1crude
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saudi riyal deposit rates remain firm saudi riyal interbank deposits were steady at yesterday s higher levels in a quiet market traders said they were reluctant to take out new positions amidst uncertainty over whether opec will succeed in halting the current decline in oil prices oil industry sources said yesterday several gulf arab producers had had difficulty selling oil at official opec prices but kuwait has said there are no plans for an emergency meeting of the member organisation a traditional sunday lull in trading due to the european weekend also contributed to the lack of market activity spot next and one week rates were put at pct after quotes ranging between seven six yesterday one three and six month deposits were quoted unchanged at and pct respectively the spot riyal was quietly firmer at to the dollar after quotes of yesterday reuter | 1crude
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qatar unveils budget for fiscal the gulf oil state of qatar recovering slightly from last year s decline in world oil prices announced its first budget since early and projected a deficit of billion riyals the deficit compared with a shortfall of billion riyals in the last published budget for in a statement outlining the budget for the fiscal year beginning today finance and petroleum minister sheikh abdul aziz bin khalifa al thani said the government expected to spend billion riyals in the period projected expenditure in the budget had been billion riyals sheikh abdul aziz said government revenue would be about billion riyals down by about pct on the projected revenue of billion the government failed to publish a 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 pct he urged heads of government departments and public institutions to help the government rationalise expenditure he did not say how the budget shortfall would be covered sheikh abdul aziz said plans to limit expenditure in had been taken in order to relieve the burden placed on the country s foreign reserves he added in some 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 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 reuter | 1crude
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gulf bond stock markets lag behind gib says gulf money markets have grown reasonably well during the past decade but bond and stock markets remain to a large extent fragmented and lag behind gulf international bank bsc gib said the bank s economist henry azzam said in a review of gulf capital markets that investors have to relinquish traditional investment vehicles such as real estate foreign currency bank accounts and precious metals greater financial sophistication is needed coupled with more diversified capital market instruments and a change in the disclosure requirements on company accounts he said the gib study reviewed capital markets under three categories money markets stock and bond markets azzam said gulf states had been making greater use of short term money market instruments and banks in the region had floated various euronotes and underwriting facilities nevertheless bond and stock markets remain to a large extent fragmented and lagging behind he said most debt in the region is still raised by syndicated loans and bank facilities and very few companies had made use of stock or bond issues only kuwait has an official stock exchange while other gulf nations have yet to establish exchanges but with dwindling financial surpluses in the gulf governments are actively pursuing ways to develop capital markets and set up domestic stock exchanges azzam said he said recession stemming from sliding oil prices had clearly had a negative impact on the development of capital markets in the region in addition family firms are reluctant to go public financial awareness among investors is still lacking and investment analysis and corporate reporting standards lack depth a sharp fall in share prices in the early s prompted investors to hold on to shares hoping for an eventual recovery azzam said the absence of proper commercial law in some gulf countries and authorities apparent reluctance to adopt financial innovations had also hampered capital markets he called for clearly defined laws governing incorporation of joint stock companies and the flotation of debt instruments azzam said capital market instruments should be made available to all citizens and institutions of gulf cooperation council gcc states bahrain kuwait qatar oman saudi arabia and the united arab emirates uae some moves had been taken in this direction with bahrain allowing gcc nationals to own up to pct of locally incorporated companies azzam said gulf money markets had received greater depth from the introduction of treasury bill offerings in bahrain and the expansion of securities repurchase regulations in saudi arabia but he added there is no bond market to speak of in saudi arabia qatar oman or the uae with the last saudi riyal denominated bond issued in while bahrain plans an official stock exchange and trading in saudi arabia has picked up establishment of formal exchanges in qatar oman and the uae does not appear imminent azzam said reuter | 5money-fx
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saudi arabia reiterates commitment to opec pact saudi arabian oil minister hisham nazer reiterated the kingdom s commitment to last december s opec accord to boost world oil prices and stabilise 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 nazer quoted by spa said recent pressure on free market prices may be because of the end of the northern hemisphere winter season and the glut in the market saudi arabia was a main architect of the december accord under which opec agreed to lower its total output ceiling by pct to mln barrels per day bpd and return to fixed prices of around dlrs a barrel the agreement followed a year of turmoil on oil markets which saw prices slump briefly to under dlrs a barrel in mid from about dlrs in late free market prices are currently just over dlrs nazer was quoted by the spa as saying saudi arabia s adherence to the accord was shown clearly in the oil market he said contacts among members of opec showed they all wanted to stick to the accord in jamaica opec president rilwanu lukman who is also nigerian oil minister said the group planned to stick with the pricing agreement we are aware of the negative forces trying to manipulate the operations of the market but we are satisfied that the fundamentals exist for stable market conditions he said kuwait s oil minister sheikh ali al khalifa al sabah said in remarks published in the emirate s daily al qabas there were no plans for an emergency opec meeting to review prices traders and analysts in international oil markets estimate opec is producing up to one mln bpd above the mln ceiling they named kuwait and the united arab emirates along with the much smaller producer ecuador among those producing above quota sheikh ali denied that kuwait was over producing reuter | 1crude
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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 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 the kwacha fell from to the dollar to about in months in january 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 reuter | 5money-fx
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nippon kokan steel affiliates considering merger toshin steel co ltd toss t and azuma steel co ltd affiliates of nippon kokan kk nkkt t are considering a merger company spokesmen said toshin steel owned pct by nippon kokan and azuma steel owned pct by nippon kokan are expected to decide by the end of march they said both firms have been struggling with losses caused by the recession in the steel industry and the yen s appreciation azuma steel s current losses are estimated at billion yen in the year ending march against a billion loss a year earlier a spokesman said the firm employs workers toshin steel with workers has given no forecast for the year ending march but industry sources said they expected the company to show current losses of about five billion yen or more in compared with a billion loss in reuter | 0acq
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japan february interim trade surplus jumps japan s customs cleared trade surplus in the first days of february jumped to billion dlrs from billion a year earlier the finance ministry said the february interim surplus was sharply up from a mln dlr surplus in the same january period fob exports rose pct from a year earlier in the first days of february to billion while cif imports fell pct to billion the average dollar yen rates were for exports and for imports against for exports and for imports a year earlier reuter | 7trade
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saudi february crude output put at mln bpd saudi crude oil output last month fell to an average of mln barrels per day bpd from 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 mln bpd last month from 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 mln bpd from 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 mln bpd under a production restraint scheme approved by the nation group last december to back new official oil prices averaging 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 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 mln bpd from mln in january because of cuts at the yanbu and jubail export refineries they put crude oil exports through yanbu at bpd last month compared to zero in january while throughput at bahrain s refinery and neutral zone production remained steady at around bpd each reuter | 1crude
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japan s ntt forecasts profits fall in nippon telegraph and telephone corp ntt expects its profits to fall to billion yen in the year ending march from a projected billion this year the company said total sales for the same period are expected to rise to billion yen from a projected 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 billion yen in including billion for research and development as against a total of 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 reuter | 2earn
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